REGISTERED NUMBER: 02801429 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2026

for

Gariff Construction Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

G Chew

D Langshaw

S Doran

J Rowbotham

SECRETARY:

D Langshaw

REGISTERED OFFICE:

Village House

Eleventh Street

Trafford Park

Manchester

M17 1JF

REGISTERED NUMBER:

02801429 (England and Wales)

AUDITORS:

Hardy & Company (Hyde) Ltd

Chartered Certified Accountants

& Statutory Auditors

Onward Chambers

34 Market Street

Hyde

Cheshire

SK14 1AH

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

REVIEW OF BUSINESS

The company has enjoyed positive operating results for the year to 31 March 2026.

Contracts completed in the current period have performed very well due to efficient execution and delivery to programme.

The company continues to focus on its core specialism of bespoke, high end joinery fitout packages for a diverse

range of clients. Profitability has been assisted by the increase in locally based projects which reduces the logistical

costs and helps to keep the company's carbon footprint to a minimum.

The company enjoys a high level of colleague retention and this in turn contributes to an efficient, dedicated and

co-ordinated team culture.

Results and performance

Gross profit margin:

2026: 21.09% (£5,312,747)

2025: 20.28% (£2,425,876)

Pre-tax profit: £2,827,924 (2024: £282,961)

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks,

which have been considered by the directors.

As such the directors are optimistic that the Gariff proposition of quality work at sensible prices remains a much

sought after service in scarce supply.

KEY PERFORMANCE INDICATORS

The key performance indicators are as follows:

- Operating profit - increase of 999.40% (2025 - decrease of 71.67%)

- Shareholder funds - increase of 209.01% (2025 - increase of 3.01%)

- Profit after tax - decrease of 1001.29% (2025 - decrease of 71.32%)

BUSINESS ENVIRONMENT AND STRATEGY

The market places in which the company operates are highly competitive. The company strives to protect its market

positions by creating value for its customers through product quality, delivery service and innovation.

The business is trading successfully in its established specialisms and enjoys repeat business with numerous blue

chip clients. The business continues to pursue a policy of quality work at acceptable margins rather than volume at

any price.

The company has experienced an increase in turnover due to previously delayed projects being completed in current the year. This has resulted in a significant increase in turnover in the year, the directors anticipate that the year ended 31 March 2027 will return to more usual levels of £16-18 million.

ON BEHALF OF THE BOARD:

G Chew - Director

14 October 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of joinery and fit out contractors.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2026 will be £200,000.

DIRECTORS

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

G Chew

D Langshaw

S Doran

Other changes in directors holding office are as follows:

J Rowbotham was appointed as a director after 31 March 2026 but prior to the date of this report.

D Haworth ceased to be a director after 31 March 2026 but prior to the date of this 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.

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.

AUDITORS

Hardy & Company (Hyde) Limited were appointed as auditors of the company on 2 April 2026 and have indicated their willingness to continue in office. In accordance with section 485 of the Companies Act 2006, a resolution to reappoint Hardy & Company (Hyde) Ltd as auditors of the company will be proposed at the next general meeting.

ON BEHALF OF THE BOARD:

G Chew - Director

14 October 2026

Opinion

We have audited the financial statements of Gariff Construction Limited (the 'company') for the year ended 31 March 2026 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 March 2026 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 three, 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.

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:

Based on our understanding of the Company we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditures, and management bias in accounting estimates and judgemental areas of the financial statements such as revenue recognition.

Audit procedures performed by the engagement team included:

- discussions with management, including consideration of known or suspected instances of non-compliance with

laws and regulations and fraud.

- understanding of management's internal controls designed to prevent and detect irregularities.

- reviewing the litigation records in so far as it related to non-compliance with laws and regulations and fraud.

- reviewing relevant meeting minutes.

- designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.

- testing transactions entered into outside of the normal course of the Company's business; and

- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

There are inherent limitations in the audit procedures described above 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 would become aware of it. Also, 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 or intentional misrepresentations, or through collusion

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.

Paul Robert Campbell (Senior Statutory Auditor)

for and on behalf of Hardy & Company (Hyde) Ltd

Chartered Certified Accountants

& Statutory Auditors

Onward Chambers

34 Market Street

Hyde

Cheshire

SK14 1AH

14 October 2026

TURNOVER

3

25,184,632

11,961,526

Cost of sales

19,871,885

9,535,650

GROSS PROFIT

5,312,747

2,425,876

Administrative expenses

2,500,048

2,141,872

OPERATING PROFIT

6

2,812,699

284,004

Interest receivable and similar income

15,402

15,297

2,828,101

299,301

Interest payable and similar expenses

7

177

16,340

PROFIT BEFORE TAXATION

2,827,924

282,961

Tax on profit

8

712,407

71,681

PROFIT FOR THE FINANCIAL YEAR

2,115,517

211,280

PROFIT FOR THE YEAR

2,115,517

211,280

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,115,517

211,280

FIXED ASSETS

Tangible assets

10

160,114

143,420

CURRENT ASSETS

Stocks

11

80,560

79,262

Debtors

12

5,887,345

3,632,138

Cash at bank and in hand

2,678,144

1,481,653

8,646,049

5,193,053

CREDITORS

Amounts falling due within one year

13

5,103,129

3,559,438

NET CURRENT ASSETS

3,542,920

1,633,615

TOTAL ASSETS LESS CURRENT LIABILITIES

3,703,034

1,777,035

PROVISIONS FOR LIABILITIES

15

30,304

19,822

NET ASSETS

3,672,730

1,757,213

CAPITAL AND RESERVES

Called up share capital

16

1

1

Retained earnings

17

3,672,729

1,757,212

SHAREHOLDERS' FUNDS

3,672,730

1,757,213

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2026 and were signed on its behalf by:

