REGISTERED NUMBER: 10624605 (England and Wales)

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 30 November 2025

for

Colne Valley Mechanical Limited

Page

Company Information

1

Strategic Report

2

Directors' Report

3

Independent Auditors' Report

5

Statement of Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTORS:

P S French

J Brotherton

REGISTERED OFFICE:

5 Grange Way

Colchester

Essex

CO2 8HG

REGISTERED NUMBER:

10624605 (England and Wales)

AUDITORS:

Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

The directors present their strategic report for the year ended 30 November 2025.

REVIEW OF BUSINESS

The directors are pleased with the company's performance for the year, particularly given the challenging general economic environment.

Turnover increased compared with the prior year, while gross margin also improved. The increase in gross margin was primarily driven by a more selective approach to project opportunities, together with improved cost control and management of project expenditure.

The company continues to provide its services to a number of the UK's largest housebuilders, principally in connection with residential new-build schemes. This includes significant multi-occupancy apartment developments, particularly across London and the South East. The company is also actively exploring opportunities to expand into other operational areas.

OUTLOOK

The Building Safety Regulator (BSR) gateway process remains a significant constraint on larger projects above 18 metres, with slow decision-making contributing to programme delays. As these projects are a key driver of turnover, we expect a temporary reduction in turnover during the first half of 2026. Subject to continued reform of the BSR process and improvements in approval times and rejection rates, turnover is expected to recover in the second half of 2026.

PRINCIPAL RISKS AND UNCERTAINTIES

The current economic environment continues to place pressure on costs and, at times, the availability of labour. Ongoing cost of living pressures, combined with higher interest rates and reduced government incentives, continue to impact parts of the housing market, creating uncertainty over future trading conditions.

Political and geopolitical instability, both domestically and internationally, has also contributed to increased inflationary pressures and elevated borrowing costs, affecting mortgage affordability and housing demand. Despite these challenges, the company operates in several specialist areas of the housing market that have demonstrated greater resilience than the wider sector, providing a degree of stability and confidence for future trading.

KEY PERFORMANCE INDICATORS

Financial year

2025

2024

£

£

Turnover

27,294,468

22,916,944

Gross profit

2,207,372

464,554

Gross profit rate %

8.09%

2.03%

Profit / (loss) before tax

931,865

(704,026)

Shareholder funds

1,127,344

644,683

ON BEHALF OF THE BOARD:

P S French - Director

11 August 2026

The directors present their report with the financial statements of the company for the year ended 30 November 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of mechanical installation contractors.

DIVIDENDS

The total distribution of dividends for the year ended 30 November 2025 was £211,572 (2024: £211,572). The directors do not propose a final dividend.

FUTURE DEVELOPMENTS

In addition to its core mechanical installation services, the company is actively expanding its design capabilities. This will enable the company to deliver fully integrated design and installation solutions.

DIRECTORS

P S French has held office during the whole of the period from 1 December 2024 to the date of this report.

Other changes in directors holding office are as follows:

K T Barber - resigned 5 March 2025

J Brotherton - appointed 5 March 2025

FINANCIAL INSTRUMENTS

The company utilises within its operations financial instruments such as trade debtors, trade creditors and intercompany loans.

POLITICAL DONATIONS AND EXPENDITURE

No political donations or expenditure were made during the current or prior years.

LIQUIDITY RISK

Liquidity risk is managed by the close daily monitoring of trade payables, trade receivables, amounts recoverable on contracts and bank balances.

INTEREST RATE RISK

The financing of the company's operations is met mainly through retained profits and intercompany loans upon which no interest is charged. The directors therefore consider the company's interest rate risk to be low.

CREDIT RISK

The company's credit risk is primarily attributable to amounts recoverable on contracts. This risk is managed by an

effective credit control function which closely monitors amounts outstanding and takes appropriate recovery action

when necessary. Detailed customer due diligence prior to contract acceptance also mitigates the company's credit risk.

DIRECTORS' RESPONSIBILITIES STATEMENT

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Knights Lowe Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

P S French - Director

11 August 2026

Qualified opinion

We have audited the financial statements of Colne Valley Mechanical Limited (the 'company') for the year ended 30 November 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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, except for the possible effects on the corresponding figures of the matter described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 November 2025 and of its profit for the year then ended;

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

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

Basis for qualified opinion

At 30 November 2023, amounts recoverable on contracts included £442,403 for committed on-site materials that were not part of the measured contract valuations. Due to the company's records at that time, we could not obtain sufficient appropriate audit evidence about the quantities of these materials and therefore could not determine whether turnover for the year ended 30 November 2023 was affected. Because opening amounts recoverable on contracts affect the results of operations, we also could not determine whether turnover for the year ended 30 November 2024 was affected. As a result, our audit opinion on the financial statements for the year ended 30 November 2024 was modified. Our opinion on the current year's financial statements is also modified because this matter may affect the comparability of current-year and corresponding figures.

