Company registration number 03174085 (England and Wales)
AERCO (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
AERCO (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr R Laughton
Ms F G Ayres
Company number
03174085
Registered office
Units 16-17
Lawson Hunt Industrial Park
Broadbridge Heath
Horsham
RH12 3JR
Auditor
Sumer Audit
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
AERCO (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
AERCO (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The directors present the strategic report year ended 31 March 2026.

Principal activities

The group’s principal activity is the supply of components to the aeronautical, electrical and electronics industries. The company’s principal activity is the provision of management services and accommodation to its subsidiary undertakings. The group statement of financial position remains strong with net assets £8,066,512 (2025 - £7,226,805).

Fair review of business

The trading company achieved a 27% growth in sales compared with the previous year. Order input was strong and the trading company finished the year with an open order book of nearly £16m (also 25% higher), providing a strong foundation for the coming year’s trading. Orders received from Mainland Europe grew to £3.3m and all export sales totalled £4.9m.

The trading company's stock increased to £6.6m and this has been managed well with only occasional requirements to call on the overdraft arrangements in place with our bankers.

The customer base is diverse, representing companies in defence, aerospace, rail, engineering and medical equipment manufacturing industries. The trading company maintained strong franchised supplier business partnerships during the year, providing good resilience to market changes.

Financial instruments and risks

The group holds or issues financial instruments to finance its operation. Operations are financed by retained earnings. Working capital requirements are met out of retained earnings. In addition, various financial instruments such as trade receivables and trade payables arise directly from the group's operations. The group does not enter into any hedging arrangements.

The group is mainly exposed to credit risk from credit sales. It is the group's policy to assess the credit risk of new customers and to factor the information from these credit ratings into future dealings with the customers. At the statement of financial position date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statement of financial position.

The group undertakes a limited number of foreign currency transactions and is therefore exposed to foreign exchange risk. To part manage this risk, the group maintain foreign currency bank accounts into which foreign company receipts from customers are deposited and from which payments to suppliers are made. From time-to time transfers are then made between the foreign currency and Sterling bank accounts.

The directors carefully monitor the liquidity and cash flow risk of the group. The group has investments in liquidity funds with the group's bankers which are used to manage fluctuations in cash flow. Cash flow is monitored by the directors on a regular basis.

Future developments

Each of the markets in which we operate are enjoying steady business conditions following the reduction in inflation within the general economy.

The group continues to search to acquire new franchises to support the development of the business in the coming years.

AERCO (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -
Key performance indicators (KPIs)

The group employs several financial KPIs which it uses to monitor and control the development of the group.

These are split between the financial performance KPIs of margin and staff costs against gross profit and the financial position KPIs of inventory turnover and receivable days. The majority of these are currently running better than target.

| 2026 | 2025
| £ | £
Revenue | 23,924,013 | 18,823,134
Gross profit £ | 6,704,177 | 5,103,366
Gross profit % | 28 | 27
Staff costs £ | 4,031,942 | 3,358,160
Staff costs % of gross profit | 60 | 66
Inventory turnover | 3 | 2
Receivables days | 59 | 67

On behalf of the board

Mr R Laughton
Director
20 July 2026
AERCO (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2026.

Results and dividends

The results for the year are set out on page 8.

During the year dividends were paid amounting to £417,325 (2025: £679,079). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R Laughton
Ms F G Ayres
Auditor

The auditor, Sumer Audit, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Matters covered in the strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments, principal risks and uncertainties, future development and principal activities.

Going concern assessment

The directors have undertaken a robust assessment of the group's future trading prospects and have concluded that the group remains a going concern. See note 1.3 to the financial statements for further detail.

On behalf of the board
Mr R Laughton
Director
20 July 2026
AERCO (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group 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;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AERCO (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AERCO (HOLDINGS) LIMITED
- 5 -
Opinion

We have audited the financial statements of Aerco (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 March 2026 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

AERCO (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AERCO (HOLDINGS) LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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' r esponsibilities s tatement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Obtaining an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;

- Obtaining an understanding of the group’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and

- Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the group and company and our sector-specific experience.

As a result of these procedures, we considered the opportunities and incentives that may exist within the group for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law, compliance with the UK Companies Act, the valuation of inventory and the adequacy of stock provision.