G Chew - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

1

1,705,932

1,705,933

Changes in equity

Dividends

-

(160,000

)

(160,000

)

Total comprehensive income

-

211,280

211,280

Balance at 31 March 2025

1

1,757,212

1,757,213

Changes in equity

Dividends

-

(200,000

)

(200,000

)

Total comprehensive income

-

2,115,517

2,115,517

Balance at 31 March 2026

1

3,672,729

3,672,730

Cash flows from operating activities

Cash generated from operations

1

4,007,804

1,122,684

Interest paid

(177

)

(16,340

)

Tax paid

(701,925

)

(298,782

)

Net cash from operating activities

3,305,702

807,562

Cash flows from investing activities

Purchase of tangible fixed assets

(58,073

)

(90,148

)

Interest received

15,402

15,297

Net cash from investing activities

(42,671

)

(74,851

)

Cash flows from financing activities

Amount introduced by directors

-

(2,659

)

Amount withdrawn by directors

(1,866,540

)

-

Equity dividends paid

(200,000

)

(160,000

)

Net cash from financing activities

(2,066,540

)

(162,659

)

Increase in cash and cash equivalents

1,196,491

570,052

Cash and cash equivalents at beginning of year

2

1,481,653

911,601

Cash and cash equivalents at end of year

2

2,678,144

1,481,653

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

31.3.26

31.3.25

£

£

Profit before taxation

2,827,924

282,961

Depreciation charges

41,379

26,486

Finance costs

177

16,340

Finance income

(15,402

)

(15,297

)

2,854,078

310,490

Increase in stocks

(1,298

)

(58,462

)

(Increase)/decrease in trade and other debtors

(388,667

)

1,604,050

Increase/(decrease) in trade and other creditors

1,543,691

(733,394

)

Cash generated from operations

4,007,804

1,122,684

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 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

2,678,144

1,481,653

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,481,653

911,601

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank and in hand

1,481,653

1,196,491

2,678,144

1,481,653

1,196,491

2,678,144

Total

1,481,653

1,196,491

2,678,144

1.	STATUTORY INFORMATION

Gariff Construction 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.

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

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.

Significant judgements and estimates

The preparation of the financial statements requires management to make estimates, judgements and assumptions that affect the amounts reported. These judgements and estimates are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The significant judgements and estimates relate to Amounts recoverable on contracts

Management make an estimate of the level of completion of a contract and make a provision of the recoverable element of that contract. This is calculated on a percentage completion basis and takes into consideration surveyor values.

Turnover

Profit is recognised at the fair value of the consideration received for installation and completion work for fit out and joinery projects. This is measured reference to the stage of completion of each contract where there is reasonable certainty that the contract will be profitable and is shown net of VAT and other sales related taxes. Where the outcome of the contract cannot be established with reasonable certainty no profit is recognised. Foreseeable losses are provided for to the extent they are anticipated.

Where the value of work done exceeds the amounts invoiced, the excess is accounted for as amounts recoverable on contracts and is included within debtors.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost and 15% on cost

Motor vehicles

-

25% on cost

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

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks which comprise of work in progress, are stated at the lower of cost and estimated selling price less costs to complete. Cost comprises direct materials and, where applicable, direct labour costs and relevant overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress the estimated project revenue is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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

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.

Financial instruments

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

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

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

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

3.

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:

31.3.26

31.3.25

£

£

United Kingdom

25,184,632

11,961,526

25,184,632

11,961,526

4.	EMPLOYEES AND DIRECTORS

31.3.26

31.3.25

£

£

Wages and salaries

2,288,309

2,265,498

Social security costs

321,163

290,920

Other pension costs

74,566

95,843

2,684,038

2,652,261

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

31.3.26

31.3.25

Production

31

29

Administration

7

11

Management

9

12

47

52

5.	DIRECTORS' EMOLUMENTS

31.3.26

31.3.25

£

£

Remuneration for qualifying service

179,765

239,865

Company pension contributions to defined contribution schemes

55,142

37,348

234,907

277,213

Remuneration disclosed above includes the following amounts paid to the highest director:

31.3.26

31.3.25

£

£

Remuneration for qualifying service

84,163

81,906

Company pension contributions to defined contribution schemes

-

-

84,163

81,906

6.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.26

31.3.25

£

£

Hire of plant and machinery

-

29,513

Other operating leases

250,000

42,500

Depreciation - owned assets

41,379

26,486

Auditors remuneration

12,500

14,000

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.26

31.3.25

£

£

HMRC interest and fines

177

-

Other loan interest

-

16,340

177

16,340

8.

TAXATION

Analysis of the tax charge

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

31.3.26

31.3.25

£

£

Current tax:

UK corporation tax

701,925

55,116

Deferred tax

10,482

16,565

Tax on profit

712,407

71,681

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:

31.3.26

31.3.25

£

£

Profit before tax

2,827,924

282,961

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

706,981

70,740

Effects of:

Expenses not deductible for tax purposes

1,063

940

Capital allowances in excess of depreciation

(6,119

)

(19,950

)

Deferred taxation

10,482

16,565

Capital items expensed

-

1,675

Provisions tax adjustment

-

1,711

Total tax charge

712,407

71,681