Company registration number 04275338 (England and Wales)
HOBUT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2026
HOBUT LIMITED
COMPANY INFORMATION
Directors
Mrs A C Collins
Mr M Collins
Mr P M Collins
Mr H J C Taylor
Secretary
Mrs A C Collins
Company number
04275338
Registered office
Crown Works
Lincoln Road
Walsall
West Midlands
WS1 2EB
Auditor
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
HOBUT LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 29
HOBUT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 MARCH 2026
- 1 -

The directors present the strategic report for the year ended 30 March 2026.

Review of the business

We aim to present a balanced 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 nature of our business and is written in the context of the risks and uncertainties which we face.

The directors monitor the progress of the group and the implementation of its strategy by reference to key performance indicators. The indicators employed include turnover, materials purchased, margins, profitability and cashflow.

Group turnover was 18 per cent higher than the previous year in a better market for our products but still very competitive. Through hard work and reorganisation, we continue to improve gross margins and achieve a satisfactory net profit before tax. Overall the directors are pleased with the results.

Principal risks and uncertainties

As for many businesses of our size and nature the business environment in which we operate continues to be challenging and unpredictable. The market is competitive and often volatile and margins are continually under pressure. Two significant problem areas still to be resolved, being the Ukraine conflict and the Straits of Hormuz, which affect confidence, energy costs and shipping/transport. The key business risks affecting the group at present are exchange rate variances, cost inflation, energy prices, and labour and material supply. The group is mitigating the risk by management constantly reviewing them.

However with our strong management team, the continuing research into new production methods, products and markets and our experience of dealing with the challenging trading conditions we consider that the group is in a strong position to maintain its leading position in the industry and to take advantage of better market conditions whenever they return.

Development and performance

Since the year end the group, in common with many sectors, has continued to experience difficult trading conditions as referred to above but continues to develop its product range through research and development and seeking new markets. Our management accounts for the period from the year end to date indicate continued profitable trading.

However, we remain aware that all plans and projections are subject to unforeseen national and international events outside of our control but we are confident that we have the management team in place with the expertise to adapt to the prevailing conditions.

Key performance indicators

The directors monitor the progress of the group and the implementation of its strategy by reference to key performance indicators. The indicators employed include turnover, materials purchased, margins, profitability and cashflow.

On behalf of the board

Mr M Collins
Director
17 August 2026
HOBUT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 MARCH 2026
- 2 -

The directors present their annual report and financial statements for the year ended 30 March 2026.

Principal activities

The principal activity of the company and group continued to be that of the manufacture of electrical and electronic instruments, current transformers and accessories.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. 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:

Mrs A C Collins
Mr M Collins
Mr P M Collins
Mr H J C Taylor
Financial instruments

The group finances its operations through capital investment and day-to-day through the use of operational bank accounts. The group makes use of financial instruments principally through its operational bank accounts. The directors' objectives are to retain sufficient liquid funds to enable the group to meet its day to day requirements as they fall due and to maximise returns on surplus funds where possible. The group has some exposure to foreign exchange risk at present with utilisation of foreign currency bank accounts. The group's funds are held primarily in short term deposit accounts. The directors believe that this gives the flexibility to release cash resources at short notice and allows the company to take advantage of changing economic conditions as they arise.

Research and development

Research and development activities are undertaken with the prospect of gaining new technical knowledge and understanding, and are expected to continue at a similar level.

Auditor

In accordance with the company's articles, a resolution proposing that Edwards be reappointed as auditor of the group will be put at a General Meeting.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
Mr M Collins
Director
17 August 2026
HOBUT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 MARCH 2026
- 3 -

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent 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; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HOBUT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOBUT LIMITED
- 4 -
Opinion

We have audited the financial statements of Hobut Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 March 2026 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, 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 30 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:

- T he 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.

