REGISTERED NUMBER: 04791696 (England and Wales)

Wookey Hole Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 28 February 2026

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Profit and Loss Account

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

S J Ramsay

W Ramsay

REGISTERED OFFICE:

Wookey Hole Caves

The Mill

Wookey Hole

Somerset

BA5 1BB

REGISTERED NUMBER:

04791696 (England and Wales)

AUDITORS:

Webb & Co Ltd

Accountants and Business Advisers

& Statutory Auditor

One New Street

Wells

Somerset

BA5 2LA

The directors present their strategic report for the year ended 28 February 2026.

Throughout the 2025 financial year, Wookey Hole continued to deliver its long term strategy of investment led growth, experiential innovation, and responsible stewardship of its heritage assets. The year was characterised by a combination of forward looking capital projects, structured strategic planning, and the development of new experiences intended to broaden market appeal while strengthening the long term resilience of the business.

The following sections summarise the principal activities and investments undertaken during the year.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our

business during the year and its position at the year end. Our review is consistent with the size and

non-complex nature of our business and is written in the context of risks and uncertainties we face.

We consider that our key financial performance indicators are those that communicate the financial

performance of the company as a whole, these being turnover, turnover growth, gross margin, profit

before tax and net asset value.

FINANCIAL KEY PERFORMANCE INDICATORS

The key financial highlights are as follows;

2026

2025

2024

2023

£

£

£

£

Turnover (£   )

6664

6413

6703

6563

Turnover Growth %

4

-4

2

-9

Gross Profit Margin %

79

79

78

80

Profit Before Tax

-181

-270

-173

362

Net Asset Value (£   )

4310

4504

4930

5104

PRINCIPAL RISKS AND UNCERTAINTIES

The uncertain economic climate is a key risk for the coming year. Family choices on whether to holiday at home or abroad are all factors to consider. Cost control remains a key focus for us with pressure on wages and utility costs being hardest affected areas. With a strong core business and exciting developments we look forward to a successful trading year.

ENHANCEMENT OF THE CAVES EXPERIENCE

A major focus during 2025 was the continued enhancement of the core caves experience. During the year, new lighting installations were completed, improving visibility, ambience, and overall presentation while remaining sensitive to the environmental and conservation requirements of the caves. These upgrades represent a substantive improvement in their own right and form a key enabling element for future experiential development.

In parallel, significant progress was made on preparatory works to support the next phase of immersive storytelling. Groundwork was undertaken during the year to facilitate the future installation of new projection technology, with installation planned for the early part of the 2026/27 financial year. Once installed, these systems are expected to enable more dynamic interpretation of the caves' history and geology, enhancing visitor engagement while safeguarding the integrity of the natural environment.

Collectively, these works represent an important step in the long term evolution of the caves experience and reinforce their position as the flagship attraction within the wider Wookey Hole estate.

NEW WINTER WONDERLAND EXPERIENCE

During 2025, substantial progress was made on the development of a new Winter Wonderland experience. The year was primarily focused on the design and planning phase of the project, including concept development, detailed design work, and the preparation of site and infrastructure requirements to support construction and future operation.

Construction formally commenced in January, marking the transition from design into delivery. The project is scheduled to progress through 2026, with the attraction currently planned to open during the winter 2026 season. This investment reflects the strategic importance of extending the trading season, smoothing revenue during traditionally quieter periods, and strengthening the overall events led offer at Wookey Hole.

STRATEGIC PLANNING AND CAPITAL DEVELOPMENT WITH VISION XS

The business commenced work with Vision XS during the second half of 2025, focusing on long term strategy, master planning, and the identification and prioritisation of future capital investment opportunities. This work included a comprehensive review of the existing attraction mix, an evaluation of under utilised opportunities across the wider estate, and the development of a phased investment roadmap aligned with operational capacity and financial discipline.

Prior to the commencement of this work, the decision had already been taken to place Bucklegrove Holiday Park on the market for sale. This decision followed an earlier consideration of its strategic fit within the wider portfolio and reflected a planned refocusing of management attention and capital investment towards Wookey Hole's core attraction and experience led growth strategy. The strategic review undertaken with Vision XS therefore progressed on the basis of a more clearly defined and focused estate.

The review also identified a new heritage led experience, Wookey Uncovered, as an opportunity to broaden market appeal and deepen engagement with the site's history. Targeted at the heritage and special interest market, the experience is designed to complement the core caves offering while leveraging existing assets in a commercially sustainable manner. Development work progressed during the year, with the experience currently scheduled to launch in May 2026.

The outputs of the Vision XS collaboration provide a clear strategic framework to guide decision making in the years ahead, ensuring that future capital investment remains targeted, coherent, and closely aligned with Wookey Hole's brand positioning, heritage responsibilities, and commercial objectives.

