REGISTERED NUMBER: 04125743 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 31 December 2025

for

Puma Engineering & Construction Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTOR:

P Randall

REGISTERED OFFICE:

1 Manor Court

6 Barnes Wallis Road

Segensworth

Fareham

Hampshire

PO15 5TH

REGISTERED NUMBER:

04125743 (England and Wales)

AUDITORS:

Roches

1 Manor Court

6 Barnes Wallis Road

Segensworth

Fareham

Hampshire

PO15 5TH

The director presents his strategic report for the year ended 31 December 2025.

This Strategic Report has been prepared in accordance with the requirements of Section 414 of the Companies Act 2006. Its purpose is to inform members of the company and help them assess how the directors have performed their duty to promote the success of the company in accordance with Section 172 of the Companies Act 2006.

REVIEW OF BUSINESS

Financial review and key performance indicators:

2025 2024

Revenue £12.1m £13.2m

Gross margin 39.4% 43.3%

Operating margin 18.2% 18.0%

Net profit before tax £2.2m £2.4m

The Company is very pleased with the performance in 2025 with strong growth and profitability.

The order book is strong entering 2026 and the company is planning further capital investment to provide greater production output and efficiency.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is subject to risks and uncertainties relating to future business which might affect its financial performance. The board has implemented systems to identify risks, to assess them and ensure that reasonable mitigation plans are in place. In addition to generic risks which affect all businesses the board has identified the following principal risks and uncertainties:

Changing technology - The company may be affected by changes in technology which may render its current products and solutions obsolete or uncompetitive. This risk is minimised by continually developing and refining the products and monitoring activity of the competition.

Foreign exchange fluctuations - The company may be adversely affected by changes in foreign currency exchange rates. The directors regularly monitor the company's exposure and review hedging opportunities.

Credit risk - Investment of cash surpluses and borrowings are only made through major UK clearing banks. All customers who wish to trade on credit terms are subject to credit validation procedures. Provision is made for doubtful debts where necessary.

ON BEHALF OF THE BOARD:

P Randall - Director

10 September 2026

The director presents his 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 manufacture and fabrication of metal products.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

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

Other changes in directors holding office are as follows:

N B Spafford ceased to be a director after 31 December 2025 but prior to the date of this report.

The directors shown below were in office at 31 December 2025 but did not hold any interest in the Ordinary shares of £1 each at 1 January 2025 or 31 December 2025.

N B Spafford

P Randall

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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, Roches, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Randall - Director

10 September 2026

Opinion

We have audited the financial statements of Puma Engineering & Construction Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

o the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

o the Company's own assessment of the risks that irregularities may occur either as a result of fraud or error;

o results of our enquiries of management about their own identification and assessment of the risks of irregularities;

o any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

o the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Conduct Authority regulations, pensions and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included the competition and anti-bribery laws, data protection and employment, environmental and health and safety regulations.

Audit response to risks identified

As a result of performing the above, we identified the disclosure of adjusting items as a key audit matter related to the potential risk of fraud. The key audit matters section of our report explains this matter in more detail and also describes the specific procedures we performed in response to that key audit matter.

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

o reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

o enquiring of management concerning actual and potential litigation and claims;

o performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

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

o in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists audit teams, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Richard Roche (Senior Statutory Auditor)

for and on behalf of Roches

1 Manor Court

6 Barnes Wallis Road

Segensworth

Fareham

Hampshire

PO15 5TH

10 September 2026

TURNOVER

4

12,137,344

13,164,507

Cost of sales

7,350,340

7,467,465

GROSS PROFIT

4,787,004

5,697,042

Administrative expenses

2,589,002

3,385,681

2,198,002

2,311,361

Other operating income

5

21,842

57,446

OPERATING PROFIT

7

2,219,844

2,368,807

Interest receivable and similar income

3,730

6,557

2,223,574

2,375,364

Interest payable and similar expenses

8

8,612

1,648

PROFIT BEFORE TAXATION

2,214,962

2,373,716

Tax on profit

9

(497,144

)

617,749

PROFIT FOR THE FINANCIAL YEAR

2,712,106

1,755,967

PROFIT FOR THE YEAR

2,712,106

1,755,967

OTHER COMPREHENSIVE INCOME

Share based payment reserve

275,069

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

275,069

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,987,175

1,755,967

FIXED ASSETS

Tangible assets

10

441,378

449,542

CURRENT ASSETS

Stocks

11

125,847

134,841

Debtors

12

15,283,821

10,228,295

Cash at bank and in hand

1,283,098

2,785,135

16,692,766

13,148,271

CREDITORS

Amounts falling due within one year

13

3,377,666

2,834,409

NET CURRENT ASSETS

13,315,100

10,313,862

TOTAL ASSETS LESS CURRENT LIABILITIES

13,756,478

10,763,404

CREDITORS

Amounts falling due after more than one year

14

(41,960

)

(36,061

)

PROVISIONS FOR LIABILITIES

17

(99,377

)

(99,377

)

NET ASSETS

13,615,141

10,627,966

CAPITAL AND RESERVES

Called up share capital

18

3

3

Retained earnings

19

13,615,138

10,627,963

SHAREHOLDERS' FUNDS

13,615,141

10,627,966

The financial statements were approved by the director and authorised for issue on 10 September 2026 and were signed by:

