REGISTERED NUMBER: 05113567 (England and Wales)

Strategic Report, Report of the Director and

Audited Financial Statements for the Year Ended 28 February 2025

for

JUST TRAYS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

10

Balance Sheet

11

Notes to the Financial Statements

12

DIRECTOR:

A D Norford

REGISTERED OFFICE:

Units 1-4

Whitehall Industrial Estate

Ashfield Way, Farnley

Leeds

West Yorkshire

LS12 5JB

REGISTERED NUMBER:

05113567 (England and Wales)

AUDITORS:

Mercer & Hole LLP

Chartered Accountants and Statutory Auditor

The Pinnacle

170 Midsummer Boulevard

Milton Keynes

MK9 1BP

The director presents his annual strategic report for the year ended 28 February 2025. The director in preparing the strategic report has complied with s414c of the Companies Act 2006.

REVIEW OF BUSINESS

The principal activity of the company during the year was the manufacture of shower trays.

During the year the company has suffered from increasing employment costs which has resulted in the gross profit percentage decreasing to 20.7% (2024 - 24.8%). Turnover has increased by 8.8% but has been restricted by operational challenges. After the year end, the company has moved to larger premises enabling a more efficient manufacturing process. This is enabling the company to cut costs, and to increase sales.

EBITDA for the year under review was a loss of £(548,912) (2024 - profit £526,027). This reflects the difficult trading year, but steps have been taken after the year end which are expected to improve the operational result. The Group is investing in the shower tray manufacturing sector, which is expected to benefit this company. The business had net liabilities of £1,452,013 (2024 - £132,700) at the end of the year.

The director expects the trading performance to improve following the reorganisation after the year end.

PRINCIPAL RISKS AND UNCERTAINTIES

Strategic, financial, commercial, operational, social, environmental, and ethical risks are all considered as part of the group's controls, which are designed to manage rather than eliminate the risk of failure to achieve business objectives. Therefore, they can only provide reasonable, not absolute assurance against material misstatement or loss.

Although at present there are no immediate risks considered likely to have a significant impact on the short- or long-term value of the company, the principal risks identified are as follows:

o Liquidity Risks

The company has net current liabilities of £3,587,288 (2024 - £2,513,606). The Group is able to provide financial support if needed. Management has reviewed future cash flows and considers that the company has access to sufficient cash facilities to enable it to continue to meet its liabilities as they fall due.

o Market Risks

Given the uncertain current economic climate, particularly impacting the housebuilding and home improvement industry, the company has taken various measures to reduce its risk such as a focus on export sales. The most important measure is the reorganisation after the year end as described earlier.

o Credit Risks

The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts, estimated by the management based on prior experience, the current economic environment or specific customer issues.

The company has implemented policies that require appropriate credit checks on potential customers or review of existing customer credit history before a sale is made together with having in force a credit insurance policy.

KEY PERFORMANCE INDICATORS

The company's key performance indicators include turnover (including sales product mix), gross profit margin, EBITDA (being result before tax, interest, depreciation, amortisation and exceptional items) and operating cash flow.

The company's key financial and other performance indicators during the year were as follows;

2025

2024

£'000

£'000

Turnover (as per note 4)

25,629

23,553

Gross profit margin

20.7%

24.8%

EBITDA

(549)

526

Turnover increased by 8.8% (2024 - increase 1%) which is pleasing but the director notes the potential for further growth from capacity improvements after the year end.

The director is disappointed with the result but is confident that the move to new premises after the year end will lead to growth in sales as well as improvements in gross profit margins resulting from efficiency improvements.

ON BEHALF OF THE BOARD:

A D Norford - Director

25 November 2025

The director presents his report with the financial statements of the company for the year ended 28 February 2025.

DIVIDENDS

No dividends will be distributed for the year ended 28 February 2025.

EVENTS SINCE THE END OF THE YEAR

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

DIRECTORS

A D Norford has held office during the whole of the period from 1 March 2024 to the date of this report.

Other changes in directors holding office are as follows:

L M Walker - resigned 5 April 2024

J Maxwell - resigned 5 April 2024

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen, in accordance with section 414C(11) of the Companies Act 2006, to include certain matters in its Strategic Report that would otherwise be required to be disclosed in the Report of the Director.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

A D Norford - Director

25 November 2025

Opinion

We have audited the financial statements of Just Trays Limited (the 'company') for the year ended 28 February 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 28 February 2025 and of its loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of director

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management

bias in accounting estimates.

Audit procedures performed by the engagement team included:

- discussions with management, including considerations of known or suspected instances of non-compliance with laws and regulations and fraud;

- gaining an understanding of management's controls designed to prevent and detect irregularities; and

- identifying and testing journal entries.

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. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot 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.

