REGISTERED NUMBER: 04704499 (England and Wales)

AUTOPARTS & DIAGNOSTICS

LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

17

DIRECTORS:

T Seal

P Seal

SECRETARY:

T Seal

REGISTERED OFFICE:

Unit 2

Ashchurch Parkway

Tewkesbury

GL20 8TU

REGISTERED NUMBER:

04704499 (England and Wales)

AUDITORS:

Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

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

REVIEW OF BUSINESS

The company operates as an independent motor factor, supplying vehicle parts to the automotive repair trade, customers and other distributors. It operates from twelve branches across Gloucestershire, South Gloucestershire, Oxfordshire, Worcestershire, Warwickshire and the Forest of Dean, with its export operation based in Tewkesbury, Gloucestershire.

Turnover increased by 5.1% (2025: 8.0%) to £26.0m. The £1.3m increase reflected the full-year contribution from the most recently opened branch and strong growth across most locations. This performance demonstrates the benefits of the company's continued emphasis on friendly, customer-focused service, which remains a key differentiator from larger competitors.

Gross margin improved slightly to 41.5% (2025: 40.4%) despite ongoing inflationary pressures and supplier price increases. The company continues to benefit from membership of a large independent buying group, helping to maintain margins and competitiveness.

The Directors remain confident in the resilience of the UK business and will focus on sustaining the performance of established branches while improving that of newer locations. Export operations are expected to continue at current post-Brexit trading levels.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors consider the principal risks facing the company to be inflation, labour costs, foreign exchange exposure, competition, technological change, property availability, supplier financial stability and customer bad debts.

Inflation remains a challenge, with suppliers continuing to implement price increases. The company mitigates this through buying group membership, supplier diversification and strategic bulk purchasing, which also improves stock availability.

Labour costs increased significantly following changes to National Insurance and National Living Wage legislation. While maintaining full staffing levels places pressure on profitability, the Directors believe this supports long-term growth, customer service and employee retention. The company continues to offer competitive remuneration and a positive working environment.

Foreign exchange risk remains relevant due to significant Euro-denominated turnover. The company manages this through a combination of forward contracts and spot transactions, providing greater certainty over exchange rates and enabling consistent, competitive pricing.

Competition from large distributors and private equity-backed groups remains intense. The company responds through strong customer service, reliable deliveries, customer incentive programmes, branch expansion and wider product availability supported by the Tewkesbury warehouse and buying group relationships.

Technological change within the automotive sector continues to be monitored, particularly the transition towards greener vehicle technologies. Demand for the company's current product range remains strong, but the Directors are committed to adapting the business and product offering as the market evolves.

Property availability continues to present challenges for expansion and operational requirements. The company actively monitors opportunities through industry contacts and commercial property agents to support future growth.

Supplier financial stability has emerged as a risk. Whilst suppliers are generally large and established businesses, economic pressures have resulted in one supplier entering administration during the year. No lasting impact arose, but the event highlighted the importance of ongoing supplier monitoring, supported through the company's international buying group.

Customer bad debt risk has increased, with more customers experiencing financial difficulties, administrations and CCJs. The company mitigates this through robust credit control procedures, the use of debt recovery specialists, customer credit assessments and carefully managed credit limits.

DEVELOPMENT, PERFORMANCE AND POSITION AT YEAR END

Fixed asset purchases, primarily delivery vehicles, continued to be financed from internally generated cash. Fixed asset purchases were lower than the prior year, although fleet replacement investment continued where required.

Debtor days remained consistent at 44.9 (2025: 44.4). While overall debt collection remained satisfactory, incidences of bad debt increased, and the Accounts Team made more frequent use of debt recovery solicitors. Administrative expenses have been well controlled but were higher due to increases in National Living Wage and National Insurance costs, together with maintaining full staffing levels.

Cash generated from operations increased to £2.1m (2025: £1.8m). Cash flow pressures reduced compared with the previous year, as there was no requirement to fully stock newly opened branches. The company continues to pay suppliers within agreed terms and takes advantage of early settlement discounts where possible.