P Randall - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2024

3

8,871,996

-

8,871,999

Changes in equity

Total comprehensive income

-

1,755,967

-

1,755,967

Balance at 31 December 2024

3

10,627,963

-

10,627,966

Changes in equity

Total comprehensive income

-

2,987,175

-

2,987,175

Balance at 31 December 2025

3

13,615,138

-

13,615,141

Cash flows from operating activities

Cash generated from operations

1

3,257,409

1,526,098

Interest paid

(8,612

)

(1,648

)

Tax paid

(497,144

)

(364,506

)

Net cash from operating activities

2,751,653

1,159,944

Cash flows from investing activities

Purchase of tangible fixed assets

(124,666

)

(241,646

)

Sale of tangible fixed assets

8,094

4,000

Interest received

3,730

6,557

Net cash from investing activities

(112,842

)

(231,089

)

Cash flows from financing activities

New loans advanced in year

(4,158,588

)

(684,000

)

Capital repayments in year

17,740

38,022

Net cash from financing activities

(4,140,848

)

(645,978

)

(Decrease)/increase in cash and cash equivalents

(1,502,037

)

282,877

Cash and cash equivalents at beginning of year

2

2,785,135

2,502,258

Cash and cash equivalents at end of year

2

1,283,098

2,785,135

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

31.12.25

31.12.24

£

£

Profit before taxation

2,214,962

2,373,716

Depreciation charges

128,626

99,098

Profit on disposal of fixed assets

(3,891

)

(1,392

)

Share-based payment expense

275,069

-

Finance costs

8,612

1,648

Finance income

(3,730

)

(6,557

)

2,619,648

2,466,513

Decrease in stocks

8,994

30,727

Increase in trade and other debtors

(399,793

)

(232,894

)

Increase/(decrease) in trade and other creditors

1,028,560

(738,248

)

Cash generated from operations

3,257,409

1,526,098

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

1,283,098

2,785,135

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,785,135

2,502,258

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

2,785,135

(1,502,037

)

1,283,098

2,785,135

(1,502,037

)

1,283,098

Debt

Finance leases

(56,519

)

(17,740

)

(74,259

)

(56,519

)

(17,740

)

(74,259

)

Total

2,728,616

(1,519,777

)

1,208,839

1.	STATUTORY INFORMATION

Puma Engineering & Construction 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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23.

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 and value added tax.

On long term contracts, turnover is recognised in accordance with UK applicable accounting standards. Turnover and related costs are recognised in the income statement by reference to the stage of completion of the contract activity at the end of the reporting period. The company determines the stage of completion of a contract by measuring the physical proportion of the contract work to date and revenues are then recognised in accordance with contract milestones.

Revenues derived from variations on contracts are recognised only when they have been accepted by the customer.

Turnover relating to daywork is recognised when it is earned.

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.

Improvements to property

-

20% on cost, 15% on reducing balance and 10% on cost

Plant and machinery

-

33% on cost, 20% on cost, 15% on reducing balance, 10% on cost, Straight line over 7 years and Straight line over 6 years

Fixtures and fittings

-

33% on cost, 25% on cost, 20% on cost, 15% on reducing balance and Straight line over 10 years

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are initially measured at cost. This includes any costs incurred which are directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Tangible fixed assets are subsequently measured using the cost model, which is at cost less depreciation and any impairment losses.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company has considered and applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, cash and bank balances and loans to fellow group companies, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted as at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt Instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 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.

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.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

When preparing the financial statements, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities based on past experience and other relevant factors. Actual results may differ from these estimates.

Critical accounting judgements

The company was not required to make an additional critical judgements when applying its accounting policies.

Key sources of estimation uncertainty.

Areas where assumptions and estimates are significant to the financial statements are described as follows:

Recoverability of trade receivables.

When assessing recoverability of trade receivables, the directors consider factors such as the

ageing of amounts due, past experience of recoverability and the credit profile of the customer.

When a receivable is estimated not to be recoverable, then a provision is included in the

financial statements.

4.

TURNOVER

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

An analysis of turnover by class of business is given below:

31.12.25

31.12.24

£

£

Construction contracts

11,877,719

12,966,603

Rendering of services

259,625

197,904

12,137,344

13,164,507

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

£

£

United Kingdom

12,137,344

13,128,683

Europe

-

35,824

12,137,344

13,164,507

5.	OTHER OPERATING INCOME

31.12.25

31.12.24

£

£

Rents received

21,342

56,446

Other grants

500

1,000

21,842

57,446

6.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

3,372,553

2,640,030

Social security costs

351,700

288,257

Other pension costs

98,285

225,711

3,822,538

3,153,998

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

31.12.25

31.12.24

Direct

39

43

Indirect

15

12

Directors

2

2

56

57

31.12.25

31.12.24

£

£

Directors' remuneration

475,019

137,037

Directors' pension contributions to money purchase schemes

17,388

83,824

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

Money purchase schemes

2

2

Information regarding the highest paid director for the year ended 31 December 2025 is as follows:

31.12.25

£

Emoluments etc

338,058

Pension contributions to money purchase schemes

13,332