REGISTERED NUMBER: SC112957 (Scotland)

Group Strategic Report, Report of the Director and

Audited Consolidated Financial Statements for the Year Ended 31 March 2026

for

Signatory Vintage Scotch Whisky Company

Limited

Page

Group Strategic Report

1

Report of the Director

2

Report of the Independent Auditors

3

Consolidated Statement of Comprehensive Income

6

Consolidated Statement of Financial Position

7

Company Statement of Financial Position

8

Consolidated Statement of Changes in Equity

9

Company Statement of Changes in Equity

10

Consolidated Statement of Cash Flows

11

Notes to the Consolidated Statement of Cash Flows

12

Notes to the Consolidated Financial Statements

13

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

REVIEW OF BUSINESS

The director is delighted to report a successful year for the group.

The group has generated £18,954,453 (2025: £16,455,357) of turnover due to excellent products. The group has generated £13,415,377 (2025: £11,555,520) of profits before tax to give satisfactory results.

At the period end the group had shareholders funds of £111,808,380 (2025: £102,440,837) including distributable profits of £111,758,380 (2025: £102,390,837). The directors therefore believe the group's position to be satisfactory, especially as the group's current assets exceed its current liabilities by £96,960,758 (2025: £87,332,607) and available cash is £48,875,939 (2025: £40,226,103).

The director believes that there is a strong foundation to build the business further.

PRINCIPAL RISKS AND UNCERTAINTIES

Scotch Whisky volumes contract or competitors adopt aggressive reduction in pricing.

We do not participate in the fiercely price competitive supermarket sector, so feel somewhat sheltered from the full rigours of a market decline in volume. Being a niche player with an attractive value to price ratio within our product range, we feel we are better placed than many competitors to weather such challenges, without a material impact to current levels of activity or profitability. The potential to further expand our product range would further shelter such an impact.

The group is unable to source additional mature whisky stocks in the near term.

We have a broad range of younger whiskies within our inventory that would allow us to continue to meet medium term sales aspirations, through introducing these into our product line up.

Customers default on their debts to the group.

The group work primarily with customers who are long established and have proved both honourable and reliable and settling their debts in a timely manner. The directors routinely evaluate credit risk and have in place selective credit insurance on a number of key accounts that provide full or partial cover in the event of default. The risk is further mitigated by maintaining a close contact with all key accounts. It is unusual for any customer to have a balance in excess of £500,000.

ON BEHALF OF THE BOARD:

Mr A W Symington - Director

29 October 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the selection and bottling of fine single malt Scotch whiskies and their sale to export and domestic markets, the distillation and sale of Edradour Single Highland Malt Scotch Whisky, and the operation of a visitors centre at the distillery in Pitlochry.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2026 will be £600,000.

DIRECTOR

Mr A W Symington held office during the whole of the period from 1 April 2025 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr A W Symington - Director

29 October 2026

Opinion

We have audited the financial statements of Signatory Vintage Scotch Whisky Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2026 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

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

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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.

Based on our understanding of the group, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

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.

Greig Brown (Senior Statutory Auditor)

for and on behalf of Drummond Laurie CA

Statutory Auditor

Unit 5

Gateway Business Park

Beancross Road

Grangemouth

FK3 8WX

29 October 2026

TURNOVER

3

18,954,453

16,455,357

Cost of sales

(5,740,951

)

(5,243,748

)

GROSS PROFIT

13,213,502

11,211,609

Administrative expenses

(1,576,948

)

(1,409,751

)

11,636,554

9,801,858

Other operating income

13,320

21,660

OPERATING PROFIT

6

11,649,874

9,823,518

Interest receivable and similar income

1,765,503

1,732,002

PROFIT BEFORE TAXATION

13,415,377

11,555,520

Tax on profit

7

(3,447,834

)

(2,968,024

)

PROFIT FOR THE FINANCIAL YEAR

9,967,543

8,587,496

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

9,967,543

8,587,496

Profit attributable to:

Owners of the parent

9,967,543

8,587,496

Total comprehensive income attributable to:

