REGISTERED NUMBER: SC220163

FURNITURE@WORK LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

Page

Strategic Report

1

Report of the Director

2

Report of the Independent Auditors

4

Profit and Loss Account

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

The director presents his strategic report for the year ended 31 October 2025.

REVIEW OF BUSINESS

The company continues to act as a supplier of office furniture to small and medium sized companies, the government and to the home office market.

The results for the year are as set out on pages 7 to 21 and show a profit before tax of £554,271 (2024: £1,037,245). The shareholders funds of the company total £1,510,489 (2024: £1,795,371). The director is satisfied with the results for the year. Management continues to invest in the company.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company, are set out as follows:

Fraud and business risk:

The company keeps these areas under continual review. Company procedures are periodically reviewed and any failings addressed immediately. Key performance indicators are used to measure and monitor business critical issues.

Liquidity risk:

The company aims to minimise liquidity risk by managing funds generated by its operations.

Credit risk:

The company maintains good relations with its principal customers and the credit worthiness of new credit customers is checked with an external credit reference agency.

Interest risk:

The company keeps interest rate changes under continual review and their impact on both assets and liabilities. The director would take action if the commercial effect of the changes was unfavourable.

Business continuity and disaster recovery risk:

The director has recognised the key issues and risks that would require to be addressed in the event of any business continuity issues and the company has developed a framework to identify and take appropriate action to mitigate such risk.

FINANCIAL INSTRUMENTS

The company has adopted the disclosure and presentational requirements of FRS 102. When a financial asset or liability is disclosed initially it is measured at its fair value plus or minus transaction costs. The company regularly monitors its exposure to risks including pricing, credit, liquidity and cash flow.

The company is satisfied with the level of cash flow being maintained after taking into consideration the timing aspect of debtor recoverability and the payment of trade creditors and business expenses.

FUTURE DEVELOPMENTS

The business has and will continue to invest in its marketing, customer service, employees, IT infrastructure and operating procedures.

ON BEHALF OF THE BOARD:

M Philp - Director

28 July 2026

The director presents his 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 the supply of office furniture to small and medium sized companies, the government and the home office market.

DIVIDENDS

Dividends distributed for the year ended 30 September 2025 were £701,000 (2024: £780,000).

DIRECTOR

M Philp held office during the whole of the period from 1 November 2024 to the date of this report.

CHANGE OF ACCOUNTING PERIOD END DATE

Last period, the company's financial period was extended from 30 September 2024 to 31 October 2024, a 13 month period. This was done to better align with the company's commercial and internal reporting periods. Due to this, the figures included in the financial statements are not entirely comparable.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Section 414C(11) Companies Act 2006 to set out in the Company's Strategic Report information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Report of the Director. It has done so in respect of financial instruments and future developments.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Directors, the Strategic Report and the financial statements in accordance with applicable laws and regulations.

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

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company

will continue in business.

The director is 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. He is 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 director is 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 he 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 Philp - Director

28 July 2026

Opinion

We have audited the financial statements of Furniture@Work Limited (the 'company') for the year ended 31 October 2025 which comprise the Profit and Loss Account, 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 as follows:

-

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

-

we identified the laws and regulations applicable to the company through discussions with the director and other management and from our commercial knowledge and experience of 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, FRS102 and taxation legislation. We also considered the laws and regulations having an indirect impact but nonetheless significant effect on the financial statements, including GDPR, anti-bribery legislation, employment law, environmental regulations 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.

Auditors' responsibilities for the audit of the financial statements - continued

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 set out in Note 2 were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In assessing the risk of material misstatements due to fraud in relation to revenue recognition, we:

-

performed analytical procedures to identify unusual or unexpected relationships;

-

performed walkthrough tests and substantive sample testing; and carried out cut off testing to ensure revenue recognised in the correct period.

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;

-

reading the minutes of meetings of those charged with governance;

-

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 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 director 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.

