REGISTERED NUMBER: 00962501 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Midland Tool And Design Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Profit and Loss Account

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

D J Booton

Mrs L J Barrows

N P Brittle

D J Newell

SECRETARY:

Mrs L J Barrows

REGISTERED OFFICE:

Unit 20 Barnfield Road

Tipton

Dudley

West Midlands

DY4 9DF

REGISTERED NUMBER:

00962501 (England and Wales)

SENIOR STATUTORY AUDITOR:

Susanna D Ault FCA FCCA

AUDITORS:

Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The principal activity of the company is that of the manufacture of technical and precision engineering products, electrical machines and providing innovative solutions for a wide range of customers including the Medical, Autosport, Defence and Aerospace sectors.

We aim to present a balanced and comprehensive review of the development and performance of the business during the period and its position at the end of the year. Our review is appropriate and consistent with the size and nature of our business and is written in the context of the risks we face.

The profit and loss account shows a profit for the year before taxation of £421,397 (2024 - £346,607) and turnover of £7,221,428 (2024 - £6,642,970). Overhead costs have remained under close control. Operating profit has continued in a stable position even with the turmoil from unstable governmental directions and ongoing conflicts across the world.

Keeping pace with market trends is key to our business model and we are proud of our ability to adapt to changes in the market and make quick business decisions. Emerging technologies are heavily influenced by customer purchasing behaviour, so MTD plays a pivotal role with its customers assisting in prototype development and help bring their ideas and innovations to reality and provide solutions. MTD prides itself on innovation and providing novel solutions to customers' demands to stand out from the crowd. There has been a noticeable shift in electrical machine business mix towards defence sectors in both land, sea and air. Keeping ahead of industry regulations is critical to defence and aerospace business, e.g. AS9100 Quality Accreditation and Cyber Security Accreditation. Working closely with our customers we are constantly developing our working practices to meet their demands.

We will continue to develop and respond to market conditions and opportunities as they arise having due regard to key business risks faced by the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The business' activities of the company expose it primarily to interest rate risk and the risk of economic effects on payment terms caused by the lack of direction of both at home and global governments. Tariffs on both raw materials and exports must be monitored and addressed.

FINANCIAL RISK MANAGEMENT OBJECTIVES

The business' principal financial instruments comprise bank balances, bank overdrafts, confidential invoice discounting, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a suitable level of funding advances to support working capital requirements. All the business' bank balances are held in such a way that achieves a competitive rate of interest.

Working closely with customers with regard to the pressure that tariffs on raw materials can impose on profits and sharing this as the soonest opportunity.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade debtors are used to secure additional cash flow using confidential invoice discounting funding. MTD also have a credit insurance policy to protect itself from failing Trade debtors and lines of approved credit are monitored regularly. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

SECTION 172(1) STATEMENT

The Board of Directors confirm it has performed its duties in respect of section 172 of the Companies act 2006.

Specifically, the Board has considered long term factors that affect the Company's strategic directions.

The Board has engaged with its stakeholders, which assist the board in its decision-making process and in fulfilling its duty to promote the success of the Company as set out in Section 172

The Board has fulfilled their duties as follows:

On an ongoing basis, the board assess the major risks affecting the Company and develop appropriate responses to address those risks in an efficient and affective manner. This is taken into consideration when setting goals, budgets and forecasting financial performance. This ensures that the Company understands the financial impact of these risks and can respond to them on a timely basis.

Employees are a key to Midland Tool & Design's success. The Company engages with employees on a regular basis. Supervisor, Manager and Director meetings are held to cover a range of topics such as Health & Safety, financial performance, training and compliance. The company monitors staff turnover and performance to understand staff progression within the business.

The Company invests in the future of the business and has a successful mentoring plan to encourage young people into the Company.

Midland Tool & Design Ltd aims to exceed its customers' expectations. We do this through communication and building strong business relationships with our clients. We further promote Midland Tool & Design Ltd closely with our suppliers and our local communities. We understand our responsibility with our community and work hard to show how important that relationship is to the Company.