In addition to the above, our procedures to respond to risks identified included the following:

- Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;

- Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to stock provisions; and

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

AERCO (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AERCO (HOLDINGS) LIMITED
- 7 -

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Robert Dowling FCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
20 July 2026
Chartered Accountants
Statutory Auditor
Crawley
Sumer Audit is the trading name of Sumer Auditco Limited
AERCO (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
2026
2025
Notes
£
£
Revenue
3
23,924,013
18,823,134
Cost of sales
(17,218,525)
(13,719,768)
Gross profit
6,705,488
5,103,366
Distribution costs
(434,439)
(350,543)
Administrative expenses
(4,530,140)
(3,823,207)
Other operating income
23,950
26,500
Operating profit
4
1,764,859
956,116
Investment income
65
-
0
Finance costs
(78,119)
(95,665)
Profit before taxation
1,686,805
860,451
Tax on profit
8
(429,773)
(220,900)
Profit for the financial year
1,257,032
639,551
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The group statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

AERCO (HOLDINGS) LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2026
31 March 2026
- 9 -
2026
2025
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
11
2,144,217
2,166,009
Investments
12
100
100
2,144,317
2,166,109
Current assets
Inventories
14
6,598,458
6,089,022
Trade and other receivables
15
3,993,752
3,543,896
Investments
16
-
0
1,163
Cash and cash equivalents
89,920
91,624
10,682,130
9,725,705
Current liabilities
17
(3,956,875)
(3,720,273)
Net current assets
6,725,255
6,005,432
Total assets less current liabilities
8,869,572
8,171,541
Non-current liabilities
18
(730,960)
(876,836)
Provisions for liabilities
Deferred tax liability
20
72,100
67,900
(72,100)
(67,900)
Net assets
8,066,512
7,226,805
Equity
Called up share capital
22
494,873
494,873
Share premium account
23
21,420
21,420
Revaluation reserve
9,510
9,510
Capital redemption reserve
23
338,521
338,521
Retained earnings
7,202,188
6,362,481
Total equity
8,066,512
7,226,805
The financial statements were approved by the board of directors and authorised for issue on 20 July 2026 and are signed on its behalf by:
20 July 2026
Mr R Laughton
Director
AERCO (HOLDINGS) LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
31 March 2026
- 10 -
2026
2025
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
11
2,144,217
2,166,009
Investments
12
794,513
794,513
2,938,730
2,960,522
Current assets
Trade and other receivables
15
3,075,724
3,105,281
Investments
16
-
0
1,163
Cash and cash equivalents
12,539
16,371
3,088,263
3,122,815
Current liabilities
17
(580,415)
(665,879)
Net current assets
2,507,848
2,456,936
Total assets less current liabilities
5,446,578
5,417,458
Non-current liabilities
18
(730,960)
(828,020)
Provisions for liabilities
Deferred tax liability
20
72,100
67,900
(72,100)
(67,900)
Net assets
4,643,518
4,521,538
Equity
Called up share capital
22
494,873
494,873
Share premium account
23
21,420
21,420
Revaluation reserve
9,510
9,510
Capital redemption reserve
23
338,521
338,521
Retained earnings
3,779,194
3,657,214
Total equity
4,643,518
4,521,538

As permitted by s408 Companies Act 2006, the c ompany has not presented its own income statement and related notes. The c ompany’s profit for the year was £539,305 (2025: £631,055 profit).

