REGISTERED NUMBER: 06871598 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

R S TYRER LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTORS:

R P Buckle

M J Buckle

REGISTERED OFFICE:

Tyrer House

Bloomfield Road

Farnworth

Bolton

Lancashire

BL4 9LP

REGISTERED NUMBER:

06871598 (England and Wales)

SENIOR STATUTORY AUDITOR:

Richard Barnes FCCA

AUDITORS:

Studholme-Bell Limited

Chartered Certified Accountants

Vantage House

3 East Terrace Business Park

Euxton Lane, Euxton

Chorley

Lancashire

PR7 6TB

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

R S Tyrer Limited is a coach operator providing transport to clients in various sectors including the leisure and education sectors, sports and general private hire.

REVIEW OF BUSINESS

The directors are pleased to report that the results of R S Tyrer Limited continue to show a strong level of trading in the current year. Revenue attained during the year has exceeded expectations and costs have continued to be monitored to ensure maximum profits are achieved. The overall performance of the company has been strong post year end and the directors expect further growth over the coming years. The balance sheet demonstrates a robust net assets position which ensures cashflow is strong and the company is able to meet its obligations on a day to day basis.

FUTURE DEVELOPMENTS

R S Tyrer Limited continues to develop and nurture strong relationships with key customers by providing a reliable and quality service. The company continues to invest heavily in both its bespoke offering and customer relationships to ensure it retains its strong position in the current UK market and continues to secure new contracts and build on its reputation.

KEY PERFORMANCE INDICATORS

The directors monitor the progress of R S Tyrer Limited's strategy and individual elements by reference to the following key performance indicators:

Financial - key performance indicators

31 December 2025

31 December 2024

Turnover

£8.55m

£7.78m

Gross profit

£3.17m

£2.68m

Gross profit (percentage)

37.06%

34.52%

Earnings before interest, tax, depreciation, amortisation and impairment of non-financial assets (EBITDA)

£1.72m

£1.58m

Investment in the renewal of the coach fleet

£1.64m

£891k

Cash flow movement

£63k

(£93)k

Non-financial key performance indicators

Average number of employees

104

96

During the year ended 31 December 2025 business activity level increased when compared with the prior year, with turnover of £8.55m being achieved in 2025, compared to £7.78m in 2024.

The company remains focused on minimising overheads and costs that are directly attributable to sales. This has allowed the company to sustain a gross margin level of 37.06%.

Wages and salary costs (excluding pensions) increased by £254k, from £3.13m in 2024 to £3.38m in 2025. This increase is primarily attributable to a rise in the number of drivers employed during the year, together with the increase in employers’ National Insurance.

R S Tyrer Limited continued its cyclical renewal of the coach fleet during the year ended 31 December 2025, with capital expenditure of £1.64m, compared to £891k in 2024.

Fixed assets at 31 December 2025 had a net book value of £6,942,174, increasing from £5,683,680 at 31 December 2024, reflecting the continued investment in fleet renewal during the year.

Current assets decreased to £1,669,716 at 31 December 2025, compared with £1,870,960 at 31 December 2024. The reduction in current assets in the year reflects a fall in trade and other debtors.

Current liabilities reduced to £1,383,124 at 31 December 2025, from £1,678,903 in the prior year. The movement mainly reflects a reduction in the hire purchase creditor at year end.

PRINCIPLE RISKS AND UNCERTAINTIES

Financial risk management

The nature of R S Tyrer Limited's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and interest rate cash flow risk, through fluctuation in interest rates. The company has in place, a risk management programme that seeks to limit the adverse effects on the financial performance of the company.

Credit risk

R S Tyrer Limited has implemented policies that require appropriate credit checks to be completed on potential customers before sales are made. Customers are subject to considered and appropriate credit limits and strong credit control procedures are in place.

