REGISTERED NUMBER: 03395353 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

LITRON LASERS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Profit and Loss Account

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

J R Sarkies

E A Sarkies

J M Sarkies

A D Sarkies

SECRETARY:

E A Sarkies

REGISTERED OFFICE:

8 Consul Road

Rugby

Warwickshire

CV21 1PB

REGISTERED NUMBER:

03395353 (England and Wales)

AUDITORS:

Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

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

PRINCIPAL ACTIVITIES

The principal activities of the company are the development, production, sale and servicing of laser systems and associated items. All the company's products are designed and manufactured in Rugby, England. The company's vision is to strive for continuous improvement in providing world class quality products and services to its customers, whilst designing and manufacturing the next generation of laser technology. The company's philosophy is to keep all design and a significant proportion of manufacturing in-house. As a result, all electronics, both digital and analogue, mechanics, software and all optics for the lasers are designed at the company. This strategy results in the company not having to rely on third-party support when servicing its own products and in turn, providing superior customer experience.

Business Review and Key Performance Indicators

Despite the continuing disruptions caused to the global economy by wars in Ukraine and MIddle East, the directors consider this to be a stable year for the business. Business turnover increased on the previous year, customers delivery schedules were mostly maintained and there is a healthy order book as at the balance sheet date.

As stated in the Financial Statements the company has generated revenue of £12.483m in 2025 (2024 (restated): £8.522m) and made a Net Profit of £3.324m in 2025 (2024 (restated): £0.942m). As at the year end, the company has net current assets of £8.044m (2024 (restated): £6.532m) and net assets of £8.435m (2024 (restated): £6.790m).

The directors monitor the performance of the company using these main key performance indicators: Revenue, Net Profit, Net Profit % and Number of Employees.

KPI

2025

2024(restated)

2023(restated)

Revenue

£12,483,068

£8,521,960

£9,815,442

Net Profit before Taxation

£3,324,329

£942,374

£1,551,018

Net Profit % (before Taxation)

26%

11%

16%

Number of Employees

68

63

61

The company's varied customer base and unique product offering means that it is well placed for the future.

Principal Risks and Uncertainties

1. Input Cost Inflation and Fluctuations

Raw materials, parts and energy used in the company's manufacturing processes are subject to price fluctuations which are beyond the company's control. The company seeks to mitigate this risk by securing prices up front, ordering in bulk and negotiating with its key suppliers.

2. Recruitment and Retention of Workforce

As the company grows the success is dependent on easily attracting and retaining the best people. The company continues to strengthen its recruitment processes and provides competitive offerings to current and new employees.

3. Competition Risk

Competitive pressure is a risk for the company. The company manages this risk by being efficient, by manufacturing custom-built lasers that provide added value to its customers and by maintaining strong relationships with its customers and distributors. The business also invests in research & development to maintain a competitive edge and develop new technologies in the laser industry.

4. Geopolitical Risk

In 2025, as current wars continue in Ukraine, across the Middle East and other areas, the escalation of tensions within, and between countries and groups could potentially spark further wars in both the physical world and cyberspace. Trading with overseas customers and suppliers, this global destabilisation presents an ongoing risk on international business activities such as supply chain delays, increases costs and trade sanctions. Due to the ongoing nature of this risk, it is not possible to determine the overall impact to the business.

Financial Risk Management

Credit Risk

The company only trades with creditworthy third parties and associated businesses. It is the company's policy that customers who wish to trade on credit terms are reviewed for financial stability. With respect of risk arising from other financial assets of the company, the company's exposure to credit risk arises from default of the counter party.

Liquidity Risk

Ultimate responsibility for liquidity risk management rests with the company's board which sets the framework for the management of the company's short, medium and long term liquidity management requirements. The company also manages liquidity risk by pro-actively managing operational cash generation and applying rigorous credit control. The directors have reviewed the cash and costs and are confident that the company has adequate resources to manage liquidity risk.

Exchange Rate Volatility Risk

Trading globally in multiple currencies, the company is exposed to exchange rate volatility, to mitigate this, where possible, internal hedging is utilised.

