REGISTERED NUMBER: 03164619 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

Topaz Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

Mr M Amin

Dr O Y Sammaraiee

SECRETARY:

Mr M Amin

REGISTERED OFFICE:

Trident Court

1 Oakcroft Road

Chessington

Surrey

KT9 1BD

REGISTERED NUMBER:

03164619 (England and Wales)

AUDITORS:

Rawi & Co Associates Ltd

128 Ebury Street

London

SW1W 9QQ

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

REVIEW OF BUSINESS

The results for the period under review and the financial position at the year end are considered satisfactory by the directors. The company's objective is to achieve sustainable rates of growth and returns through a combination of organic growth and acquisition of new outlets.

As shown in the statement of comprehensive income on page 10, the company made a profit after tax of £603,681 (2024:£320,808)

The company's balance sheet on page 11 shows that its financial position remains strong with its net assets valued at £843,636 (2024:£539,955)

The company continues to have satisfactory cash generation from operating activities of £489,772 (2024: £569,125).

The development strategy is to continue the implementation of several operational initiatives to drive like for like sales and enhance margins. The key areas of continued operational focus include the achievement of high standards of customer service and investment in the training and development of our outlet managers and staff.

Key performance indicators

The directors monitor progress on the overall company's strategy and the individual stragtegic elements by reference to a number of key performance indicators.

The key financial performance indicators of the company are gross profit margins and turnover. The gross profit of the company for the year under review was £6,809,943 (2024:£6,248,731),producing a satisfactory gross profit margin of 60.23% (2024:58.22%) on a turnover of £11,305,877 (2024:£10,733,149)

The key non-financial performance indicators are adherence to high quality of operational standards set by the franchisor.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks. Risks are reviewed by the directors and appropriate processes are put in place to monitor and mitigate them. The key business risks affecting the company are set out below:

(a) Competition

The company operates in a highly competitive market particularly around service offering, price and product quality. In order to mitigate this risk, the marketing teams from the franchisor monitor market offerings and pricing on an ongoing basis and the company through franchisor undertakes regular 'mystery guest' visits to all our take away outlets to ensure menu offering and customer service are maintained to a high standard.

(b) Employees

The company's performance depends largely on its managers and staff, at the restaurant and head office level. The resignation of key individuals and the inability to recruit people with the right experience and skills could adversely impact the company's results. To mitigate these issues the company has invested in a training programme for all staff to maintain high service levels and has a number of schemes linked to the company's results that are designed to reward and retain key individuals.

(c) Supply chain

Failure of key suppliers to deliver products. The company closely monitors supplier service level agreements and purchases food supplies from franchisor only.

(d) Brand damage

There is a risk in being associated with failures in food safety. To mitigate this, there are regular health and safety checks to ensure that the risk of brand damage incidents is minimised. The company focuses on quality and safety at restaurant level and seeks to comply with relevant laws at all times.

(e) Economic uncertainty

The company performs regular reviews of its business activities and financial performance to ensure the business is on track to deliver expected targets and growth in each business area. Any risks identified such as employment and economic factors are reviewed and where possible steps are taken to mitigate the risks.

Financial risk management

The main financial risks inherent from the company's operations are:

(a) Credit risk

The company has no significant concentrations of credit risk. The nature of its operations results in a large customer base and significant cash sales.

(b) Interest rate risk

The company's interest rate risk arises from long-term borrowings. The directors monitor the net debt, banking facilities and cash flows on a regular basis and adequate working facilities are in place.

(c) Liquidity risk

The company manages its exposure to liquidity risk through a naturally low level of debtors, maintaining a diversity of funding sources

Financial instruments

The company's policy is to finance its operations on a medium term basis from retained profits and bank facilities. Additional uncommitted borrowings and overdraft facilities are utilised for short term financing requirements.The financial instruments utilised by the company are borrowings and trade creditors which arise directly from operations. Borrowing facilities are on a floating rate basis. The company's policy is not to trade in financial instruments.

Future Developments

The directors aim to continue with the management policies which have resulted in the company's steady growth in recent years. The outlook for 2026 is reasonably encouraging with the directors being optimistic that the current performance can be maintained.

ON BEHALF OF THE BOARD:

Mr M Amin - Director

7 November 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The company's principal activity during the year continued to be that of operating pizza outlets under a franchise agreement with ''Dominos Pizza''.