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 qualified 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 Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report 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.

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 Directors' Report.

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

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and through discussions with directors and management identified laws and regulations that could reasonably be expected to have a material effect on the financial statements. The outcomes of these discussions were shared with the audit team and consideration given as to where and how fraud may occur in the company.

The laws and regulations considered as being significant to the company included UK company law and financial reporting standards, Gas Safety Regulations, Health and Safety regulations and ISO 9001 certification.

We undertook audit procedures in response to the potential risks relating to irregularities which include risks of fraud and non-compliance with laws and regulations. These procedures included enquiry of management concerning any actual or potential claims or litigation, review of licences, review and testing of both journal and other entries in the nominal ledger, and review of transactions around the end of the accounting period, together with undertaking analytical procedures to assist in identifying any unexpected amounts and variances within the financial statements that may be an indication of fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements. There are however inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting irregularities resulting from fraud is higher than the risk of not detecting irregularities resulting from an error, as fraud may involve deliberate concealment. There is therefore an unavoidable risk that material misstatements may not be detected, even though the audit has been undertaken in accordance with applicable auditing standards.

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 Auditors' Report.

Use of our report

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

Michael Mortimer FCA FCCA (Senior Statutory Auditor)

for and on behalf of Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

11 August 2026

TURNOVER

27,294,468

22,916,944

Cost of sales

25,087,096

22,452,390

GROSS PROFIT

2,207,372

464,554

Administrative expenses

1,273,966

1,169,312

OPERATING PROFIT/(LOSS)

4

933,406

(704,758

)

Interest receivable and similar income

-

732

933,406

(704,026

)

Interest payable and similar expenses

5

1,541

-

PROFIT/(LOSS) BEFORE TAXATION

931,865

(704,026

)

Tax on profit/(loss)

6

237,632

(156,507

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

694,233

(547,519

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

694,233

Prior year adjustment

576,091

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

28,572

FIXED ASSETS

Tangible assets

8

108,256

97,242

CURRENT ASSETS

Debtors

9

6,678,976

10,109,471

Cash at bank

22,707

32,972

6,701,683

10,142,443

CREDITORS

Amounts falling due within one year

10

5,629,401

9,570,691

NET CURRENT ASSETS

1,072,282

571,752

TOTAL ASSETS LESS CURRENT LIABILITIES

1,180,538

668,994

CREDITORS

Amounts falling due after more than one year

11

(26,130

)

-

PROVISIONS FOR LIABILITIES

14

(27,064

)

(24,311

)

NET ASSETS

1,127,344

644,683

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

1,127,244

644,583

SHAREHOLDER FUNDS

1,127,344

644,683

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2026 and were signed on its behalf by:

P S French - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

100

827,583

827,683

Prior year adjustment

-

576,091

576,091

As restated

100

1,403,674

1,403,774

Changes in equity

Dividends

-

(211,572

)

(211,572

)

Total comprehensive income

-

(547,519

)

(547,519

)

Balance at 30 November 2024

100

644,583

644,683

Changes in equity

Dividends

-

(211,572

)

(211,572

)

Total comprehensive income

-

694,233

694,233

Balance at 30 November 2025

100

1,127,244

1,127,344

Cash flows from operating activities

Cash generated from operations

1

2,795,558

(2,577,616

)

Interest element of hire purchase payments paid

(1,541

)

-

Tax paid

(16,569

)

(124,780

)

Net cash from operating activities

2,777,448

(2,702,396

)

Cash flows from investing activities

Purchase of tangible fixed assets

(31,109

)

(44,483

)

Sale of tangible fixed assets

-

2,400

Interest received

-

732

Net cash from investing activities

(31,109

)

(41,351

)

Cash flows from financing activities

Net movement in intercompany loans

(2,539,002

)

1,935,175

Capital repayments in year

(6,030

)

-

Equity dividends paid

(211,572

)

(211,572

)

Net cash from financing activities

(2,756,604

)

1,723,603

Decrease in cash and cash equivalents

(10,265

)

(1,020,144

)

Cash and cash equivalents at beginning of year

2

32,972

1,053,116

Cash and cash equivalents at end of year

2

22,707

32,972

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit/(loss) before taxation

931,865

(704,026

)

Depreciation charges

42,251

43,913

Loss on disposal of fixed assets

18,044

1,731

Finance costs

1,541

-

Finance income

-

(732

)

993,701

(659,114

)

Decrease/(increase) in trade and other debtors

3,430,495

(3,770,214

)

(Decrease)/increase in trade and other creditors

(1,628,638

)

