Annual Report & Accounts 2026
65
OUR FINANCIALS
Granted June 2026
EPS Tranche
TSR Tranche Share price at grant date
£6.02
£6.02
Exercise price
£0
£0
Risk free rate –
3.85%
Dividend yield
3.4%
3.4%
Expected term
3 years
3 years
Volatility (simulated TSR performance) –
29%
Grant date TSR performance of Company
–
3.9%
Grant date median/upper quartile TSR performance of comparator group
– 0.8%/6.3%
Correlation
–
2.7%
Discount for post-vesting transfer restrictions
11.1%
11.1%
The fair value of the share awards granted was £961,654.
11. TAXATION
TAX CHARGED IN THE INCOME STATEMENT
2026 £ 2026 £ Current taxation
UK corporation tax
3,611,636
3,184,925
Deferred taxation
Unwinding of deferred tax liability
–
(49,699)
Tax expense in the income statement
3,611,636
3,135,226
The actual tax charge is lower than the standard rate of corporation tax in the UK applied to the profit before tax 2026: 24.6% (2026: 26.6%). The differences are reconciled below.
Any temporary differences which exist between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements do not result in a material deferred tax asset or liability and accordingly no such asset / liability is recognised in the Group Financial Statements.
2026 £ 2026 £ Profit before tax
14,671,612
11,684,999
Corporation tax at standard rate 25% 3,667,903
2,921,249
Decrease from effect of final tax charge for prior year being lower than accrued (197,579)
–
Increase from effect of expenses not deductible in determining taxable profit
141,312
213,977
Total tax charge
3,611,636
3,135,226
OUR FINANCIALS
Granted June 2026
EPS Tranche
TSR Tranche Share price at grant date
£6.02
£6.02
Exercise price
£0
£0
Risk free rate –
3.85%
Dividend yield
3.4%
3.4%
Expected term
3 years
3 years
Volatility (simulated TSR performance) –
29%
Grant date TSR performance of Company
–
3.9%
Grant date median/upper quartile TSR performance of comparator group
– 0.8%/6.3%
Correlation
–
2.7%
Discount for post-vesting transfer restrictions
11.1%
11.1%
The fair value of the share awards granted was £961,654.
11. TAXATION
TAX CHARGED IN THE INCOME STATEMENT
2026 £ 2026 £ Current taxation
UK corporation tax
3,611,636
3,184,925
Deferred taxation
Unwinding of deferred tax liability
–
(49,699)
Tax expense in the income statement
3,611,636
3,135,226
The actual tax charge is lower than the standard rate of corporation tax in the UK applied to the profit before tax 2026: 24.6% (2026: 26.6%). The differences are reconciled below.
Any temporary differences which exist between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements do not result in a material deferred tax asset or liability and accordingly no such asset / liability is recognised in the Group Financial Statements.
2026 £ 2026 £ Profit before tax
14,671,612
11,684,999
Corporation tax at standard rate 25% 3,667,903
2,921,249
Decrease from effect of final tax charge for prior year being lower than accrued (197,579)
–
Increase from effect of expenses not deductible in determining taxable profit
141,312
213,977
Total tax charge
3,611,636
3,135,226