Company become a subsidiary of Topacio Holding Limited on 05 August 2024.

DIVIDENDS

An interim ordinary dividend amounting to £300,000 (2024:£730,000) was paid.The directors do not recommend payment of a final dividend.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Mr M Amin

Dr O Y Sammaraiee

GOING CONCERN

The directors have at the time of approving the financial statements , a reasonable expectation that the company has adequate resources to continue in operational existance for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

EMPLOYMENT OF DISABLED PERSONS

Applications for employment by disabled persons are always fully and fairly considered, bearing in mind the aptitudes of the applicant concerned. In the event of team members becoming disabled every effort is made to ensure that their employment with the company continues and that 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 with that of other employees.

FINANCIAL INSTRUMENTS

The company holds financial instruments to finance its operations. The financial instruments comprise principally bank borrowings, short term investment in investment trust, items arising from trading such as trade debtors, trade creditors and accruals.

ENGAGEMENT WITH EMPLOYEES

The company's policy is to consult and discuss with employees through meetings on matters likely to affect employees' interests. The company has always encouraged its employees to present their suggestions with a view to improving the performance of the company.There is no employee share scheme at present but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Rawi & Co Associates Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M Amin - Director

7 November 2025

Opinion

We have audited the financial statements of Topaz Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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. 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 sector; and

• 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 also considered potential fraud drivers: including financial or other pressures, opportunity, override of controls and personal or corporate motivations. We considered the programmes and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing journals, evaluating the business rationale of significant transactions outside the normal course of business and validating the appropriateness of internal controls and significant accounting estimations based on our fraud risk criteria;

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 the accounting estimates set out in note 2 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.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those related to the financial reporting framework, tax regulations in the jurisdictions in which the company operates.

Based on this understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: making enquiries of management, those responsible for legal and compliance procedures and reviewing other correspondence.

We communicated identified fraud risks and non-compliance with laws and regulations with those charged with governance, throughout the audit team and remained alert to any indications throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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, misrepresentations or through collusion.

Fraud may involve deliberate concealment by, for example, forgery or intentional omissions, misrepresentation, or through an act of collusion that would mitigate internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non compliance or fraud and can not be expected to detect non-compliance with all laws and regulations.

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.

Rajnikant Patel (Senior Statutory Auditor)

for and on behalf of Rawi & Co Associates Ltd

128 Ebury Street

London

SW1W 9QQ

7 November 2025

TURNOVER

3

11,305,877

10,733,149

Cost of sales

(4,495,934

)

(4,484,418

)

GROSS PROFIT

6,809,943

6,248,731

Distribution costs

(410,061

)

(390,958

)

Administrative expenses

(5,606,519

)

(5,410,367

)

793,363

447,406

Other operating income

28,723

29,259

OPERATING PROFIT

5

822,086

476,665

Interest receivable and similar income

1,137

8,138

823,223

484,803

Interest payable and similar expenses

6

(5,178

)

(17,307

)

PROFIT BEFORE TAXATION

818,045

467,496

Tax on profit

7

(214,364

)

(146,688

)

PROFIT FOR THE FINANCIAL YEAR

603,681

320,808

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

603,681

320,808

FIXED ASSETS

Tangible assets

9

1,204,358

1,321,357

CURRENT ASSETS

Stocks

10

77,656

74,179

Debtors

11

737,343

347,415

Cash at bank

459,646

475,630

1,274,645

897,224

CREDITORS

Amounts falling due within one year

12

(1,568,289

)

(1,471,124

)

NET CURRENT LIABILITIES

(293,644

)

(573,900

)

TOTAL ASSETS LESS CURRENT LIABILITIES

910,714

747,457

CREDITORS

Amounts falling due after more than one year

13

(18,754

)

(144,775

)

PROVISIONS FOR LIABILITIES

15

(48,324

)

(62,727

)

NET ASSETS

843,636

539,955

CAPITAL AND RESERVES

Called up share capital

16

100

100

Retained earnings

17

843,536

539,855

SHAREHOLDERS' FUNDS

843,636

539,955

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2025 and were signed on its behalf by:

Mr M Amin - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

949,047

949,147

Changes in equity

Dividends

-

(730,000

)

(730,000

)

