REGISTERED NUMBER: 00496990 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

WILFRED SCRUTON LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

15

DIRECTORS:

P K Scruton

I J Scruton

Miss S Scruton

R G Bower

R Gillett

Mrs L R Bell

S A Shirley

SECRETARY:

Miss S Scruton

REGISTERED OFFICE:

Providence Foundry

Foxholes

Driffield

East Yorkshire

YO25 3QQ

REGISTERED NUMBER:

00496990 (England and Wales)

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

REVIEW OF BUSINESS

The results for the 2025 financial year are disappointing, and show a decline in both revenue and gross profit of 10% and 20% respectively. The impact of the inheritance tax changes announced in the 2024 Budget reduced confidence in the farming sector and demand more generally, whilst increases in the national living wage and employer's national insurance contributions significantly added to the company's cost base. As a result, the company has reported a loss before tax of £457,645 (2024: profit of £179,832).

The reversal of some of the inheritance tax changes announced in the 2024 Budget has renewed the confidence amongst the farming community, and therefore sales and profitability have increased during the 2026 year to date. The company remains on course to meet its sales targets, which should help it to generate a healthy profit for the year overall.

Management remain vigilant towards volatility in commodity prices, as well as the prolonged dry spell of weather seen during the summer of 2026 and its effect on the farming industry, which could impact the results of the business going forward.

PRINCIPAL RISKS AND UNCERTAINTIES

The main risk to the company continues to be the link to farm commodities whereby volatile prices always have an effect.

Interest rates are a big factor in our company's ability to make profit and we are constantly reducing stock to mitigate this risk.

The company's principal financial instruments comprise bank loan and overdraft, trade creditors, trade debtors and finance lease arrangements. The main purpose of these instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

The company manages the liquidity risk of trade creditors and finance lease arrangements by ensuring there are sufficient funds to meet payments when they fall due.

Trade debtors are managed in respect of credit and cash flow risk by control over credit offered to customers and the regular monitoring of amounts outstanding.

ON BEHALF OF THE BOARD:

I J Scruton - Director

8 September 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 agricultural engineers and dealers in agricultural machinery.

DIVIDENDS

An interim dividend of £7 per share was paid on 31 October 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 128,100 .

DIRECTORS

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

P K Scruton

I J Scruton

Miss S Scruton

R G Bower

R Gillett

Mrs L R Bell

S A Shirley

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank loan and overdraft, trade creditors, trade debtors and finance lease arrangements. The main purpose of these instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

The company manages the liquidity risk of trade creditors and finance lease arrangements by ensuring there are sufficient funds to meet payments when they fall due.

Trade debtors are managed in respect of credit and cash flow risk by control over credit offered to customers and the regular monitoring of amounts outstanding.

DISCLOSURE IN THE STRATEGIC REPORT

The fair review of the company's business including future developments and details of the principal risks and uncertainties facing the company are included in the Strategic Report.

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.

ON BEHALF OF THE BOARD:

I J Scruton - Director

8 September 2026

Opinion

We have audited the financial statements of Wilfred Scruton Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other 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 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 loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including United Kingdom Accounting Standards (FRS 102), Companies Act 2006 and taxation legislation, and also other laws and regulations that may have an indirect material effect on the financial statements including data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and relevant regulators.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Fox FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie Watson Limited

Statutory Auditors

Chartered Accountants

Units 7-8 Manor Court

Manor Garth

Eastfield

Scarborough

North Yorkshire

YO11 3TU

8 September 2026

REVENUE

30,457,966

33,473,752

Cost of sales

27,538,485

29,796,846

GROSS PROFIT

2,919,481

3,676,906

Distribution costs

1,531,971

1,583,828

Administrative expenses

1,097,749

1,027,960

2,629,720

2,611,788

OPERATING PROFIT

4

289,761

1,065,118

Interest payable and similar expenses

5

747,406

885,286

(LOSS)/PROFIT BEFORE TAXATION

(457,645

)

179,832

Tax on (loss)/profit

6

(185,910

)

195,579

LOSS FOR THE FINANCIAL YEAR

(271,735

)

(15,747

)

LOSS FOR THE YEAR

(271,735

)

(15,747

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(271,735

)

(15,747

)

