REGISTERED NUMBER: 08147250 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

ASTUTE HEALTHCARE LIMITED

Page

Company information

1

Group strategic report

2

Report of the director

6

Report of the independent auditors

9

Consolidated statement of comprehensive income

13

Consolidated statement of financial position

14

Company statement of financial position

15

Consolidated statement of changes in equity

16

Company statement of changes in equity

17

Consolidated statement of cash flows

18

Notes to the consolidated statement of cash flows

19

Notes to the consolidated financial statements

21

DIRECTOR:

D Patel

REGISTERED OFFICE:

Unit 1 Bilton Road

Hitchin

SG4 0SB

REGISTERED NUMBER:

08147250 (England and Wales)

AUDITORS:

Johnsons Chartered Accountants

Statutory Auditor

1-2 Craven Road

Ealing

London

W5 2UA

The director presents his strategic report of the company and the group for the year ended 31 March 2026.

Our business and industry

The Group distributes pharmaceutical and healthcare products to independent pharmacies and other customers in the UK and overseas, and also undertakes online retail activity in the USA. The Group operates in a highly competitive market and offers a range of locally sourced and imported products, together with related services. Its activities are subject to regulation, including requirements administered by the Medicines and Healthcare products Regulatory Agency (MHRA).

Our strategy

The Group's strategy is to deliver value to customers through reliable service, telesales and field support, a broad product range and competitive pricing. The Group aims to strengthen its position with independent pharmacies, develop appropriate overseas and online channels and achieve sustainable organic growth while maintaining regulatory compliance and disciplined working capital management.

REVIEW OF BUSINESS

The Group remained profitable during the year, although turnover decreased by £14.9 million (11.4%) to £115.4 million. Gross profit was broadly maintained at £12.1 million and gross margin increased from 9.5% to 10.5%. EBITDA increased by 6.8% to £3.5 million and profit before taxation increased by 20.7% to £2.8 million. Net assets increased by 26.3% to £9.3 million.

At 31 March 2026, net current assets were £5.2 million (2025: £2.8 million). Cash at bank reduced to £0.8 million (2025: £1.4 million), while stocks and debtors increased. The director continues to monitor cash flow, borrowing headroom, customer collections and inventory levels as part of the Group's working capital management.

2026 £

2025 £

Turnover

115.4m

130.3m

Gross profit

12.1m

12.3m

Depreciation and amortisation

0.3m

0.3m

Profit before taxation

2.8m

2.3m

Net assets

9.3m

7.3m

PRINCIPAL RISKS AND UNCERTAINTIES

The director reviews the principal risks and uncertainties facing the Group and the controls and actions used to manage them. The matters considered most relevant to the Group's development, performance and position are set out below.

Regulatory and product compliance

The Group operates in regulated markets. Changes in regulation, licensing requirements or non-compliance with requirements relating to product quality, traceability, storage, distribution, data protection, health and safety or other applicable laws could affect operations and reputation. The Group maintains regulatory oversight and seeks to ensure that appropriate licences, procedures, training and monitoring are in place.

Competition and margin pressure

The Group operates in highly competitive markets where price, availability and service are important. Competitive pressure and changes in customer or supplier behaviour may reduce volumes or margins. Management monitors market conditions, product pricing and customer service, and reviews the product range and cost base.

Supply chain and inventory

The Group depends on the availability of products from suppliers and on third-party logistics arrangements. Supply disruption, product recalls, expiry, damage or excess and slow-moving inventory could affect service levels and profitability. Management monitors supplier performance, stock availability, expiry profiles and provisions for obsolete or slow-moving inventory.

Liquidity and funding

The Group's activities require material investment in inventory and receivables. Liquidity risk is managed by monitoring cash flow, customer collections, stock levels and available borrowing headroom. At 31 March 2026, the Company had an invoice discounting facility of £7.0 million, of which £4.46 million was utilised, and a trade finance facility of £4.25 million, of which £3.71 million was utilised.

Interest rate risk

The Group finances part of its operations through asset-based and other lending facilities, exposing it to changes in interest rates. The director monitors borrowing costs and facility terms. The Group does not ordinarily use derivative instruments to hedge interest rate risk.

Credit risk

Credit risk arises principally from trade and other receivables. The Group manages this risk through customer credit limits, review of payment history and external credit information, active collection procedures and credit insurance where appropriate.

Foreign currency risk

The Group undertakes transactions in foreign currencies and consolidates overseas operations. Exchange-rate movements may affect purchasing costs, reported results and net assets. Foreign currency exposures and settlement requirements are monitored by management.

