The directors present the strategic report for the year ended 31 March 2025.

The principal activity during the year continued to be the provision of Assistive Technology hardware, software, warranty, support, ergonomic and technical assessments, Non-Medical Help (NMH) and training solutions to students in receipt of the Government's Disabled Students Allowance grant (DSA) and Non-DSA funding streams such as apprenticeships, international and research councils. Additionally, the new Non-DSA Needs Assessment Service is established and shows steady growth.

The business has continued to perform well despite the reduction in turnover, producing turnover of £11,833,467 and net profit before tax of £1,438,121 compared to £28,030,067, with a net profit of £1,454,096 in 2024. The increase is profit before tax is largely due to enhanced streamlining of resources.

Home working is now the norm, however, our warehousing operation remains 100% Head Office based.

Following the introduction of the new framework for the supply of DSA services (excluding NMH) in February 2024, we do not receive new student referrals from SFE/SFW for Assistive Technology equipment and training. However, we maintain those services for legacy students and continue to receive referrals from NMH funded students. With continued investment in our infrastructure and resources we have developed income streams from non-DSA funded students and built on the relationships in place with institutions.

Risk is present in all businesses, and the company regularly reviews the risks it may face. These include

short, medium, and long term. We currently consider the following to be the major risks and uncertainties:

Market uncertainties – whilst we are not a part of the DSA framework, we are seeing a steady growth in referrals from institutions for their non-DSA funded students.

Competitor analysis - Our business model has changed due to the fact that we were unsuccessful in our bid for the SLC framework, however we continue the supply of disability services to the Education sector for those students and staff not in receipt of the DSA.

Operational risks - The company is committed to delivering exceptional value in quality and service. Our risk management systems encourage a proportionate response to each area of risk, and our robust ISO accreditations and local ownership ensure this. Supply chain resilience and product quality management are regarded as two key operational risks.

Credit risk – Our debtors are mainly the Student Loans Company (England and Wales) Student Finance Northern Ireland (SFNI) the NHS, other government funded institutions in addition and Universities. The risk to the company of financial loss is therefore very low and robust credit control processes are in place to mitigate this risk.

Liquidity risk - The company has adequate cash reserves to ensure continued operations and investment in its infrastructure. The funds, if required, will also allow for a further increase in stock to mitigate any forecasted shortages.

Turnover/Gross profit/Operating profit

Turnover - 2025 : £11,833,467 (2024 : £28,030,067)

Gross profit percentage - 2025 : 53.6% (2024 : 26.4%)

Operating profit - 2025 : £1,034,973 (2024 : £1,252,133)

The directors continue to redirect the business model. Whilst still supplying a large amount of NMH services and some legacy equipment supply to SLC, we have developed our services and expanded the supply of disability services to the Education sector for those students and staff not in receipt of the DSA. This includes apprenticeship, international, research council funded students and University employees and has allowed for an increasing in profitability. Margins in individual areas of the business are also monitored as these vary and therefore changes to the sales volumes in individual sectors of the business can impact on the overall margin achieved.

Working capital requirements

Working capital as at 31 March - 2025 : £131,760 (2024 : £486,306)

Working capital requirements are monitored throughout the year and as the position changes widely depending upon the point in the academic year, with requirements at their highest level in the cycle in the after the annual student intake in September.

Future Developments

The company continues to invest in streamlining services to our stakeholders. Our student and stakeholder portals are now complete and are being utilized by our customers promoting efficiencies throughout the operations.

Our new Non-DSA Assessment service for any disabled student not in receipt of the DSA continues to strengthen and recruitment has taken place to meet demand.

The HR department continues a major recruitment drive in the Non-Medical Help sector allowing us to facilitate further growth within this part of the industry.

Disabled Employees

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee Consultation

The company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the company. This is achieved through formal and informal meetings and through regular communication.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The principal activities of the company in the year under review were those of the supply of computer equipment, DSA equipment and services, stationery and office furniture.

Interim dividends totaling £2,896 per share were paid on the Ordinary £1 shares during the year. No dividends were paid on the Preference £1 shares.

The total distribution of dividends for the year ended 31 March 2025 will be £289,673. The directors do not recommend payment of a final dividend.

The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

A Bennett is also director of the ultimate parent company as disclosed in the accounts of that company.