The financial statements were approved by the board of directors and authorised for issue on 20 July 2026 and are signed on its behalf by:
20 July 2026
Mr R Laughton
Director
Company Registration No. 03174085
AERCO (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 11 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Employee Share Ownership Plan (ESOP)
Retained earnings
Total
Notes
£
£
£
£
£
£
£
Balance at 1 April 2024
514,692
113,188
9,510
318,702
(158,155)
6,566,532
7,364,469
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
-
-
639,551
639,551
Dividends
9
-
-
-
-
-
(679,076)
(679,076)
Own shares acquired
-
-
-
-
-
(164,526)
(164,526)
Redemption of shares
22
(19,819)
(91,768)
-
-
-
-
(111,587)
Other movements
-
-
-
19,819
158,155
-
177,974
Balance at 31 March 2025
494,873
21,420
9,510
338,521
-
6,362,481
7,226,805
Year ended 31 March 2026:
Profit and total comprehensive income
-
-
-
-
-
1,257,032
1,257,032
Dividends
9
-
-
-
-
-
(417,325)
(417,325)
Balance at 31 March 2026
494,873
21,420
9,510
338,521
-
7,202,188
8,066,512
AERCO (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 12 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Employee Share Ownership Plan (ESOP)
Retained earnings
Total
Notes
£
£
£
£
£
£
£
Balance at 1 April 2024
514,692
113,188
9,510
318,702
(158,155)
3,869,761
4,667,698
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
-
-
-
631,055
631,055
Dividends
9
-
-
-
-
-
(679,076)
(679,076)
Own shares acquired
-
-
-
-
-
(164,526)
(164,526)
Redemption of shares
22
(19,819)
(91,768)
-
-
-
-
(111,587)
Other movements
-
-
-
19,819
158,155
-
177,974
Balance at 31 March 2025
494,873
21,420
9,510
338,521
-
3,657,214
4,521,538
Year ended 31 March 2026:
Profit and total comprehensive income
-
-
-
-
-
539,305
539,305
Dividends
9
-
-
-
-
-
(417,325)
(417,325)
Balance at 31 March 2026
494,873
21,420
9,510
338,521
-
3,779,194
4,643,518
AERCO (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 13 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,307,559
1,211,764
Interest paid
(78,119)
(95,665)
Income taxes paid
(518,867)
(227,368)
Net cash inflow from operating activities
710,573
888,731
Investing activities
Purchase of property, plant and equipment
(166,396)
(531,576)
Proceeds from disposal of property, plant and equipment
10,000
-
Proceeds from disposal of investments
1,163
-
Interest received
65
-
0
Net cash used in investing activities
(155,168)
(531,576)
Financing activities
Purchase of treasury shares
-
(98,139)
Proceeds from borrowings
-
466,900
Repayment of bank loans
(139,784)
(129,599)
Dividends paid to equity shareholders
(417,325)
(679,076)
Net cash used in financing activities
(557,109)
(439,914)
Net decrease in cash and cash equivalents
(1,704)
(82,759)
Cash and cash equivalents at beginning of year
91,624
174,383
Cash and cash equivalents at end of year
89,920
91,624
AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
1
Accounting policies
Company information

Aerco (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Units 16-17, Lawson Hunt Industrial Park, Broadbridge Heath, Horsham, RH12 3JR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;

- Section 26 ‘Share based Payment’: Share based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The se group financial statements consolidate the financial statements of Aerco (Holdings) Limited and its subsidiary undertakings for the year ended 31 March 2026.

Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the group’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the group, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 15 -
1.4
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.6
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
1% straight line
Long-term leasehold property
1% straight line
Plant and machinery
15% straight line
Fixtures and fittings
15% straight line
Motor vehicles
20% straight line

Freehold land is not depreciated.

T he 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.

1.7
Non-current investments

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

1.8
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 16 -
1.9
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.11
Financial instruments

The group 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 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.

The group enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans from related parties.

Debt instruments like loans and 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 are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 17 -

The cost of the group's shares held by the Employee Share Option Plan (ESOP) is deducted from equity in both the group and company's Statement of Financial Position under the heading ESOP share reserve. Any cash received by the ESOP on disposal of shares it holds is also recognised directly in equity. Other assets and liabilities of the ESOP (including borrowings) are recognised as assets and liabilities of the group.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Group Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the group keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the Group Statement of Comprehensive Income over the remaining vesting period.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds S terling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 18 -
2
Judgements and key sources of estimation uncertainty

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

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

Critical judgements

Tangible fixed assets

Determin ing whether there are indicators of impairment of the group's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the assets.

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.

Inventory

A inventory provision is booked for cases where the net realisable value from sales of the stock item is estimated to be lower than the stock carrying value. The provision is estimated taking into account various factors, including prevailing sales prices of stock items, and losses associated with slow moving stock items. The stock provision for the year totalled £349,933 (20 2 5: £401,161).