HOBUT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOBUT LIMITED
- 5 -
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 group's and 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 group or 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the legal and regulatory frameworks within which the group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, ISO 9001, Underwriters Laboratories standards and health & safety regulations compliance.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: recognition of income, the override of controls by management, revenue journals, inappropriate treatment of non-routine transactions and areas of estimation uncertainty specifically relating to the valuation of work in progress and investment properties. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and review of accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

HOBUT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOBUT LIMITED
- 6 -

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Kempson ACA (Senior Statutory Auditor)
For and on behalf of Edwards, Statutory Auditor
Chartered Accountants
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
17 August 2026
HOBUT LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 MARCH 2026
- 7 -
2026
2025
Notes
£
£
Turnover
3
13,721,635
11,645,486
Cost of sales
(9,030,509)
(7,855,397)
Gross profit
4,691,126
3,790,089
Administrative expenses
(2,481,079)
(2,372,144)
Other operating income
15,000
15,000
Operating profit
4
2,225,047
1,432,945
Share of profits of associates
15
150,591
52,314
Interest receivable and similar income
8
2,816
626
Interest payable and similar expenses
9
-
0
(12,373)
Investments fair value movements
10
-
716
Profit before taxation
2,378,454
1,474,228
Tax on profit
11
(532,507)
(318,620)
Profit for the financial year
1,845,947
1,155,608
Total comprehensive income for the year is all attributable to the owner of the parent company.
HOBUT LIMITED
GROUP BALANCE SHEET
AS AT
30 MARCH 2026
30 March 2026
- 8 -
2026
2025
Notes
£
£
£
£
Fixed assets
Goodwill
12
96,925
189,768
Tangible assets
13
1,748,877
1,752,924
Investment property
14
105,000
105,000
Investments
15
392,459
263,343
2,343,261
2,311,035
Current assets
Stocks
18
1,725,227
1,378,268
Debtors
19
8,237,890
6,347,740
Investments
20
-
0
44,364
Cash at bank and in hand
909,799
505,414
10,872,916
8,275,786
Creditors: amounts falling due within one year
21
(2,117,221)
(1,338,012)
Net current assets
8,755,695
6,937,774
Total assets less current liabilities
11,098,956
9,248,809
Provisions for liabilities
Deferred tax liability
22
62,800
58,600
(62,800)
(58,600)
Net assets
11,036,156
9,190,209
Capital and reserves
Called up share capital
24
69,750
69,750
Capital redemption reserve
6,710
6,710
Profit and loss reserves
10,959,696
9,113,749
Total equity
11,036,156
9,190,209

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 17 August 2026 and are signed on its behalf by:
17 August 2026
Mr M Collins
Director
Company registration number 04275338 (England and Wales)
HOBUT LIMITED
COMPANY BALANCE SHEET
AS AT 30 MARCH 2026
30 March 2026
- 9 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
13
31,805
40,085
Investment property
14
1,584,177
1,584,177
Investments
15
76,460
76,460
1,692,442
1,700,722
Current assets
Debtors
19
4,987,433
3,797,433
Cash at bank and in hand
59,890
27,750
5,047,323
3,825,183
Creditors: amounts falling due within one year
21
(4,730,549)
(3,592,085)
Net current assets
316,774
233,098
Net assets
2,009,216
1,933,820
Capital and reserves
Called up share capital
24
69,750
69,750
Capital redemption reserve
6,710
6,710
Profit and loss reserves
1,932,756
1,857,360
Total equity
2,009,216
1,933,820

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £75,396 (2025 - £73,533 profit).

