REGISTERED NUMBER: 00335195 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

J.J.CHURCHILL LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTOR:

M Cooper

REGISTERED OFFICE:

Station Road

Market Bosworth

Nuneaton

Warwickshire

CV13 0PF

REGISTERED NUMBER:

00335195 (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

J.J. Churchill Ltd ("the Company") is a Tier 1, make-to-print precision engineering supplier. Founded 89 years ago, the Company specialises in the manufacture of gas-turbine blades for the aerospace and industrial power generation markets. The Company operates in compliance with AS9100 and the relevant NADCAP and customer-specific approvals and certifications.

The Company's principal activity is the manufacture of components for the business-jet sector, which is complemented and increasingly balanced by its industrial gas-turbine activities. Market conditions in the business-jet sector remained positive during 2025 and into 2026, with underlying customer demand remaining strong. However, the Company's ability to convert this demand into planned output was significantly affected during the year by disruption within the supply chain of its largest customer.

Significant efforts have been made by the Company and its customer to address and mitigate these supply chain challenges, and the 2026/27 financial year has commenced with a significantly improved level of operational activity.

The Company was successful in securing a significant new industrial gas-turbine customer in the United States in 2023. Since then, the relationship has developed further, resulting in a number of significant opportunities for growth, which the Company is now progressing into production. The Company forecasts growth of more than 300% in its industrial gas-turbine revenues during 2026/27. This growth is expected to provide an increasing degree of strategic diversification and balance to the Company's aerospace activities.

ANALYSIS USING FINANCIAL KEY PERFORMANCE INDICATORS

Revenue for the year was £24.0m (2025: £25.3m). Despite the reduction in reported revenue, underlying sales volumes increased strongly. The decrease principally reflects a transition during the year to free-issue materials for the Company's largest customer, resulting in a corresponding reduction in sales prices.

The Company reported a loss before tax of £2.7m (2025: £2.2m loss), principally reflecting the impact of ongoing supply chain disruption on production volumes and operational efficiency.

Significant revenue growth and a return to profitability are forecast for 2026/27. Capital expenditure of £1.3m (2025: £0.1m) reflects the commencement of a programme of investment to support the Company's anticipated growth.

At the year-end, the Company's liabilities exceeded its assets by £7.0m (2025: £5.2m). However, liquidity has improved significantly, with the Company reporting net current assets of £0.6m (2025: £6.7m net current liabilities). The Company's ability to continue to meet its obligations and achieve its planned objectives is dependent upon the continued support of its shareholders and other stakeholders. The shareholders have provided a letter of support to 31 October 2027, and the Directors have concluded that additional funding would be available if required.

Having considered the Company's forecasts and cash flow projections for the financial years ending 31 March 2027 and 31 March 2028, the Directors have a reasonable expectation that the Company will have adequate resources to continue operating for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

ON BEHALF OF THE BOARD:

M Cooper - Director

29 October 2026

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

DIVIDENDS

No dividends were paid during the year (2025 - £Nil).

DIRECTORS

M Cooper has held office during the whole of the period from 1 April 2025 to the date of this report.

Other changes in directors holding office are as follows:

A J Churchill - resigned 2 January 2026

DISCLOSURE IN THE STRATEGIC REPORT

Future developments, which are required under Sch. 7 to be disclosed in the directors' report, are set out in the strategic report instead, in accordance with s.414C(11) CA 2006.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the 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 of the profit or loss of the company 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;

-	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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 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:

M Cooper - Director

29 October 2026

Opinion

We have audited the financial statements of J.J.Churchill 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 and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its loss 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 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 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 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 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 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 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 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, 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 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 four, 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 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 company or to cease operations, or has 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

29 October 2026

TURNOVER

3

23,990

25,263

Cost of sales

21,278

22,858

GROSS PROFIT

2,712

2,405

Distribution costs

451

459

Administrative expenses

4,351

3,516

4,802

3,975

OPERATING LOSS

5

(2,090

)

(1,570

)

Interest payable and similar expenses

6

546

591

Other finance costs

20

71

81

617

672

LOSS BEFORE TAXATION

(2,707

)

(2,242

)

Tax on loss

7

(598

)

(597

)

LOSS FOR THE FINANCIAL YEAR

(2,109

)

(1,645

)

LOSS FOR THE YEAR

(2,109

)

(1,645

)

OTHER COMPREHENSIVE INCOME

Actuarial gains/(losses) from assets

107

(406

)

Actuarial gains/(losses) from

a change in financial assumptions

240

604

Actuarial gains/(losses) from

a change in demographic assumptions

-

27

Actuarial gains/(losses) from experience

(15

)

14

Income tax relating to components of other comprehensive income

(60

)

(158

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

272

81

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,837

)

(1,564

)

FIXED ASSETS

Intangible assets

8

701

756

Tangible assets

9

3,788

3,639

4,489

4,395

CURRENT ASSETS

Stocks

10

4,441

9,641

Debtors

11

7,453

8,170

Cash at bank

1,839

644

13,733

18,455

CREDITORS

Amounts falling due within one year

12

13,138

25,147

NET CURRENT ASSETS/(LIABILITIES)

595

(6,692

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,084

(2,297

)

CREDITORS

Amounts falling due after more than one year

13

(11,223

)

(1,484

)

PENSION LIABILITY

20

(876

)

(1,397

)

NET LIABILITIES

(7,015

)

(5,178

)

CAPITAL AND RESERVES

Called up share capital

18

503

503

Share premium

19

1

1

Retained earnings

19

(7,519

)

(5,682

)

SHAREHOLDERS' FUNDS

(7,015

)

(5,178

)

The financial statements were approved by the director and authorised for issue on 29 October 2026 and were signed by:

M Cooper - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£'000

£'000

£'000

£'000

Balance at 1 April 2024

503

(4,118

)

1

(3,614

)

Changes in equity

Total comprehensive income

-

(1,564

)

-

(1,564

)

Balance at 31 March 2025

503

(5,682

)

1

(5,178

)

Changes in equity

Total comprehensive income

-

(1,837

)

-

(1,837

)

Balance at 31 March 2026

503

(7,519

)

1

(7,015

)

1.	STATUTORY INFORMATION

J.J.Churchill 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 incurred a loss before tax of £2.7m during the year ended 31 March 2026 and, as at that date, its liabilities exceeded its assets by £7.0m. The Company is forecast to return to profitability in the year ending 31 March 2027, with a profit before tax of approximately £6.2m.