ON BEHALF OF THE BOARD:

Mrs L J Barrows - Secretary

11 August 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture of technical and precision engineering products and providing innovative solutions for a wide range of customers including the medical, motor and aerospace sectors.

DIVIDENDS

An interim dividend of £2.628 per share was paid on 6 April 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 262,800 .

DIRECTORS

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

D J Booton

Mrs L J Barrows

N P Brittle

D J Newell

DIRECTORS' RESPONSIBILITIES STATEMENT

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Tomkinson Teal (Lichfield) LLP, were appointed for the current year and will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs L J Barrows - Secretary

11 August 2026

Opinion

We have audited the financial statements of Midland Tool And Design Limited (the 'company') for the year ended 31 December 2025 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 December 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 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 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design audit procedures in line with our responsibilities to detect material misstatements arising from irregularities, including fraud.

The risk of not detecting a material misstatement due to fraud is higher than for one arising from error, as fraud may involve deliberate concealment, including collusion or misrepresentation. There are inherent limitations in an audit, and the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely it is that it will be detected.

As part of our audit, we obtained an understanding of the legal and regulatory framework applicable to the company and considered the risks of material misstatement arising from non-compliance. We discussed these risks within the engagement team and designed audit procedures accordingly.

Our procedures included enquiries of management and those charged with governance, review of relevant documentation, and testing of transactions where appropriate. We also addressed the risk of management override of controls by reviewing journal entries and accounting estimates for indicators of bias.

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 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.

Susanna D Ault FCA FCCA (Senior Statutory Auditor)

for and on behalf of Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

11 August 2026

TURNOVER

4

7,221,428

6,642,970

Cost of sales

(5,437,857

)

(5,133,461

)

GROSS PROFIT

1,783,571

1,509,509

Distribution costs

(157,549

)

(147,279

)

Administrative expenses

(1,080,271

)

(993,018

)

545,751

369,212

Other operating income

21,390

105,753

OPERATING PROFIT

6

567,141

474,965

Interest payable and similar expenses

7

(145,744

)

(128,358

)

PROFIT BEFORE TAXATION

421,397

346,607

Tax on profit

8

(103,177

)

(84,101

)

PROFIT FOR THE FINANCIAL YEAR

318,220

262,506

PROFIT FOR THE YEAR

318,220

262,506

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

318,220

262,506

FIXED ASSETS

Tangible assets

10

497,739

437,284

CURRENT ASSETS

Stocks

11

1,446,761

1,302,085

Debtors

12

3,417,129

3,347,453

Cash at bank and in hand

93,372

99,244

4,957,262

4,748,782

CREDITORS

Amounts falling due within one year

13

(2,838,087

)

(2,531,693

)

NET CURRENT ASSETS

2,119,175

2,217,089

TOTAL ASSETS LESS CURRENT LIABILITIES

2,616,914

2,654,373

CREDITORS

Amounts falling due after more than one year

14

(163,017

)

(270,728

)

PROVISIONS FOR LIABILITIES

17

(110,029

)

(95,197

)

NET ASSETS

2,343,868

2,288,448

CAPITAL AND RESERVES

Called up share capital

18

100,000

100,000

Retained earnings

19

2,243,868

2,188,448

SHAREHOLDERS' FUNDS

2,343,868

2,288,448

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:

D J Booton - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

100,000

2,110,942

2,210,942

Changes in equity

Dividends

-

(185,000

)

(185,000

)

Total comprehensive income

-

262,506

262,506

Balance at 31 December 2024

100,000

2,188,448

2,288,448

Changes in equity

Dividends

-

(262,800

)

(262,800

)

Total comprehensive income

-

318,220

318,220

Balance at 31 December 2025

100,000

2,243,868

2,343,868

Cash flows from operating activities

Cash generated from operations

1

397,986

395,827

Interest paid

(145,744

)

(122,761

)

Interest element of hire purchase or finance lease rental payments paid

-

(5,597

)

Tax paid

(95,237

)

(41,429

)

Net cash from operating activities

157,005

226,040

Cash flows from investing activities

Purchase of tangible fixed assets

(144,444

)