Andrew Lawes MA MSc FCA (Senior Statutory Auditor)

for and on behalf of Mercer & Hole LLP

Chartered Accountants and Statutory Auditor

The Pinnacle

170 Midsummer Boulevard

Milton Keynes

MK9 1BP

25 November 2025

TURNOVER

4

25,629,261

23,553,487

Cost of sales

20,334,523

17,712,244

GROSS PROFIT

5,294,738

5,841,243

Distribution costs

1,633,326

1,407,611

Administrative expenses

4,859,471

4,639,806

6,492,797

6,047,417

(1,198,059

)

(206,174

)

Other operating income

66,166

70,078

OPERATING LOSS

7

(1,131,893

)

(136,096

)

Supplier credit

8

-

639,188

(1,131,893

)

503,092

Interest payable and similar expenses

9

244,680

251,253

(LOSS)/PROFIT BEFORE TAXATION

(1,376,573

)

251,839

Tax on (loss)/profit

10

(57,260

)

328,029

LOSS FOR THE FINANCIAL YEAR

(1,319,313

)

(76,190

)

Retained earnings at beginning of year as previously reported

(1,132,700

)

(858,148

)

Prior year adjustment

11

-

(198,362

)

RETAINED EARNINGS AT END OF YEAR

(2,452,013

)

(1,132,700

)

FIXED ASSETS

Intangible assets

12

33,319

117,940

Tangible assets

13

2,070,190

2,270,054

Investments

14

529,816

529,816

2,633,325

2,917,810

CURRENT ASSETS

Stocks

15

1,721,458

1,740,273

Debtors

16

5,773,147

6,031,562

Cash at bank

521,466

13,620

8,016,071

7,785,455

CREDITORS

Amounts falling due within one year

17

11,603,359

10,299,061

NET CURRENT LIABILITIES

(3,587,288

)

(2,513,606

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(953,963

)

404,204

CREDITORS

Amounts falling due after more than one year

18

(174,238

)

(184,552

)

PROVISIONS FOR LIABILITIES

21

(323,812

)

(352,352

)

NET LIABILITIES

(1,452,013

)

(132,700

)

CAPITAL AND RESERVES

Called up share capital

22

1,000,000

1,000,000

Retained earnings

23

(2,452,013

)

(1,132,700

)

SHAREHOLDERS' FUNDS

(1,452,013

)

(132,700

)

The financial statements were approved by the director and authorised for issue on 25 November 2025 and were signed by:

A D Norford - Director

1.	STATUTORY INFORMATION

Just Trays 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.

The presentation currency is Pound Sterling.

Financial Reporting Standard 102 - reduced disclosure exemptions

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 3.17(d).

Group financial statements

The financial statements contain information about Just Trays Limited as an individual company and do not contain consolidated financial information as the parent of the 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 ultimate parent, Brand K Holdings Limited, Thistledown Barn, Holcot Lane, Sywell, Northampton, NN6 0BG. This is both the smallest and largest group in which Just Trays Limited's accounts are consolidated.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group, on the grounds that consolidated financial statements for the year ended 28th February 2025 of its ultimate parent company, Brand K Holdings Limited, are publicly available.

Turnover

In accordance with the provisions of FRS 102, turnover represents the right to consideration for goods sold. Turnover is recognised on dispatch.

Purchased goodwill

Goodwill representing the excess of the purchase price compared with the fair value of net assets acquired is capitalised and written off evenly over 20 years as in the opinion of the director this period represents the useful life of the asset.

Other intangible assets

Other intangible assets are capitalised and written off evenly over the following timescales as in the opinion of the director this period represents the useful life of the assets.

Trademarks and patents

- 20 years

Computer software

- 20 years

Tangible fixed assets

Fixed assets are initially stated at historical cost.

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

Plant and machinery

- 15% on reducing balance

Production moulds (within plant and machinery)

- 20% on cost

Fixtures, fittings and equipment

- 15% on reducing balance

Investments in subsidiaries

Investments in subsidiaries are measured at cost less impairment. For investments in subsidiaries acquired cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition on a first in first out basis. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Financial instruments

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

(i) Financial assets and liabilities

All financial assets and liabilities are initially measured at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

Other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some but not all of the significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Leases

Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liabilities.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate ruling at the date of the transactions. Assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the Statement of Income and Retained Earnings.

Going concern

The company has recorded a loss after taxation for the financial year of £1,319,313 (2024 - £76,190), which has created a net liabilities position of £1,452,013.

These financial statements have been prepared on a going concern basis, which the director believes to be appropriate. Some members of the group provide cross-company guarantees to secure group debts. The owner of the group, who is also Managing Director, has confirmed the group will continue to provide financial support for loss-making companies in the group. The director has reviewed the latest group forecasts for the following year and has a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Finance costs

Finance costs of debt are recognised in the Statement of Income and Retained Earnings over the term of such instruments at a constant rate on the carrying amount.

