REGISTERED NUMBER: 11728231 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

FORTIS VISION LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

Directors:

N Todd

A Todd

S Pearce

Registered office:

Dickens House

Guithavon Street

Witham

Essex

CM8 1BJ

Registered number:

11728231 (England and Wales)

Senior statutory auditor:

Steven Collins

Auditors:

Baverstocks Limited

Statutory Auditor

Chartered Certified Accountants

Dickens House

Guithavon Street

Witham

Essex

CM8 1BJ

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

Review of business

During 2025, Fortis Vision continued to deliver its strategy of sustainable, controlled growth while maintaining a resilient operational platform. The investment in staff and operating systems has facilitated an increase in Turnover of 14.1% to £48.93 million, reflecting successful delivery across the Company's core construction, hotel and leisure, Purpose-Built Student Accommodation (PBSA) and care home markets.

The Company continued to diversify its client portfolio and reduce individual sector exposure. Growth within the hotel and leisure sector, together with repeat business from established clients and continued activity in PBSA and care homes, reduced reliance on any single market and supported a more balanced order book. This diversification has helped moderate the peaks and troughs historically experienced within one single sector and provides a stronger platform for sustainable growth.

Despite continued cost pressures, supply chain constraints and evolving regulatory requirements across the construction industry, Fortis Vision maintained positive turnover momentum and delivered increased operating profit of 13.3%. Continued investment in people, management capability, procurement and operating systems strengthened the underlying business and supported the controlled delivery of larger and increasingly complex projects. A significant milestone during the year was the successful completion of the largest and most technically complex project to date: a £12.5 million conversion and redevelopment of four former commercial buildings into student accommodation in Leeds. This project spanned 2 financial years and demonstrated Fortis Vision's capability to successfully deliver major, complex schemes while maintaining its commitment to quality and client satisfaction. This ability to deliver higher value projects provides greater pipeline visibility and strengthens the core business, opening additional opportunities within existing sectors.

Fortis Vision's continued focus on efficiency, resilience and stability centered around the consolidation of significant investments made in recent years across leadership, governance, systems and operational capability. Following the expansion of the management structure during 2024, the Company maintained a strong employee base whilst improving productivity and focusing on key industry changes. Fortis Vision recognised the significant impact that the Building Safety Act and wider regulatory reforms would have on the construction industry and proactively invested in both its in-house design capability and supply chain infrastructure to ensure the business was well positioned to meet these evolving requirements. Throughout 2025, the Company continued to strengthen its pre-construction, design management and compliance functions, enabling greater control of the design process and supporting effective navigation through the emerging regulatory gateway framework.

Fortis Vision continued to invest in governance, compliance and information security. The Company maintained its ISO 9001, ISO 14001 and ISO 45001 certifications and achieved Cyber Essentials Plus accreditation, reinforcing its commitment to quality management, environmental responsibility, occupational health and safety, and cyber resilience.

A significant milestone during the year was the successful completion of a management buyout in August 2025, with key members of the senior leadership team joining Nikki Todd in the ownership of the business. As part of this transition, Simon Pearce and Anthony Todd were promoted to the Board of Directors on 29 August 2025. Given their long-standing involvement within the organisation, deep understanding of the business and established relationships with clients, supply chain partners and employees, the transition was completed seamlessly and positioned the Company for continued success.

The new ownership and leadership structure represents an important step in the Company's evolution, creating a clear platform and focus on sustained positive cashflow and the continued strengthening of profitability. By broadening ownership amongst the senior leadership team, this will support innovation, strengthen client relationships and provide the stability, resilience and ambition required to deliver the next phase of the Company's growth, creating long-term value for its clients, employees and shareholders.

Principal risks and uncertainties

The Board maintains a robust risk-management framework, reviewed regularly as part of its governance arrangements. The principal risks and the Company's mitigating actions are summarised below:

1. Regulatory changes: Ongoing changes to building safety, planning and regulatory approval requirements may increase project sign off timelines and extend approval periods. The Company continues to invest in design management, compliance capability and early engagement with stakeholders to manage these risks and support programme certainty.

2. Competitive environment: Fortis Visions in-occupation delivery model, capability to manage design through regulatory gateways, established client relationships and supply chain partnerships continue to differentiate its offer.

3. Inflationary pressures: Inflationary pressures across materials, labour and the wider supply chain may impact project costs, commercial certainty and contract performance. The Company manages this risk through early procurement engagement, robust contract review, disciplined cost control and ongoing monitoring of supply chain pricing throughout the project lifecycle.

4. Financial and credit risk: Strong cash reserves, disciplined cash management and appropriate credit controls reduce liquidity and counterparty exposure. Client and project selection remains subject to commercial and financial review.

5. Information security and governance: Cyber Essentials Plus accreditation, strengthened systems and formal governance arrangements support the protection of information and the resilience of business operations.

6. Project execution: Investment in leadership, pre-construction planning and project controls supports consistent delivery across larger and more complex contracts. Contract performance is monitored through regular operational and commercial reviews.

