REGISTERED NUMBER: 02142565 (England and Wales)

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 December 2025

for

Stubbins Marketing Limited

Page

Company Information

1

Strategic Report

2

Directors' Report

4

Independent Auditors' Report

6

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

16

DIRECTORS:

O Dicarlo

M Difrancesco

A G Difrancesco

S A Randall

M Difrancesco

S Difrancesco

REGISTERED OFFICE:

147a High Street

Waltham Cross

Hertfordshire

EN8 7AP

REGISTERED NUMBER:

02142565 (England and Wales)

AUDITORS:

Thickbroom Coventry

Chartered Accountants

and Statutory Auditors

147a High Street

Waltham Cross

Hertfordshire

EN8 7AP

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

REVIEW OF BUSINESS

During the year under review the company's principal activity was that of growing fresh produce.

High energy prices continue to be an issue for the business, although these were at least partially mitigated by the use of the company's own Combined Heat and Power generation.

Difficulties in the availability of labour continue to plague the agricultural and horticultural industries in the UK. The company proactively managed their labour in the year to mitigate this risk.

During the year both nurseries were fully planted, however the Directors decided that due to adverse trading conditions the nursery at Waltham Abbey would not be planted for 2026.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider the principal business risk to be the energy price increases. This is a key cost to the company and any increase would have an adverse effect to the business.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company's principal financial instruments comprise of bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest if required.

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 creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. This includes the monitoring of foreign currencies in order to minimise the company's exposure to exchange fluctuations.

KEY PERFORMANCE INDICATORS

The company tracks its performance using a series of financial and non-financial key performance indicators (KPIs). Non-financial KPIs monitor health and safety, people and happiness scores, and customer satisfaction. Our financial KPIs include, but are not limited to, those listed below:

2025

2024

Turnover

£5.48m

£4.76m

Gross margin %

16%

20%

Turnover growth

£0.72m

£0.09m

Turnover growth %

15%

2%

ON BEHALF OF THE BOARD:

M Difrancesco - Director

11 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 growing fresh produce.

DIVIDENDS

The total distribution of dividends for the period ended 31st December 2025 was £351,008 (2024: £702,016).

DIRECTORS

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

O Dicarlo

M Difrancesco

A G Difrancesco

S A Randall

M Difrancesco

Other changes in directors holding office are as follows:

S Difrancesco - appointed 1 September 2025

DONATIONS

During the year the company made charitable donations of £100 (2024: £nil), principally to local charities and businesses.

DISCLOSURE IN THE STRATEGIC REPORT

The company has prepared a Strategic Report in accordance with section 414C(11) of the Companies Act 2006 and (Strategic Report and Directors' Report) Regulations 2013.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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, Thickbroom Coventry, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M Difrancesco - Director

11 September 2026

Opinion

We have audited the financial statements of Stubbins Marketing Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion 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 Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Procedures to identify risks:

- enquiring of management concerning the company's procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: timing of recognition of sales and purchases and their related stock movements, posting of unusual journals; and

- obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

The procedures to respond to risks identified included:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;

- enquiring of management, concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing correspondence with HMRC;

- testing the timing and matching of income and expense transactions relating to stock movements either side of the year end; and

- 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, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulation that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detection one resulting from an error, as fraud may involve deliberate concealment, by for example, forgery or intentional misrepresentation, or through collusion.

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

Use of our report

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

Joseph Illes FCA (Senior Statutory Auditor)

for and on behalf of Thickbroom Coventry

Chartered Accountants

and Statutory Auditors

147a High Street

Waltham Cross

Hertfordshire

EN8 7AP

16 September 2026

TURNOVER

5,482,024

4,756,749

Cost of sales

(4,623,654

)

(3,821,969

)

GROSS PROFIT

858,370

934,780

Administrative expenses

(1,048,458

)

(1,052,626

)

(190,088

)

(117,846

)

Other operating income

529,453

1,740,122

OPERATING PROFIT

4

339,365

1,622,276

Interest receivable and similar income

54,992

72,482

394,357

1,694,758

Interest payable and similar expenses

5

(49,676

)

(67,589

)

PROFIT BEFORE TAXATION

344,681

1,627,169

Tax on profit

6

(155,031

)

-

PROFIT FOR THE FINANCIAL YEAR

189,650

1,627,169

OTHER COMPREHENSIVE INCOME

Deferred tax on revaluation reserve

(510,092

)

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(510,092

)

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(320,442

)

1,627,169

FIXED ASSETS

Tangible assets

8

10,870,236

10,713,539

CURRENT ASSETS

Debtors

9

544,047

546,079

Cash at bank

2,598,395

3,161,990

3,142,442

3,708,069

CREDITORS

Amounts falling due within one year

10

(1,152,650

)

(907,522

)

NET CURRENT ASSETS

1,989,792

2,800,547

TOTAL ASSETS LESS CURRENT LIABILITIES

12,860,028

13,514,086

CREDITORS

Amounts falling due after more than one year

11

-

(647,730

)

PROVISIONS FOR LIABILITIES

13

(665,122

)

-

NET ASSETS

12,194,906

12,866,356

CAPITAL AND RESERVES

Called up share capital

14

219,380

219,380

Revaluation reserve

15

4,749,908

5,260,000

Capital redemption reserve

15

80,620

80,620

Retained earnings

15

7,144,998

7,306,356

SHAREHOLDERS' FUNDS

12,194,906

12,866,356

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

M Difrancesco - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

219,380

6,381,203

5,260,000

80,620

11,941,203

Changes in equity

Dividends

-

(702,016

)

