The Practice Loan Company Plc 31/03/2026 iXBRL

Company registration number: 03767146

The Practice Loan Company Plc

Financial statements

31 March 2026

The Practice Loan Company Plc

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the members

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

The Practice Loan Company Plc

Directors and other information


	Directors	Christopher Carmichael
		Kevin McNally


	Secretary	Heidi Carmichael


	Company number	03767146


	Registered office	No 5 The Mews, Trent Business Centre
		Eastern Avenue
		Lichfield
		Staffordshire
		WS13 6RR


	Business address	No 5 The Mews, Trent Business Centre
		Eastern Avenue
		Lichfield
		Staffordshire
		WS13 6RR


	Auditor	Lindley & Co
		Suite 4 Europa House
		Europa Way
		Lichfield
		Staffordshire
		WS14 9TZ




	Bankers	Lloyds Bank Plc
		Foregate Street
		Chester

The Practice Loan Company Plc

Strategic report

Year ended 31 March 2026

Review of business

The company continues to raise finance for professional practitioners and other SME's.

Turnover for the year ended 31 March 2026 was £1,088,032 compared with £1,293,148 in the previous year. Gross profit amounted to £347,091, representing a gross margin of approximately 32%.

The company reported a loss before taxation of £45,742 for the year. This principally reflected lower turnover and gross profit during the period. The reported result also reflects the company's remuneration structure, whereby remuneration paid through payroll is included within operating costs rather than being dealt with through distributions to shareholders. The directors do not recommend the payment of a final dividend.

The directors remain satisfied with the financial position of the company, which had net assets of £297,317 and net current assets of £276,771 at the year end.

Principal risks and uncertainties

The principal risks and uncertainties remain the willingness of professional practitioners and SMEs to take on borrowing, changes in lender appetite and the availability and pricing of suitable funding.

The company continues to mitigate these risks by maintaining relationships with a broad range of funders, developing its introducer network and expanding its activity across the wider SME market.

Future plans and developments

The directors remain positive about the company's future prospects.

The company continues to develop its sales, marketing and CRM systems, with increasing use of artificial intelligence and automation to improve efficiency, reduce manual administration and improve the consistency and speed of sales follow-up and case management.

These developments allow management to devote more time to clients, introducers, lenders and revenue-generating activity, while maintaining close control over overheads.

The company intends to continue growing its core professional-practice business, expanding its introducer network and developing opportunities across the wider SME sector.

The directors believe that the combination of improved sales activity, automation, cost control and an established funding network provides a sound platform for future growth and improved profitability.

Financial key performance indicators

The board reviews performance against plan with reference to turnover, gross margin, profitability and cash flow.

Going concern

The directors continually review the company's cash flow, financial position and expected future trading.

Despite the loss reported for the year, the company remains in a positive net asset and net current asset position. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The directors therefore consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.

This report was approved by the board of directors on 18 September 2026 and signed on behalf of the board by:

Christopher Carmichael

Director

The Practice Loan Company Plc

Directors report

Year ended 31 March 2026

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

Directors

The directors who served the company during the year were as follows:

Christopher Carmichael

Kevin McNally

Dividends

The directors do not recommend the payment of a dividend.

Greenhouse gas emissions and energy consumption

Principal measures taken to increase energy efficiency

The company is committed to pursuing sound environmental policies in all aspects of its business and seeks to encourage and promote good environmental practice among its employees and within the communities in which it operates.

Information not included

The company has assessed the energy consumption to be less than 40MWh and is determined to be a low energy user, as such detailed information on the Streamlined Energy and Carbon Reporting (SECR) is not disclosed.

Disclosure of information in the strategic report.

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been included in the Strategic Report.