Outlook and future developments

The directors remain optimistic about the long-term prospects of the company, underpinned by sustained demand for laser technology solutions across a range of diverse industries spanning the globe. The Company's continued focus on innovation, customer-specific solutions and inhouse development, positions it well to both maintain and capture further market share.

Looking ahead, the company will continue to invest in research and development while increasing it's resource capabilities and improving operational efficiency.

The directors will continue to monitor geopolitical developments, input cost inflation, and exchange rate volatility, ensuring that appropriate risk management strategies are in place where possible. We remain confident in our strategy, our people, and our ability to deliver our customers requirements in the years ahead.

ON BEHALF OF THE BOARD:

J R Sarkies - Director

24 November 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the development, production and sale of opto-electronic devices.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 was £900,000 (2024 : £900,000).

DIRECTORS

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

J R Sarkies

E A Sarkies

J M Sarkies

A D Sarkies

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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). 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, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

E A Sarkies - Director

24 November 2025

Opinion

We have audited the financial statements of Litron Lasers Limited (the 'company') for the year ended 31 March 2025 which comprise the Profit and Loss Account, 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 Statement of Directors' Responsibilities set out on page four, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included:

-

Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

-

Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, or with unusual descriptions;

-

Challenging assumptions made by management in their significant estimates, such as the warranty provision.

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 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.

Victoria Craig (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

24 November 2025

TURNOVER

4

12,483,068

8,521,960

Changes in stocks of finished goods and work in progress

(214,150

)

524,985

12,268,918

9,046,945

Other operating income

246,995

64,946

12,515,913

9,111,891

Raw materials and consumables

(3,167,933

)

(2,907,272

)

Other external expenses

(585,957

)

(501,331

)

8,762,023

5,703,288

Staff costs

5

(3,774,323

)

(3,272,699

)

Depreciation

(169,669

)

(171,060

)

Other operating expenses

(1,493,702

)

(1,317,155

)

OPERATING PROFIT and

PROFIT BEFORE TAXATION

3,324,329

942,374

Tax on profit

7

(778,933

)

(46,883

)

PROFIT FOR THE FINANCIAL YEAR

2,545,396

895,491

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,545,396

895,491

FIXED ASSETS

Tangible assets

9

646,062

513,176

Investments

10

4

4

646,066

513,180

CURRENT ASSETS

Stocks

11

4,709,634

4,473,684

Debtors

12

2,800,329

2,303,351

Investments

13

-

1,000,000

Cash at bank and in hand

4,795,153

1,307,444

12,305,116

9,084,479

CREDITORS

Amounts falling due within one year

14

(4,260,877

)

(2,552,750

)

NET CURRENT ASSETS

8,044,239

6,531,729

TOTAL ASSETS LESS CURRENT LIABILITIES

8,690,305

7,044,909

PROVISIONS FOR LIABILITIES

16

(255,020

)

(255,020

)

NET ASSETS

8,435,285

6,789,889

CAPITAL AND RESERVES

Called up share capital

17

200

200

Retained earnings

18

8,435,085

6,789,689

SHAREHOLDERS' FUNDS

8,435,285

6,789,889

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2025 and were signed on its behalf by:

J R Sarkies - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

200

6,794,198

6,794,398

Changes in equity

Dividends

-

(900,000

)

(900,000

)

Total comprehensive income

-

895,491

895,491

Balance at 31 March 2024

200

6,789,689

6,789,889

Changes in equity

Dividends

-

(900,000

)

(900,000

)

Total comprehensive income

-

2,545,396

2,545,396

Balance at 31 March 2025

200

8,435,085

8,435,285

Cash flows from operating activities

Cash generated from operations

1

3,690,264

652,036

Tax paid

-

(129,151

)

Net cash from operating activities

3,690,264

522,885

Cash flows from investing activities

Purchase of tangible fixed assets

(314,756

)

(209,708

)

Proceeds on sale of fixed assets

12,201

-

Net cash from investing activities

(302,555

)

(209,708

)

Cash flows from financing activities

Current asset investments

1,000,000

(1,000,000

)

Equity dividends paid

(900,000

)

(900,000

)

Net cash from financing activities

100,000

(1,900,000

)