Owners of the parent

9,967,543

8,587,496

FIXED ASSETS

Tangible assets

10

16,910,310

17,101,989

Investments

11

-

-

16,910,310

17,101,989

CURRENT ASSETS

Stocks

12

46,122,694

45,648,990

Debtors

13

3,739,264

2,942,047

Cash at bank and in hand

48,875,939

40,226,103

98,737,897

88,817,140

CREDITORS

Amounts falling due within one year

14

(1,777,139

)

(1,484,533

)

NET CURRENT ASSETS

96,960,758

87,332,607

TOTAL ASSETS LESS CURRENT LIABILITIES

113,871,068

104,434,596

PROVISIONS FOR LIABILITIES

15

(2,062,688

)

(1,993,759

)

NET ASSETS

111,808,380

102,440,837

CAPITAL AND RESERVES

Called up share capital

16

28,500

28,500

Capital redemption reserve

17

21,500

21,500

Retained earnings

17

111,758,380

102,390,837

SHAREHOLDERS' FUNDS

111,808,380

102,440,837

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

Mr A W Symington - Director

FIXED ASSETS

Tangible assets

10

4,697,894

4,429,922

Investments

11

7,513

7,513

4,705,407

4,437,435

CURRENT ASSETS

Stocks

12

33,545,789

34,320,244

Debtors

13

3,739,264

2,942,047

Cash at bank

48,875,117

40,225,281

86,160,170

77,487,572

CREDITORS

Amounts falling due within one year

14

(1,583,890

)

(1,380,307

)

NET CURRENT ASSETS

84,576,280

76,107,265

TOTAL ASSETS LESS CURRENT LIABILITIES

89,281,687

80,544,700

PROVISIONS FOR LIABILITIES

15

(861,459

)

(777,794

)

NET ASSETS

88,420,228

79,766,906

CAPITAL AND RESERVES

Called up share capital

16

28,500

28,500

Capital redemption reserve

17

21,500

21,500

Retained earnings

17

88,370,228

79,716,906

SHAREHOLDERS' FUNDS

88,420,228

79,766,906

Company's profit for the financial year

9,253,322

7,002,676

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

Mr A W Symington - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2024

28,500

94,358,341

21,500

94,408,341

Changes in equity

Dividends

-

(555,000

)

-

(555,000

)

Total comprehensive income

-

8,587,496

-

8,587,496

Balance at 31 March 2025

28,500

102,390,837

21,500

102,440,837

Changes in equity

Dividends

-

(600,000

)

-

(600,000

)

Total comprehensive income

-

9,967,543

-

9,967,543

Balance at 31 March 2026

28,500

111,758,380

21,500

111,808,380

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2024

28,500

73,269,230

21,500

73,319,230

Changes in equity

Dividends

-

(555,000

)

-

(555,000

)

Total comprehensive income

-

7,002,676

-

7,002,676

Balance at 31 March 2025

28,500

79,716,906

21,500

79,766,906

Changes in equity

Dividends

-

(600,000

)

-

(600,000

)

Total comprehensive income

-

9,253,322

-

9,253,322

Balance at 31 March 2026

28,500

88,370,228

21,500

88,420,228

Cash flows from operating activities

Cash generated from operations

1

12,031,704

12,220,904

Tax paid

(3,106,867

)

(3,303,494

)

Net cash from operating activities

8,924,837

8,917,410

Cash flows from investing activities

Purchase of tangible fixed assets

(1,365,504

)

(1,832,988

)

Interest received

1,765,503

1,732,002

Net cash from investing activities

399,999

(100,986

)

Cash flows from financing activities

Amount introduced by directors

-

175,000

Amount withdrawn by directors

(75,000

)

-

Equity dividends paid

(600,000

)

(555,000

)

Net cash from financing activities

(675,000

)

(380,000

)

Increase in cash and cash equivalents

8,649,836

8,436,424

Cash and cash equivalents at beginning of year

2

40,226,103

31,789,679

Cash and cash equivalents at end of year

2

48,875,939

40,226,103

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

31.3.26

31.3.25

£

£

Profit before taxation

13,415,377

11,555,520

Depreciation charges

1,557,183

1,440,523

Finance income

(1,765,503

)