The financial statements were approved by the board of directors and authorised for issue on 17 August 2026 and are signed on its behalf by:
17 August 2026
Mr M Collins
Director
Company registration number 04275338 (England and Wales)
HOBUT LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2026
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 31 March 2024
69,750
6,710
7,958,141
8,034,601
Year ended 30 March 2025:
Profit and total comprehensive income
-
-
1,155,608
1,155,608
Balance at 30 March 2025
69,750
6,710
9,113,749
9,190,209
Year ended 30 March 2026:
Profit and total comprehensive income
-
-
1,845,947
1,845,947
Balance at 30 March 2026
69,750
6,710
10,959,696
11,036,156
HOBUT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2026
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 31 March 2024
69,750
6,710
1,783,827
1,860,287
Year ended 30 March 2025:
Profit and total comprehensive income
-
-
73,533
73,533
Balance at 30 March 2025
69,750
6,710
1,857,360
1,933,820
Year ended 30 March 2026:
Profit and total comprehensive income
-
-
75,396
75,396
Balance at 30 March 2026
69,750
6,710
1,932,756
2,009,216
HOBUT LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 MARCH 2026
- 12 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
835,842
16,942
Interest paid
-
0
(12,373)
Income taxes paid
(313,022)
(474,941)
Net cash inflow/(outflow) from operating activities
522,820
(470,372)
Investing activities
Purchase of tangible fixed assets
(187,090)
(104,634)
Income from associates
21,475
16,487
Proceeds from disposal of investments
-
716
Interest received
2,816
626
Net cash used in investing activities
(162,799)
(86,805)
Net increase/(decrease) in cash and cash equivalents
360,021
(557,177)
Cash and cash equivalents at beginning of year
549,778
1,106,955
Cash and cash equivalents at end of year
909,799
549,778
Relating to:
Cash at bank and in hand
909,799
505,414
Short term deposits included in current asset investments
-
44,364
HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2026
- 13 -
1
Accounting policies
Company information

Hobut Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Crown Works, Lincoln Road, Walsall, West Midlands, WS1 2EB.

The group consists of Hobut Limited and all of its subsidiaries.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. 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: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
1
Accounting policies
(Continued)
- 14 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Hobut Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 March 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company and group ha ve adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover 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.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
1
Accounting policies
(Continued)
- 15 -
1.7
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 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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 property
2% straight line
Plant and equipment
20% straight line
Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
25% reducing balance

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

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.10
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

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

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
1
Accounting policies
(Continued)
- 16 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed 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 loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for 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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks and work in progress

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stock valuation is based on the weighted average cost method.

HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
1
Accounting policies
(Continued)
- 17 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

1.13
Cash and cash equivalents

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

1.14
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 instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

Basic financial assets

Short term trade debtors are measured at transition price, less any impairment. Loans receivable are measured initially at fair value, net of transition costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Short term trade creditors are measured at transition price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.15
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.

1.16
Taxation

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

HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
1
Accounting policies
(Continued)
- 18 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

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

1.19
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling 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 in the period are included in profit or loss.

HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
1
Accounting policies
(Continued)
- 19 -
1.21

Audit exemption

Q.A. Electrical Products Limited (company number - 0 1013948) and Multitek Power Ltd (company number - 0 6491225), subsidiaries of t he c ompany, ha ve taken advantage of section 47 9A of the Companies Act 2006 (the "Act") not to conduct an audit on their accounts. In the opinion of the directors, the subsidiar ies qualif y under section 479A of the Act with a guarantee to be given for Q.A. Electrical Products Limited and Multitek Power Limited by Hobut Limited.

John Wilkes Electrical Limited (company number - 0 0843220) and Unicores Limited (company number - 0 2652749), subsidiaries of t he c ompany, ha ve taken advantage of section 480 of the Companies Act 2006 (the "Act") not to conduct an audit on their accounts as i n the opinion of the directors, the subsidiar ies qualif y under section 4 80 as they have been dormant throughout the year.

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.

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.

Work in progress

Management review work in progress at the year end in order to obtain an estimated valuation of the work complete. Management recognise profits based on an estimate of percentage complete at the year end date.

Valuation of investment properties

The valuations of the company's investment properties are made by the directors on an open market existing use basis.

3
Turnover
2026
2025
£
£
Turnover analysed by geographical market
UK
5,485,485
4,122,110
Europe
1,160,000
1,034,641
Rest of World
7,076,150
6,488,735
13,721,635
11,645,486
HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
- 20 -
4
Operating profit
2026
2025
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(49,755)
49,313
Depreciation of owned tangible fixed assets
191,137
173,596
Amortisation of intangible assets
52,843
56,843
Operating lease charges
59,399
48,657
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
6,825
6,500
Audit of the financial statements of the company's subsidiaries
6,825
6,500
13,650
13,000
For other services
Taxation compliance services
1,200
1,200
All other non-audit services
5,350
5,050
6,550
6,250
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
Employees
176
149
-
-
Directors
4
4
4
4
Total
180
153
4
4
HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
2025
£
£
£
£
Wages and salaries
4,754,860
4,111,799
-
0
-
0
Social security costs
497,730
328,558
-
-
Pension costs
352,201
261,748
-
0
-
0
5,604,791
4,702,105
-
0
-
0
7
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
199,644
191,804
Company pension contributions to defined contribution schemes
60,000
33,118
259,644
224,922

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2025 - 1).

