The directors present the strategic report for the year ended 31 March 2026.

The principal activity of the company continued to be that of the provision broadband solutions to the UK construction site industry at Superfast and Ultrafast download speeds on 4G, 5G and Starlink.

It provides clients with a wide range of secure networking and communications systems and empowers its clients, partners and has grown into a Managed Solutions Provider for resellers to unlock new growth opportunities through the utilisation of Intelligent Connectivity Software.

The directors consider that the key financial performance indicators are the turnover, gross margin and pre-tax results.

Turnover has increased by 6.4% to £1,214,957 with the gross profit percentage has improving from 55.5% last year to 78.0% in the current year. As a consequence of this gross profit has improved 49.6% to £947,191.

These significant improvements have arisen as a direct result of focused attention on both reducing unit costs for existing markets and expansion into the CCTV market which commands a higher margin.

The pre-tax result shows a profit of £636,228 compared to last year's profit of £300,430 as a direct result of both the increase in turnover and gross profit mentioned above and the company continuing its tight control over administrative expenditure.

The last 12 months have been a period of disciplined progress for Tardis plc.

While customers continued to demand tighter cost control, faster deployment and clearer accountability, the company strengthened its recurring revenue base, advanced its technology platform, and secured strategically valuable new accounts across and beyond its established markets.

Management prioritised durable, repeatable revenue over short-term transactional growth. Investment was directed towards customer retention, portal development, operational automation, and propositions capable of consistent deployment across construction, housebuilding, infrastructure, and other multi-site environments. This approach has created a stronger platform for controlled growth while preserving the agility and personal accountability on which Tardis has built its reputation.

The directors consider that the key financial performance indicators are the turnover, gross margin and pre-tax result which are detailed in the trading results earlier in this Report.

Non-financial key performance indicators are considered to be:

Research and development

Research and development remain central to the company’s strategy. During the year, material progress was made on the portal, which is evolving from a mobile connectivity management platform into a broader customer operating environment. Existing capabilities include automated ticketing, WAN and SIM health monitoring, device-level drill-down and telemetry. Work also advanced on the outcome-led Site Solution Builder, designed to translate site requirements into recommended broadband, Wi-Fi, CCTV and site-phone solutions with clear recurring and one-off charges, approval controls, and deployment tracking. Engineering also supported ComSure alongside selected confidential work for secure and mission-critical environments.

Customer satisfaction

Repeat orders, renewals and unsolicited client feedback remain the company’s most reliable measures of customer satisfaction. Customers continue to value rapid response, practical engineering support, and clear ownership of issues. The portal’s monitoring and service visibility also support earlier intervention, clearer communication, and more transparent oversight of each customer’s service fleet.

On-time delivery

Holding key stock, pre-configuring equipment and maintaining mobile field engineering capability enabled rapid response to new-site requirements and service incidents. Delays were generally linked to external carriers, changing site programmes or new addresses. The company continues to manage the complete delivery outcome, from configuration and activation to installation support and handover.

Customer retention

The retention strategy focused on protecting high-quality recurring relationships and increasing the value delivered to each customer and site. Losses arising from site completion, restructuring, acquisitions, or credit risk remain distinct from service-driven churn. Repeat deployments, renewals, and increased use of portal-led managed services support confidence in the underlying client base.

New customer development

New customer development improved in quality and strategic relevance, including key accounts beyond the company’s traditional markets. Business development is increasingly framed around customer outcomes: getting a site online, protecting the site and enabling communications. This moves the conversation beyond isolated products and creates a clearer route to recurring revenue and broader account value.

Internal process productivity

Internal processes were refined to improve ownership, auditability, and scale. The portal remains the central operational layer for service status, devices, ticketing, and customer activity, while the Site Solution Builder provides a clearer path from requirements to recommendation, approval, and deployment. The company has developed another raw AI model to support contact growth and management tracking in its CRM, automated workflows, and standardised documentation to provide clearer handovers between sales, operations, finance, and engineering & support, thus strengthening accountability and overall administration.

Product and service quality

Quality is managed through careful equipment selection, controlled configuration, pre-dispatch testing, and responsive field support. The company favours repeatable solutions that can be remotely monitored and supported throughout a site’s life. Integrated cloud controls, in-house engineering, and portal capabilities reduce variation and support a more consistent customer experience.

Company and brand reputation

Tardis continues to strengthen its position as a specialist in managed connectivity, security, and telecommunications for construction, housebuilding and infrastructure. New accounts outside these core markets provide further validation of the company’s service model. Its reputation increasingly rests on combining rapid deployment with engineered managed solutions, portal visibility, and responsive support. The company also continues to serve selected government, security, and defence requirements.

