REGISTERED NUMBER: 11668292 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 January 2026

for

Millbrook Dairy Company Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

10

Balance Sheet

11

Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

Mr K L C Beer

Mr D G Evans

Mrs K J Evans

Mrs L Beer

Ms T M E Pollard

REGISTERED OFFICE:

69 High Street

Bideford

Devon

EX39 2AT

REGISTERED NUMBER:

11668292 (England and Wales)

AUDITORS:

Sumer Auditco Ltd

Statutory Auditors

69 High Street

Bideford

Devon

EX39 2AT

BUSINESS ADDRESS:

Caddsdown Business Support Centre

Caddsdown Industrial Park

Bideford

Devon

EX39 3DX

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

Millbrook Dairy Company Limited was founded by David Evans and Kevin Beer in January 2019. The business, despite Covid and the market turmoil created by the war in Ukraine, rapidly developed into a stable and successful operation. Over the last 7 years the company has continuously developed and strengthened its structure, operations and brand. Recognising an opportunity in a market that had undergone significant consolidation, it positioned itself as a prominent and trusted player in the dairy industry, servicing manufacturing, foodservice, wholesale, retail and export sectors with a range of bulk and specialist dairy products. The company continues to broaden its customer base and enrich its supply relationships.

REVIEW OF BUSINESS

The Board is satisfied with the results for the year ended 31 January 2026 in what was a challenging period for the sector due to market conditions and geopolitical stresses. Dairy market prices fell significantly in the second half of the period due to oversupply versus reduced demand across the fats sector. Millbrook Dairy Company demonstrated its capability and resilience by returning a solid performance in a tempestuous trading context. The company has positioned itself to be able to respond to the shifting ground of the sector and meet the demands of a dynamic market, delivering a profit for the year. The company's profit before taxation was £954,190.

PRINCIPAL RISKS AND UNCERTAINTIES

The company has established an effective risk management policy which covers all areas of the business risk. The Board and Management teams exercise financial and business control through the production of monthly management accounts, cash flow forecasting and stringent credit control. The company is committed to continuously improve its customer service, its ability to be flexible and its quality and control systems.

The key risks to the business continue to be fluctuating market conditions, consumer demand and geopolitical volatility. The company seeks to mitigate the effects of these risks via the constant monitoring of market conditions and influences, as well as striving for operational efficiency and maintaining a dynamic fleet of foot ethos.

Financial risk

The company's operations expose it to financial risks arising from movements in interest rates, foreign exchange rates and other market conditions, which are monitored by the directors.

Credit risk

Credit risk arises principally from amounts owed by customers, and the company seeks to minimise this through appropriate credit control procedures and regular monitoring of outstanding balances.

Liquidity risk

The company monitors its cash requirements and maintains sufficient available access to funds to meet its obligations as they fall due.

Cash flow risk

The company regularly reviews cash flow forecasts and working capital requirements to ensure that sufficient funds are available to support its ongoing operations.

Other risks

The company also monitors risks relating to economic conditions, customer demand, competition, key suppliers, staffing and regulatory requirements.

FUTURE DEVELOPMENTS

The company's activities will be unchanged for the coming year. Dairy Market prices are expected to recover over the next period, and supply is expected to be restricted. Domestic demand for dairy continues to grow, with retail demand up the UK will deepen its dependence on imported dairy commodities. This creates new opportunities for UK dairy traders. Millbrook Dairy Company continues to develop its international commercial relationships with producers and traders alike, growing the company's import and export activities. At home the company is broadening its customer base by developing long term strategic partnerships, particularly within the manufacturing and foodservice sectors, thus increasing stability and predictability for the business.

KEY PERFORMANCE INDICATORS

The Board focus on a range of key performance indicators (KPIs) to help assess the performance of the company against its primary objectives:

Turnover

Operating profit

Net assets

Net borrowing

The company's turnover increased to £39,013,197 (2025: £35,959,928) due to an increase in global dairy commodity prices during the first half of the period, and some strategic changes to product mix for the business. Volume throughput remained similar to the previous period, percent margin decreased from 7.72% to 5.86% in 2025/26. 2024/25 was an exceptional year and 2026 resumes the pattern of profitability established in previous years. The Company's sustained positive margins and growth are due to deliberate small changes in the product mix, increasing the volume of higher margin products. Lower costs of goods and improved working capital availability and reduced borrowing for the period. The directors are actively investing in the team, enhancing the company's capabilities and resilience. This strategic focus is cultivating a dynamic blend of skills to effectively support our partners in the period ahead.

