REGISTERED NUMBER: 03450573 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

AVSC EUROPE LIMITED

Page

Company Information

1

Group Strategic Report

2

to

4

Report of the Directors

5

to

6

Report of the Independent Auditors

7

to

10

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Statement of Financial Position

13

Company Statement of Financial Position

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Statement of Cash Flows

17

Notes to the Consolidated Statement of Cash Flows

18

Notes to the Consolidated Financial Statements

19

to

36

DIRECTORS:

Mr B E Erwin

Mr D W J McEwan

Ms S Divkovic

REGISTERED OFFICE:

Union Business Park

Florence Way

Uxbridge

Middlesex

UB8 2LS

REGISTERED NUMBER:

03450573 (England and Wales)

AUDITORS:

Seymour Taylor Limited, Statutory Auditor

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF THE BUSINESS

The Group's principal activity during the year was providing audio-visual and marketing services throughout the United Kingdom, Europe and the rest of the world. In partnership with event planners, hotels, venues, agencies and staging customers, we create and execute thousands of events annually - in person, virtual and hybrid - of any size, at any venue, anywhere in the world. Our team members are innovators and collaborators at heart - highly trained experts that intuitively combine creative, production and technology services to deliver unparalleled service excellence.

The Group's key financial and performance indicators, as used by management in reviewing the performance of the business during the year were as follows:

2023

2022

Change

£'000

£'000

Turnover

125,650

117,443

7%

Gross profit

47,187

51,084

(8%)

Operating loss

(232)

(201)

Earnings before interest, tax, depreciation and amortisation (EBITDA)

6,973

7,178

Gross profit as percentage of turnover

38%

43%

EBITDA as percentage of turnover

6%

6%

Average number of employees

819

783

5%

Shareholders' funds

(22,559)

(20,937)

During the year the group continued to provide the hire of audio visual equipment and services to customers in a number of different business sectors as well as overseas. The group experienced a continued rebound in revenue in the year as events returned especially in the first quarter of 2023 compared to 2022 when the Omicron variant was disrupting events across EMEA. During 2023 customers gained in confidence to hold larger scale events and we were honoured to win the contract to support the COP climate change conference in UAE. Inflation in our cost base has proved challenging, as has the concentration of events into key weeks of the year. The Group continues to actively manage key relationships with venues and end customers to provide high quality services that allow them to "Connect and Inspire".

The Board continued with significant investment in new equipment with increased investment in new fixed assets of 5% of revenues (2022: 5%). The business was also pleased to be able to add new team members to our operation during the year.

The business ended 2023 with confidence and has traded successfully in 2024 and 2025 until the date of this report (although macroeconomic factors including corporate uncertainty and elections across EMEA provided unexpected headwinds). The Board remains confident in the strength and future of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company are as follows:

Competitor risks

The group has recognised competitive risks from alternative suppliers. The group seeks to differentiate itself from competitors, providing a premium service in addition to the supply of high quality equipment. The group constantly monitors its competitive offering and adjusts as challenges present themselves.

General economic uncertainty

The group is exposed to uncertainty arising from a major portion of revenue arising from broadly discretionary aspects of corporate customer budgets which are vulnerable to macroeconomic uncertainty.

Foreign currency

Intercompany balances held in foreign currency, especially US dollars and Euros, affect the group's performance. The group will closely monitor these risks and take action where required.

Liquidity risk

Cash balances and forecasts are monitored regularly with the assistance of Global HQ staff to ensure the group maintains sufficient liquidity to meet its obligations as they fall due. Funding is provided by the group's shareholders as required by these obligations.

Directors' insurance and indemnities

The Directors have the benefit of the indemnity provisions contained in the company's Articles of Association ('Articles'), and the group has maintained throughout the year Directors' and officers' liability insurance for the benefit of the company and its subsidiaries, Directors and officers. The company has entered into qualifying third party indemnity arrangements for the benefit of all its Directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.

Going Concern

The directors have scrutinised and reviewed budgets and forecasts to assess the effect on the group.