ONGOING INVESTMENT AND OPERATIONAL DEVELOPMENT

Alongside these major projects, the year also saw continued investment in estate maintenance, compliance, and operational improvement across the wider business. While less visible to visitors, these activities are essential to supporting safe and efficient operations and ensuring the attraction remains well positioned to support future growth.

OUTLOOK

Looking ahead, the business enters the next financial year with a strong pipeline of planned developments, underpinned by a clearer long term strategy and a continued commitment to disciplined capital investment. The progress made during 2025 reinforces Wookey Hole's ambition to balance heritage stewardship with innovation, enhancing the visitor experience while laying the foundations for sustained commercial performance in the years to come.

ON BEHALF OF THE BOARD:

S J Ramsay - Director

2 June 2026

The directors present their report with the financial statements of the company for the year ended 28 February 2026.

DIVIDENDS

An interim dividend of £40 per share was paid on the Ordinary B £1 shares on 25 March 2025. No dividends were paid on any other classes of shares.

The total distribution of dividends for the year ended 28 February 2026 will be £ 10,000 .

DIRECTORS

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

S J Ramsay

W Ramsay

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Webb & Co Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S J Ramsay - Director

2 June 2026

Opinion

We have audited the financial statements of Wookey Hole Limited (the 'company') for the year ended 28 February 2026 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement 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 28 February 2026 and of its loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined in the Auditors' responsibilities for the audit of the financial statements section, 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.

Based on our understanding of the company and industry we identified the principal risks of non-compliance and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to manipulation of financial results and potential management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- Discussions with the Directors and Financial Controller including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Identifying and testing the validity of journal entries

- Challenging assumptions made by management in its significant accounting estimates

- Reviewing disclosures for accounting estimates

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery of intentional misrepresentations, or through 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.

Barry Davidson FCA FCCA (Senior Statutory Auditor)

for and on behalf of Webb & Co Ltd

Accountants and Business Advisers

& Statutory Auditor

One New Street

Wells

Somerset

BA5 2LA

16 June 2026

TURNOVER

2

6,664,627

6,413,860

Cost of sales

(1,368,278

)

(1,330,738

)

GROSS PROFIT

5,296,349

5,083,122

Administrative expenses

(5,269,791

)

(5,096,751

)

OPERATING PROFIT/(LOSS)

4

26,558

(13,629

)

Interest receivable and similar income

767

-

27,325

(13,629

)

Interest payable and similar expenses

5

(208,834

)

(257,054

)

LOSS BEFORE TAXATION

(181,509

)

(270,683

)

Tax on loss

6

(2,441

)

117,703

LOSS FOR THE FINANCIAL YEAR

(183,950

)

(152,980

)

LOSS FOR THE YEAR

(183,950

)

(152,980

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(183,950

)

(152,980

)

FIXED ASSETS

Intangible assets

8

59,837

180,516

Tangible assets

9

7,443,897

7,497,525

Investments

10

600,099

600,099

8,103,833

8,278,140

CURRENT ASSETS

Stocks

11

97,617

90,194

Debtors

12

308,376

194,766

Cash at bank and in hand

674,592

1,108,714

1,080,585

1,393,674

CREDITORS

Amounts falling due within one year

13

1,703,532

1,715,988

NET CURRENT LIABILITIES

(622,947

)

(322,314

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,480,886

7,955,826

CREDITORS

Amounts falling due after more than one year

14

(3,141,479

)

(3,422,400

)

PROVISIONS FOR LIABILITIES

18

(29,196

)

(29,265

)

NET ASSETS

4,310,211

4,504,161

CAPITAL AND RESERVES

Called up share capital

19

1,800,000

1,800,000

Capital redemption reserve

450,000

450,000

Retained earnings

2,060,211

2,254,161

SHAREHOLDERS' FUNDS

4,310,211

4,504,161

The financial statements were approved by the Board of Directors and authorised for issue on 2 June 2026 and were signed on its behalf by:

S J Ramsay - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 March 2024

1,800,000

2,680,649

450,000

4,930,649

Changes in equity

Dividends

-

(273,508

)

-

(273,508

)

Total comprehensive income

-

(152,980

)

-

(152,980

)

Balance at 28 February 2025

1,800,000

2,254,161

450,000

4,504,161

Changes in equity

Dividends

-

(10,000

)

-

(10,000

)

Total comprehensive income

-

(183,950

)

-

(183,950

)

Balance at 28 February 2026

1,800,000

2,060,211

450,000

4,310,211

Cash flows from operating activities

Cash generated from operations

22

267,052

532,450

Interest paid

(208,451

)

(256,571

)

Interest element of hire purchase payments paid

(383

)

(483

)

Tax paid

(9,844

)

(32,918

)

Net cash from operating activities

48,374

242,478

Cash flows from investing activities

Purchase of tangible fixed assets

(182,289

)

(92,736

)

Sale of intangible fixed assets

-

1

Sale of tangible fixed assets

3,000

1,265,454

Interest received

767

-

Net cash from investing activities

(178,522

)