8
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
-
0
445
Other interest income
2,816
181
Total income
2,816
626
9
Interest payable and similar expenses
2026
2025
£
£
Other interest
-
12,373
10
Investments fair value movements
2026
2025
£
£
Other gains and losses
-
716
HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
- 22 -
11
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
583,164
394,074
Adjustments in respect of prior periods
(54,857)
(60,954)
Total current tax
528,307
333,120
Deferred tax
Origination and reversal of timing differences
4,200
(9,180)
Adjustment in respect of prior periods
-
0
(5,320)
Total deferred tax
4,200
(14,500)
Total tax charge
532,507
318,620

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
2,378,454
1,474,228
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2025: 25%)
594,614
368,557
Effects of:
Expenses that are not deductible in determining taxable profit
1,977
1,389
Adjustments in respect of prior years
(54,857)
(60,954)
Amortisation on assets not qualifying for tax allowances
13,211
14,211
Deferred tax adjustments in respect of prior years
-
0
(5,320)
Other timing differences
9,841
9,694
Income from associate
(32,279)
(8,957)
Taxation charge in the financial statements
532,507
318,620
HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
- 23 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 31 March 2025
568,429
Overage provided but not claimed
(40,000)
At 30 March 2026
528,429
Amortisation and impairment
At 31 March 2025
378,661
Amortisation charged for the year
52,843
At 30 March 2026
431,504
Carrying amount
At 30 March 2026
96,925
At 30 March 2025
189,768
The company had no intangible fixed assets at 30 March 2026 or 30 March 2025.
13
Tangible fixed assets
Group
Freehold property
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 31 March 2025
1,479,177
2,258,175
301,490
18,266
139,941
4,197,049
Additions
-
0
171,980
14,007
1,103
-
0
187,090
At 30 March 2026
1,479,177
2,430,155
315,497
19,369
139,941
4,384,139
Depreciation and impairment
At 31 March 2025
59,168
2,020,412
280,385
12,001
72,159
2,444,125
Depreciation charged in the year
29,584
130,715
11,476
2,416
16,946
191,137
At 30 March 2026
88,752
2,151,127
291,861
14,417
89,105
2,635,262
Carrying amount
At 30 March 2026
1,390,425
279,028
23,636
4,952
50,836
1,748,877
At 30 March 2025
1,420,009
237,763
21,105
6,265
67,782
1,752,924
HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
13
Tangible fixed assets
(Continued)
- 24 -
Company
Plant and equipment
£
Cost
At 31 March 2025
75,537
Additions
6,936
At 30 March 2026
82,473
Depreciation and impairment
At 31 March 2025
35,452
Depreciation charged in the year
15,216
At 30 March 2026
50,668
Carrying amount
At 30 March 2026
31,805
At 30 March 2025
40,085
14
Investment property
Group
Company
2026
2026
£
£
Fair value
At 31 March 2025 and 30 March 2026
105,000
1,584,177

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. Their assessment of the valuation has been made on an open market basis by reference to evidence of transaction prices and rental yields for similar properties.

15
Fixed asset investments
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
76,460
76,460
Investments in associates
17
392,459
263,343
-
0
-
0
392,459
263,343
76,460
76,460
HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
15
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 31 March 2025
263,343
Share of profits
129,116
At 30 March 2026
392,459
Carrying amount
At 30 March 2026
392,459
At 30 March 2025
263,343
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 31 March 2025 and 30 March 2026
76,460
Carrying amount
At 30 March 2026
76,460
At 30 March 2025
76,460
16
Subsidiaries