Following a review of the group's performance since 2020 and stress testing of forecasts for 2025 and into 2026, the directors believe that the group's return to sustained profitability and positive cash flows from operations means that the Going Concern assumption is appropriate.

Additionally, the group is supported by its parent company who will address its financing requirements through debt and equity financings, assets sales, and rights offerings to existing shareholders.

Emissions and energy consumption

Disclosure in respect of Greenhouse gas emissions, energy consumption and energy efficiency has not been included within this report as no individual subsidiary company is required to report on this matter.

SECTION 172(1) DISCLOSURES

The following disclosure describes how the directors have had regard to the matters set out in section 172(1)(a) to (f) and forms the directors' statement required under section 414CZA of The Companies Act 2006.

The directors consider that customers, investors, suppliers and workforce are key stakeholders and are considered in key decisions.

Customers

Our corporate culture of Purpose, Mission and Values are focussed on delivering value for our Customers. We consider delivering for our customer requirements as key to continued success. The inclusion of "Do the Right Thing" as one of our Values is due to recognition of the desirability of the company maintaining a reputation for high standards of business conduct.

Investors

We create value for our investors by generating strong and sustainable results. We set out KPIs in our Strategic Report. We discuss key decisions in regular meetings with management. Our investors have considered the funding requirements of the business to grow when determining that no dividend be paid from the 2023 results.

Suppliers

Our suppliers are important to our business success and each supplier has a named relationship contact person within the business for communication when required. We maintain good relationships with a range of suppliers to ensure the availability and flexibility that our customers require. During 2023 and 2024, in common with other businesses we encountered supply chain challenges, especially obtaining new equipment, but we engaged positively with suppliers to communicate effectively and provide reliable service for customers.

Employee engagement

Our workforce deliver great results for our stakeholders and are considered in all key decisions. We are committed to training and workforce welfare and monitor both training hours and employee engagement regularly. We communicate regularly with our workforce including in regular Town Halls (usually held quarterly) where all staff have the opportunity to ask questions to management and Directors. Whilst making key workforce decisions, management and Directors have been available to explain and answer questions about decisions that have been taken for the good of the business overall. During 2024 the Encore businesses in EMEA were accredited as "Great Places to Work" in all eligible countries.

Community

We consider the wider needs of the communities in which we operate through a commitment to minimising our impact on the environment, upholding excellent standards of business conduct and, where possible, supporting local communities in which we operate.

Key Decisions

In dealing with the Group's recovery since 2022 there have been many decisions which have required the above factors to be considered and balanced for the long term success of the company including staffing levels, cash management practices and investment levels.

During 2023 the Group made significant investments in team members with merit increases to reward levels above inflation in local markets and the Group has hired new team members and invested in new equipment to improve our service to customers.

During 2023, the Group assessed its property needs. As a result, the Group signed extensions to the leased premises in Old Dalby, UK on a long term basis to secure the site and the employees that work there for the future and allow continued investment in the UK business. The Group also moved into a new purpose-build warehouse in Paris, larger than our previous warehouse and therefore more able to support expected future growth. Additionally, the Group formally started the process to move premises in Dubai (with a new-build, consolidated, warehouse opened in Summer 2024).

The board believes that they have balanced, in good faith, the best long-term interests of stakeholders during the decision-making processes. The board appreciates the hard work and support of team members and other stakeholders in managing the business during this period.

ON BEHALF OF THE BOARD:

Mr D W J McEwan - Director

4 April 2025

The directors present their report and the consolidated financial statements of the group for the year ended 31 December 2023.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2023.

FUTURE DEVELOPMENTS

Our strategy of on-going investment in infrastructure, product development and expansion of overseas markets is aimed at maintaining continuous growth and our balance sheet is adequately resourced to support this.

DIRECTORS

The directors who have held office during the period from 1 January 2023 to the date of this report are as follows:

Mr N O Rudge - resigned 31 December 2023

Mr D W J McEwan - appointed 1 August 2023

Ms S Divkovic was appointed as a director on 4 March 2024 and later resigned 25 July 2024. She was reappointed as a director on 20 December 2024.