Information technology and cyber risk

The Group relies on information systems for ordering, inventory management, sales, finance and communication. System failure, cyber incidents or loss of data could disrupt operations. Access controls, backups, security measures and third-party support are maintained and reviewed.

Financial key performance indicators

The director uses financial key performance indicators to monitor the Group's scale and profitability. These are reviewed on an ongoing basis.

Financial indicator

2026

2025

Revenue (£)

115.4m

130.2m

Gross margin

10.5%

9.5%

EBITDA margin

3.0%

2.5%

SECTION 172(1) STATEMENT

Director's statement of compliance with the duty to promote the success of the Company

This statement explains how the director has had regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006 when promoting the success of the Company for the benefit of its members as a whole. In making decisions, the director considers the likely long-term consequences, the interests of employees, relationships with customers, suppliers and other business partners, the impact of operations on the community and the environment, the importance of maintaining high standards of business conduct and the need to act fairly between members.

Decision-making and long-term consequences

The director considers financial, operational, regulatory and stakeholder impacts when setting strategy and approving material decisions. The Group's regulated activities, working capital requirements, supply chain and reputation require decisions to balance short-term commercial needs with sustainable, compliant growth.

Customers

The Group seeks to maintain long-term customer relationships by providing access to products, competitive pricing and reliable service. Customer requirements and feedback are considered through regular commercial contact, service reviews and the management of complaints and returns. Product safety and regulatory compliance remain central to customer decisions.

Employees

Employees are important to the delivery of the Group's strategy. The director seeks to maintain appropriate communication, training, health and safety arrangements and opportunities for employees to raise matters. Employee interests are considered when operational and organisational decisions are made.

Suppliers and other business relationships

The Group relies on suppliers, logistics providers, lenders and other business partners. Management seeks to maintain constructive relationships, communicate requirements clearly, monitor service and quality, and agree commercial terms that support continuity of supply and the Group's long-term objectives.

Regulators and business conduct

The director recognises that regulatory compliance, product quality and ethical conduct are important to the Group's reputation and long-term success. The Group seeks to engage appropriately with regulators and to maintain policies and procedures designed to support compliance and high standards of conduct.

Shareholders

The director maintains communication with shareholders regarding performance, financing, strategy and future prospects. Decisions are taken with the aim of promoting the long-term success of the Company and acting fairly between members.

Community and environment

The Group seeks to minimise the environmental effect of its operations where practicable, including through monitoring energy use and emissions, efficient distribution and appropriate management of waste. The Group's Streamlined Energy and Carbon Reporting disclosures are included in the Director's Report.

Future outlook

The Group intends to continue developing its product and customer offering, improving operating efficiency, managing supply chain and working capital costs and maintaining regulatory compliance. The director remains focused on sustainable profitability and a sound financial position.

ON BEHALF OF THE BOARD:

D Patel - Director

9 October 2026

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the distribution of pharmaceutical products to independent pharmacies.

DIVIDENDS

During the year, Company declared an interim dividend of £181,000 (2025 - £221,000).

FUTURE DEVELOPMENTS

Astute Healthcare Limited is looking for the better growth in the years to come, as our expert management team is continuously looking into the improvements in the products and the services we provide to our customers, along with the improvisation in existing products and services to existing customers, we are continuously looking and analysing the market and make sure to add the new range of high demanding products. Also, management is continuously working towards minimising the supply chain costs and control over operational costs and overheads and that would lead to better margins for the Group.

POST BALANCE SHEET EVENTS

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

D Patel held office during the whole of the period from 1 April 2025 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

There were no political donations make during year (2025: Nil)

STREAMLINED ENERGY AND CARBON REPORTING

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group presents the following greenhouse gas (GHG) emissions and energy-use information under the Streamlined Energy and Carbon Reporting (SECR) requirements for the year ended 31 March 2026. The statutory disclosures for a large unquoted group relate to its UK energy use and associated emissions for all UK operations.

Scope 1 consumption and emissions comprise the direct combustion of natural gas and any fuel used for transport activities for which the Group is responsible.

Scope 2 consumption and emissions comprise indirect emissions from purchased electricity, calculated using the location-based method.