1,851,712

Cash generated from operations

2,795,558

(2,577,616

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 November 2025

30.11.25

1.12.24

£

£

Cash and cash equivalents

22,707

32,972

Year ended 30 November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

32,972

1,053,116

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other

non-cash

At 1.12.24

Cash flow

changes

At 30.11.25

£

£

£

£

Net cash

Cash at bank

32,972

(10,265

)

22,707

32,972

(10,265

)

22,707

Debt

Finance leases

-

6,030

(40,200

)

(34,170

)

-

6,030

(40,200

)

(34,170

)

Total

32,972

(4,235

)

(40,200

)

(11,463

)

1.	STATUTORY INFORMATION

Colne Valley Mechanical 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going Concern

The financial statements have been prepared on a going concern basis.

Trading performance improved during the 2025 financial year, increasing net assets by £482,661 to £1,127,344 on 30 November 2025. This improvement also enabled the company to significantly reduce amounts owed to group undertakings, although the directors have confirmed that group financial support remains available.

Management accounts for the first half of the 2026 financial year show that gross margins were affected by the higher costs incurred during the completion of several larger contracts and issues relating to one specific contract. The directors expect margins to improve in the second half of the year as these matters are resolved and the related costs are absorbed.

In adopting the going concern basis of accounting, the directors have considered the company's current trading performance and financial position, together with the potential impact of ongoing general economic uncertainty on its operations. The directors have also considered the company's concentration of turnover among a number of principal customers, the challenging trading conditions affecting those customers, and the potential impact this could have on future trading and cash flows. The assessment included consideration of the company's order book, customer relationships and the availability of continued financial support from group undertakings.

Based on this assessment, the directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date of approval of the financial statements.

Accordingly, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Significant judgements

In preparing these financial statements the directors have made the following significant judgements and estimates:-

Amounts recoverable on contracts

In determining the carrying value of amounts recoverable on contracts, the directors regularly review each contract using their experience and detailed contract data in order to determine whether any amounts are considered irrecoverable. Such amounts are written off as identified.

Turnover

Turnover represents the fair value of services provided under contracts with customers to the extent that there is a right to consideration. Services which have been measured yet not invoiced at the Statement of Financial Position date are included as amounts recoverable on contracts. Contract amounts considered irrecoverable are written off as identified. Retention monies are included in turnover only to the extent that there is no significant uncertainty surrounding their collection.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

4 years straight line

Computer equipment

-

25% on reducing balance

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, bank facilities and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement 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 to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,083,972

914,714

Social security costs

108,897

80,695

Other pension costs

78,870

73,304

1,271,739

1,068,713

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

2025

2024

Directors

2

1

Administration

16

12

Plumbing and heating engineers

8

14

26

27

2025

2024

£

£

Directors' remuneration

82,000

12,000

Directors' pension contributions to money purchase schemes

60,991

60,000

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

Money purchase schemes

2

1

4.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging:

2025

2024

£

£

Depreciation - owned assets

33,876

43,913

Depreciation - assets on hire purchase contracts

8,375

-

Loss on disposal of fixed assets

18,044

1,731

The audit fee of £8,500 (2024: £8,000) for the audit of these financial statements was paid by the parent company. No separate charge has been made to the company for this service.

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Hire purchase interest

1,541

-

6.

TAXATION

Analysis of the tax charge/(credit)

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

2025

2024

£

£

Current tax:

UK corporation tax

234,879

(155,617

)

Deferred tax

2,753

(890

)

Tax on profit/(loss)

237,632

(156,507

)

UK corporation tax has been charged at 25% (2024 - 25%).

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:

2025

2024

£

£

Profit/(loss) before tax

931,865

(704,026

)

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

232,966

(176,007

)

Effects of:

Expenses not deductible for tax purposes

4,666

4,616

Effect of removal of marginal relief on prior year adjustment

-

14,884

Total tax charge/(credit)

237,632

(156,507

)

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of 1 each

Interim

211,572

211,572

8.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 December 2024

4,085

197,396

7,314

208,795

Additions

-

65,836

5,473

71,309

Disposals

-

(63,833

)

-

(63,833

)

At 30 November 2025

4,085

199,399

12,787

216,271

DEPRECIATION

At 1 December 2024

2,792

105,461

3,300

111,553

Charge for year

323

40,578

1,350

42,251

Eliminated on disposal

-

(45,789

)

-

(45,789

)

At 30 November 2025

3,115

100,250

4,650

108,015

NET BOOK VALUE

At 30 November 2025

970

99,149

8,137

108,256

At 30 November 2024

1,293

91,935

4,014

97,242

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

40,200

At 30 November 2025

40,200

DEPRECIATION

Charge for year

8,375

At 30 November 2025

8,375

NET BOOK VALUE

At 30 November 2025

31,825