REGISTERED NUMBER: 03230908 (England and Wales)

WALTET MATERIALS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 NOVEMBER 2024 TO 7 NOVEMBER 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

M R Howard

A V Brown

M J Middleton

I Stamp

D English

REGISTERED OFFICE:

Unit 4

Andes Road

Nursling Industrial Estate

Southampton

Hampshire

SO16 0YZ

REGISTERED NUMBER:

03230908 (England and Wales)

SENIOR STATUTORY AUDITOR:

Gary Brown FCCA

AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

BANKERS:

Svenska Handelsbanken AB

3 Carlton Crescent

Southampton

Hampshire

SO15 2EY

The directors present their strategic report for the period 1 November 2024 to 7 November 2025.

REVIEW OF BUSINESS

The company continues to offer a full range of ethical waste disposal, supplying, quality construction materials, providing transport services including grab lorries, skip hire and an extensive fleet of skip and waste collection services.

The results of the company show an operating profit of £162,045 on a turnover of £9,812,781.

Business Environment

The company has performed well in difficult circumstances absorbing extra costs due to geopolitical influences and again a very wet winter. Our plan is very much on target and having invested heavily in the business in order to get back to growth we are delighted that the investment is now bearing fruit.

This growth comes from our brands reputation for service and is being seen in every facet of our services. Our waste division continuing to grow impressively, tipper, grabs and our recycling division are all very much on the up with our pipeline looking full for the 2025/26 financial period.

The addition of our new wash-plant in a previous period is now contributing to this growth after what was a relatively long commissioning period. It is an important strategic move increasing throughput and our recycling efficiency.

It is our aim to repeat double figure percentage growth again for the 2025/26 financial period. We incurred some 'exceptional' one-off re-financing costs in this period that affected profit.

The overall business investment has seen replacement of 50% of our truck fleet and a 30% increase in skip bins to fuel our ambitions for our recycling businesses success. We have returned to highway, utility sourced business and the relationships have continued to increase revenue and opportunities this financial period.

Our customers are growing and very loyal. We pride ourselves on service and are constantly tweaking these areas too.

Strategy

The company is focussing on its key performance indicators in all areas including logistics, investment returns, sales and marketing, recovery days and efficiencies across the board. The investment will not stop, with a new CRM system, electronic weighbridge upgrade and increases in production through the wash-plant and efficiencies over all of the many business channels.

The key elements are thus:

- Broadening the product range

- Efficiency in terms of trips and logistics

- Solid reporting and KPI analysis including SWOT analysis

- Investment

- Good recruiting where necessary

Future Outlook

The 2025/26 financial period has been a busy one already and we are confident that the company has returned to the high standards of reliable financial performance which its renowned for as we enter into our 31st year of trading.

In essence, the business is climbing back to its previous heights with old business channels reopened, new business channels opening and existing expanding rapidly. Our forecasts are strong as we enter into the really profitable months of the Summer.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors are acutely aware of the tough business environment that they work in. They have been continuing to strengthen across all departments and are highly accountable to each of their teams and themselves as a Board. Information flow is much clearer, new channels of work identified and in some cases new ideas bringing greater performance and logistical economies.

The directors are confident that they have done everything possible to mitigate most risks associated with the uncertain environment all UK businesses operate in but are comforted in the knowledge that the current UK trading picture is not isolated as they look across to the Continent and beyond.

The management do look at risks to the business and they review them regularly and the key risks identified are as below:

Competition

It is a very competitive market and so an eye is always on margin when prospecting for work. Not being the cheapest in the market does have a risk but this is countered by excellent service levels. Operating on the customer experience is key and fulfilling orders promptly is a KPI that is carefully watched. We also review the state of the current competition. It's a constant process. We are focusing less on an expanded area but trying to minimise costs by keeping it at a local level and this is working well.

Employee

The directors realise that they are not going to achieve the excellence that the company is capable of without a well-trained and dedicated team. Team meetings are regular because of the threat to the company of departures that materially affect a section. The directors and team are compensated for their loyalty, skill and dedication but are acutely aware of areas where there may be a single point of failure and are equipped to respond accordingly.

