REGISTERED NUMBER: 02326932 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

ALLAERO LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

10

Balance Sheet

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

S C Greasley

P D Greasley

J P Greasley

J Greasley

S Greasley

REGISTERED OFFICE:

Hawker House Link 10

Napier Way

Crawley

West Sussex

RH10 9RA

REGISTERED NUMBER:

02326932 (England and Wales)

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

REVIEW OF BUSINESS

Allaero remains one of the world's largest independent stockists of business aircraft parts. The company sells and exchanges parts through online ordering and its sales team, while also offering competitively priced repairs for customer-owned parts, one-stop sourcing, inventory consignments, and repairs through Repaero, our in-house FAA/EASA/CAA Part 145 repair facility.

BUSINESS MODEL

Allaero holds a substantial inventory of business aircraft parts, which is continually updated, expanded and replenished. We provide full parts support for jets and turboprop aircraft ranging from entry-level to long-range models.

Repaero can repair and overhaul a wide range of electrical components fitted to both business aircraft and other aircraft types. Its capabilities continue to expand in line with customer needs.

We operate a quality system that combines more than 35 years of aerospace best practice with the requirements of the ASA100 Standard. We source stock only from quality-approved suppliers and repair facilities, ensuring that return-to-service parts are supplied with dual FAA/EASA or triple CAA/EASA/FAA release.

We market our products globally to aircraft owners and operators through our website, online ordering and aviation-specific marketplaces. This year, we were awarded the King's Award for International Growth, reinforcing the continued success of our international strategy.

MARKETS AND TRENDS

The business aviation market continues to grow steadily in 2026, although geopolitical tensions and trade tariffs are creating ongoing market uncertainty.

OBJECTIVES AND STRATEGY

This financial year, the company continues to progress its strategy to transform the business aviation supply chain by displaying consumable prices globally without requiring customers to log in to our website or request a quote.

Our current corporate objectives are to continue investing in stock and expanding Repaero's repair capabilities.

RISKS

- Financial risk

As our international reach grows and more customers buy online, we continue to monitor credit risk across the business and make adjustments where needed. This includes using a third-party credit scoring company, legal advice, fintech and payment processing providers, alongside our robust internal procedures.

- OEM support

As aircraft age, OEM support for certain aircraft and product types is withdrawn, making some units impossible to repair. OEM supply is also becoming more restricted, limiting third-party repairs of their products. This creates challenges in supporting the aircraft we serve. To reduce this risk, we are expanding repairs through Repaero and investing in superseded and PMA parts to help maintain supply.

FUTURE DEVELOPMENTS

Repaero is now established in its new premises and is preparing to expand its capabilities. Allaero will continue investing in Parts development and the website, with this year's focus on ensuring stock levels are sufficient and aligned with customer requirements.

ON BEHALF OF THE BOARD:

S C Greasley - Director

6 August 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2026.

FUTURE DEVELOPMENTS

In accordance with schedule 414C(11) of the Companies Act 2006, details of future developments are set out in the Strategic Report.

DIRECTORS

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

S C Greasley

P D Greasley

J P Greasley

J Greasley

Other changes in directors holding office are as follows:

S Greasley - appointed 9 June 2025

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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, Caldwell Penn Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S C Greasley - Director

6 August 2026

Opinion

We have audited the financial statements of Allaero Limited (the 'company') for the year ended 31 March 2026 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- ensuring that the team collectively had appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulation;

- considering the nature of the industry and control environment affecting the company;

- undertaking a review of business performance including consideration of key drivers for directors’ remuneration, bonus levels and performance targets;

- enquiring of management about their identification and assessment of risks, how they detect and respond to risk, the internal controls established to mitigate risks of fraud or non-compliance with laws and whether they have any knowledge of actual, suspected or alleged fraud;

- identification of laws and regulations impacting the company and enquiring of management whether they were aware of any instances of non-compliance;

