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| 2. |
Summary of Significant Accounting Policies |
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
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Statement of compliance |
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The financial statements of the company for the financial year ended 31 March 2026 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006. |
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Basis of preparation |
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The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. |
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Cash flow statement |
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The company has availed of the exemption in FRS 102 from the requirement to prepare a Statement of Cash Flows because it is classified as a small company. |
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Turnover |
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Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. |
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Intangible assets |
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Intangible assets are valued at cost less accumulated amortisation. |
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Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 5 years. |
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Property, plant and equipment and depreciation |
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Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost comprises purchase price and other directly attributable costs. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows: |
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Plant and machinery |
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25% Straight line |
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The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
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Trade and other debtors |
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Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Trade and other creditors |
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Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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Employee benefits |
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers. |
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Taxation and deferred taxation |
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Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date. |
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Dividends |
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Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability when approved by the shareholders at an Annual General Meeting. |
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Foreign currencies |
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Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement. |
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Ordinary share capital |
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The ordinary share capital of the company is presented as equity. |
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| 4. |
Tax on profit/(loss) |
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2026 |
2025 |
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£ |
£ |
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(a) Analysis of charge in the financial year |
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Current tax: |
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Corporation tax at 25.00% (Note 4 (b)) |
47,890 |
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(b) Factors affecting tax charge for the financial year |
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The tax assessed for the financial year differs from the standard rate of corporation tax in United Kingdom (2025 - 25.00%). The differences are explained below: |
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2026 |
2025 |
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£ |
£ |
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Profit/(loss) taxable at 25.00% |
352,374 |
(127,406) |
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Profit/(loss) before tax |
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multiplied by the standard rate of corporation tax |
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in United Kingdom at 25.00% |
88,094 |
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Effects of: |
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Expenses not deductible for tax purposes |
2,957 |
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Capital allowances for period in excess of depreciation |
(10,314) |
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Utilisation of tax losses |
(32,847) |
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Total tax charge for the financial year (Note 4 (a)) |
47,890 |
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