EMPLOYEES

The company does not engage in or support discriminatory employment practices. Millbrook Dairy Company Ltd is a recognised Disability Confident employer.

MODERN SLAVERY AND HUMAN TRAFFICKING

The company takes seriously the risks of modern slavery and human trafficking within the global supply chain. Working with suppliers, customer and regulatory authorities we support the development of long-term solutions to the challenge of modern slavery and human trafficking. The company has a sound document management system, is audited annually and certified to GFSI standards and is a member of SEDEX (Supplier Ethical Data Exchange). The company's Ethical Trading Policy sets out its commitment to ensuring that the principles of ethical trading are promoted as good practice, and that the company abides by the standards contained in the Ethical Trading Initiative Base Code.

SUSTAINABILITY

The company is committed to behaving in a responsible and accountable manner, working in partnership with colleagues, suppliers, customers and the authorities to ensure we effectively manage the consequences of our actions and mitigate the impact of our activities on the environment, local and global.

SIGNED ON BEHALF OF THE BOARD:

Mr K L C Beer - Director

30 September 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesale of dairy products.

DIVIDENDS

The total distribution of dividends for the year ended 31 January 2026 will be £ 930,000 .

DIRECTORS

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

Mr K L C Beer

Mr D G Evans

Mrs K J Evans

Mrs L Beer

Ms T M E Pollard

POLITICAL DONATIONS AND EXPENDITURE

During the year the company made charitable contributions totalling £738 (2025 - £1,327).

There were no donations made to political parties/organisations/persons in the period.

DISCLOSURE IN THE STRATEGIC REPORT

Particulars of the financial risk management objectives and policies of the company and future developments are set out in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SIGNED ON BEHALF OF THE BOARD:

Mr K L C Beer - Director

30 September 2026

Opinion

We have audited the financial statements of Millbrook Dairy Company Ltd (the 'company') for the year ended 31 January 2026 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 January 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 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, 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

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

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. In common with all audits under UK ISAs we are also required to perform specific procedures to respond to the threat of management override. This work included testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to these laws and regulations, including fraud.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Health and Safety Act, UK Companies Act and UK tax legislation.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the Company's legal advisors.

We did not identify any key audit matters relating to irregularities, including fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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 Baker FCA (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Ltd

Statutory Auditors

69 High Street

Bideford

Devon

EX39 2AT

1 October 2026

TURNOVER

4

39,013,197

35,959,928

Cost of sales

36,727,617

33,183,321

GROSS PROFIT

2,285,580

2,776,607

Administrative expenses

1,206,135

1,383,780

OPERATING PROFIT

6

1,079,445

1,392,827

Interest receivable and similar income

375

6,699

1,079,820

1,399,526

Interest payable and similar expenses

8

125,630

51,046

PROFIT BEFORE TAXATION

954,190

1,348,480

Tax on profit

9

246,630

344,128

PROFIT FOR THE FINANCIAL YEAR

707,560

1,004,352

Retained earnings at beginning of year

2,718,123

2,080,876

Dividends

10

(930,000

)

(367,105

)

RETAINED EARNINGS AT END OF YEAR

2,495,683

2,718,123

FIXED ASSETS

Tangible assets

11

109,935

132,848

CURRENT ASSETS

Stocks

12

2,549,047

4,560,231

Debtors

13

3,182,432

3,271,871

Cash at bank and in hand

23,228

55,702

5,754,707

7,887,804

CREDITORS

Amounts falling due within one year

14

3,296,678

5,210,656

NET CURRENT ASSETS

2,458,029

2,677,148

TOTAL ASSETS LESS CURRENT LIABILITIES

2,567,964

2,809,996

CREDITORS

Amounts falling due after more than one year

15

72,181

91,773

NET ASSETS

2,495,783

2,718,223

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

2,495,683

2,718,123

SHAREHOLDERS' FUNDS

2,495,783

2,718,223

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2026 and were signed on its behalf by:

Mr K L C Beer - Director

Mr D G Evans - Director

Cash flows from operating activities

Cash generated from operations

23

1,628,072

99,956

Interest paid

(87,413

)

(34,190

)

Interest element of finance lease payments paid

(9,443

)

(4,106

)

Tax paid

(351,741

)

(113,541

)

Net cash from operating activities

1,179,475

(51,881

)

Cash flows from investing activities

Purchase of tangible fixed assets

(1,774

)

(10,591

)

Interest received

375

6,699

Net cash from investing activities

(1,399

)

(3,892

)

Cash flows from financing activities

Bank loan repayments in year

(9,999

)

(10,000

)

Finance lease capital repayments in year

(16,250

)

(2,708

)

Amount introduced by directors

51,811

336,166

Amount withdrawn by directors

(1,199,598

)

(462,450

)

Other loans received in year

43,486

221,828

Other loans repaid in year

(80,000

)

-

Net cash from financing activities

(1,210,550

)

82,836

(Decrease)/increase in cash and cash equivalents

(32,474

)

27,063

Cash and cash equivalents at beginning of year

24

55,702

28,639

Cash and cash equivalents at end of year

24

23,228

55,702

1.	STATUTORY INFORMATION

Millbrook Dairy Company Ltd 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.