Details of the company's subsidiaries at 30 March 2026 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Howard Butler Limited
1
Manufacturing
Ordinary
100.00
-
John Wilkes Electrical Limited
1
Dormant
Ordinary
0
100.00
Unicores Limited
1
Dormant
Ordinary
0
100.00
Multitek Power Ltd
1
Manufacturing
Ordinary
0
100.00
Q.A. Electrical Products Limited
1
Manufacturing
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Crown Works, Lincoln Road, Walsall, West Midlands, WS1 2EB
HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
- 26 -
17
Associates

Details of associates at 30 March 2026 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Howard Butler Manufacturing Pte. Ltd.
2 Woodlands Sector, 1 #05-35 Woodlands Spectrum, Singapore 738068
Manuafacturing
Ordinary
0
45
18
Stocks
Group
Company
2026
2025
2026
2025
£
£
£
£
Raw materials and consumables
1,174,462
1,067,917
-
-
Work in progress
491,591
226,479
-
-
Finished goods and goods for resale
59,174
83,872
-
0
-
0
1,725,227
1,378,268
-
-
19
Debtors
Group
Company
2026
2025
2026
2025
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,791,414
3,020,385
-
0
-
0
Amounts owed by parent and group undertakings
4,283,437
3,233,467
4,987,433
3,797,433
Other debtors
50,696
15,829
-
0
-
0
Prepayments and accrued income
112,343
78,059
-
0
-
0
8,237,890
6,347,740
4,987,433
3,797,433
20
Current asset investments
Group
Company
2026
2025
2026
2025
£
£
£
£
Listed investments
-
44,364
-
-
HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
- 27 -
21
Creditors: amounts falling due within one year
Group
Company
2026
2025
2026
2025
£
£
£
£
Trade creditors
1,137,280
638,177
-
0
-
0
Amounts owed to parent and group undertakings
-
0
-
0
4,652,379
3,539,787
Corporation tax payable
442,386
227,101
30,921
28,205
Other taxation and social security
118,016
95,015
5,749
2,093
Other creditors
5,969
45,351
-
0
-
0
Accruals and deferred income
413,570
332,368
41,500
22,000
2,117,221
1,338,012
4,730,549
3,592,085
22
Deferred taxation

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

Liabilities
Liabilities
2026
2025
Group
£
£
Accelerated capital allowances
62,800
58,600
The company has no deferred tax assets or liabilities.
Group
Company
2026
2026
Movements in the year:
£
£
Liability at 31 March 2025
58,600
-
Charge to profit or loss
4,200
-
Liability at 30 March 2026
62,800
-
23
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
352,201
261,748

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.

HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
- 28 -
24
Share capital
Group and company
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
69,750
69,750
69,750
69,750
25
Operating lease commitments
As 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 1 year
39,965
35,590
-
-
Years 2-5
66,380
106,345
-
-
106,345
141,935
-
-
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2026
2025
2026
2025
£
£
£
£
Acquisition of tangible fixed assets
11,365
4,721
-
4,721
27
Related party transactions

The group has taken advantage of the exemption conferred within FRS102 section 33.1A not to disclose transactions between wholly owned members of the same group.

28
Controlling party

The ultimate parent undertaking is Hobut IOM Limited (a company incorporated in the Isle of Man) whose registered address is 1st Floor, Viking House, St Paul's Square, Ramsey, Isle of Man, IM8 1GB.

The smallest and largest group for which consolidated financial statements are prepared is Hobut Limited. These accounts are available from Companies House.

HOBUT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2026
- 29 -
29
Cash generated from group operations
2026
2025
£
£
Profit after taxation
1,845,947
1,155,608
Adjustments for:
Share of results of associates and joint ventures
(150,591)
(52,314)
Taxation charged
532,507
318,620
Finance costs
-
0
12,373
Investment income
(2,816)
(626)
Amortisation and impairment of intangible assets
52,843
56,843
Depreciation and impairment of tangible fixed assets
191,137
173,596
Other gains and losses
-
(716)
Movements in working capital:
Increase in stocks
(346,959)
(83,717)
Increase in debtors
(1,890,150)
(1,453,382)
Increase/(decrease) in creditors
603,924
(109,343)
Cash generated from operations
835,842
16,942
30
Analysis of changes in net funds - group
31 March 2025
Cash flows
30 March 2026
£
£
£
Cash and cash equivalents
549,778
360,021
909,799
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