Supply Chain

The company has a diverse range of suppliers due to the stock range. They are also exposed to external threats and so the company always has in mind alternatives for this purpose. The company has been very fortunate to have great suppliers for decades and the relationships are kept strong. Insurance is kept in place for eventualities as indeed it is for the company's activities.

KEY PERFORMANCE INDICATORS

We have made significant progress in the year on the company's overriding objective and elements of our strategy for growth. The board monitors progress on the overall strategy and the individual strategic elements by reference to our Key Performance Indicators (KPIs).

Performance during the period, together with historical trend data is set out in the table below:

2025

2024

Definition, method of calculation

Growth in sales (annualised) (%)

11.1%

16.9%

Year on year sales growth expressed as a percentage. Sales have grown in the period, off the back of greater investment and logistical efficiencies.

Gross margin (%)

25.6%

27.6%

Gross margin is the ratio of gross profit before exceptional items expressed as a percentage.

ON BEHALF OF THE BOARD:

M R Howard - Director

29 July 2026

The directors present their report with the financial statements of the company for the period 1 November 2024 to 7 November 2025.

DIVIDENDS

The total distribution of dividends for the period ended 7 November 2025 will be £nil (31 October 2024: £nil). The directors recommend that no final dividend be paid.

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

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

M R Howard

A V Brown

M J Middleton

I Stamp

D English

DIRECTORS' RESPONSIBILITIES STATEMENT

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

M R Howard - Director

29 July 2026

Opinion

We have audited the financial statements of Waltet Materials Limited (the 'company') for the period ended 7 November 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 7 November 2025 and of its loss for the period then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

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.

Gary Brown FCCA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

29 July 2026

TURNOVER

9,812,781

11,038,722

Cost of sales

(7,297,579

)

(7,986,712

)

GROSS PROFIT

2,515,202

3,052,010

Administrative expenses

(2,410,805

)

(2,987,949

)

104,397

64,061

Other operating income

57,648

283,623

OPERATING PROFIT

4

162,045

347,684

Interest receivable and similar income

538

1,172

162,583

348,856

Interest payable and similar expenses

6

(479,658

)

(338,885

)

(LOSS)/PROFIT BEFORE TAXATION

(317,075

)

9,971

Tax on (loss)/profit

7

51,579

(13,738

)

LOSS FOR THE FINANCIAL PERIOD

(265,496

)

(3,767

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(265,496

)

(3,767

)

FIXED ASSETS

Intangible assets

8

281,667

346,667

Tangible assets

9

3,548,806

3,888,495

3,830,473

4,235,162

CURRENT ASSETS

Stocks

10

1,011,860

705,135

Debtors

11

2,864,114

2,537,251

Cash at bank and in hand

315,559

250,979

4,191,533

3,493,365

CREDITORS

Amounts falling due within one year

12

(4,031,573

)

(4,675,632

)

NET CURRENT ASSETS/(LIABILITIES)

159,960

(1,182,267

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,990,433

3,052,895

CREDITORS

Amounts falling due after more than one year

13

(2,900,472

)

(1,645,859

)

PROVISIONS FOR LIABILITIES

17

(479,489

)

(531,068

)

NET ASSETS

610,472

875,968

CAPITAL AND RESERVES

Called up share capital

18

100

100

Retained earnings

19

610,372

875,868

SHAREHOLDERS' FUNDS

610,472

875,968

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2026 and were signed on its behalf by:

M R Howard - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 August 2023

100

879,635

879,735

Changes in equity

Total comprehensive income

-

(3,767

)

(3,767

)

Balance at 31 October 2024

100

875,868

875,968

Changes in equity

Total comprehensive income

-

(265,496

)

(265,496

)

Balance at 7 November 2025

100

610,372

610,472

1.	STATUTORY INFORMATION

Waltet Materials 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 company’s year end has been extended from 31 October 2025 to 7 November 2025. This extension makes use of the seven-day flexibility permitted by Companies House, allowing the financial statements to be prepared to 7 November. The change enables the company to include the impact of its refinancing arrangements completed shortly after the original year-end. As a result, the comparative figures presented are not directly comparable.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006, including the provisions of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value and revaluation of certain financial assets. The principal accounting policies adopted are set out below.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

Turnover

Turnover represents the sale of goods, services provided for treatment and disposal of non-hazardous waste, and the hire of equipment based on usage, net of VAT and trade discounts.