1,172,719

Cash flows from financing activities

Loan repayments in year

(297,600

)

(485,295

)

Capital repayments in year

22,929

(398

)

Amount introduced by directors

-

6,000

Amount withdrawn by directors

(19,303

)

-

Equity dividends paid

(10,000

)

(273,508

)

Net cash from financing activities

(303,974

)

(753,201

)

(Decrease)/increase in cash and cash equivalents

(434,122

)

661,996

Cash and cash equivalents at beginning of year

23

1,108,714

446,718

Cash and cash equivalents at end of year

23

674,592

1,108,714

1.	ACCOUNTING POLICIES

General information and basis of preparing the financial statements

The company is a private company, limited by shares, registered in England. The address of the registered office is One New Street, Wells, Somerset, BA5 2LA. The address of the principal place of business is Wookey Hole, Wells, Somerset, BA5 1BB.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity

Significant judgements and estimates

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of assets

The tangible fixed assets are periodically reviewed for impairment by the directors based on their knowledge and judgements.

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;

Depreciation and amortisation

The directors use their knowledge of the business and the industry to estimate the useful life and residual value of tangible and intangible assets in order to arrive at applicable deprecation and amortisation rates. In accordance with FRS 102, the directors review and update these estimates if there are indicators that current estimates should change.

It must be noted that there is inherent uncertainty within these estimates as factors such as unexpected wear and tear, technological advancement and changes in market prices may result in future changes to the appropriate rate of deprecation.

Revenue recognition

Revenue arises from the operation of visitor attractions and accommodation. Revenue represents the amounts received from customers (excluding VAT) for admission tickets, accommodation revenue, retail, food and beverage sales.

Ticket revenue is recognised at point of entry. Revenue from the sale of annual passes is deferred and then recognised over the period that the pass is valid. Retail and food and beverage revenues are recognised at the point of sale. Accommodation revenue is recognised at the time when the customer stays in the accommodation.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

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.

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.

Freehold property

-

Land 0%. Buildings over 50 years.

Plant and machinery

-

10% on cost

Exhibits

-

10% on cost

Motor vehicles

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are measured at the lower of cost and net reasliable value. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition. The cost formula used to value stock is first-in-first-out. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits

Contributions payable to an employee pension scheme are charged to the profit or loss in the period to which they relate.

Consolidation

The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 402 of the Companies Act 2006 on the basis that its subsidiaries are excluded from consolidation on the grounds that their inclusion is not material for the purpose of giving a true and fair view. These financial statements refer only to the parent company.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

2.

TURNOVER

The turnover and loss before taxation are attributable to the principal activities of the company.

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

2026

2025

£

£

Sale of goods

1,965,750

1,808,008

Rendering of services

4,698,877

4,605,852

6,664,627

6,413,860

3.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

2,483,342

2,383,287

Social security costs

213,234

159,720

Other pension costs

42,323

30,426

2,738,899

2,573,433

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

2026

2025

Administrative staff

8

8

Management staff (including directors)

18

18

Facilities staff

159

142

185

168

2026

2025

£

£

Directors' remuneration

135,199

133,158

Directors' pension contributions to money purchase schemes

1,761

2,642

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

Money purchase schemes

1

1

4.	OPERATING PROFIT/(LOSS)

The operating profit (2025 - operating loss) is stated after charging/(crediting):

2026

2025

£

£

Other operating leases

7,200

7,200

Depreciation - owned assets

235,917

307,105

(Profit)/loss on disposal of fixed assets

(3,000

)

21,774

Goodwill amortisation

120,679

120,679

Auditors' remuneration

25,200

16,218

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Bank interest

-

248

Bank loan interest

208,451

256,323

Hire purchase interest

383

483

208,834

257,054

6.

TAXATION

Analysis of the tax charge/(credit)

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

2026

2025

£

£

Current tax:

UK corporation tax

2,510

13,175

Taxation adjustment for

earlier years

-

(3,332

)

Total current tax

2,510

9,843

Deferred tax at 25%

(69

)

(127,546

)

Tax on loss

2,441

(117,703

)

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

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

2026

2025

£

£

Loss before tax

(181,509

)

(270,683

)

Loss multiplied by the standard rate of corporation tax in the UK of 19% (2025 - 25%)

(34,487

)

(67,671

)

Effects of:

Expenses not deductible for tax purposes

1,268

-

Depreciation in excess of capital allowances

35,729

78,194

Adjustments to tax charge in respect of previous periods

-

(3,332

)

Deferred taxation movement

(69

)

(127,546

)

Marginal taxation rate

-

2,652

Total tax charge/(credit)

2,441

(117,703

)

7.

DIVIDENDS

2026

2025

£

£

Ordinary shares of £1 each

Interim

-

273,508

Ordinary B shares of £1 each

Interim

10,000

-

10,000

273,508