- reviewing the company’s documentation of their policies and procedures relevant to the above;

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

- reviewing the financial statement disclosures and undertaking testing to assess compliance with provisions of relevant laws and regulations;

- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

- testing the appropriateness of journal entries and other adjustments;

- performing analytical procedures to identify large, unusual or unexpected transactions and investigating any large variances from the prior year;

- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

As a result of performing the above, no key audit matters were identified that related to the potential risk of fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Katharine Halsall (Senior Statutory Auditor)

for and on behalf of Caldwell Penn Limited, Statutory Auditor

7a Abbey Business Park

Monks Walk

Farnham

Surrey

GU9 8HT

6 August 2026

TURNOVER

3

14,807,800

13,527,080

Cost of sales

10,525,072

10,217,059

GROSS PROFIT

4,282,728

3,310,021

Administrative expenses

2,719,224

2,688,575

OPERATING PROFIT

6

1,563,504

621,446

Interest receivable and similar income

7,345

13,275

1,570,849

634,721

Interest payable and similar expenses

7

-

1,884

PROFIT BEFORE TAXATION

1,570,849

632,837

Tax on profit

8

366,833

103,436

PROFIT FOR THE FINANCIAL YEAR

1,204,016

529,401

Retained earnings at beginning of year

7,038,731

6,509,330

RETAINED EARNINGS AT END OF YEAR

8,242,747

7,038,731

FIXED ASSETS

Intangible assets

9

627,669

519,183

Tangible assets

10

438,319

319,484

1,065,988

838,667

CURRENT ASSETS

Stocks

11

7,376,438

5,284,351

Debtors

12

1,502,487

985,314

Cash at bank

934,013

1,538,124

9,812,938

7,807,789

CREDITORS

Amounts falling due within one year

13

2,506,755

1,510,285

NET CURRENT ASSETS

7,306,183

6,297,504

TOTAL ASSETS LESS CURRENT LIABILITIES

8,372,171

7,136,171

PROVISIONS FOR LIABILITIES

15

99,224

67,240

NET ASSETS

8,272,947

7,068,931

CAPITAL AND RESERVES

Called up share capital

16

30,200

30,200

Retained earnings

17

8,242,747

7,038,731

SHAREHOLDERS' FUNDS

8,272,947

7,068,931

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2026 and were signed on its behalf by:

S C Greasley - Director

Cash flows from operating activities

Cash generated from operations

1

39,947

706,425

Interest paid

-

(1,884

)

Tax paid

(111,026

)

139,007

Net cash from operating activities

(71,079

)

843,548

Cash flows from investing activities

Purchase of intangible fixed assets

(304,750

)

(202,270

)

Purchase of tangible fixed assets

(250,874

)

(78,726

)

Sale of tangible fixed assets

15,247

(1

)

Interest received

7,345

13,275

Net cash from investing activities

(533,032

)

(267,722

)

(Decrease)/increase in cash and cash equivalents

(604,111

)

575,826

Cash and cash equivalents at beginning of year

2

1,538,124

962,298

Cash and cash equivalents at end of year

2

934,013

1,538,124

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

2026

2025

£

£

Profit before taxation

1,570,849

632,837

Depreciation charges

308,633

276,286

Loss on disposal of fixed assets

4,423

22,516

Finance costs

-

1,884

Finance income

(7,345

)

(13,275

)

1,876,560

920,248

Increase in stocks

(2,092,087

)

(263,648

)

(Increase)/decrease in trade and other debtors

(517,173

)

281,468

Increase/(decrease) in trade and other creditors

772,647

(231,643

)

Cash generated from operations

39,947

706,425

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 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

934,013

1,538,124

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,538,124

962,298

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank

1,538,124

(604,111

)

934,013

1,538,124

(604,111

)

934,013

Total

1,538,124

(604,111

)

934,013

1.	STATUTORY INFORMATION

Allaero Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

These financial statements are presented in £ sterling, which is the company's main functional currency.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Critical accounting judgements and key sources of estimation uncertainty

The company makes accounting estimates and judgements, which are reliant upon assumptions regarding the future of the business. These estimates and judgements are based on historical experience and expectations of future events that are believed to be reasonable in light of knowledge available at the time these are made.