Liquidity risk

R S Tyrer Limited continues to ensure it has sufficient funds in place to meets its day to day operations. The company attains cash reserves of £1,039,554 as at 31 December 2025 which the directors feel is sufficient to satisfy current liabilities as and when they fall due. Strong credit control procedures remain in place to ensure that trade debtors are converted into bank receipts on a timely basis.

ON BEHALF OF THE BOARD:

M J Buckle - Director

15 September 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of coach operator providing transport to clients in various sectors including the leisure and education markets, sports and general private hire.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £ 458,886 .

DIRECTORS

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

R P Buckle

M J Buckle

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

ON BEHALF OF THE BOARD:

M J Buckle - Director

15 September 2026

Opinion

We have audited the financial statements of R S Tyrer Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

As auditors of the above-named entity, we have undertaken audit testing, discussions, and examinations that are designed to detect irregularities, including fraud. Our procedures included the following:

i) We obtained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates. We determined that the Companies Act 2006 represents the most significant law and regulation relevant to the Company. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations, or of any actual or suspected fraud. We compared the results of these enquiries to available supporting documentation. Based on the procedures performed, we did not identify any matters relating to non-compliance with laws and regulations or any indicators of fraud.

ii) We assessed the Company’s financial statements for their susceptibility to material misstatement, including the risk of fraud. Audit procedures performed by the engagement team included:

Evaluating the processes and controls established to address risks relating to irregularities and fraud;

Testing manual journal entries, with particular focus on those relating to accounting estimates, material entries, and entries associated with unusual or non-routine transactions;

Identifying and testing related party transactions.

iii) In assessing the competence and capabilities of the engagement team, consideration was given to the team’s knowledge of the Company’s industry, together with relevant practical experience gained through training and participation in audit engagements of a similar nature.

iv) When assessing the potential risks of material misstatement in the financial statements, we obtained an understanding of:

The Company’s operations, including the nature of its revenue streams, expected financial statement disclosures, and business risks that may give rise to a risk of material misstatement; and

We performed and documented analytical reviews at both the planning and completion stages of the audit to ensure that all material items were identified and adequately explained.

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.

Richard Barnes FCCA (Senior Statutory Auditor)

for and on behalf of Studholme-Bell Limited

Chartered Certified Accountants

Vantage House

3 East Terrace Business Park

Euxton Lane, Euxton

Chorley

Lancashire

PR7 6TB

15 September 2026

TURNOVER

8,548,018

7,776,204

Cost of sales

5,380,391

5,091,839

GROSS PROFIT

3,167,627

2,684,365

Administrative expenses

1,925,766

1,991,665

1,241,861

692,700

Other operating income

10,083

28,985

OPERATING PROFIT

5

1,251,944

721,685

Interest receivable and similar income

26,787

19,223

1,278,731

740,908

Interest payable and similar expenses

6

170,373

244,018

PROFIT BEFORE TAXATION

1,108,358

496,890

Tax on profit

7

287,650

90,886

PROFIT FOR THE FINANCIAL YEAR

820,708

406,004

PROFIT FOR THE YEAR

820,708

406,004

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

820,708

406,004

FIXED ASSETS

Intangible assets

9

260,108

290,054

Tangible assets

10

6,942,174

5,683,680

7,202,282

5,973,734

CURRENT ASSETS

Stocks

11

10,276

33,296

Debtors

12

619,886

860,877

Cash at bank

1,039,554

976,787

1,669,716

1,870,960

CREDITORS

Amounts falling due within one year

13

1,383,124

1,678,903

NET CURRENT ASSETS

286,592

192,057

TOTAL ASSETS LESS CURRENT LIABILITIES

7,488,874

6,165,791

CREDITORS

Amounts falling due after more than one year

14

(2,282,178

)

(1,608,567

)

PROVISIONS FOR LIABILITIES

18

(1,438,397

)

(1,150,747

)

NET ASSETS

3,768,299

3,406,477

CAPITAL AND RESERVES

Called up share capital

19

1,098

1,098

Share premium

20

3,408

3,408

Retained earnings

20

3,763,793

3,401,971

SHAREHOLDERS' FUNDS

3,768,299

3,406,477

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

M J Buckle - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2024

1,098

3,453,348

3,408

3,457,854

Changes in equity

Dividends

-

(457,381

)