Mark McRae CA (Senior Statutory Auditor)

for and on behalf of Armstrong Watson Audit Limited

Chartered Accountants & Statutory Auditors

Caledonia House

89 Seaward Street

Glasgow

G41 1HJ

28 July 2026

TURNOVER

3

22,596,114

25,761,419

Cost of sales

(16,104,597

)

(18,190,805

)

GROSS PROFIT

6,491,517

7,570,614

Administrative expenses

(6,311,366

)

(7,271,812

)

180,151

298,802

Other operating income

177,951

465,365

OPERATING PROFIT

5

358,102

764,167

Interest receivable and similar income

196,169

273,078

PROFIT BEFORE TAXATION

554,271

1,037,245

Tax on profit

6

(138,153

)

(263,525

)

PROFIT FOR THE FINANCIAL YEAR

416,118

773,720

PROFIT FOR THE YEAR

416,118

773,720

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

416,118

773,720

FIXED ASSETS

Intangible assets

8

90,536

126,360

Tangible assets

9

19,745

329

110,281

126,689

CURRENT ASSETS

Debtors

10

1,694,759

2,394,463

Cash at bank

6,099,379

6,762,451

7,794,138

9,156,914

CREDITORS

Amounts falling due within one year

11

6,379,059

7,465,371

NET CURRENT ASSETS

1,415,079

1,691,543

TOTAL ASSETS LESS CURRENT LIABILITIES

1,525,360

1,818,232

PROVISIONS FOR LIABILITIES

12

14,871

22,861

NET ASSETS

1,510,489

1,795,371

CAPITAL AND RESERVES

Called up share capital

13

30,000

30,000

Retained earnings

14

1,480,489

1,765,371

SHAREHOLDERS' FUNDS

1,510,489

1,795,371

The financial statements were approved by the director and authorised for issue on 28 July 2026 and were signed by:

M Philp - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

30,000

1,771,651

1,801,651

Changes in equity

Dividends

-

(780,000

)

(780,000

)

Total comprehensive income

-

773,720

773,720

Balance at 31 October 2024

30,000

1,765,371

1,795,371

Changes in equity

Dividends

-

(701,000

)

(701,000

)

Total comprehensive income

-

416,118

416,118

Balance at 31 October 2025

30,000

1,480,489

1,510,489

Cash flows from operating activities

Cash generated from operations

1

134,168

358,429

Tax paid

(272,244

)

(218,542

)

Net cash from operating activities

(138,076

)

139,887

Cash flows from investing activities

Purchase of tangible fixed assets

(20,165

)

-

Interest received

196,169

273,078

Net cash from investing activities

176,004

273,078

Cash flows from financing activities

Equity dividends paid

(701,000

)

(780,000

)

Net cash from financing activities

(701,000

)

(780,000

)

Decrease in cash and cash equivalents

(663,072

)

(367,035

)

Cash and cash equivalents at beginning of year

2

6,762,451

7,129,486

Cash and cash equivalents at end of year

2

6,099,379

6,762,451

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

PERIOD

1/10/23

YEAR ENDED

TO

31/10/25

31/10/24

£

£

Profit before taxation

554,271

1,037,245

Depreciation charges

36,573

57,981

Finance income

(196,169

)

(273,078

)

394,675

822,148

Decrease/(increase) in trade and other debtors

699,704

(524,538

)

(Decrease)/increase in trade and other creditors

(960,211

)

60,819

Cash generated from operations

134,168

358,429

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

6,099,379

6,762,451

Period ended 31 October 2024

31/10/24

1/10/23

£

£

Cash and cash equivalents

6,762,451

7,129,486

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/11/24

Cash flow

At 31/10/25

£

£

£

Net cash

Cash at bank

6,762,451

(663,072

)

6,099,379

6,762,451

(663,072

)

6,099,379

Total

6,762,451

(663,072

)

6,099,379

1.	STATUTORY INFORMATION

Furniture@Work Limited is a private company limited by shares, registered in Scotland. The registered office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The 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. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in Sterling (£).

Going concern

After reviewing the company's management accounts and information, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

In preparing these financial statements, the director has made the following judgements: -

- The company has applied a judgement to recognise secured cash held between twelve months and five years depending on the circumstances and release it to the profit and loss.

Key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make 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 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 director considers the key sources of estimation uncertainty to be as follows: -

- Intangible fixed assets are amortised over their estimated useful lives less residual values. The actual lives of the assets are assessed annually and may vary depending on several factors. The director assessed that no changes were required to the estimated useful lives of the intangible fixed assets and therefore, determined that the stated amortisation policies applied in prior years remain appropriate.