Increase/(decrease) in cash and cash equivalents

3,487,709

(1,586,823

)

Cash and cash equivalents at beginning of year

2

1,307,444

2,894,267

Cash and cash equivalents at end of year

2

4,795,153

1,307,444

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

2025

2024

(Restated)

£

£

Profit before taxation

3,324,329

942,374

Depreciation charges

168,550

171,060

Loss on disposal of fixed assets

1,119

-

3,493,998

1,113,434

Increase in stocks

(235,950

)

(747,050

)

Increase in trade and other debtors

(945,323

)

(149,595

)

Increase in trade and other creditors

1,377,539

435,247

Cash generated from operations

3,690,264

652,036

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

4,795,153

1,307,444

Year ended 31 March 2024

31/3/24

1/4/23

(Restated)

£

£

Cash and cash equivalents

1,307,444

2,894,267

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

1,307,444

3,487,709

4,795,153

1,307,444

3,487,709

4,795,153

Liquid resources

Current asset investments

1,000,000

(1,000,000

)

-

1,000,000

(1,000,000

)

-

Total

2,307,444

2,487,709

4,795,153

1.	STATUTORY INFORMATION

Litron Lasers Limited is a limited company, registered in England and Wales. Its registered office address is 8 Consul Road, Rugby, Warwickshire, CV21 1PB and the registered number is 03395353.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The 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.

The principle accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

The financial statements are prepared in sterling (£), which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Preparation of consolidated financial statements

The financial statements contain information about Litron Lasers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The company recognises revenue when:

(a) the significant risks and rewards of ownership have been transferred to the buyer;

(b) the company retains no continuing involvement or control over the goods;

(c) the amount of revenue can be measured reliably;

(d) it is probable that future economic benefits will flow to the entity and

(e) when the specific criteria relating to each of the company’s sales channels have been met

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Fixtures and fittings

-

25% reducing balance/33% straight line

Motor vehicles

-

25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investments in subsidiaries

Investment in the subsidiary companies are held at cost less provision for any impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Raw material cost is based on the cost of purchase on a first in, first out basis. The valuation of finished goods and goods for resale is based on direct costs plus attributable overheads based on normal level of activity.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Research and development

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

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are recognised in administrative expenses.

Operating lease agreements

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit and loss account on a straight-line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

Warranty provision

A provision is recognised when the company has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.The provision is based upon an estimate made by the directors supported by actual claims which have been made to date.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Current asset investments

Current asst investments consistent of bank balances that are due to mature in over 3 months but less than 12 months.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The company 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 addressed below.

(i) Warranty provision

The company makes an estimate to the cost of meeting warranty claims. When assessing the value of the provision, management consider the quantity and value of warranty claims to date. There is uncertainty in calculating the provision as it is estimated using the average monthly value of claims made to 31 March 2025 and is supported by actual claims which have been made to date.

4.

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:

2025

2024

(Restated)

£

£

United Kingdom

1,553,720

347,658

Europe

1,299,932

1,371,517

United States of America

350,657

754,394

Asia

9,259,977

6,041,898

Rest of the World

18,782

6,493

12,483,068

8,521,960

5.	EMPLOYEES AND DIRECTORS

2025

2024

(Restated)

£

£

Wages and salaries

3,269,333

2,839,009

Social security costs

397,136

329,976

Other pension costs

107,854

103,714

3,774,323

3,272,699

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

2025

2024

(Restated)

Directors

4

4

Administration

15

13

Production

34

32

R&D

10

9

Other

5

5

68

63

2025

2024

(Restated)

£

£

Directors' remuneration

696,505

610,529

Directors' pension contributions to money purchase schemes

57,908

58,874

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

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

2025

2024

(Restated)

£

£

Emoluments etc

191,653

167,924

Pension contributions to money purchase schemes

15,797

16,062

6.	OPERATING PROFIT

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

2025

2024

(Restated)

£

£

Other operating leases

220,433

214,185

Depreciation - owned assets

168,550

171,060

Loss on disposal of fixed assets

1,119

-

Auditors' remuneration

13,000

12,300

Other non- audit services

1,525

1,450

Foreign exchange differences

72,230

(9,963

)