One key accounting estimate included within these financial statements which has a significant risk of causing a material adjustment to the carrying amount within the next financial year is the stock impairment.

Stock includes an impairment adjustment in respect of all stock over three years old, as it is deemed that all stock held over this age will not be sold. This impairment adjustment is made after consideration of a number of factors including the regulations surrounding the lifetime of parts and the likelihood of such stock being sold. Although this impairment adjustment is applied to all such parts, a review is undertaken of all affected parts at the balance sheet date, and individual impairments adjusted where it is considered that these are not appropriate on that particular stockline as a result of additional evidence being available such as subsequent refurbishment or sale.

Turnover

Turnover represents corporate aircraft component parts sales, service and repair, excluding value added tax. Revenue in respect of parts supplied both as outright sales and on part exchanges is recognised when control passes on shipment to the customer. Revenue from servicing and repair is recognised once the work has been completed.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Computer Software

-

20% on cost

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Leasehold improvements

-

25% reducing balance

Plant & machinery

-

25% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value. Net realisable value is based on the estimated selling price in the ordinary course of business less the estimated costs to bring the stock item into a saleable condition, which include service and repair costs.

Shelf life stocks

Due to the nature of the business and the strict rules around both the serviceable and ultimate lifetime of stocks, there are different categories of parts which become shelf life expired over time.

Depending on the class of parts, at the end of their shelf life, Consumables are normally scrapped and Rotables are sent away for a re-life. Allaero offers a shelf life discount which reduces the sale price if stock is close to its expiry date.

Rotables

Rotable stocks are those which can be repaired or serviced in order to bring these parts into serviceable condition. At the end of their shelf life, Rotable stocks are sent away for a re-life. If a re-life cannot be achieved as the part has a separate ultimate calendar life, then these parts are scrapped.

The cost of parts which can be repaired and re-used is based on the cost of purchase of the original Rotable item. As is typical in this industry, Rotable stocks are often issued in exchange for a used part. The used part is then refurbished and then entered into the stock pool. The costs of refurbishing stock items either as a result of acquiring a used part, or for a re-life, are added to the stock cost.

Obsolete and slow moving stock

Allaero aims to stock parts for the later and more in demand aircraft, but as fleets of aircraft age, aircraft types become less desirable, are flown less and become obsolete. Individual parts on aircraft are modified to later standards to ensure better reliability or performance. Being a stockist of parts for both of these scenarios regularly and quickly can leave Allaero retaining obsolete stocks.

Not all parts are sold within a 3 year period but are still classified as a part worth stocking as they may be a slow moving part. Examples of these are flying surfaces such and Flaps, Elevators and Ailerons which are not changed due to a calendar life, but when damaged are not easily fixed at the MRO so an exchange unit is required.

Shift in Market Pricing

Aircraft are regularly parted out for spares and over time OEM's produce more stocks. Both of these scenarios release more product onto the market which increases competition and ultimately lowers the cost of the product so stock has to be discounted to ensure a sale. The stock value will be adjusted where the net realisable value of parts is expected to drop below the original cost (or cost plus repair/service) price.

Impairment

Once stock becomes 3 years old, the likelihood of selling becomes almost nil and therefore the company policy is to include a provision for all stock once it reaches 3 years old. The company also makes provision for other specific categories of stock where there is sufficient evidence to indicate that these categories will not be sold in future.

At each reporting date, an impairment assessment is undertaken. This assessment works in two ways. Firstly, to undertake a re-assessment of items which have previously been impaired as above to consider whether there are any reasons why the impairment no longer applies. Secondly, to undertake an assessment of other items or categories of stock where evidence has come to light to suggest that an impairment provision has become necessary. An adjustment to the impairment provision will then be made as a result.