- Tangible fixed assets are depreciated over their estimated useful lives less residual values. The actual lives of the assets are assessed annually and may vary depending on several factors. In re-assessing asset lives, factors such as usage and maintenance programmes are taken into account. The director assessed that no changes were required to the estimated useful lives of the tangible fixed assets and therefore, determined that the stated depreciation policies applied in prior years remain appropriate.

- At the balance sheet date, the director considers whether there are any indicators that the trade debtor balances relating to goods supplied will not be recoverable, to ensure an adequate provision is made for any potentially irrecoverable amounts.

Turnover

Turnover represents the net invoiced sale of goods, excluding value added tax. Goods are sold via the company's website. The company's policy is to recognise a sale when substantially all risks and rewards in connection with the goods have passed to the buyer and the company has no significant continuing involvement. At this point, the company's only exposure is to customer returns. The company does not operate any loyalty programmes.

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.

Website development costs are amortised on a straight line basis over 4 years from the date of project completion.

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.

Motor vehicles

-

25% on cost

Computer equipment

-

33.3% on cost

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

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like development costs and plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Debt instruments like other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme on behalf of the employees of the company. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company.

Operating lease agreements

Rentals applicable to operating leases where substantially all 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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3.

TURNOVER

The turnover was derived from the company's principal activity and was wholly undertaken in the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

PERIOD

1/10/23

YEAR ENDED

TO

31/10/25

31/10/24

£

£

Wages and salaries

1,172,291

1,329,367

Social security costs

143,200

144,485

Other pension costs

10,828

31,952

1,326,319

1,505,804

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

PERIOD

1/10/23

YEAR ENDED

TO

31/10/25

31/10/24

Administrative staff

24

24

Management staff

1

1

25

25

PERIOD

1/10/23

YEAR ENDED

TO

31/10/25

31/10/24

£

£

Director's remuneration

488,739

692,337

Information regarding the highest paid director is as follows:

PERIOD

1/10/23

YEAR ENDED

TO

31/10/25

31/10/24

£

£

Emoluments etc

488,739

692,337

5.	OPERATING PROFIT

The operating profit is stated after charging:

PERIOD

1/10/23

YEAR ENDED

TO

31/10/25

31/10/24

£

£

Depreciation - owned assets

749

1,687

Development costs amortisation

35,824

56,294

Auditors' remuneration

8,479

10,271

Auditor's remuneration for non

audit services

17,652

16,276

6.

TAXATION

Analysis of the tax charge

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

PERIOD

1/10/23

YEAR ENDED

TO

31/10/25

31/10/24

£

£

Current tax:

UK corporation tax

146,143

272,243

Deferred tax

(7,990

)

(8,718

)

Tax on profit

138,153

263,525

Reconciliation of total tax charge included in profit and loss

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

PERIOD

1/10/23

YEAR ENDED

TO

31/10/25

31/10/24

£

£

Profit before tax

554,271

1,037,245

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

138,568

259,311

Effects of:

Expenses not deductible for tax purposes

(238

)

(244

)

Depreciation in excess of capital allowances

7,813

13,176

Deferred tax

(7,990

)

(8,718

)

Total tax charge

138,153

263,525

7.

DIVIDENDS

PERIOD

1/10/23

YEAR ENDED

TO

31/10/25

31/10/24

£

£

Final

701,000

780,000

8.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 November 2024

and 31 October 2025

315,265

AMORTISATION

At 1 November 2024

188,905

Amortisation for year

35,824

At 31 October 2025

224,729

NET BOOK VALUE

At 31 October 2025

90,536

At 31 October 2024

126,360

9.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 November 2024

29,000

9,964

38,964

Additions

20,165

-

20,165

Disposals

(29,000

)

-

(29,000

)

At 31 October 2025

20,165

9,964

30,129

DEPRECIATION

At 1 November 2024

29,000

9,635

38,635

Charge for year

420

329

749

Eliminated on disposal

(29,000

)

-

(29,000

)

At 31 October 2025

420

9,964

10,384

NET BOOK VALUE

At 31 October 2025

19,745

-

19,745

At 31 October 2024

-

329

329

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,585,902

2,236,071

Prepayments and accrued income

108,857

158,392

1,694,759

2,394,463

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

5,459,756

6,229,446

Corporation tax

146,143

272,244

Social security and other taxes

34,013

32,716

VAT

397,665

508,593

Accruals and deferred income

341,482

422,372

6,379,059

7,465,371

12.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

14,871

22,861