REGISTERED NUMBER: 00489549 (England and Wales)

Johnsons Veterinary Products Limited

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

P N Gwynn

N M Franks

M P J Gwynn

J N Franks

J C Gwynn

REGISTERED OFFICE:

5 Reddicap Trading Estate

Sutton Coldfield

West Midlands

B75 7DF

REGISTERED NUMBER:

00489549 (England and Wales)

SENIOR STATUTORY AUDITOR:

Darren Barlow FCCA

AUDITORS:

TC Group

Statutory Auditor

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

BANKERS:

Barclays Bank Plc

166 The Parade

The Mall Shopping Centre

Sutton Coldfield

West Midlands

B72 1PH

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

REVIEW OF BUSINESS

Despite persistent economic and regulatory pressures, Johnson's Veterinary Products delivered resilient performance in 2025, maintaining robust sales following a record-breaking 2024. While revenue was lower than the prior year, demand across our core categories remained strong, reinforcing the continued strength of the Johnson's brand, product range and long-standing relationships within the pet trade.

The wider pet care market continued to evolve during the year. Consumers remained mindful of household budgets, but pet ownership trends and a continued focus on preventative healthcare supported demand for essential products such as flea and worm treatments. Specialist pet retailers remained a trusted source of advice and support for pet owners, and Johnson's continued to work closely with independent retailers to help drive category growth, support responsible pet ownership and promote the value of advice-led retailing. This included our continued support of National Pet Shop Day, which celebrates the critical role independent pet shops play within local communities and the wider pet care sector.

The operating environment remained challenging. Businesses across the sector faced increased regulatory oversight, evolving veterinary medicines requirements and growing environmental obligations. The Company continued to invest significant resources in maintaining high standards of regulatory compliance, product stewardship and responsible manufacturing. During the year, the Company managed ongoing regulatory developments, including increased scrutiny of environmental matters and wider industry attention surrounding active ingredients entering water systems. While these developments continue to create additional complexity across the sector, Johnson's remains committed to working constructively with regulators, industry bodies, supply chain partners and customers to ensure compliance and support best practice.

Environmental considerations continued to influence both product development and operational decision-making. The business continued to monitor and prepare for changes relating to packaging legislation, waste management obligations and wider sustainability initiatives. Progress was made in reducing packaging impact where practical, reviewing material choices and embedding environmental considerations into future product and packaging development programmes in line with evolving regulatory requirements.

Ongoing global geopolitical uncertainty also affected supply chains throughout the year. Disruption to shipping routes, increased freight costs, availability pressures and raw material inflation continued to create challenges across manufacturing and distribution operations. Through strong supplier relationships, proactive stock management and operational planning, the Company successfully maintained security of supply across its key product ranges while continuing to provide a high level of service to customers.

Alongside these external challenges, Johnson's continued to invest in the future of the business. Development programmes progressed across new products, branding initiatives, intellectual property protection and regulatory support activities. Investment was also made in systems, infrastructure and people to strengthen operational resilience and support future growth opportunities.

The Company enters 2026 with a healthy financial position, established customer relationships and a growing pipeline of product and brand initiatives. While the Board remains mindful of ongoing economic uncertainty, regulatory change and supply chain risks, demand for essential pet healthcare products remains resilient and the Directors remain confident in the long-term prospects of the business. Johnson's is well-positioned to continue supporting the pet trade, delivering value-for-money, high-quality products and pursuing sustainable growth in the years ahead. The Directors would like to thank employees, customers, suppliers and business partners for their continued support throughout the year and look forward to 2026 and beyond.

ON BEHALF OF THE BOARD:

P N Gwynn - Director

12 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 the manufacture and distribution of pet care products.

DIVIDENDS

Results for the year are shown on page 8.

Dividends for the year are shown in note 6 to the accounts on page 17.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

P N Gwynn

N M Franks

Other changes in directors holding office are as follows:

M P J Gwynn , J N Franks and J C Gwynn were appointed as directors after 31 December 2025 but prior to the date of this report.

MARKET VALUE OF LAND AND BUILDINGS

In the opinion of the Directors, the market value of the Company's freehold property is in excess of the current net book value but as the property is held for the purpose of trade and not resale, the excess is not considered to be of significance to members.

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 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, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P N Gwynn - Director

12 September 2026

Opinion

We have audited the financial statements of Johnsons Veterinary Products 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 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- we considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- we considered the nature of the industry, the control environment and business performance, including the key drivers for management¡¦s remuneration;

- we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- we considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. -

- we considered how the directors and management respond to risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- we performed detailed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and

regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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.

Darren Barlow FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

12 September 2026

TURNOVER

10,134,007

12,074,811

Cost of sales

8,136,706

9,351,124

GROSS PROFIT

1,997,301

2,723,687

Distribution costs

253,414

288,377

Administrative expenses

828,227

1,016,337

1,081,641

1,304,714

915,660

1,418,973

Other operating income

525

(1,589

)