FIXED ASSETS

Property, plant and equipment

8

3,561,674

3,893,732

CURRENT ASSETS

Inventories

9

10,374,195

12,885,174

Debtors

10

2,125,340

2,828,041

Cash at bank and in hand

11,615

11,447

12,511,150

15,724,662

CREDITORS

Amounts falling due within one year

11

11,692,511

14,746,329

NET CURRENT ASSETS

818,639

978,333

TOTAL ASSETS LESS CURRENT LIABILITIES

4,380,313

4,872,065

CREDITORS

Amounts falling due after more than one year

12

(810,662

)

(716,669

)

PROVISIONS FOR LIABILITIES

16

(299,475

)

(485,385

)

NET ASSETS

3,270,176

3,670,011

CAPITAL AND RESERVES

Called up share capital

17

18,300

18,300

Revaluation reserve

18

197,545

206,228

Retained earnings

18

3,054,331

3,445,483

SHAREHOLDERS' FUNDS

3,270,176

3,670,011

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2026 and were signed on its behalf by:

I J Scruton - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

18,300

3,580,647

214,911

3,813,858

Changes in equity

Dividends

-

(128,100

)

-

(128,100

)

Total comprehensive income

-

(7,064

)

(8,683

)

(15,747

)

Balance at 31 December 2024

18,300

3,445,483

206,228

3,670,011

Changes in equity

Dividends

-

(128,100

)

-

(128,100

)

Total comprehensive income

-

(263,052

)

(8,683

)

(271,735

)

Balance at 31 December 2025

18,300

3,054,331

197,545

3,270,176

Cash flows from operating activities

Cash generated from operations

1

1,300,231

1,659,503

Interest paid

(630,627

)

(795,231

)

Interest element of finance lease payments paid

(116,779

)

(90,055

)

Net cash from operating activities

552,825

774,217

Cash flows from investing activities

Purchase of tangible fixed assets

(30,552

)

(74,423

)

Sale of tangible fixed assets

512,121

567,751

Net cash from investing activities

481,569

493,328

Cash flows from financing activities

Finance lease capital raised/(repaid)

(594,926

)

(663,317

)

Loans received/ (repaid)

(464,313

)

(90,443

)

Equity dividends paid

(128,100

)

(128,100

)

Net cash from financing activities

(1,187,339

)

(881,860

)

(Decrease)/increase in cash and cash equivalents

(152,945

)

385,685

Cash and cash equivalents at beginning of year

2

(2,000,184

)

(2,385,869

)

Cash and cash equivalents at end of year

2

(2,153,129

)

(2,000,184

)

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

2025

2024

£

£

(Loss)/profit before taxation

(457,645

)

179,832

Depreciation charges

537,460

581,342

Profit on disposal of fixed assets

(53,903

)

(71,447

)

Finance costs

747,406

885,286

773,318

1,575,013

Decrease/(increase) in inventories

2,510,979

(24,806

)

Decrease/(increase) in trade and other debtors

702,701

(459,096

)

(Decrease)/increase in trade and other creditors

(2,686,767

)

568,392

Cash generated from operations

1,300,231

1,659,503

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 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

11,615

11,447

Bank overdrafts

(2,164,744

)

(2,011,631

)

(2,153,129

)

(2,000,184

)

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

11,447

11,678

Bank overdrafts

(2,011,631

)

(2,397,547

)

(2,000,184

)

(2,385,869

)

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.1.25

Cash flow

changes

At 31.12.25

£

£

£

£

Net cash

Cash at bank

and in hand

11,447

168

11,615

Bank overdrafts

(2,011,631

)

(153,113

)

(2,164,744

)

(2,000,184

)

(152,945

)

(2,153,129

)

Debt

Finance leases

(1,506,887

)

594,926

(633,070

)

(1,545,031

)

Debts falling due

within 1 year

(464,314

)

436,669

-

(27,645

)

Debts falling due

after 1 year

(27,644

)

27,644

-

-

(1,998,845

)

1,059,239

(633,070

)

(1,572,676

)

Total

(3,999,029

)

906,294

(633,070

)

(3,725,805

)

4.	MAJOR NON-CASH TRANSACTIONS

During the year, the company entered into finance lease arrangements in respect of fixed assets with a total capital value at the inception of the leases of £633,070.

1.	STATUTORY INFORMATION

Wilfred Scruton 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 company has reported a modest loss in the current period. However, to manage fluctuations in working capital, the company utilises an overdraft facility and also has loan facilities with its bank. Amounts due on these facilities have been repaid on time throughout the year and the post balance sheet period.