Stock levels are closely monitored to balance availability with efficient cash utilisation. Inventory is reviewed regularly to minimise obsolescence and maintain product relevance. Additional warehouse capacity at Tewkesbury supports stock availability across the branch network. Where appropriate, the company uses its financial strength to secure supplies of key products and mitigate potential shortages and price volatility brought about by geopolitical unrest and world events outside of our control.

The company enters the next financial year with a conservative gearing ratio of 17.9% and robust liquidity, reflected in a current ratio of 2.5, leaving it well positioned to meet future challenges and opportunities.

FINANCIAL KEY PERFORMANCE INDICATORS

KPI

Performance

Turnover

Increased by 5.1%, reflecting the full-year contribution from the latest branch addition and growth across most locations.

Gross Margin

Improved to 41.5% from 40.4%, reflecting continued focus on margin management.

Gearing Ratio

Increased from 15.9% to 17.9%, reflecting higher Directors' loan balances partly offset by reduced bank debt.

Current Ratio

Remained strong and consistent throughout the year.

Debtor Days

Remained consistent at 44.9 days (44.4 days in 2025).

ON BEHALF OF THE BOARD:

T Seal - Director

30 September 2026

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

DIVIDENDS

During the year dividends of £987,000 (2025: £987,000) were paid.

DIRECTORS

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

T Seal

P Seal

Other changes in directors holding office are as follows:

A Seal - resigned 18 March 2026

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

The auditors, Prime, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

T Seal - Director

30 September 2026

Opinion

We have audited the financial statements of Autoparts & Diagnostics 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 four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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;

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

- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

Vivian Shadbolt BSc FCA (Senior Statutory Auditor)

for and on behalf of Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

15 October 2026

TURNOVER

3

26,024,127

24,763,207

Cost of sales

15,220,799

14,756,153

GROSS PROFIT

10,803,328

10,007,054

Administrative expenses

8,740,871

7,654,790

OPERATING PROFIT

5

2,062,457

2,352,264

Interest receivable and similar income

49,317

3,702

2,111,774

2,355,966

Interest payable and similar expenses

6

246,841

192,301

PROFIT BEFORE TAXATION

1,864,933

2,163,665

Tax on profit

7

461,699

559,030

PROFIT FOR THE FINANCIAL YEAR

1,403,234

1,604,635

PROFIT FOR THE YEAR

1,403,234

1,604,635

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,403,234

1,604,635

FIXED ASSETS

Tangible assets

9

4,297,881

4,488,484

CURRENT ASSETS

Stocks

10

5,993,788

5,675,646

Debtors

11

4,821,834

4,828,600

Cash at bank and in hand

4,478,595

3,779,500

15,294,217

14,283,746

CREDITORS

Amounts falling due within one year

12

6,162,211

5,637,898

NET CURRENT ASSETS

9,132,006

8,645,848

TOTAL ASSETS LESS CURRENT LIABILITIES

13,429,887

13,134,332

CREDITORS

Amounts falling due after more than one year

13

(262,898

)

(327,583

)

PROVISIONS FOR LIABILITIES

17

(346,390

)

(402,384

)

NET ASSETS

12,820,599

12,404,365

CAPITAL AND RESERVES

Called up share capital

18

1,000

1,000

Share premium

19

382,688

382,688

Retained earnings

19

12,436,911

12,020,677

SHAREHOLDERS' FUNDS

12,820,599

12,404,365

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:

T Seal - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2024

1,000

11,403,042

382,688

11,786,730

Changes in equity

Dividends

-

(987,000

)

-

(987,000

)

Total comprehensive income

-

1,604,635

-

1,604,635

Balance at 31 March 2025

1,000

12,020,677

382,688

12,404,365

Changes in equity

Dividends

-

(987,000

)

-

(987,000

)

Total comprehensive income

-

1,403,234

-

1,403,234

Balance at 31 March 2026

1,000

12,436,911

382,688

12,820,599

Cash flows from operating activities

Cash generated from operations

1

2,057,447

1,781,088

Interest paid

(68,185

)

(58,111

)

Tax paid

(271,027

)

(596,588

)

Net cash from operating activities

1,718,235

1,126,389

Cash flows from investing activities

Purchase of tangible fixed assets

(254,325

)

(855,615

)

Sale of tangible fixed assets

22,528

13,487

Interest received

49,317

3,702

Net cash from investing activities

(182,480

)