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

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements are rounded to the nearest pound.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

Preparation of consolidated financial statements

The financial statements contain information about Millbrook Dairy Company Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 402 of the Companies Act 2006 from the requirements to prepare consolidated financial statements on the basis that under Section 405 of the Companies Act 2006 its sole subsidiary undertaking can be excluded from consolidation in Companies Act group accounts.

Significant judgements and estimates

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. As a result of the judgements made 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.

Key sources of estimation uncertainty

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.

Estimated useful lives

In determining the estimated useful life the company considers the expected usage (capacity or physical output) of the asset, expected physical wear and tear of the asset and expected technical advancements in the industry that could lead to obsolescence of the asset. Each year the company reviews the above to establish if there is any change is expected useful life of tangible assets.The depreciation charge for the year ended 31 January 2026 was £24,687 (2025 - £10,387).

Stock provision

Where estimated selling price less costs to complete and sell is lower than cost, a stock provision will be recorded. The estimated selling price is determined with reference to market values. There were no stock provisions at 31 January 2026 (2025 - £nil).

Provision for doubtful debts

Where estimated amounts receivable is less than the value of the debt included in the accounts, a provision for doubtful debts will be recorded. There were no provision for bad debts at 31 January 2026 (2025 - £nil).

Turnover

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

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.

Plant and machinery

-

20% straight line

Fixtures and fittings

-

20% straight line

Motor vehicles

-

Over period of the lease

Computer equipment

-

20% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.

Taxation

Taxation for the year comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Hire purchase and leasing commitments

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

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

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

Pension costs and other post-retirement benefits

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

Going concern

Having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

4.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2026

2025

£

£

United Kingdom

38,831,323

35,525,331

Europe

181,874

434,597

39,013,197

35,959,928

All turnover derives from the sale of goods.

5.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

431,352

403,343

Social security costs

47,168

42,736

Other pension costs

272,365

370,133

750,885

816,212

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

2026

2025

Management

5

5

Sales

1

1

Administration

3

4

Technical

2

1

11

11

2026

2025

£

£

Directors' remuneration

119,510

146,303

Directors' pension contributions to money purchase schemes

203,978

302,863

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

Money purchase schemes

5

5

6.	OPERATING PROFIT

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

2026

2025

£

£

Other operating leases

46,495

34,134

Depreciation - owned assets

7,221

7,476

Depreciation - assets on finance leases

17,466

2,911

Foreign exchange differences

(24,724

)

(22,988

)

Operating leases on premises

2,531

-

7.	AUDITORS' REMUNERATION

2026

2025

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

21,000

15,000

Auditors' remuneration for non audit work

7,020

2,950

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Bank interest

216

470

Other interest payable

115,971

46,470

Leasing

9,443

4,106

125,630

51,046

9.

TAXATION

Analysis of the tax charge

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

2026

2025

£

£

Current tax:

UK corporation tax

255,185

351,741

Deferred tax

(8,555

)

(7,613

)

Tax on profit

246,630

344,128

Reconciliation of total tax charge included in profit and loss

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

2026

2025

£

£

Profit before tax

954,190

1,348,480

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

238,548

337,120

Effects of:

Expenses not deductible for tax purposes

8,082

7,008

Total tax charge

246,630

344,128

10.

DIVIDENDS

Interim dividends of £930,000 (2025- £367,105) were paid during the year.

11.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 February 2025

11,318

5,515

117,388

22,268

156,489

Additions

-

-

-

1,774

1,774

At 31 January 2026

11,318

5,515

117,388

24,042

158,263

DEPRECIATION

At 1 February 2025

7,174

3,779

2,911

9,777

23,641

Charge for year

2,263

828

17,466

4,130

24,687

At 31 January 2026

9,437

4,607

20,377

13,907

48,328

NET BOOK VALUE

At 31 January 2026

1,881

908

97,011

10,135

109,935

At 31 January 2025

4,144

1,736

114,477

12,491

132,848

All of the fixed assets of the company have been pledged as security for liabilities.