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

3
Revenue
2026
2025
£
£
Revenue analysed by class of business
Supply of electronic components
23,594,121
18,495,028
Newsagent sales
329,892
328,106
23,924,013
18,823,134
AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
3
Revenue
(Continued)
- 19 -
2026
2025
£
£
Revenue analysed by geographical market
United Kingdom
19,069,431
16,043,154
Europe
4,048,784
2,221,592
Rest of the World
805,798
558,388
23,924,013
18,823,134
4
Operating profit
2026
2025
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
37,153
619
Depreciation of owned property, plant and equipment
182,436
171,749
Profit on disposal of property, plant and equipment
(4,248)
-
Operating lease charges
697
198
5
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,000
15,300
Audit of the financial statements of the company's subsidiaries
17,000
16,500
32,000
31,800
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2026
2025
2026
2025
Number
Number
Number
Number
Office and management
63
64
2
2
Manufacturing
12
10
-
-
Total
75
74
2
2
AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
2025
£
£
£
£
Wages and salaries
3,369,995
2,941,065
643,307
627,525
Social security costs
428,851
326,485
89,694
74,527
Pension costs
233,096
90,610
120,000
-
0
4,031,942
3,358,160
853,001
702,052
7
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
349,333
335,000
Sums paid to third parties for directors' services
25,100
21,256
374,433
356,256
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2026
2025
£
£
Remuneration for qualifying services
300,000
300,000

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (202 5 - 2).

8
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
425,000
238,000
Adjustments in respect of prior periods
573
-
0
Total current tax
425,573
238,000
Deferred tax
Origination and reversal of timing differences
4,200
(17,100)
Total tax charge
429,773
220,900
AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
8
Taxation
(Continued)
- 21 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2026
2025
£
£
Profit before taxation
1,686,805
860,451
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
421,701
215,113
Tax effect of expenses that are not deductible in determining taxable profit
31,302
6,063
Tax effect of income not taxable in determining taxable profit
(33,291)
-
0
Tax effect of utilisation of tax losses not previously recognised
(4,094)
-
0
Change in unrecognised deferred tax assets
2,000
(1,300)
Adjustments in respect of prior years
573
-
0
Depreciation on assets not qualifying for tax allowances
4,379
4,403
Differences in deferred tax and corporation tax rates
-
0
(1,803)
Rounding
7,203
(1,576)
Taxation charge
429,773
220,900
9
Dividends
2026
2025
£
£
Interim paid
417,325
679,076
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2025 and 31 March 2026
45,000
Amortisation and impairment
At 1 April 2025 and 31 March 2026
45,000
Carrying amount
At 31 March 2026
-
0
At 31 March 2025
-
0
The company had no intangible fixed assets at 31 March 2026 or 31 March 2025.
AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 22 -
11
Property, plant and equipment
Group
Freehold land and buildings
Long-term leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2025
1,377,729
599,830
605,495
146,874
331,848
3,061,776
Additions
-
0
-
0
51,458
31,045
83,893
166,396
Disposals
-
0
-
0
-
0
-
0
(20,299)
(20,299)
At 31 March 2026
1,377,729
599,830
656,953
177,919
395,442
3,207,873
Depreciation and impairment
At 1 April 2025
146,774
193,911
342,962
85,023
127,097
895,767
Depreciation charged in the year
13,777
4,135
74,148
16,627
73,749
182,436
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(14,547)
(14,547)
At 31 March 2026
160,551
198,046
417,110
101,650
186,299
1,063,656
Carrying amount
At 31 March 2026
1,217,178
401,784
239,843
76,269
209,143
2,144,217
At 31 March 2025
1,230,955
405,919
262,533
61,851
204,751
2,166,009
AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
11
Property, plant and equipment
(Continued)
- 23 -
Company
Freehold land and buildings
Long-term leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2025
1,377,729
599,830
605,495
137,440
331,848
3,052,342
Additions
-
0
-
0
51,458
31,045
83,893
166,396
Disposals
-
0
-
0
-
0
-
0
(20,299)
(20,299)
At 31 March 2026
1,377,729
599,830
656,953
168,485
395,442
3,198,439
Depreciation and impairment
At 1 April 2025
146,774
193,911
342,962
75,589
127,097
886,333
Depreciation charged in the year
13,777
4,135
74,148
16,627
73,749
182,436
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(14,547)
(14,547)
At 31 March 2026
160,551
198,046
417,110
92,216
186,299
1,054,222
Carrying amount
At 31 March 2026
1,217,178
401,784
239,843
76,269
209,143
2,144,217
At 31 March 2025
1,230,955
405,919
262,533
61,851
204,751
2,166,009

Freehold land and buildings with a carrying amount of £436,500 (2025: £441,145) have been pledged to secure borrowings of the company.