(1,732,002

)

13,207,057

11,264,041

Increase in stocks

(473,704

)

(310,731

)

(Increase)/decrease in trade and other debtors

(797,217

)

1,510,035

Increase/(decrease) in trade and other creditors

95,568

(242,441

)

Cash generated from operations

12,031,704

12,220,904

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

48,875,939

40,226,103

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

40,226,103

31,789,679

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

40,226,103

8,649,836

48,875,939

40,226,103

8,649,836

48,875,939

Total

40,226,103

8,649,836

48,875,939

1.	STATUTORY INFORMATION

Signatory Vintage Scotch Whisky Company Limited is a private company, limited by shares, domiciled in Scotland, registration number SC112957. The registered office is Edradour Distillery, Pitlochry, Perthshire, PH16 5JP.

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.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over five years from the year of acquisition. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below.

1. Useful lives of depreciable assets (Property, Plant and Equipment)

Management reviews the useful lives and residual values of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence and changes in usage, which could impact future depreciation charges.

2. Impairment of trade receivables

The group estimates the provision for expected credit losses (or impairment) of trade receivables. This requires assumptions regarding the likelihood of collection and the credit risk profile of customers based on past experience and forward-looking economic factors.

3. Inventory valuation and provisions

Management reviews the net realisable value (NRV) of inventory to assess potential impairment. Estimates are applied when determining the selling price less costs to sell, and judgements are required regarding obsolescence, physical damage, and shifting consumer demand.

Turnover

The turnover shown in the profit and loss account represents the value of all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

Tangible fixed assets and depreciation

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

Land & buildings

-

Straight line over 40 years

Plant and machinery

-

Straight line over 5, 10 and 20 years

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks

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

Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present location and condition. Cost includes material and direct labour costs together with an appropriate proportion of production overheads, and excludes interest costs directly relating to the associated funding of stocks. Net realisable value is the anticipated sales proceeds less any costs of disposal.

Financial instruments

Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument.

Basic financial assets (including trade and other debtors, cash and bank balances) and basic financial liabilities (including trade and other creditors) are initially measured at the transaction price. They are subsequently measured at amortized cost using the effective interest method, less any provision for impairment.

At the end of each reporting period, the group assesses whether there is objective evidence of impairment of any financial asset. If there is, an impairment loss is recognised in the income statement.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled, or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.3.26

31.3.25

£

£

United Kingdom

4,992,791

4,294,376

Europe

8,072,661

7,764,918

Rest of World

5,889,001

4,396,063

18,954,453

16,455,357

4.	EMPLOYEES AND DIRECTORS

31.3.26

31.3.25

£

£

Wages and salaries

439,067

433,545

Social security costs

41,580

34,947

Other pension costs

10,352

10,393

490,999

478,885

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

31.3.26

31.3.25

Employees

13

13

The average number of employees by undertakings that were proportionately consolidated during the year was 4 (2025 - 4 ) .

5.	DIRECTORS' EMOLUMENTS

31.3.26

31.3.25

£

£

Director's remuneration

33,349

27,358

Director's pension contributions to money purchase schemes

1,200

1,200

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

Money purchase schemes

1

1

6.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.26

31.3.25

£

£

Depreciation - owned assets

1,557,183

1,440,523

Auditors' remuneration

12,900

12,300

Foreign exchange differences

376

1,729

7.

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

3,378,905

2,742,054

Deferred tax

68,929

225,970

Tax on profit

3,447,834

2,968,024

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

13,415,377

11,555,520

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

3,353,844

2,888,880

Effects of:

Expenses not deductible for tax purposes

27,788

12,986

Capital allowances in excess of depreciation

(2,727

)

(159,812

)

Deferred tax movement

68,929

225,970

Total tax charge

3,447,834

2,968,024

8.	INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

9.

DIVIDENDS

31.3.26

31.3.25

£

£

Ordinary Shares shares of £1 each

Final

600,000

555,000