7. Supply chain resilience: The Procurement Team continues to broaden and assess the approved subcontractor base, supporting competitive procurement, quality assurance and continuity of supply.

8. People and retention: Employee welfare, development and succession planning remain central to the Company's strategy, supporting retention and the attraction of experienced industry personnel.

9. Health, safety and regulatory compliance: Continuous auditing, the dedicated HSEQ function and maintained ISO certifications support compliance, safe delivery and preparation for evolving Building Safety Act requirements.

10. PBSA sector: Changes in student demographics, including shifts between international and domestic student demand, could alter the investment behaviour with PBSA sector. With a focus on maintaining the asset, and a shift toward lifecycle works, Fortis Vison is positioned well to tailor the offering to accommodate changes.

Financial performance and position

Turnover increased to £48.93 million, with a more diverse and wide-ranging number of projects completed. The focus on efficiency and consistency facilitated a reduction in administrative expenses of 6.7%, contributing to increase in operating profit and operating margin compared to 2024.

The balance sheet strengthened materially during the year. Cash at bank increased by £2.01 million to £4.45 million with net assets increasing by 43.2% to £4.59 million and the net current asset ratio improved to 147% from 135%. These results demonstrate the resilience of the core business.

The strengthened cash position and balance sheet provide a sound base for continued investment and growth without reliance on significant third-party funding.

Outlook

The Directors are confident in the long-term strategy to deliver continued efficiency and profitability through the strengthened offering throughout 2026 and beyond. Maintaining a disciplined approach to project selection, with a particular focus on securing opportunities through regional frameworks, deepening established client relationships and expanding appropriate new opportunities. The Company will continue to target a balanced portfolio across PBSA, hotel and leisure, care homes, refurbishment and wider construction markets, while ensuring that growth is supported by quality delivery and strong commercial governance.

The strengthened ownership structure, continued investment in the senior leadership team and resilient balance sheet provide a strong platform for the next phase of development. The Group's planned expansion through the addition of a passive fire-stopping company will further broaden its specialist capability, support compliance-led delivery and enhance the overall service offered to clients. Following the regulatory changes and the associated impacts of this, the Board will continue to prioritise cash generation, margin protection, operating profits, people development, and regulatory readiness while pursuing long-term value creation for clients, employees and shareholders.

On behalf of the board:

N Todd - Director

22 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 full service refurbishment contractor.

Dividends

The total distribution of dividends for the year ended 31 December 2025 will be £ 1,574,000 .

Directors

N Todd has held office during the whole of the period from 1 January 2025 to the date of this report.

Other changes in directors holding office are as follows:

D Borthwick - resigned 29 August 2025

A Todd - appointed 29 August 2025

S Pearce - appointed 29 August 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 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, Baverstocks Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

N Todd - Director

22 September 2026

Opinion

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

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

Our approach to assessing the risks of material misstatement due to fraud and noncompliance with laws and regulations was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to compliance with the Companies Act 2006, Financial Reporting Standard 102, relevant tax legislation, employment legislation and the legislation affecting companies within the construction industry.

We assessed the risks of material misstatements in respect of fraud and determined that the principal risks were related to posting of journal entries to manipulate the results for the financial year. We made enquiries of management during the audit to determine any instances of fraud, while also discussing the areas of risk in relation to audit as part of our audit team meeting.

Based upon the results of our risk assessment we designed our audit procedures to identify noncompliance with such laws and regulations identified above and also material misstatements in respect of fraud as follows:-

-

We obtained an understanding of the legal and regulatory framework in relation to the entity and how it complies with this framework. This included discussions with management, reviews of legal and professional fees and reviews of compliance with the legislation.

-

We discussed with the management the entity's policies and procedures including systems and controls. Compliance with these was tested via discussion and walkthrough testing of controls.

-

We enquired of management of their policies and procedures in relation to fraud and their knowledge of any actual, suspected, or alleged fraud.

-

We reviewed compliance with Pay as You Earn, Construction Industry Scheme and Value Added Tax laws via reviewing returns and correspondence.

-

We discussed with management to ensure continued compliance with employment and construction industry legislation.

-

We considered the risk of fraud through management override, and, in response, we incorporated testing of manual journal entries into our audit approach. This included the testing of journal entries throughout the year as well as year end journals.

-

We agreed the financial statement disclosures to underlying supporting documentation.

-

We enquired of management if there were any potential litigation or claims.

Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

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

Steven Collins (Senior Statutory Auditor)

for and on behalf of Baverstocks Limited

Statutory Auditor

Chartered Certified Accountants

Dickens House

Guithavon Street

Witham

Essex

CM8 1BJ

22 September 2026

Turnover

3

48,925,235

42,878,726

Cost of sales

39,364,460

33,469,575

Gross profit

9,560,775

9,409,151

Administrative expenses

5,006,833

5,363,950

4,553,942

4,045,201

Other operating income

4

43,896

11,280

Operating profit

6

4,597,838

4,056,481

Associated Company Loan

Write Off

7

425,391

-

4,172,447

4,056,481

Interest receivable and similar income

15,373

26,784

4,187,820

4,083,265

Interest payable and similar expenses

8

46,960

125,808

Profit before taxation

4,140,860

3,957,457

Tax on profit

9

1,181,229

1,140,018

Profit for the financial year

2,959,631

2,817,439

Profit for the year

2,959,631

2,817,439

Other comprehensive income

-

-

Total comprehensive income for the year

2,959,631

2,817,439

Fixed assets

Tangible assets

11

557,848

674,683

Current assets

Stocks

12

1,748,125

1,316,738

Debtors

13

6,813,927

7,011,219

Cash at bank and in hand

4,448,005

2,439,764

13,010,057

10,767,721

Creditors

Amounts falling due within one year

14

8,845,403

7,956,602

Net current assets

4,164,654

2,811,119

Total assets less current liabilities

4,722,502

3,485,802

Creditors

Amounts falling due after more than one year

15

(27,341

)

(165,099

)

Provisions for liabilities

18

(100,322

)

(111,495

)

Net assets

4,594,839

3,209,208

Capital and reserves

Called up share capital

19

100

100

Retained earnings

20

4,594,739

3,209,108

Shareholders' funds

4,594,839

3,209,208

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2026 and were signed on its behalf by:

N Todd - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

100

2,083,197

2,083,297

Changes in equity

Dividends

-

(1,691,528

)

(1,691,528

)

Total comprehensive income

-

2,817,439

2,817,439

Balance at 31 December 2024

100

3,209,108

3,209,208

Changes in equity

Dividends

-

(1,574,000

)

(1,574,000

)

Total comprehensive income

-

2,959,631

2,959,631

Balance at 31 December 2025

100

4,594,739

4,594,839

1.	Statutory information

Fortis Vision 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.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements 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.

There are no estimates and assumptions that have a significant risk of causing material adjustment in the financial statements.

Turnover

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

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:-

-

the amount of turnover can be measured reliably;

-

it is probable that the company will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-

the costs incurred and the costs to complete the contract 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor Vehicles

-

25% on reducing balance

Office Equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

Turnover

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

4.	Other operating income

2025

2024

£

£

Sundry Receipts

43,896

11,280

5.	Employees and directors

2025

2024

£

£

Wages and salaries

3,290,136

3,308,078

Social security costs

419,655

372,596

Other pension costs

253,960

333,045

3,963,751

4,013,719

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

2025

2024

Cost of sales

39

38

Administration

16

19

Directors

2

2

57

59

2025

2024

£

£

Directors' remuneration

174,091

49,136

Directors' pension contributions to money purchase schemes

86,840

120,840

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

Money purchase schemes

3

1

6.	Operating profit

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

2025

2024

£

£

Hire of Plant and Machinery

390,944

386,973

Depreciation - owned assets

137,376

128,869

Depreciation - assets on hire purchase contracts

52,174

60,992

Profit on disposal of fixed assets

(26,449

)

-

Auditors Remuneration

24,700

15,000

7.	Exceptional items

2025

2024

£

£

Associated Company Loan

Write Off

(425,391

)

-

8.

Interest payable and similar expenses

2025

2024

£

£

Bank Loan Interest

295

490

Other Interest Payable

14,863

11,383

HMRC Interest Paid

14,146

85,624

Penalties and Interest

111

8,234

Hire Purchase Interest

17,545

20,077

46,960

125,808

9.

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

1,192,402

1,115,812

Deferred Taxation

(11,173

)

24,206

Tax on profit

1,181,229

1,140,018

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

4,140,860

3,957,457

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

1,035,215

989,364

Effects of:

Expenses not deductible for tax purposes

172,032

155,472

Utilisation of tax losses

(26,018

)

(4,818

)

Total tax charge

1,181,229

1,140,018

10.

Dividends

2025

2024

£

£

Ordinary shares of £1.00 each

Interim

1,574,000

1,691,528

11.	Tangible fixed assets

Motor

Office

Vehicles

Equipment

Totals

£

£

£

Cost

At 1 January 2025

846,557

271,159

1,117,716

Additions

62,149

29,324

91,473

Disposals

(194,429

)

(48,854

)

(243,283

)

Reclassification/transfer

147,942

-

147,942

At 31 December 2025

862,219

251,629

1,113,848

Depreciation

At 1 January 2025

331,202

111,831

443,033

Charge for year

111,995

77,555

189,550

Eliminated on disposal

(115,890

)

(47,909

)

(163,799

)

Reclassification/transfer

87,216

-

87,216

At 31 December 2025

414,523

141,477

556,000

Net book value

At 31 December 2025

447,696

110,152

557,848

At 31 December 2024

515,355

159,328

674,683

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

Vehicles

£

Cost

At 1 January 2025

317,544

Disposals

(62,383

)

At 31 December 2025

255,161

Depreciation

At 1 January 2025

70,574

Charge for year

52,174

Eliminated on disposal

(25,703

)

At 31 December 2025

97,045

Net book value

At 31 December 2025

158,116

At 31 December 2024

246,970

12.

Stocks

2025

2024

£

£

Work in Progress

1,748,125

1,316,738