-

Sale of tangible fixed assets

-

88,241

Intercompany loans

105,240

58,422

Net cash from investing activities

(39,204

)

146,663

Cash flows from financing activities

New loans in year

-

250,000

Loan repayments in year

(107,568

)

(65,451

)

Bank borrowing movement

246,695

(179,951

)

Capital repayments in year

-

(98,233

)

Equity dividends paid

(262,800

)

(185,000

)

Net cash from financing activities

(123,673

)

(278,635

)

(Decrease)/increase in cash and cash equivalents

(5,872

)

94,068

Cash and cash equivalents at beginning of year

2

99,244

5,176

Cash and cash equivalents at end of year

2

93,372

99,244

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

2025

2024

£

£

Profit before taxation

421,397

346,607

Depreciation charges

83,989

86,974

Loss on disposal of fixed assets

-

18,289

Finance costs

145,744

128,358

651,130

580,228

(Increase)/decrease in stocks

(144,676

)

188,682

(Increase)/decrease in trade and other debtors

(174,916

)

205,254

Increase/(decrease) in trade and other creditors

66,448

(578,337

)

Cash generated from operations

397,986

395,827

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 December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

93,372

99,244

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

99,244

5,176

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/1/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank and in hand

99,244

(5,872

)

93,372

99,244

(5,872

)

93,372

Debt

Debts falling due within 1 year

(107,568

)

(143

)

(107,711

)

Debts falling due after 1 year

(270,728

)

107,711

(163,017

)

(378,296

)

107,568

(270,728

)

Total

(279,052

)

101,696

(177,356

)

1.	STATUTORY INFORMATION

Midland Tool And Design 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

33% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Work in progress is valued on the completed proportion of the material cost plus a proportion of overheads.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants

Grants related to expenditure on tangible fixed assets are credited to profit and loss over the useful lives of qualifying assets. Total grants received less the amounts credited to profit and loss at the end of the reporting period are included in the balance sheet as deferred income.

Going concern

The Directors have considered going concern in preparing these financial statements through review of the Company's financial position. It has been considered that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis of accounting has been adopted and no material uncertainties have been identified.

4.

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:

2025

2024

£

£

United Kingdom

5,946,372

5,164,648

Europe

336,804

917,252

United States of America

439,945

377,311

Asia

498,307

183,759

7,221,428

6,642,970

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,999,427

2,798,795

Social security costs

363,846

268,125

Other pension costs

46,105

41,010

3,409,378

3,107,930

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

2025

2024

Directors

4

4

Employees

75

83

79

87

2025

2024

£

£

Directors' remuneration

373,487

300,244

Directors' pension contributions to money purchase schemes

3,060

3,351

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

134,920

101,325

Pension contributions to money purchase schemes

1,321

-

6.	OPERATING PROFIT

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

2025

2024

£

£

Plant repairs and maintenance

151,165

99,205

Other operating leases

65,164

61,512

Depreciation - owned assets

83,989

81,252

Depreciation - assets on hire purchase contracts or finance leases

-

5,722

Loss on disposal of fixed assets

-

18,289

Auditors' remuneration

10,250

9,500

Foreign exchange differences

217

(1,757

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

61,939

48,015

Factoring discount charge

83,805

74,746

Hire purchase

-

5,597

145,744

128,358

8.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

90,818

97,693

Adjustments in prior periods

(2,473

)

-

Total current tax

88,345

97,693

Deferred tax

14,832

(13,592

)

Tax on profit

103,177

84,101

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:

2025

2024

£

£

Profit before tax

421,397

346,607

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

105,349

86,652

Effects of:

Expenses not deductible for tax purposes

7,224

20,128

Income not taxable for tax purposes

(5,348

)

(26,438

)

Capital allowances in excess of depreciation

(16,407

)

-

Depreciation in excess of capital allowances

-

24,858

Deferred tax

14,832

(13,592

)

R & D credit

-

(7,507

)

Overprovision for prior year tax

(2,473

)

-

Total tax charge

103,177

84,101

9.

DIVIDENDS

2025

2024

£

£

Interim

262,800

185,000