Energy consumption

Energy source

2026 kWh

2025 kWh

Natural gas

126,274

12,473

Purchased electricity

79,861

55,448

Total

206,135

67,921

Emissions of CO2 equivalent

Emissions source

2026 kgCO2e

2026 tCO2e

2025 kgCO2e

2025 tCO2e

Scope 1 - natural gas

23,103.13

23.10

2,648.39

2.65

Scope 2 - purchased electricity

14,135.31

14.14

10,155.81

10.16

Total gross emissions

37,238.44

37.24

12,804.20

12.81

Intensity ratio

Intensity measure

2026

2025

Group turnover (£m)

115.4

130.27

tCO2e per £1 million of turnover

0.32

0.10

Quantification and reporting methodology

The Group has followed the 2019 HM Government Environmental Reporting Guidelines and the GHG Protocol Corporate Standard. Purchased electricity emissions have been calculated on a location-based basis. Company has used the 2025 UK government conversion factors for company reporting.

Energy efficiency action

Company has taken efficiency measures during the year, including lighting or heating improvements, energy-monitoring actions.

DISCLOSURE IN THE STRATEGIC REPORT

Business Review

A review of the Group's business, principal activities, financial performance and future outlook is set out in the Strategic Report.

Principal Risks and Uncertainties

Details of the principal risks and uncertainties facing the Group, together with the measures in place to manage those risks, are set out in the Strategic Report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group strategic report, the Report of the director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information.

AUDITORS

The auditors, Johnsons Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Patel - Director

9 October 2026

Opinion

We have audited the financial statements of Astute Healthcare Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the Consolidated statement of comprehensive income, Consolidated statement of financial position, Company statement of financial position, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated statement of cash flows and Notes to the consolidated statement of cash flows, 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 group's and of the parent company affairs as at 31 March 2026 and of the group's 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group strategic report and the Report of the director, 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 Group strategic report and the Report of the director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group strategic report and the Report of the director 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Report of the director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of director

As explained more fully in the Statement of director's responsibilities set out on page seven, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the 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:

- Enquiring of management around actual and potential litigation and claims;

- Reviewing financial statement disclosures and testing to supporting documentation with applicable laws and regulations;

- Performing audit work over the risks of management override of controls, including 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 for bias.

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 judgement and maintain professional scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting 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 group's internal control.

-	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.

-

Conclude on the appropriateness of the director's 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 group or the parent 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 Report of the auditors 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 Report of the auditors. However, future events or conditions may cause the group or the parent 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.

-	Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements.

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.

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.

J Stuart Thomson MA CA FCT ATT MCSI (Senior Statutory Auditor)

for and on behalf of Johnsons Chartered Accountants

Statutory Auditor

1-2 Craven Road

Ealing

London

W5 2UA

9 October 2026

TURNOVER

4

115,379,950

130,271,628

Cost of sales

103,221,636

117,911,344

GROSS PROFIT

12,158,314

12,360,284

Distribution costs

2,205,618

2,205,753

Administrative expenses

6,786,827

7,216,761

8,992,445

9,422,514

3,165,869

2,937,770

Other operating income

1,434

-

OPERATING PROFIT

6

3,167,303

2,937,770

Interest receivable and similar income

78,983

6,764

3,246,286

2,944,534

Interest payable and similar expenses

8

445,776

624,030

PROFIT BEFORE TAXATION

2,800,510

2,320,504

Tax on profit

9

623,773

451,290

PROFIT FOR THE FINANCIAL YEAR

2,176,737

1,869,214

OTHER COMPREHENSIVE INCOME

Foreign operations translation

(63,946

)

(239,799

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(63,946

)

(239,799

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,112,791

1,629,415

Profit attributable to:

Owners of the parent

2,176,538

1,869,144

Non-controlling interests

199

70

2,176,737

1,869,214

Total comprehensive income attributable to:

Owners of the parent

2,112,592

1,629,345

Non-controlling interests

199

70

2,112,791

1,629,415

FIXED ASSETS

Intangible assets

12

914,417

837,452

Tangible assets

13

3,238,362

3,698,816

Investments

14

-

-

4,152,779

4,536,268

CURRENT ASSETS

Stocks

15

8,872,704

7,843,860

Debtors

16

12,444,654

12,867,296

Cash at bank

760,048

1,380,214

22,077,406

22,091,370

CREDITORS

Amounts falling due within one year

17

(16,886,826

)

(19,294,537

)

NET CURRENT ASSETS

5,190,580

2,796,833

TOTAL ASSETS LESS CURRENT LIABILITIES

9,343,359

7,333,101

PROVISIONS FOR LIABILITIES

20

(78,467

)

-

NET ASSETS

9,264,892

7,333,101

CAPITAL AND RESERVES

Called up share capital

21

2

2

Other reserves

22

(334,923

)

(270,977

)