Directors responsibilities statement

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

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

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 18 September 2026 and signed on behalf of the board by:

Christopher Carmichael

Director

The Practice Loan Company Plc

Independent auditor's report to the members of

The Practice Loan Company Plc

Year ended 31 March 2026

Opinion

We have audited the financial statements of The Practice Loan Company Plc (the 'company') for the year ended 31 March 2026 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows 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 FRS 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 loss 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the 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 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Enquiry of management, being those charged with governance, and review of correspondence with the company's solicitors around actual and potential litigation and claims;We considered the nature of the company's industry and its control environment and reviewed the company's documentation of their policies and procedures relating to compliance with laws and regulations. We also made enquiries of company management in compliance functions about their assessment of the risks of irregularities and to identify any instances of non-compliance with laws and regulations;Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;Performing audit work over the risk of management override of controls, including analytical procedures and testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates.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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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 from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control 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 on the effectiveness of the 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 directors use of the going concern basis of accounting and, based on the audit 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 in our auditor’s 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 auditor’s 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 our audit.

Sandra Kay Lindley (Senior Statutory Auditor)

For and on behalf of

Lindley & Co

Chartered Certified Accountants and Stautory auditor

Suite 4 Europa House

Europa Way

Lichfield

Staffordshire

WS14 9TZ

18 September 2026

The Practice Loan Company Plc

Statement of comprehensive income

Year ended 31 March 2026

		2026	2025
	Note	£	£


Turnover	3	1,088,032	1,293,148
Cost of sales		( 740,941)	( 872,989)
		_______	_______
Gross profit		347,091	420,159

Administrative expenses		( 387,063)	( 386,741)
		_______	_______
Operating (loss)/profit	4	( 39,972)	33,418

Other interest receivable and similar income	8	256	2,285
Interest payable and similar expenses	9	( 6,026)	( 7,195)
(Loss)/profit before taxation		( 45,742)	28,508

Tax on (loss)/profit	10	5,060	( 8,167)
		_______	_______
(Loss)/profit for the financial year and total comprehensive income		( 40,682)	20,341
		_______	_______

All the activities of the company are from continuing operations.

The Practice Loan Company Plc

Statement of financial position

31 March 2026

		2026		2025
	Note	£	£	£	£

Fixed assets
Tangible assets	11	99,923		136,414
		_______		_______
			99,923		136,414

Current assets
Debtors	12	279,469		215,934
Cash at bank and in hand		81,171		142,844
		_______		_______
		360,640		358,778
Creditors: amounts falling due
within one year	13	( 83,869)		( 65,762)
		_______		_______
Net current assets			276,771		293,016
			_______		_______
Total assets less current liabilities			376,694		429,430

Creditors: amounts falling due
after more than one year	14		( 79,377)		( 91,431)
			_______		_______
Net assets			297,317		337,999
			_______		_______

Capital and reserves
Called up share capital	15		50,100		50,100
Profit and loss account			247,217		287,899
			_______		_______
Shareholders funds			297,317		337,999
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 18 September 2026 , and are signed on behalf of the board by:

Christopher Carmichael

Director

Company registration number: 03767146

The Practice Loan Company Plc

Statement of changes in equity

Year ended 31 March 2026

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 April 2024	50,100	267,558	317,658

(Loss)/profit for the year		20,341	20,341
	_______	_______	_______
Total comprehensive income for the year	-	20,341	20,341

	_______	_______	_______
At 31 March 2025 and 1 April 2025	50,100	287,899	337,999

(Loss)/profit for the year		( 40,682)	( 40,682)
	_______	_______	_______
Total comprehensive income for the year	-	( 40,682)	( 40,682)

	_______	_______	_______
At 31 March 2026	50,100	247,217	297,317
	_______	_______	_______

The Practice Loan Company Plc

Statement of cash flows

Year ended 31 March 2026

	2026	2025
	£	£

Cash flows from operating activities
(Loss)/profit for the financial year	( 40,682)	20,341

Adjustments for:
Depreciation of tangible assets	39,091	42,333
Other interest receivable and similar income	( 256)	( 2,285)
Interest payable and similar expenses	6,026	7,195
Tax on loss/profit	( 5,060)	8,167

Changes in:
Trade and other debtors	( 58,466)	7,068
Trade and other creditors	32,404	22,067
	_______	_______
Cash generated from operations	( 26,943)	104,886