OPERATING PROFIT

4

916,185

1,417,384

Interest receivable and similar income

53,133

76,488

PROFIT BEFORE TAXATION

969,318

1,493,872

Tax on profit

5

241,328

373,011

PROFIT FOR THE FINANCIAL YEAR

727,990

1,120,861

PROFIT FOR THE YEAR

727,990

1,120,861

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

727,990

1,120,861

FIXED ASSETS

Tangible assets

7

1,523,721

1,510,312

Investments

8

2

2

1,523,723

1,510,314

CURRENT ASSETS

Stocks

9

2,990,959

2,211,213

Debtors

10

1,707,467

1,249,303

Cash at bank and in hand

1,934,109

2,899,094

6,632,535

6,359,610

CREDITORS

Amounts falling due within one year

11

1,175,511

1,124,279

NET CURRENT ASSETS

5,457,024

5,235,331

TOTAL ASSETS LESS CURRENT LIABILITIES

6,980,747

6,745,645

PROVISIONS FOR LIABILITIES

13

20,248

11,736

NET ASSETS

6,960,499

6,733,909

CAPITAL AND RESERVES

Called up share capital

14

847

847

Share premium

461,076

461,076

Capital redemption reserve

1,317

1,317

Retained earnings

6,497,259

6,270,669

SHAREHOLDERS' FUNDS

6,960,499

6,733,909

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2026 and were signed on its behalf by:

P N Gwynn - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

847

5,658,008

461,076

1,317

6,121,248

Changes in equity

Dividends

-

(508,200

)

-

-

(508,200

)

Total comprehensive income

-

1,120,861

-

-

1,120,861

Balance at 31 December 2024

847

6,270,669

461,076

1,317

6,733,909

Changes in equity

Dividends

-

(501,400

)

-

-

(501,400

)

Total comprehensive income

-

727,990

-

-

727,990

Balance at 31 December 2025

847

6,497,259

461,076

1,317

6,960,499

Cash flows from operating activities

Cash generated from operations

1

(97,356

)

866,819

Government grants

525

(1,589

)

Tax paid

(373,757

)

(335,654

)

Net cash from operating activities

(470,588

)

529,576

Cash flows from investing activities

Purchase of tangible fixed assets

(46,130

)

(23,550

)

Sale of tangible fixed assets

-

8,825

Interest received

53,133

76,488

Net cash from investing activities

7,003

61,763

Cash flows from financing activities

Equity dividends paid

(501,400

)

(508,200

)

Net cash from financing activities

(501,400

)

(508,200

)

(Decrease)/increase in cash and cash equivalents

(964,985

)

83,139

Cash and cash equivalents at beginning of year

2

2,899,094

2,815,955

Cash and cash equivalents at end of year

2

1,934,109

2,899,094

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

2025

2024

£

£

Profit before taxation

969,318

1,493,872

Depreciation charges

32,721

29,759

Loss on disposal of fixed assets

-

1,508

Government grants

(525

)

1,589

Finance income

(53,133

)

(76,488

)

948,381

1,450,240

Increase in stocks

(779,746

)

(507,880

)

(Increase)/decrease in trade and other debtors

(458,164

)

163,369

Increase/(decrease) in trade and other creditors

192,173

(238,910

)

Cash generated from operations

(97,356

)

866,819

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

1,934,109

2,899,094

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,899,094

2,815,955

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

2,899,094

(964,985

)

1,934,109

2,899,094

(964,985

)

1,934,109

Total

2,899,094

(964,985

)

1,934,109

1.	STATUTORY INFORMATION

Johnsons Veterinary Products 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.

Preparation of consolidated financial statements

During both the current and previous years the company's subsidiaries were dormant and immaterial and would be exempt from consolidation.

Key judgments in applying accounting policies and estimation uncertainty

The company makes estimates and assumptions concerning the future. Management are also required to exercise judgment in the process of applying the company’s accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgments:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating or lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgment. The nature and type of risks for these provisions differ and management’s judgment is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Depreciation and residual values. The Directors have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that asset lives and residual values are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.

Turnover

Turnover represents amounts receivable for goods despatched net of VAT and trade discounts. Turnover is recognised on despatch of goods.

Tangible fixed assets

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

Freehold property

- not provided / 50 years

Plant and machinery

- 10% on cost

Motor vehicles

- 25% on cost

Computer hardware

- 33% on cost

Computer software

- 20% on cost

Office equipment

- 25% on cost

No depreciation is provided in respect of one of the properties included within freehold land and buildings as, in the opinion of the directors, the market value is well in excess of the current net book value.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

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

Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for any impairment or obsolescence. If either are apparent the carrying amount is reduced accordingly with the impairment loss recognised immediately in the Income Statement.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans to or from related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the Income Statement.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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.

Foreign currencies

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

Hire purchase and leasing commitments

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.

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,395,088

1,414,346

Social security costs

160,033

137,674

Other pension costs

122,524

173,829

1,677,645

1,725,849

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

2025

2024

Directors

2

3

Other

38

40

40

43

2025

2024

£

£

Directors' remuneration

253,589

314,110

Directors' pension contributions to money purchase schemes

20,000

60,000

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

137,449

159,972

Pension contributions to money purchase schemes

10,000

30,000

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Other operating leases

49,980

45,394

Depreciation - owned assets

32,721

29,759

Loss on disposal of fixed assets

-

1,508

Auditors' remuneration

12,000

11,450

Foreign exchange differences

5,018

-

5.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

232,816

373,811

Deferred tax

8,512

(800

)

Tax on profit

241,328

373,011

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

969,318

1,493,872

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

242,330

373,468

Effects of:

Expenses not deductible for tax purposes

781

5,319

Capital allowances in excess of depreciation

(1,783

)

(5,776

)

Total tax charge

241,328

373,011

6.

DIVIDENDS

2025

2024

£

£

Final

162,600

169,400

Interim

338,800

338,800

501,400

508,200