Retained earnings

22

9,598,631

7,603,093

SHAREHOLDERS' FUNDS

9,263,710

7,332,118

NON-CONTROLLING INTERESTS

1,182

983

TOTAL EQUITY

9,264,892

7,333,101

The financial statements were approved by the director and authorised for issue on 9 October 2026 and were signed by:

D Patel - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

132,697

130,856

Investments

14

1,929,231

1,929,231

2,061,928

2,060,087

CURRENT ASSETS

Stocks

15

5,780,686

5,546,717

Debtors

16

13,654,702

12,669,657

Cash at bank

551,750

1,147,832

19,987,138

19,364,206

CREDITORS

Amounts falling due within one year

17

(12,538,175

)

(13,137,592

)

NET CURRENT ASSETS

7,448,963

6,226,614

TOTAL ASSETS LESS CURRENT LIABILITIES

9,510,891

8,286,701

CAPITAL AND RESERVES

Called up share capital

21

2

2

Retained earnings

22

9,510,889

8,286,699

SHAREHOLDERS' FUNDS

9,510,891

8,286,701

Company's profit for the financial year

1,405,190

1,455,350

The financial statements were approved by the director and authorised for issue on 9 October 2026 and were signed by:

D Patel - Director

Called up

share

Retained

Other

capital

earnings

reserves

£

£

£

Balance at 1 April 2024

2

5,954,949

(31,178

)

Changes in equity

Dividends

-

(221,000

)

-

Total comprehensive income

-

1,869,144

(239,799

)

Balance at 31 March 2025

2

7,603,093

(270,977

)

Changes in equity

Dividends

-

(181,000

)

-

Total comprehensive income

-

2,176,538

(63,946

)

Balance at 31 March 2026

2

9,598,631

(334,923

)

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 April 2024

5,923,773

913

5,924,686

Changes in equity

Dividends

(221,000

)

-

(221,000

)

Total comprehensive income

1,629,345

70

1,629,415

Balance at 31 March 2025

7,332,118

983

7,333,101

Changes in equity

Dividends

(181,000

)

-

(181,000

)

Total comprehensive income

2,112,592

199

2,112,791

Balance at 31 March 2026

9,263,710

1,182

9,264,892

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

2

7,052,349

7,052,351

Changes in equity

Dividends

-

(221,000

)

(221,000

)

Total comprehensive income

-

1,455,350

1,455,350

Balance at 31 March 2025

2

8,286,699

8,286,701

Changes in equity

Dividends

-

(181,000

)

(181,000

)

Total comprehensive income

-

1,405,190

1,405,190

Balance at 31 March 2026

2

9,510,889

9,510,891

Cash flows from operating activities

Cash generated from operations

1

(1,768,516

)

1,512,565

Interest paid

(445,776

)

(624,030

)

Tax paid

(512,785

)

(515,303

)

Net cash from operating activities

(2,727,077

)

373,232

Cash flows from investing activities

Purchase of intangible fixed assets

(176,334

)

-

Purchase of tangible fixed assets

(165,724

)

(328,445

)

Sale of intangible fixed assets

-

7,684

Sale of tangible fixed assets

6,874

1,125

Interest received

78,983

6,764

Net cash from investing activities

(256,201

)

(312,872

)

Cash flows from financing activities

Movement on bills of exchange/ loan

2,075,175

1,221,910

movement on debenture loans

1,068,553

(390,639

)

Repayment of other loans

(639,500

)

(97,417

)

Equity dividends paid

(181,000

)

(221,000

)

Net cash from financing activities

2,323,228

512,854

(Decrease)/increase in cash and cash equivalents

(660,050

)

573,214

Cash and cash equivalents at beginning of year

2

1,377,291

804,077

Cash and cash equivalents at end of year

2

717,241

1,377,291

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Profit for the financial year

2,176,737

1,869,214

Depreciation charges

315,058

322,118

Foreign exchange

261,716

122,821

Finance costs

445,776

624,030

Finance income

(78,983

)

(6,764

)

Taxation

623,773

451,290

3,744,077

3,382,709

(Increase)/decrease in stocks

(1,028,844

)

442,322

Decrease in trade and other debtors

422,642

464,162

Decrease in trade and other creditors

(4,906,391

)

(2,776,628

)

Cash generated from operations

(1,768,516

)

1,512,565

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

Year ended 31 March 2026

31/3/26

1/4/25

£

£

Cash and cash equivalents

760,048

1,380,214

Bank overdrafts

(42,807

)

(2,923

)

717,241

1,377,291

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

1,380,214

804,077

Bank overdrafts

(2,923

)

-

1,377,291

804,077