REGISTERED NUMBER: 10893297 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Vpanel Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

G E May

S R Todd

S Welham

SECRETARY:

L Southall

REGISTERED OFFICE:

Riverside House

Unit 17 High Force Road

Riverside Park

Middlesbrough

TS2 1RH

REGISTERED NUMBER:

10893297 (England and Wales)

SENIOR STATUTORY AUDITOR:

James Davies BSc (Hons) CA

AUDITORS:

Clive Owen LLP

Chartered Accountants

& Statutory Auditors

Great North House, 20 Allington Way

Darlington

County Durham

DL1 4QB

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

REVIEW OF BUSINESS

The company operates a valuation panel management business, facilitating property valuations across the UK.

During the reporting period, the company continued to experience transaction growth while maintaining stable margins. Revenue increased by approximately 34% year-on-year, reflecting continued demand for the company's services and a degree of normalisation in growth rates as the business matures.

PRINCIPAL RISKS AND UNCERTAINTIES

The company remains exposed to general macroeconomic factors such as economic downturns and interest rate fluctuations, which may reduce property transaction volumes.

In addition, regulatory or fiscal changes affecting the property sector, including those relating to buy-to-let investments or mortgage lending conditions, may impact demand for property valuations and operational requirements.

KEY PERFORMANCE INDICATORS

The business operates in a data-rich environment and monitors a wide range of financial KPIs, including revenue, gross margin, costs, productivity metrics, EBITDA, and profit per transaction.

Non-financial KPIs, including customer satisfaction measures, service level agreement (SLA) adherence, and operational turnaround times, are also regularly reviewed.

Key performance indicators for the financial years 2024 and 2025 are summarised below, highlighting trends in profitability, efficiency, and liquidity:

- Gross profit - 2025: 11.16% compared to 2024 (restated) : 11.77%

- Net profit - 2025: 3.64% compared to 2024 (restated) : 4.03%

- Return on capital - 2025: 73.98% compared to 2024 (restated): 67.45%

- Liquidity - 2025: 1.07 compared to 2024 (restated): 1.12

STRATEGY AND FUTURE DEVELOPMENTS

The company's strategic priorities remain focused on continued investment in technology to enhance customer experience, operational efficiency, and the resilience of its platform.

The company also continues to focus on expanding and diversifying its customer base while maintaining strong service standards for existing clients.

Management believes these initiatives position the business well for continued sustainable growth in the coming years.

ON BEHALF OF THE BOARD:

S Welham - Director

15 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 a valuation panel management business, facilitating property valuations across the UK.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £1,205,000 (2024: 567,000).

DIRECTORS

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

G E May

S R Todd

Other changes in directors holding office are as follows:

S Welham - appointed 28 October 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

S Welham - Director

15 September 2026

Opinion

We have audited the financial statements of Vpanel 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 and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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:

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

Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this.

We have undertaken the following procedures to identify and respond to these risks of non-compliance:

- Understanding the key legal and regulatory frameworks that are applicable to the Company. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be financial reporting legislation, Health and Safety, employment law, company law, and taxation legislation.

- Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance.

- Review of board minutes and correspondence with regulators.

- Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed.

- Challenging management on assumptions and judgements made in the preparation of the financial statements. No key estimates were identified.

- Identifying and testing unusual journal entries, with a particular focus on manual journal entries.

Through these procedures, we did not become aware of actual or suspected non-compliance.