-

(457,381

)

Total comprehensive income

-

406,004

-

406,004

Balance at 31 December 2024

1,098

3,401,971

3,408

3,406,477

Changes in equity

Dividends

-

(458,886

)

-

(458,886

)

Total comprehensive income

-

820,708

-

820,708

Balance at 31 December 2025

1,098

3,763,793

3,408

3,768,299

Cash flows from operating activities

Cash generated from operations

1

1,939,649

1,417,891

Interest paid

(34,823

)

(42,546

)

Interest element of hire purchase payments paid

(135,550

)

(201,472

)

Tax paid

(3,652

)

(970

)

Net cash from operating activities

1,765,624

1,172,903

Cash flows from investing activities

Purchase of tangible fixed assets

(29,447

)

(996,163

)

Sale of tangible fixed assets

-

1,079,668

Interest received

26,787

19,223

Net cash from investing activities

(2,660

)

102,728

Cash flows from financing activities

Loan repayments in year

(121,356

)

(727,190

)

Capital repayments in year

(1,119,955

)

(183,768

)

Equity dividends paid

(458,886

)

(457,381

)

Net cash from financing activities

(1,700,197

)

(1,368,339

)

Increase/(decrease) in cash and cash equivalents

62,767

(92,708

)

Cash and cash equivalents at beginning of year

2

976,787

1,069,495

Cash and cash equivalents at end of year

2

1,039,554

976,787

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

31.12.25

31.12.24

£

£

Profit before taxation

1,108,358

496,890

Depreciation charges

443,095

540,332

Loss on disposal of fixed assets

-

297,156

Finance costs

170,373

244,018

Finance income

(26,787

)

(19,223

)

1,695,039

1,559,173

Decrease in stocks

23,020

-

Decrease/(increase) in trade and other debtors

240,991

(287,398

)

(Decrease)/increase in trade and other creditors

(19,401

)

146,116

Cash generated from operations

1,939,649

1,417,891

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

1,039,554

976,787

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

976,787

1,069,495

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.1.25

Cash flow

changes

At 31.12.25

£

£

£

£

Net cash

Cash at bank

976,787

62,767

1,039,554

976,787

62,767

1,039,554

Debt

Finance leases

(2,586,104

)

1,119,955

-

(3,108,346

)

Debts falling due

within 1 year

(121,357

)

121,357

-

-

(2,707,461

)

1,241,312

-

(3,108,346

)

Total

(1,730,674

)

1,304,079

-

(2,068,792

)

1.	STATUTORY INFORMATION

R S Tyrer 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.

The presentation currency of the financial statements is Pound Sterling (£).

Significant judgements and estimates

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.

Useful economic lives of tangible fixed assets:

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of tangible fixed assets and page 17 for the useful economic lives for each class of assets.

Income recognition

The company income comprises of the provision of private hire coach services and the provision of bus services under contract.

Income is measured at the fair value of the consideration received or receivable and represents amounts receivable for services supplied, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for the company's activity described below:

Rendering of services.

When the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion, the company recognises revenue on the sale of the services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of forty years.

Intangible assets

Computer software is being amortised on a reducing balance basis at 15% per annum. This basis of amortisation is deemed appropriate based on past usage of computer software by the company and is line with standard computer software packages.

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.

Improvements to property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

at varying rates on cost

On the basis that freehold property will only appreciate in cost, no depreciation is being charged and is currently held at cost in the balance sheet.

Inventories

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost includes all costs incurred in bringing each product to its 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.

Hire purchase interest is calculated using the sum of digits basis.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Debt instruments such as other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; debt instruments that are payable or receivable with one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

3,036,901

2,862,145

Social security costs

342,669

263,247

Other pension costs

273,326

48,663

3,652,896

3,174,055