(838,426

)

Cash flows from financing activities

Loan repayments in year

(62,489

)

(60,507

)

Amount withdrawn by directors

(749,171

)

(575,864

)

Equity dividends paid

(25,000

)

(25,000

)

Net cash from financing activities

(836,660

)

(661,371

)

Increase/(decrease) in cash and cash equivalents

699,095

(373,408

)

Cash and cash equivalents at beginning of year

2

3,779,500

4,152,908

Cash and cash equivalents at end of year

2

4,478,595

3,779,500

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

2026

2025

£

£

Profit before taxation

1,864,933

2,163,665

Depreciation charges

417,351

335,270

Loss on disposal of fixed assets

5,052

7,705

Finance costs

246,841

192,301

Finance income

(49,317

)

(3,702

)

2,484,860

2,695,239

Increase in stocks

(318,142

)

(1,070,188

)

Decrease/(increase) in trade and other debtors

6,765

(583,346

)

(Decrease)/increase in trade and other creditors

(116,036

)

739,383

Cash generated from operations

2,057,447

1,781,088

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

4,478,595

3,779,500

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

3,779,500

4,152,908

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.4.25

Cash flow

changes

At 31.3.26

£

£

£

£

Net cash

Cash at bank

and in hand

3,779,500

699,095

4,478,595

3,779,500

699,095

4,478,595

Debt

Debts falling due

within 1 year

(1,636,824

)

810,738

(1,204,421

)

(2,030,507

)

Debts falling due

after 1 year

(327,583

)

922

63,763

(262,898

)

(1,964,407

)

811,660

(1,140,658

)

(2,293,405

)

Total

1,815,093

1,510,755

(1,140,658

)

2,185,190

1.	STATUTORY INFORMATION

Autoparts & Diagnostics 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.

Going Concern

The company continues to be profitable and well resourced. The directors have a reasonable expectation that the company will continue in operational existence for at least 12 months from the date of approval of the financial statements. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

Rebates Receivable

Rebate arrangements with suppliers are a common feature of trading in the automotive industry and the Company has agreements with individual suppliers related to purchases of goods for resale.

Rebates are accounted for as a deduction from the cost of goods for resale and are recognised in the financial statements based on the amount that has been earned in respect of each individual supplier up to the balance sheet date. Rebates receivable are determined using established methodologies and are only recognised in the profit and loss where there is an agreement in place with an individual supplier, any related performance conditions have been met and the goods have been sold to a third-party customer.

Stock Provision

Stock comprises goods purchased for resale. Provisions are made against slow moving,obsolete and damaged stock for which the net realisable value is estimated to be less than cost. Determining the net realisable value of the wide range of produces held in many locations requires estimation to be applied to determine the likely saleability of products and the potential prices that can be achieved. In arriving at any provisions for net realisable value, the Directors take into account the age, condition, quality of the products in stock and recent sales trends. The actual realisable value of stock may differ from the estimated value on which the provision is based.

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.

Freehold property

-

2% on cost

Long leasehold

-

Straight line over 50 years

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

No depreciation is charged on freehold land.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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.

Derivative financial instruments

Derivative financial instruments are initially measured at fair value on the date in which the contract is entered and are subsequently valued at fair value with any movement being included in the income statement.

3.

TURNOVER

Turnover by geographical market has not been disclosed as the directors are of the opinion that to do so would be seriously prejudicial to the company. The whole of the turnover is attributable to the one principal activity of the company.

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

5,256,507

4,525,104

Social security costs

640,383

418,288

Other pension costs

225,914

193,375

6,122,804

5,136,767

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

2026

2025

Employees

171

157

2026

2025

£

£

Directors' remuneration

275,644

304,583

Directors' pension contributions to money purchase schemes

26,972

25,688

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

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2026

2025

£

£

Emoluments etc

153,865

146,536

Pension contributions to money purchase schemes

15,064

14,347

5.	OPERATING PROFIT

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

2026

2025

£

£

Depreciation - owned assets

417,348

335,271

Loss on disposal of fixed assets

5,052

7,705

Auditors' remuneration

24,150

22,990

Foreign exchange differences

(113,095

)

(43,899

)

Operating lease expense

298,988

230,540