We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our report

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

James Davies BSc (Hons) CA (Senior Statutory Auditor)

for and on behalf of Clive Owen LLP

Chartered Accountants

& Statutory Auditors

Great North House, 20 Allington Way

Darlington

County Durham

DL1 4QB

16 September 2026

TURNOVER

3

46,664,769

34,740,340

Cost of sales

(41,456,122

)

(30,649,808

)

GROSS PROFIT

5,208,647

4,090,532

Administrative expenses

(3,828,660

)

(2,948,989

)

1,379,987

1,141,543

Other operating income

117,874

120,791

OPERATING PROFIT

5

1,497,861

1,262,334

Interest receivable and similar income

199,907

138,604

PROFIT BEFORE TAXATION

1,697,768

1,400,938

Tax on profit

6

(444,328

)

(308,381

)

PROFIT FOR THE FINANCIAL YEAR

1,253,440

1,092,557

PROFIT FOR THE YEAR

1,253,440

1,092,557

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,253,440

1,092,557

FIXED ASSETS

Intangible assets

9

1,435,521

1,038,898

Tangible assets

10

90,741

87,131

1,526,262

1,126,029

CURRENT ASSETS

Debtors

11

2,321,023

2,049,294

Cash at bank

5,549,907

4,685,779

7,870,930

6,735,073

CREDITORS

Amounts falling due within one year

12

(7,366,966

)

(5,975,859

)

NET CURRENT ASSETS

503,964

759,214

TOTAL ASSETS LESS CURRENT LIABILITIES

2,030,226

1,885,243

PROVISIONS FOR LIABILITIES

14

(378,550

)

(281,507

)

NET ASSETS

1,651,676

1,603,736

CAPITAL AND RESERVES

Called up share capital

15

400

400

Share premium

16

23,700

23,700

Retained earnings

16

1,627,576

1,579,636

SHAREHOLDERS' FUNDS

1,651,676

1,603,736

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2026 and were signed on its behalf by:

S Welham - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2024

-

1,054,079

23,700

1,077,779

Changes in equity

Issue of share capital

400

-

-

400

Dividends

-

(567,000

)

-

(567,000

)

Total comprehensive income

-

1,092,557

-

1,092,557

Balance at 31 December 2024

400

1,579,636

23,700

1,603,736

Changes in equity

Dividends

-

(1,205,500

)

-

(1,205,500

)

Total comprehensive income

-

1,253,440

-

1,253,440

Balance at 31 December 2025

400

1,627,576

23,700

1,651,676

1.	STATUTORY INFORMATION

Vpanel 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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Going concern

The company meets its day to day working capital requirements through cash generated from operations. The company's forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

Although the forecasts prepared taking account of the matters above support the ability of the company to remain a going concern and to be able to trade and meets its debts as they fall due the underlying trading assumptions used in forecasting are extremely judgemental and difficult to predict and could be subject to significant variation.

However, based on the factors set out above the directors believe that the company has adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements Therefore the directors believe it remains appropriate to prepare the financial statements on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions 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 Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

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

•

the requirement of paragraph 33.7.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 'Related Party Disclosures': Compensation for key management personnel.

Preparation of consolidated financial statements

The financial statements contain information about Vpanel Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Vas Panel Limited, Riverside House, Unit 17 High Force Road, Riverside Park, Middlesbrough, TS2 1RH, United Kingdom.

Significant judgements and estimates

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from the estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised when the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

Estimates included within these financial statements include depreciation and amortisation charges and asset impairments such as provisions against debtors. None of these estimates are considered to carry significant estimation uncertainty, or to bear significant risk of causing a material misstatement to the carrying amounts of assets and liabilities within the next financial year.

Turnover

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

Income recognition

Turnover comprises the Company's revenue in respect of providing valuation panel management services.

Turnover from the rendering of services is recognised when the outcome of a transaction can be estimated reliably and by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of the assets less their residual values over their useful lives on the following bases:

Computer Software - 10% Straight Line

Tangible fixed assets

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

Plant and equipment

-

25% - 33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Financial instruments

The company only enters into basic financial assets and liabilities, including trade and other debtors and creditors, debtors and creditors due from fellow group companies and cash and bank balances. These are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction or debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Such assets and liabilities are subsequently carried at amortised cost using the effective interest 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.

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.

Dividend income

Dividend income is recognised when the right to receive payment is established.