Freehold land and buildings with a carrying amount of £34 1,678 (2025: £346,058) have been pledged to secure borrowings of the subsidiary company, AERCO Limited.

12
Fixed asset investments
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
794,413
794,413
Other investments
100
100
100
100
100
100
794,513
794,513
AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
12
Fixed asset investments
(Continued)
- 24 -
Movements in non-current investments
Group
Other
£
Cost or valuation
At 1 April 2025 and 31 March 2026
100
Carrying amount
At 31 March 2026
100
At 31 March 2025
100
Movements in non-current investments
Company
Shares in subsidiaries
Other
Total
£
£
£
Cost or valuation
At 1 April 2025 and 31 March 2026
794,413
100
794,513
Carrying amount
At 31 March 2026
794,413
100
794,513
At 31 March 2025
794,413
100
794,513
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2026 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
AERCO Limited
Note 1
Supply of electronic components
Ordinary
100.00
AERCO Services Limited
Note 1
Newsagent
Ordinary
100.00

Note 1) Unit 16/17, Lawson Hunt Industrial Park, Broadbridge Heath, Horsham, West Sussex, RH12 3JR

AERCO Services Limited is entitled to exemption from audit by virtue of section 479A of the Companies Act 2006 as AERCO (Holdings) Limited, the parent company, has provided the necessary guarantee.

14
Inventories
Group
Company
2026
2025
2026
2025
£
£
£
£
Finished goods and goods for resale
6,598,458
6,089,022
-
0
-
0
AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 25 -
15
Trade and other receivables
Group
Company
2026
2025
2026
2025
Amounts falling due within one year:
£
£
£
£
Trade receivables
3,870,614
3,433,966
1,643
-
0
Amounts owed by group undertakings
-
0
-
0
3,074,081
3,104,275
Other receivables
542
3,275
-
0
1,006
Prepayments and accrued income
122,596
106,655
-
0
-
0
3,993,752
3,543,896
3,075,724
3,105,281

Amounts owed by subsidiaries have no terms and are therefore repayable on demand. Whilst the classification as current debtors reflects the contractual nature of the loans, the company does not seek repayment of these loans until the subsidiaries are financially able to do so.

16
Current asset investments
Group
Company
2026
2025
2026
2025
£
£
£
£
Unlisted investments
-
1,163
-
1,163

Unlisted investments consists of amounts held in an investment fund.

17
Current liabilities
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Bank loans
19
148,710
142,618
98,710
91,434
Trade payables
2,540,408
2,200,160
-
0
-
0
Corporation tax payable
25,710
119,004
-
0
10,000
Other taxation and social security
478,651
464,337
21,832
18,827
Other payables
589,641
666,804
459,873
539,368
Accruals and deferred income
173,755
127,350
-
0
6,250
3,956,875
3,720,273
580,415
665,879
18
Non-current liabilities
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Bank loans
19
730,960
876,836
730,960
828,020
AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 26 -
19
Borrowings
Group
Company
2026
2025
2026
2025
£
£
£
£
Bank loans
879,670
1,019,454
829,670
919,454
Payable within one year
148,710
142,618
98,710
91,434
Payable after one year
730,960
876,836
730,960
828,020

The bank loans of £879,670 (202 5 - £1,019,454) above, consist of the following:

- £99,276 (2025 - £1 24,859) relates to a mortgage with Lloyds, £28,646 (202 5 - £27,251) of the total balance is due within 12 months and £70,629 (202 5 - £97,608) is due in more than 12 months of the balance sheet date. The loan is secured by a first legal charge over the freehold land and buildings which was purchased in 2015 by the company. The loan incurs interest at 2.8% per annum above the Bank of England base rate.