-

-

(702,016

)

Total comprehensive income

-

1,627,169

-

-

1,627,169

Balance at 31 December 2024

219,380

7,306,356

5,260,000

80,620

12,866,356

Changes in equity

Dividends

-

(351,008

)

-

-

(351,008

)

Total comprehensive income

-

189,650

(510,092

)

-

(320,442

)

Balance at 31 December 2025

219,380

7,144,998

4,749,908

80,620

12,194,906

Cash flows from operating activities

Cash generated from operations

1

156,801

1,468,443

Finance costs paid

(49,676

)

(67,589

)

Net cash from operating activities

107,125

1,400,854

Cash flows from investing activities

Purchase of tangible fixed assets

(359,561

)

(143,100

)

Sale of tangible fixed assets

85,066

-

Interest received

54,992

72,482

Net cash from investing activities

(219,503

)

(70,618

)

Cash flows from financing activities

Loan repayments in year

(100,209

)

(141,015

)

Equity dividends paid

(351,008

)

(702,016

)

Net cash from financing activities

(451,217

)

(843,031

)

(Decrease)/increase in cash and cash equivalents

(563,595

)

487,205

Cash and cash equivalents at beginning of year

2

3,161,990

2,674,785

Cash and cash equivalents at end of year

2

2,598,395

3,161,990

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

2025

2024

£

£

Profit before taxation

344,681

1,627,169

Depreciation charges

135,822

56,034

Profit on disposal of fixed assets

(18,024

)

-

Finance costs

49,676

67,589

Finance income

(54,992

)

(72,482

)

457,163

1,678,310

Decrease/(increase) in trade and other debtors

2,032

(260,624

)

(Decrease)/increase in trade and other creditors

(302,394

)

50,757

Cash generated from operations

156,801

1,468,443

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

2,598,395

3,161,990

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

3,161,990

2,674,785

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank

3,161,990

(563,595

)

2,598,395

3,161,990

(563,595

)

2,598,395

Debt

Debts falling due within 1 year

(100,995

)

(547,522

)

(648,517

)

Debts falling due after 1 year

(647,730

)

647,730

-

(748,725

)

100,208

(648,517

)

Total

2,413,265

(463,387

)

1,949,878

1.	STATUTORY INFORMATION

Stubbins Marketing 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.

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 as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Critical accounting judgements and key sources of estimation uncertainty

Tangible assets

Plant and machinery and motor vehicles are depreciated based on their useful lives. Depreciation is recognised on a reducing balance basis over their estimated useful lives. The company estimates useful lives based on various factors, including technological obsolescence and the expected usage of the asset. The useful life of these assets are regularly reviewed for signs of impairment. Where an impairment is identified, the asset value is impaired, with a charge to the profit and loss account.

The company assesses tangible fixed assets where there are indications that the assets could be impaired. Indicators of impairment include factors both inside and outside the organisation, which give indication of a reduction in value. Where there are indicators of a reduction in the carrying value of the asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

Freehold property has not been depreciated on the grounds that the directors have revalued the property on a fair value basis.

Debtors

The directors assess the recoverability of the amounts outstanding at the balance sheet date, undertaking a review of the age profile of the debt, historic collection rates and the nature and class of the debt.

Revenue recognition

Revenue from goods is recognised when the goods are delivered.

Turnover

Turnover is derived from the sale of fresh produce and packaging, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of fresh produce is recognised when the significant risk and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

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

Freehold property

-

Not Depreciated

Plant and machinery

-

at varying rates on cost

Motor vehicles

-

25% on cost

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Freehold property has not been depreciated on the grounds that the directors have revalued the property on a fair value basis.

Financial instruments

The company's principal financial instruments comprise of bank balances, trade creditors, trade debtors and loans to the company. The main purpose of these instruments is to raise funds for 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.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts.

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

In respect of the bank loan the interest rate and the monthly repayments are fixed. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Cash and cash equivalents

Cash and cash equivalents consist of cash in hand and at bank, short term bank deposits with original maturity of three months or less and bank overdrafts which are an integral part of the company's cash management.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,353,877

2,044,176

Social security costs

270,593

201,675

Other pension costs

34,042

67,500

2,658,512

2,313,351

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

2025

2024

Directors

2

2

Staff

68

58

70

60

2025

2024

£

£

Directors' remuneration

222,650

294,081

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

135,000

161,931

4.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

135,822

56,033

Profit on disposal of fixed assets

(18,024

)

-

Auditors' remuneration

13,000

12,500

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Loan interest

49,676

67,589

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Deferred tax

155,031

-

Tax on profit

155,031

-

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

344,681

1,627,169

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

86,170

406,792

Effects of:

Capital allowances in excess of depreciation

(39,174

)

(20,688

)

Utilisation of tax losses

(46,996

)

(386,104

)

Accelerated capital allowances

170,981

-

Taxable losses carried forward

(15,950

)

-

Total tax charge

155,031

-

Tax effects relating to effects of other comprehensive

income

2025

Gross

Tax

Net

£

£

£

Deferred tax on revaluation reserve

(510,092

)

-

(510,092

)

2024

Gross

Tax

Net

£

£

£

Deferred tax on revaluation reserve

7.

DIVIDENDS

2025

2024

£

£

Ordinary B shares of £1 each

Interim

175,200

350,400

Ordinary C shares of £1 each

Interim

175,808

351,616

351,008

702,016