Employee training and development

Leadership regards investment in people as essential to sustainable growth. During the year, employees broadened their capability across connectivity, CCTV, access control, portal operations, customer support, and project delivery. Practical training, mentoring, and increased responsibility are building technical competence, judgement and confidence while reducing dependency on isolated roles.

Employee satisfaction

The team absorbed new technology, processes and a broader service proposition while maintaining day-to-day delivery. Employees responded with resilience, flexibility, and strong customer commitment. Management continues to prioritise employment stability, clear responsibility, professional development, open communication, and well-aligned workloads.

New product and process development

With ComSure, this proposition complements the company’s established connectivity services and create further recurring revenue opportunities within existing customer and site relationships. Integration with the portal, field engineering and managed support moves Tardis further from equipment supply towards a differentiated, unique technology-enabled service platform.

Priorities for the next fiscal period are controlled commercial rollout, continued portal development, and the conversion of innovation into repeatable MRR, and ARR.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2026.

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £78,750. The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

In accordance with section 487 of the Companies Act 2006, Buckley Watson Limited will be deemed to be reappointed as auditor of the company and the directors will determine their remuneration.

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• 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.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of information which would have been included in the business review and future developments and financial instruments paragraphs.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Tardis plc (the 'company') for the year ended 31 March 2026 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 March 2026 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 Auditor's 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 matters

A prior period adjustment was required within the financial statements to 31 March 2026. Further details of this prior period adjustment can be found at Note 28.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, 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 is 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.

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

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

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate evidence regarding the assessed risks of material misstatement due to fraud or error, and to respond appropriately to those risks.

Based on our understanding of the company and industry, and through discussions with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to the telecommunications industry, health and safety, employment law, data protection, and anti-bribery laws. We considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, UK GAAP and taxation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management's incentive and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls) and determined that the principal risks were related to the positing of inappropriate journal entries. Audit procedures performed by the engagement team included:

• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud, and review of the reports made by management.

• Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud.

• Auditing the risk of management override of controls, including through testing journal entries at the year end and post year end, and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

• Testing was undertaken on random items in the balance sheet and the performance statement to avoid predictability in our testing.

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 laws and regulations. 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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting form error, as fraud may involve collusion, forgery, internal omissions, misrepresentation, or the override of internal controls.

• Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the director' use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention to our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Tardis plc is a private company limited by shares incorporated in England and Wales. The registered office is Faber House, Eastern Road, Romford, Essex, RM1 3PJ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for the provision of SIM telephony services and router and cloud based internet data services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Income from these sources is recognised over the life of the contract on a monthly basis.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from contracts for the provision of professional enigneering services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably which is when the work is completed and approved by the customer.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

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

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

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

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

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

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rates of exchange ruling at that date, or, where applicable, at the forward contract rate.

Exchange differences arising on the settlement of monetary items, and on the translation of monetary items, are recognised in profit or loss in the period in which they arise.

In the application of the company’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 these 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 where 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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Management reviews the asset lives and associated residual values of all fixed asset classes and concludes 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 lives, factors such as future market conditions, the nature of the asset and asset maintenance are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and disposal values.

The whole of the turnover is attributable to the principal activity undertaken in the United Kingdom.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The bank loan is unsecured.

The debt is repayable in equal instalments over 5 years at an interest rate of 2.5% and is fully repayable by April 2027.

The following are the major deferred tax liabilities and assets recognised by the company:

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the year-end, amounts due to the pension scheme were £1,197 (2025: £1,413).

Ordinary shares carry the right to vote at general meetings of the company, the right to receive dividends as declared, and the right to participate in a distribution on winding up, in each case in proportion to the nominal value of shares held.

The share capital is 50,000 ordinary shares of £1 each, of which 25p per share has been partly paid, leaving 75p not yet called up.

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

The following transactions existed with the company's four shareholders as follows:

C Sutton is a director and shareholder of the two related parties with whom the transactions are shown above. His director's current account, disclosed above within key management personnel, is repayable on demand and is not interest bearing.

A Sutton is a shareholder of the two related parties.

M Sutton is a director of one of the related parties. His director's current account, disclosed above within key management personnel, is repayable on demand and is not interest bearing.

L Sutton is owed the sum shown under other related parties and which is included in other creditors. This loan is repayable on demand and is not interest bearing.

Transactions with the two related parties represent an annual rent of £35,000 (2025: £35,000) which is at a market rate but is not payable under any formal lease, with the balance representing cost of sales at market rate.

Dividends totalling £66,150 (2025 - £30,000) were paid in the year in respect of shares held by the company's directors.

There is no overall controlling party, shares being held by four shareholders.

The company has provided a guarantee in respect of a bank loan granted to one of its related parties. There are fixed and floating charges over all the property and undertakings of the company.

At the year-end the balance on this loan was £786,129 (2025: £843,696).