- £324,404 (2025 - £3 55,543) relates to a mortgage with Lloyds, £33,992 (202 5 - £31,139) of the total balance is due within 12 months and £290,412 (202 5 - £324,404) is due in more than 12 months of the balance sheet date. The loan is secured by a first legal charge over the freehold land and buildings which was purchased in 2023 by the company. The loan incurs interest at 3.85% per annum above the Bank of England base rate.

- £406,008 (202 5 - £439,052) relates to a mortgage with Lloyds, £36,072 (2025 - £33,044) of the total balance is due within 12 months and £369,936 (2025 - £406,008) is due in more than 12 months of the balance sheet date. The loan is secured by a first legal charge over the freehold land and buildings which was purchased in 202 4 by the company. The loan incurs interest at 3.5 5% per annum above the Bank of England base rate.

- £5 0,000 (202 5 - £1 0 0,000) relates to a CBILS loan with Lloyds, £50,000 (202 5 - £51,184) is due within 12 months and £Nil (2025 - £48,816) is due in more than 12 months of the balance sheet date. The loan is secured by a legal charge on all assets of the company. The loan incurs interest at 2.3% per annum above the Bank of England base rate.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2026
2025
Group
£
£
Accelerated capital allowances
72,100
67,900
Liabilities
Liabilities
2026
2025
Company
£
£
Accelerated capital allowances
72,100
67,900
AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
20
Deferred taxation
(Continued)
- 27 -
Group
Company
2026
2026
Movements in the year:
£
£
Liability at 1 April 2025
67,900
67,900
Charge to profit or loss
4,200
4,200
Liability at 31 March 2026
72,100
72,100

The directors have considered the deferred tax liabilities noted above and concluded that it is not possible to state the estimated liabilities which will reverse in the next 12 months. This is due to the level of reversal being dependent on events which are not yet known.

21
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
233,096
90,610

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
''A'' ordinary shares of £1 each
493,313
493,313
494,873
493,313
''B'' ordinary shares of £1 each
560
560
-
560
''C'' ordinary shares of £1 each
1,000
1,000
-
1,000
494,873
494,873
494,873
494,873

The A ordinary shares of £1 each carry full voting rights, have capital distribution (including on winding up) rights and rights to all dividends declared by the company.

The B and C ordinary shares of £1 each carry no voting rights, have a capital value equivalent to their nominal value and are not entitled to any further capital distribution rights. Additionally, they are only entitled to dividends at the discretion of the board.

AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 28 -
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2026
2025
2026
2025
£
£
£
£
Acquisition of property, plant and equipment
530,000
-
530,000
-
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2026
2025
2026
2025
£
£
£
£
Within one year
33,180
33,180
-
-
Between two and five years
27,270
60,450
-
-
60,450
93,630
-
-
25
Controlling party

The group and company is under the control of R Laughton. R Laughton has a personal interest of 59% in the company's issued voting share capital and controls a further 36% through W B Laughton 1995 Family Settlement.

26
Directors' transactions

At the balance sheet date, the company owed £459,873 (2025: £539,368) to the directors. During the period amounts totalling £339,725 were advanced by the directors, and amounts totalling £419,220 were withdrawn. No interest is charged on directors loans and are considered repayable on demand.

AERCO (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 29 -
27
Cash generated from group operations
2026
2025
£
£
Profit for the year after tax
1,257,032
639,551
Adjustments for:
Taxation charged
429,773
220,900
Finance costs
78,119
95,665
Investment income
(65)
-
0
Gain on disposal of property, plant and equipment
(4,248)
-
Depreciation and impairment of property, plant and equipment
182,436
171,749
Movements in working capital:
(Increase)/decrease in inventories
(509,436)
180,570
Increase in trade and other receivables
(449,856)
(594,336)
Increase in trade and other payables
323,804
497,665
Cash generated from operations
1,307,559
1,211,764
28
Analysis of changes in net debt - group
1 April 2025
Cash flows
31 March 2026
£
£
£
Cash at bank and in hand
91,624
(1,704)
89,920
Borrowings excluding overdrafts
(1,019,454)
139,784
(879,670)
(927,830)
138,080
(789,750)
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