Total comprehensive income

-

320,808

320,808

Balance at 31 March 2024

100

539,855

539,955

Changes in equity

Dividends

-

(300,000

)

(300,000

)

Total comprehensive income

-

603,681

603,681

Balance at 31 March 2025

100

843,536

843,636

Cash flows from operating activities

Cash generated from operations

1

625,951

723,449

Interest paid

(5,178

)

(17,307

)

Tax paid

(131,001

)

(137,017

)

Net cash from operating activities

489,772

569,125

Cash flows from investing activities

Purchase of tangible fixed assets

(1,581

)

(991

)

Interest received

1,137

8,138

Net cash from investing activities

(444

)

7,147

Cash flows from financing activities

Loan repayments in year

(205,312

)

(110,725

)

Equity dividends paid

(300,000

)

(730,000

)

Net cash from financing activities

(505,312

)

(840,725

)

Decrease in cash and cash equivalents

(15,984

)

(264,453

)

Cash and cash equivalents at beginning of year

2

475,630

740,083

Cash and cash equivalents at end of year

2

459,646

475,630

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

31.3.25

31.3.24

£

£

Profit before taxation

818,045

467,496

Depreciation charges

118,580

166,880

Finance costs

5,178

17,307

Finance income

(1,137

)

(8,138

)

940,666

643,545

(Increase)/decrease in stocks

(3,477

)

23,926

Increase in trade and other debtors

(451,311

)

(84,671

)

Increase in trade and other creditors

140,073

140,649

Cash generated from operations

625,951

723,449

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

459,646

475,630

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

475,630

740,083

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

475,630

(15,984

)

459,646

475,630

(15,984

)

459,646

Debt

Debts falling due within 1 year

(97,291

)

97,291

-

Debts falling due after 1 year

(108,021

)

108,021

-

(205,312

)

205,312

-

Total

270,318

189,328

459,646

1.	STATUTORY INFORMATION

Topaz 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.

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.

Significant judgements and estimates

The directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which estimates is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for sale of food etc to customers in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover from shop and online orders is recognised when payment is tendered by the customer at the point of sale.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Freehold buildings

1% straight line method

Leasehold buildings

Over the terms of the lease

Freehold and leasehold buildings improvements

10% reducing balance method

Plant and machinery

20% reducing balance method

Motor vehicles

33% reducing balance method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected assets is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method.

The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Stocks are stated at lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and where applicable direct labour costs and those overheads that have been incurred in bringing the stocks to present location and condition.

Hire purchase and leasing commitments

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.

The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

Finance cost

Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method, so that the amount charged is at a constant rate on the carrying amount.

Provisions

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

Taxation

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 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.

Dividends

Dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses.

Defined contribution pension scheme

The company operates a defined benefit pension scheme for its employee, which requires contributions to be made seperately administered fund. Once the contribution have been paid the company has no further payment obligations. The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet.

Rental income

Rental income is accounted for in the profit and loss account on a receivable basis.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.3.25

31.3.24

£

£

United Kingdom

11,305,877

10,733,149

11,305,877

10,733,149

4.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

3,716,180

3,566,935

Social security costs

235,750

209,002

Other pension costs

37,300

36,596

3,989,230

3,812,533

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

31.3.25

31.3.24

Administration

8

8

Sales & distribution

316

304

324

312

31.03.25

31.03.24

£

£

Directors' salary

-

-

Directors' benefit in kind

8,876

6,730

8,876

6,730

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.25

31.3.24

£

£

Depreciation - owned assets

118,580

166,880

Auditors' remuneration for audit services

23,965

24,266

Key management personnel

38,500

35,000

Operating lease costs

322,165

325,396

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

£

Bank loan interest

5,178

17,307

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

228,767

151,320

Deferred tax

(14,403

)

(4,632

)

Tax on profit

214,364

146,688

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:

31.3.25

31.3.24

£

£

Profit before tax

818,045

467,496

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

204,511

116,874

Effects of:

Expenses not deductible for tax purposes

1,924

614

Depreciation in excess of capital allowances

25,507

37,007

Other adjustment

(3,176

)

(3,175

)

Deferred Tax

(14,402

)

(4,632

)

Total tax charge

214,364

146,688

8.

DIVIDENDS

31.3.25

31.3.24

£

£

Interim

300,000

730,000