The continued support of the shareholders of the Company's immediate parent company is important to the Company's ability to achieve its planned objectives and continue to trade. The shareholders have provided a letter of support to 31 October 2027, and the Directors have concluded that additional funding would be available if required.

Based on the Company's forecasts and cash flow projections for the financial years ending 31 March 2027 and 31 March 2028, the Directors expect a significant improvement in trading performance, together with a significant strengthening in financial position.

At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are amortised evenly over their estimated useful life.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2.5% on cost

Plant and machinery

-

33.33% on cost, 20% on cost and 12.5% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value. 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 products held in 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 and recent sales trends. The actual realisable value of stock may differ from the estimated value on which the provision is based.

Work in progress is stated at cost, including production overheads where appropriate, less progress payments on uncompleted contracts and provisions for expected losses.

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.

Hire purchase and leasing commitments

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

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

Material fixed assets purchased via hire purchase contracts are capitalised. The obligations under these finance agreements are shown separately in creditors. Depreciation is charged on the fixed assets in accordance with the policy outlined above. The finance costs of these contracts are written off to the profit and loss account in accordance with the straight line method.

Pension costs and other post-retirement benefits

The company previously operated 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.

The company previously operated a defined benefit pension scheme for the benefit of two of the directors and certain key employees of the company, alongside a separate defined contributions pension scheme for other employees. The Company's total obligation in respect of defined benefit plans is calculated by independent, qualified actuaries and updated at least annually. The size of the obligation is sensitive to actuarial assumptions. The key assumptions are the discount rate, the rate of inflation, life expectancy, pension benefits and rate of salary increases. The pension contributions made by the company under these arrangements are shown in the notes to the financial statements. The disclosures required under FRS102 employee benefits are shown in note 20.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2026

2025

£'000

£'000

United Kingdom

2,308

1,584

Europe

19,792

22,024

Rest of world

1,891

1,655

23,991

25,263

4.	EMPLOYEES AND DIRECTORS

2026

2025

£'000

£'000

Wages and salaries

5,305

5,152

Social security costs

615

484

Other pension costs

157

163

6,077

5,799

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

2026

2025

Production

91

96

Sales

1

1

Administration

28

20

Director

1

1

121

118

2026

2025

£

£

Directors' remuneration

300,679

395,281

Directors' pension contributions to money purchase schemes

79,573

37,577

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

205,960

205,281

Pension contributions to money purchase schemes

63,781

18,577

5.	OPERATING LOSS

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

2026

2025

£'000

£'000

Depreciation - owned assets

203

224

Depreciation - assets on hire purchase contracts

961

1,147

Development costs amortisation

55

80

Auditors' remuneration

58

27

Auditors' remuneration for non audit work

9

13

Foreign exchange differences

359

(183

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£'000

£'000

Loan interest

335

329

HP interest

211

262

546

591

7.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2026

2025

£'000

£'000

Deferred tax

(598

)

(597

)

Tax on loss

(598

)

(597

)

Reconciliation of total tax credit included in profit and loss

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

2026

2025

£'000

£'000

Loss before tax

(2,707

)

(2,242

)

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

(677

)

(561

)

Effects of:

Expenses not deductible for tax purposes

5

1

Capital allowances in excess of depreciation

(65

)

-

Depreciation in excess of capital allowances

-

201

Defined benefit pension scheme adjustments

18

(50

)

Deferred tax movement

(598

)

(597

)

Tax losses arising carried forward

719

409

Total tax credit

(598

)

(597

)

Tax effects relating to effects of other comprehensive income

2026

Gross

Tax

Net

£'000

£'000

£'000

Actuarial gains/(losses) from assets

107

-

107

Actuarial gains/(losses) from

a change in financial assumptions

240

(60

)

180

Actuarial gains/(losses) from

a change in demographic assumptions

Actuarial gains/(losses) from experience

(15

)

-

(15

)

332

(60

)

272

2025

Gross

Tax

Net

£'000

£'000

£'000

Actuarial gains/(losses) from assets

(406

)

-

(406

)

Actuarial gains/(losses) from

a change in financial assumptions

604

(151

)

453

Actuarial gains/(losses) from

a change in demographic assumptions

27

(7

)

20

Actuarial gains/(losses) from experience

14

-

14

239

(158

)

81

8.	INTANGIBLE FIXED ASSETS

Developme

costs

£'000

COST

At 1 April 2025

and 31 March 2026

836

AMORTISATION

At 1 April 2025

80

Amortisation for year

55

At 31 March 2026

135

NET BOOK VALUE

At 31 March 2026

701

At 31 March 2025

756

9.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£'000

£'000

£'000

COST

At 1 April 2025

2,015

19,417

21,432

Additions

-

1,313

1,313

At 31 March 2026

2,015

20,730

22,745

DEPRECIATION

At 1 April 2025

1,306

16,487

17,793

Charge for year

59

1,105

1,164

At 31 March 2026

1,365

17,592

18,957

NET BOOK VALUE

At 31 March 2026

650

3,138

3,788

At 31 March 2025

709

2,930

3,639