Financial instruments

The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods.

Deferred tax represents the future tax consequences of material transactions and events recognised in the financial statements of current and previous periods.

Current tax assets and liabilities are not discounted and are 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.

Foreign exchange

Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction. Balances at the year-end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss in the period to which they relate.

Employee benefits

Short term employee benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which they are incurred.

Warranty reserve

The estimated liability to repair or replace products still under warranty are recognised in the warranty reserve. The reserve is calculated based on historical experience of the level of repairs and replacements such as historical return rate under warranty against sales quantity and actual cost per unit under warranty.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2026

2025

£

£

United Kingdom

2,783,141

3,532,818

Europe

4,775,172

3,600,824

United States of America

3,534,257

2,336,040

South America

186,778

13,539

Asia

1,213,846

1,978,045

Africa

540,457

609,353

Australia

1,024,856

456,494

Middle East

749,293

999,967

14,807,800

13,527,080

4.	EMPLOYEES AND DIRECTORS

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

2026

2025

Employees

16

17

Directors

5

4

21

21

5.	DIRECTORS' EMOLUMENTS

Information regarding the highest paid director for the year ended 31 March 2026 is as follows:

2026

2025

£

£

Emoluments etc

533,506

375,932

6.	OPERATING PROFIT

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

2026

2025

£

£

Other operating leases

131,250

120,000

Depreciation - owned assets

112,369

97,640

Loss on disposal of fixed assets

4,423

22,516

Computer software amortisation

196,264

178,646

Foreign exchange differences

(54,537

)

191,029

Auditors remuneration

21,000

19,500

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Other interest

-

1,884

8.

TAXATION

Analysis of the tax charge

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

2026

2025

£

£

Current tax:

UK corporation tax

334,849

111,026

Deferred tax

31,984

(7,590

)

Tax on profit

366,833

103,436

UK corporation tax has been charged at 25% .

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:

2026

2025

£

£

Profit before tax

1,570,849

632,837

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

392,712

158,209

Effects of:

Expenses not deductible for tax purposes

722

20,929

Capital allowances in excess of depreciation

(58,585

)

(13,602

)

R&D claim

-

(54,510

)

Deferred tax movement

31,984

(7,590

)

Total tax charge

366,833

103,436

9.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2025

1,064,558

Additions

304,750

At 31 March 2026

1,369,308

AMORTISATION

At 1 April 2025

545,375

Amortisation for year

196,264

At 31 March 2026

741,639

NET BOOK VALUE

At 31 March 2026

627,669

At 31 March 2025

519,183

10.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 April 2025

139,212

1,059,672

173,620

1,372,504

Additions

65,773

78,531

106,570

250,874

Disposals

-

(2,575

)

(45,000

)

(47,575

)

At 31 March 2026

204,985

1,135,628

235,190

1,575,803

DEPRECIATION

At 1 April 2025

55,056

939,564

58,400

1,053,020

Charge for year

26,366

38,618

47,385

112,369

Eliminated on disposal

-

(1,669

)

(26,236

)

(27,905

)

At 31 March 2026

81,422

976,513

79,549

1,137,484

NET BOOK VALUE

At 31 March 2026

123,563

159,115

155,641

438,319

At 31 March 2025

84,156

120,108

115,220

319,484

11.

STOCKS

2026

2025

£

£

Stocks

7,376,438

5,284,351

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

1,385,635

849,376

Other debtors

19,834

20,288

Prepayments and accrued income

97,018

115,650

1,502,487

985,314

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

1,245,095

934,994

Corporation tax

334,849

111,026

Social security and other taxes

278,547

30,587

Other creditors

160,935

6,954

Accruals and deferred income

487,329

426,724

2,506,755

1,510,285