Dividends and other distributions to the group's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes of equity.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2025

2024

as restated

£

£

United Kingdom

46,664,769

34,740,340

46,664,769

34,740,340

4.	EMPLOYEES AND DIRECTORS

2025

2024

as restated

£

£

Wages and salaries

2,036,987

1,555,598

Social security costs

254,301

154,798

Other pension costs

176,910

140,696

2,468,198

1,851,092

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

2025

2024

as restated

R & D

3

3

Administration

59

48

62

51

2025

2024

as restated

£

£

Directors' remuneration

20,000

20,000

Directors' pension contributions to money purchase schemes

92,000

72,000

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

as restated

£

£

Depreciation - owned assets

40,572

33,521

Computer software amortisation

169,944

546,094

Auditor's remuneration

28,250

15,225

6.

TAXATION

Analysis of the tax charge

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

2025

2024

as restated

£

£

Current tax:

UK corporation tax

340,762

180,509

Under provision in the prior period

6,523

-

Total current tax

347,285

180,509

Deferred tax

97,043

127,872

Tax on profit

444,328

308,381

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

as restated

£

£

Profit before tax

1,697,768

1,400,938

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

424,442

350,235

Effects of:

Expenses not deductible for tax purposes

20,465

42,205

Depreciation in excess of capital allowances

46

120,832

Adjustments to tax charge in respect of previous periods

6,523

(13,736

)

Research and development tax credit

-

(191,155

)

Group relief

(7,148

)

-

Total tax charge

444,328

308,381

7.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £1,205,500 (2024: £567,000).

8.	PRIOR YEAR ADJUSTMENT

During the year ended 31 December 2025, errors were identified in the prior year financial statements relating to the timing of revenue recognition and the associated cost of sales.

Certain revenue and corresponding costs were recognised in an incorrect accounting period due to a misapplication of the company’s accounting policy for revenue recognition. This resulted in an overstatement of both revenue and cost of sales in that period. The net impact on the profit or loss account is £16,396.

The correction relates solely to the timing of recognition and therefore has no impact on the company’s cash flows. Adjustments have also been made to interest receivable, the overall impact of these adjustments on the prior year profit and loss is £53,659.

Reclassification adjustments were made within debtors and creditors to ensure consistency and comparability with the current year's financial statements and to provide a more appropriate presentation of these balances.

9.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2025

1,396,073

Additions

566,567

At 31 December 2025

1,962,640

AMORTISATION

At 1 January 2025

357,175

Amortisation for year

169,944

At 31 December 2025

527,119

NET BOOK VALUE

At 31 December 2025

1,435,521

At 31 December 2024

1,038,898

10.	TANGIBLE FIXED ASSETS

Plant and

equipment

£

COST

At 1 January 2025

197,021

Additions

44,452

Disposals

(44,848

)

At 31 December 2025

196,625

DEPRECIATION

At 1 January 2025

109,890

Charge for year

40,572

Eliminated on disposal

(44,578

)

At 31 December 2025

105,884

NET BOOK VALUE

At 31 December 2025

90,741

At 31 December 2024

87,131

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade debtors

1,093,017

889,271

Amounts owed by associates

1,156,214

1,097,263

Other debtors

3,689

519

Prepayments and accrued income

68,103

62,241

2,321,023

2,049,294

Amounts owed by associates are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade creditors

3,182,034

2,602,132

Amounts owed to group undertakings

7,100

74,017

Corporation tax

322,387

180,831

Taxation and social security

113,643

158,381

Other creditors

12,061

9,418

Directors' current accounts

-

21,993

Accruals and deferred income

3,729,741

2,929,087

7,366,966

5,975,859

Amounts owed to group undertakings and directors are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

13.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

as restated

£

£

Within one year

73,310

132,439

Between one and five years

273,820

348,958

In more than five years

159,000

234,925

506,130

716,322

14.	PROVISIONS FOR LIABILITIES

2025

2024

as restated

£

£

Deferred tax

378,550

281,507

Deferred

tax

£

Balance at 1 January 2025

281,507

Accelerated capital allowances

97,043

Balance at 31 December 2025

378,550