Interest paid	( 6,026)	( 7,195)
Interest received	256	2,285
Tax paid	( 11,460)	( 82,398)
	_______	_______
Net cash (used in)/from operating activities	( 44,173)	17,578
	_______	_______

Cash flows from investing activities
Purchase of tangible assets	( 2,600)	( 122,392)
	_______	_______
Net cash used in investing activities	( 2,600)	( 122,392)
	_______	_______

Cash flows from financing activities
Proceeds from borrowings	( 8,400)	( 4,226)
Payment of finance lease liabilities	( 6,500)	78,152
	_______	_______
Net cash (used in)/from financing activities	( 14,900)	73,926
	_______	_______

Net increase/(decrease) in cash and cash equivalents	( 61,673)	( 30,888)
Cash and cash equivalents at beginning of year	142,844	173,732
	_______	_______
Cash and cash equivalents at end of year	81,171	142,844
	_______	_______

The Practice Loan Company Plc

Notes to the financial statements

Year ended 31 March 2026

1. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the accounts requires management to make judgements, estimates and assumptions that affect the amounts reported. These judgements and estimates are contiually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable in the circumstances.Singnificant judgementsThere are no significant judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies and having a significant effect on the amounts recognised in the financial statements.Key sources of estimation uncertaintyAccounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the realted actual income. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:Claw back provisionsFunders can apply a clawback of fees for a period of one to five years after a deal has been completed. Management make a provision for the clawback based on previous history and experience, supported by a continual review.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of claw backs.

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	33 %	straight line
Improvements to property	-	10 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

3. Turnover

Turnover arises from:

	2026	2025
	£	£
Rendering of services	1,088,032	1,293,148
	_______	_______

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

4. Operating loss/profit

Operating loss/profit is stated after charging/(crediting):

	2026	2025
	£	£
Depreciation of tangible assets	39,091	42,333
	_______	_______

5. Auditors remuneration

	2026	2025
	£	£
Fees payable to Lindley & Co
Fees payable for the audit of the financial statements	5,000	5,000
	_______	_______
Fees payable to the company's auditor and its associates for other services:
Taxation compliance services	500	500
Other non-audit services	2,500	1,650
	_______	_______
	3,000	2,150
	_______	_______

6. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2026	2025
Administrative staff	3	3
	_______	_______

The aggregate payroll costs incurred during the year were:

	2026	2025
	£	£
Wages and salaries	186,782	175,509
Social security costs	15,015	15,776
Other pension costs	513	1,137
	_______	_______
	202,310	192,422
	_______	_______

7. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2026	2025
	£	£
Remuneration	142,475	158,484
Company contributions to pension schemes in respect of qualifying services	-	1,137
	_______	_______
	142,475	159,621
	_______	_______

The number of directors who accrued benefits under company pension plans was as follows:

	2026	2025
	Number	Number
Defined contribution plans	-	2
	_______	_______

8. Other interest receivable and similar income

	2026	2025
	£	£
Bank deposits	256	2,285
	_______	_______

9. Interest payable and similar expenses

		2026	2025
		£	£
Bank loans and overdrafts		656	1,257
Other loans made to the company:
	Finance leases and hire purchase contracts	5,370	5,935
Other interest payable and similar expenses		-	3
		_______	_______
		6,026	7,195
		_______	_______

10. Tax on loss/profit

Major components of tax income/expense

	2026	2025
	£	£
Current tax:
UK current tax income/expense	( 5,060)	11,452
	_______	_______

Deferred tax:
Origination and reversal of timing differences	-	( 3,285)
	_______	_______
Tax on loss/profit	( 5,060)	8,167
	_______	_______

Reconciliation of tax income/expense

The tax assessed on the loss/profit for the year is higher than (2025: higher than) the standard rate of corporation tax in the UK of 25.00 % (2025: 25.00%).