Where services are supplied, turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Turnover is recognised when the goods or services are physically provided to the customer.

Turnover is attributable to the one principle activity of the company and is generated principally from sales within the United Kingdom.

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill generated on business combinations in 2020 is being amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of ten years.

Tangible fixed assets

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

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, or if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

- Straight line over 10 years

Plant and machinery

- 10% Reducing balance

Fixtures and fittings

- 25% Reducing balance

Motor vehicles

- 25% Reducing balance

Computer equipment

- Straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

Stocks

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

Cost is determined using the weighted average cost method.

Taxation

Taxation for the period 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 period end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value and depreciated over their estimated useful lives.

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

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits 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.

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 assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities

Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

Period

Period

1.11.24

1.8.23

to

to

7.11.25

31.10.24

£

£

Wages and salaries

2,739,305

3,069,829

Social security costs

308,694

309,704

Other pension costs

56,879

71,296

3,104,878

3,450,829

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

Period

Period

1.11.24

1.8.23

to

to

7.11.25

31.10.24

Office / Support

20

21

Drivers / Pickers

51

43

Directors

5

5

76

69

Period

Period

1.11.24

1.8.23

to

to

7.11.25

31.10.24

£

£

Directors' remuneration

260,333

296,860

Directors' pension contributions to money purchase schemes

7,610

8,669

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

Period

Period

1.11.24

1.8.23

to

to

7.11.25

31.10.24

£

£

Emoluments etc

71,500

71,250

Pension contributions to money purchase schemes

2,240

2,174

4.	OPERATING PROFIT

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

Period

Period

1.11.24

1.8.23

to

to

7.11.25

31.10.24

£

£

Depreciation - owned assets

50,785

107,236

Depreciation - assets on hire purchase contracts

322,969

356,299

(Profit)/loss on disposal of fixed assets

(11,374

)

69,607

Goodwill amortisation

65,000

81,250

Auditors' remuneration

11,935

16,350

Auditors' remuneration for non audit work

5,363

12,562

Operating lease rentals

147,021

122,142

5.	EXCEPTIONAL ITEMS

Included within interest payable and similar expenses are costs related to a refinancing undertaken by the company in the year. In the absence of these costs, the company's profit position would have been improved by £122,029.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

Period

1.11.24

1.8.23

to

to

7.11.25

31.10.24

£

£

Loan interest

57,458

53,190

Hire purchase

300,171

285,695

Exceptional items

122,029

-

479,658

338,885

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the period was as follows:

Period

Period

1.11.24

1.8.23

to

to

7.11.25

31.10.24

£

£

Current tax:

UK corporation tax

-

(71,990

)

Prior year (over) / under provision

-

(108,433

)

Total current tax

-

(180,423

)

Deferred tax

(51,579

)

194,161

Tax on (loss)/profit

(51,579

)

13,738

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

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

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

Period

Period

1.11.24

1.8.23

to

to

7.11.25

31.10.24

£

£

(Loss)/profit before tax

(317,075

)

9,971

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

(79,269

)

2,493

Effects of:

Expenses not deductible for tax purposes

(1,060

)

(10,994

)

Adjustments to tax charge in respect of previous periods

12,500

-

Goodwill amortisation

16,250

20,313

Impact of Research and development credit 2023 on deferred tax losses

-

97,797

Research and development credit 2023

-

(108,433

)

Impact of Research and development enhanced deduction 2024

-

(65,226

)

Impact of losses surrendered for 2024 Research and development payable credit

-

149,778

Research and development credit 2024

-

(71,990

)

Total tax (credit)/charge

(51,579

)

13,738