Confidential invoice discounting

Amounts due in respect of invoice discounting are included within either cash at bank or within other loans, depending on if the balance is positive or negative. The company can use these facilities to draw down a percentage of the value of certain sales invoices. The management and collection of trade debtors remains with the company.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described in note 2, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. 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 the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies

The following are critical judgements, apart from those involving estimates (which are dealt with separately below), that the director has made in the process of applying the Company's accounting policies and that have the most significant effect on the amount recognised in the financial statements.

Impairment of assets

The director constantly reviews factors likely to impact the value or recoverability of assets held by the company. In conducting his review, he considers both internal and external sources of information as well as past experiences and market conditions. As far as the director is aware there are no prevailing indications that assets held without impairment require one, or where an impairment has already been made that the amount of that impairment requires adjustment.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below:

Rebate accruals

The company estimates the accrual required for volume rebates to be paid after the year end.

Depreciation

The company estimates the residual value and useful economic life of fixed assets.

Property dilapidations

Under certain operating leases for land and buildings, the company is obligated to make repairs of dilapidations to the leased property upon the expiry of the lease. The company provides for the best estimate of the future unrecoverable costs of its obligations under these leases.

4.

TURNOVER

The turnover and loss (2024 - 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

£

£

United Kingdom

23,120,781

21,027,949

Rest of Europe

2,083,785

2,348,030

Rest of World

424,695

177,508

25,629,261

23,553,487

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

6,590,404

5,123,746

Social security costs

474,854

382,262

Other pension costs

176,128

205,168

7,241,386

5,711,176

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

2025

2024

Office and management

45

19

Production and warehousing

123

130

168

149

6.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

7,056

110,776

Directors' pension contributions to money purchase schemes

1,211

20,861

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

Money purchase schemes

-

2

7.	OPERATING LOSS

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

2025

2024

£

£

Hire of plant and machinery

83,819

82,995

Other operating leases

110,407

94,098

Depreciation - owned assets

389,485

406,505

Depreciation - assets on hire purchase contracts

36,257

16,114

Loss on disposal of fixed assets

75,335

6,203

Goodwill amortisation

76,113

228,245

Trademarks and licences amortisation

2,876

2,877

Computer software amortisation

2,915

2,179

Auditors' remuneration

38,300

32,000

Foreign exchange differences

11,689

(2,626

)

Rent of property

482,613

369,920

8.	EXCEPTIONAL ITEMS

2025

2024

£

£

Supplier credit

-

639,188

The exceptional item in the year ended 28th February 2024 related to a court judgement in the company's favour, relating to over-charged costs, which resulted in the writing off of a significant supplier creditor balance. The net of VAT credit amounted to £810,940, less legal costs of £171,752.

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Other interest

4,037

-

Invoice discounting interest

239,653

250,240

Invoice financing charges

990

1,013

244,680

251,253

10.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

-

(481,012

)

Tax (over)/under provided for in earlier years

(28,720

)

-

Total current tax

(28,720

)

(481,012

)

Deferred tax

(28,540

)

809,041

Tax on (loss)/profit

(57,260

)

328,029

Reconciliation of total tax (credit)/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:

2025

2024

£

£

(Loss)/profit before tax

(1,376,573

)

251,839

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 24.490%)

(344,143

)

61,675

Effects of:

Expenses not deductible for tax purposes

3,756

55,058

Income not taxable for tax purposes

(16,542

)

(17,162

)

Adjustments to tax charge in respect of previous periods

(28,720

)

216,455

Effect of change in rate on deferred tax balance

-

12,476

Losses surrendered for group relief

308,496

-

Other tax adjustments

19,893

(473

)

Total tax (credit)/charge

(57,260

)

328,029

11.	PRIOR YEAR ADJUSTMENT

Retained earnings for the year ended 28 February 2024 include an adjustment to reflect a prior year adjustment disclosed in the financial statements for that year.

12.	INTANGIBLE FIXED ASSETS

Trademarks

and

Computer

Goodwill

licences

software

Totals

£

£

£

£

COST

At 1 March 2024

4,564,904

57,531

43,579

4,666,014

Additions

-

-

14,720

14,720

Disposals

-

-

(43,579

)

(43,579

)

At 28 February 2025

4,564,904

57,531

14,720

4,637,155

AMORTISATION

At 1 March 2024

4,488,791

36,056

23,227

4,548,074

Amortisation for year

76,113

2,876

2,915

81,904

Eliminated on disposal

-

-

(26,142

)

(26,142

)

At 28 February 2025

4,564,904

38,932

-

4,603,836

NET BOOK VALUE

At 28 February 2025

-

18,599

14,720

33,319

At 29 February 2024

76,113

21,475

20,352

117,940