	2026	2025
	£	£
(Loss)/profit before taxation	( 45,742)	28,508
	_______	_______

(Loss)/profit multiplied by rate of tax	( 11,436)	7,127
Effect of expenses not deductible for tax purposes	1,188	1,155
Effect of capital allowances and depreciation	4,747	1,005
Effect of different UK tax rates on some earnings	441	(1,120)
	_______	_______
Tax on loss/profit	( 5,060)	8,167
	_______	_______

11. Tangible assets

	Fixtures, fittings and equipment	Motor vehicles	Improvements to property	Total
	£	£	£	£
Cost
At 1 April 2025	89,584	118,560	59,360	267,504
Additions	2,600	-	-	2,600
	_______	_______	_______	_______
At 31 March 2026	92,184	118,560	59,360	270,104
	_______	_______	_______	_______
Depreciation
At 1 April 2025	82,746	29,640	18,704	131,090
Charge for the year	3,515	29,640	5,936	39,091
	_______	_______	_______	_______
At 31 March 2026	86,261	59,280	24,640	170,181
	_______	_______	_______	_______
Carrying amount
At 31 March 2026	5,923	59,280	34,720	99,923
	_______	_______	_______	_______
At 31 March 2025	6,838	88,920	40,656	136,414
	_______	_______	_______	_______

Obligations under finance leases

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


		Motor vehicles
		£
	At 31 March 2026	59,280
		_______
	At 31 March 2025	88,920
		_______

12. Debtors

	2026	2025
	£	£
Trade debtors	49,461	27,345
Other debtors	230,008	188,589
	_______	_______
	279,469	215,934
	_______	_______

13. Creditors: amounts falling due within one year

	2026	2025
	£	£
Bank loans and overdrafts	8,333	8,333
Trade creditors	48,662	23,423
Accruals and deferred income	8,800	8,800
Corporation tax	-	11,451
Social security and other taxes	9,821	2,747
Obligations under finance leases	7,091	7,091
Director loan accounts	1,071	3,917
Other creditors	91	-
	_______	_______
	83,869	65,762
	_______	_______

The bank loan is unsecured and carries interest at a rate of 2.5% pa.

14. Creditors: amounts falling due after more than one year

	2026	2025
	£	£
Bank loans and overdrafts	14,816	20,370
Obligations under finance leases	64,561	71,061
	_______	_______
	79,377	91,431
	_______	_______

The bank loan is unsecured and carries interest at a rate of 2.5% pa.

15. Called up share capital

Issued, called up and fully paid

	2026		2025
	No	£	No	£
Founder shares of £ 1.00 each	50,000	50,000	50,000	50,000
Incentive A shares of £ 1.00 each	85	85	85	85
Incentive B shares of £ 1.00 each	10	10	10	10
Incentive C shares of £ 1.00 each	5	5	5	5
	_______	_______	_______	_______
	50,100	50,100	50,100	50,100
	_______	_______	_______	_______

The founder shares carry no voting rights and have no right to dividends.

16. Analysis of changes in net debt

	At 1 April 2025	Cash flows	At 31 March 2026
	£	£	£
Cash and cash equivalents	142,844	(61,673)	81,171
Debt due within one year	(19,341)	2,846	(16,495)
Debt due after one year	(91,431)	12,054	(79,377)
	_______	_______	_______
	32,072	( 46,773)	( 14,701)
	_______	_______	_______

17. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2026
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Christopher Carmichael	( 3,917)	2,846	( 1,071)
		_______	_______	_______

2025
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Christopher Carmichael	( 2,141)	( 1,776)	( 3,917)
		_______	_______	_______

The advances are repayable on demand and interest free.

18. Related party transactions

H M West Limited, a company in which Christopher Carmichael is a director and controlling shareholder.Commissions payable £176,500 (2025 £267,000).Balances with related parties:H M West LimitedBalance due from H M West Limited at 31 March 2026 £178,568 (2025 £82,218). The balance is repayable on demand and interest free.CK Scotland LimitedBalance due from CKCM Holdings Ltd, a company controlled by Christopher Carmichael and Kevin McNally , at 31 March 2026 £46,371 (2025 £106,371). The balance is interest free and repayable on demand.

19. Controlling party

The company is controlled by C Carmichael who owns 100% of the voting shares in the company.