In July 2026, the company agreed a new overdraft facility of £2.2m with its current bankers.

The directors have considered the future working capital requirements of the company over the going concern assessment period to September 2027, taking in to account possible downside scenarios that would adversely impact the company's net cash position as well as mitigating action available to them to manage such fluctuations. Based on their assessment and the extent of the current levels of funding available to the company, the directors have concluded that the company has sufficient resources available to continue to trade throughout the assessment period and consequently, these financial statements have been prepared on the going concern basis.

Significant judgements and estimates

In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Critical judgements in applying the company's policies

No significant judgements have had to made by management in preparing these financial statements.

Critical accounting estimates and assumptions

Impairment of inventories

An impairment review is performed on wholegood inventories and property held in stock at each year end by the Directors and impairment losses are estimated and recognised based on current condition, obsolescence or declining selling prices. Provision is also made at each year end for obsolete and slow moving parts inventories based upon estimates calculated on the age of the inventory item.

The directors do not consider that any other estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue

Revenue represents goods and services supplied, excluding value added tax and trade discounts. Revenue is recognised to the extent that the company has obtained the right to consideration through its performance and is measured at the fair value of the right to consideration.

Property, plant and equipment

Items of property, plant and equipment are initially measured at cost. After initial recognition items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation of property, plant and equipment has been provided at various rates which are anticipated to amortise the cost less residual value over the assets' expected useful lives. The freehold land and buildings cost comprise a previous revaluation as deemed cost on transition to FRS 102. Indicative annual rates are:-

Freehold land

0%

Freehold buildings

4%

straight line basis

Improvements to property

10%

straight line basis

Plant & machinery

12.5%

reducing balance basis

Motor vehicles

25%

reducing balance basis

Office equipment

10% - 25%

reducing balance basis or straight line basis

Hire assets

10%

straight line basis

The residual values of classic tractors held within plant and machinery are expected to exceed their book value of £115,518 (2024 - £115,518) so no depreciation is provided. Hire assets relate to machinery which has been purchased for long term hire.

Inventories

Inventories are measured at the lower of cost and estimated selling price less costs to sell having due regard to any slow moving or obsolete items. Cost includes all directly attributable costs.

Taxation

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

Current 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 taxation

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.

Foreign currencies

The company has a presentational and functional currency of Pound Sterling (GBP).

Monetary 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 gains and losses are recognised in the income statement.

Leases

Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Finance lease interest is charged to the income statement on a reducing balance basis over the period of the agreement. Operating lease rentals are charged against profits of the period to which they relate.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

2025

2024

No.

No.

The average number of staff, including directors, employed within each category was:-

Office and administration

6

6

Sales

59

59

65

65

Costs incurred were:-

£

£

Wages and salaries

2,598,264

2,606,799

Social security costs

295,446

256,562

Other pension costs

52,551

54,266

2,946,262

2,917,627

2025

2024

£

£

Directors' remuneration

456,498

394,649

Directors' pension contributions to money purchase schemes

30,605

29,615

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

Money purchase schemes

5

5

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

82,987

78,812

Pension contributions to money purchase schemes

1,321

13,321

4.	OPERATING PROFIT

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

2025

2024

£

£

Other operating leases

31,958

2,890

Depreciation - owned assets

156,351

215,126

Depreciation - assets on finance leases

381,111

366,215

Profit on disposal of fixed assets

(53,903

)

(71,447

)

Foreign exchange differences

638

271

Auditors remuneration

15,000

22,575

Auditors remuneration - other services

6,000

14,860

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loans and overdrafts

178,838

220,652

Finance leases

116,779

90,055

Other interest

451,790

574,579

747,407

885,286

6.

TAXATION

Analysis of the tax (credit)/charge

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

2025

2024

£

£

Deferred tax

(185,910

)

195,579

Tax on (loss)/profit

(185,910

)

195,579

Reconciliation of total tax (credit)/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

£

£

(Loss)/profit before tax

(457,645

)

179,832

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

(114,411

)

44,958

Effects of:

Expenses not deductible for tax purposes

14,489

(2,923

)

Fixed asset and other timing differences

5,481

15,234

Prior period adjustment

(91,469

)

138,310

Total tax (credit)/charge

(185,910

)

195,579