The auditor, DJH Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible for preparing the annual report 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; and

• 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.

The company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report information which would otherwise be required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the report of the directors.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Information relating to events since the end of the year is given in the notes to the financial statements.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Barry Bennett Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 2025 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 Auditor's 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, 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 is 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.

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 an auditor's report 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.

As part of our planning process:

• We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 1974, Employment Act 2002 and National Minimum Wage 1998.

• We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Identifying and testing journal entries, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.

• Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

• Testing key turnover lines, in particular cut-off, for evidence of management bias.

• Obtaining third-party confirmation of material bank balances.

• Documenting and verifying all significant related party balances and transactions.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Barry Bennett Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Exchange, 5 Bank Street, Bury, United Kingdom, BL9 0DN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company had net assets of £11.1m (2024:10.3m) and cash reserves of £9.0m (2024: £9.9m) at the year end and has generated significant profits post year end. The directors believes that the company is well placed to manage the business risks at these challenging times and therefore continues to adopt a going concern basis of accounting in preparing these financial statements.

The company has taken advantage of the following disclosure exemptions 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;

• the requirement of paragraph 33.7.

Preperation of consolidated financial statements

The financial statements contain information about Barry Bennett Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Antony Bennett Holdings Limited, a company registered in England and Wales.

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover comprises the aggregate of the fair values of the sale of goods and services provided, net of value added tax, rebates and discounts. Turnover is recognised as follows:

Sale of goods are recognised when the company has delivered products to the customer, the customer has the products and collectability of the related receivables is fairly stated.

Service turnover are recognised as those services are provided to the customers. Service turnover includes income relating to warranties which is invoiced in advance at the inception of the agreement. This income is spread evenly over the period of the warranty and recognised in the appropriate period.

Depreciation is on assets in order to write off their cost less estimated residual value over their useful economic lives at the following rates:

In prior year there was no charge for depreciation on the leasehold property as in the opinion of the directors the residual value of the property is equal to its value in the accounts.

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Fixed asset investments are shown at cost less any provision for permanent diminution in value.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated as the costs incurred in bringing the stock to its present location and condition. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognized as an expense in the period in which the related turnover is recognized. The amount of any write-down of inventories to net realizable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognized as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term liquid investments with original maturities of three months or less.

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortized cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognized in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortized cost, being the transaction price less any amounts settled.

Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognized 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 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.

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Hire purchase and leasing commitments

Assets that are held by the company under leases which transfer to the company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in the income statement.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Research and development    

Expenditure on research and development is written off in the year in which it is incurred.

In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognized in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Determining the useful economic life of an asset and the anticipated residual value are considered key in calculating an appropriate depreciation charge.

In categorizing leases as finance or operating leases, the directors make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

Making judgement based on historical experience on the level of provision required for impairment of stocks. Further information received after the statement of financial position date may impact on the level of provision required.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 2 (2024 - 2)

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

In prior years the company's investments at the statement of financial position date in the share capital of companies include the following:

Evermor Solutions Limited

Registered office: United Kingdom

Nature of business: Education support services

                     %

Class of shares:                 holding

Ordinary                     100.00

This company has since been dissolved.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

All other net gains and losses and transactions with owners not recognised elsewhere.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

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.

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025 2024

     £     £

A Bennett

Balance outstanding at start of year                       232,687     211,156

Amounts advanced                          3,567,087 463,595

Amounts repaid                             (288,181)      (442,064)

Balance outstanding at end of year                 3,511,593 232,687

The above advance is unsecured, interest free and was paid post year end by dividend. There were no other individual advances that were considered material. The maximum overdrawn balance during the year was £3,511,593 (2024 - £232,687).

The company's immediate parent company is The Bennett Group Limited, a company incorporated in England and Wales. The company's ultimate parent company is Antony Bennett Holdings Limited, a company incorporated in England and Wales whose registered office address is The Exchange, 5 Bank Street, Bury, BL9 0DN. Copies of the consolidated financial statements can be obtained from Companies House.

There is a debenture over the assets of the company and an unlimited inter-company guarantee between Barry Bennett Limited, The Bennett Group Limited and Antony Bennett Holdings Limited.

After the balance sheet date, the company declared and paid a dividend of £100,000 on Ordinary shares totalling £10,000,000 This dividend was approved and paid on 15 June 2025.