Mr B E Erwin resigned as a director on 24 July 2024 and was reappointed on 20 December 2024.

FINANCIAL INSTRUMENTS

Details in relation to the financial risk management objectives and policies are disclosed within the strategic report.

EMPLOYEES

Disabled Employees

The group's policy is to give full and fair consideration to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities. Disabled employees receive appropriate training to promote their career development within the group. Employees who become disabled are retained in their existing posts where possible or retrained for suitable alternative posts.

Employee involvement

During the financial year, the policy of providing employees with information about the group has been extended and improved by means of live broadcasts by executives, videos, employee engagement survey, departmental meetings, newsletters and other internal media methods. Our aim is to continue to improve employee involvement and engagement.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Seymour Taylor Limited, will be re-appointed in accordance with section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr D W J McEwan - Director

4 April 2025

Opinion

We have audited the financial statements of AVSC Europe Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 six, 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 group's and the parent 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 group or the parent 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:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified in respect of the Company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

Audit response to risks identified

As a result of performing the above, we identified revenue deferrals as a key audit matter related to the potential risk of fraud. The key audit matters section of our report explains the matter in more detail and also describes the specific procedures we performed in response to that key audit matter. Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists and significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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.

Elizabeth Horton FCA FCCA (Senior Statutory Auditor)

for and on behalf of Seymour Taylor Limited, Statutory Auditor

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

4 April 2025

TURNOVER

3

125,650

117,443

Cost of sales

78,463

66,359

GROSS PROFIT

47,187

51,084

Administrative expenses

49,467

53,961

(2,280

)

(2,877

)

Other operating income

2,048

2,676

OPERATING LOSS

5

(232

)

(201

)

Interest receivable and similar income

45

18

(187

)

(183

)

Interest payable and similar expenses

6

1,674

793

LOSS BEFORE TAXATION

(1,861

)

(976

)

Tax on loss

7

(108

)

986

LOSS FOR THE FINANCIAL YEAR

(1,753

)

(1,962

)

Loss attributable to:

Owners of the parent

(1,923

)

(2,380

)

Non-controlling interests

170

418

(1,753

)

(1,962

)

LOSS FOR THE YEAR

(1,753

)

(1,962

)

OTHER COMPREHENSIVE INCOME

Unrealised gain/(loss) on exchange

301

(1,831

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

301

(1,831

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,452

)

(3,793

)

Total comprehensive income attributable to:

Owners of the parent

(1,623

)

(4,211

)

Non-controlling interests

171

418

(1,452

)

(3,793

)

FIXED ASSETS

Intangible assets

9

7,067

8,799

Tangible assets

10

14,888

12,490

Investments

11

-

-

21,955

21,289

CURRENT ASSETS

Stocks

12

183

904

Debtors

13

28,536

26,101

Cash at bank

16,293

13,057

45,012

40,062

CREDITORS

Amounts falling due within one year

14

88,124

80,881

NET CURRENT LIABILITIES

(43,112

)

(40,819

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(21,157

)

(19,530

)

CREDITORS

Amounts falling due after more than one year

15

(1,196

)

(1,108

)

PROVISIONS FOR LIABILITIES

18

(328

)

(592

)

NET LIABILITIES

(22,681

)

(21,230

)

CAPITAL AND RESERVES

Called up share capital

19

477

477

Share premium

20

53,301

53,301

Retained earnings

20

(76,337

)

(74,715

)

SHAREHOLDERS' FUNDS

(22,559

)

(20,937

)

NON-CONTROLLING INTERESTS

(122

)

(293

)

TOTAL EQUITY

(22,681

)

(21,230

)

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2025 and were signed on its behalf by:

Mr D W J McEwan - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

42,611

42,611

42,611

42,611

CURRENT ASSETS

Debtors

13

21,321

20,616

Cash at bank

529

36

21,850

20,652

CREDITORS

Amounts falling due within one year

14

45,163

43,837

NET CURRENT LIABILITIES

(23,313

)

(23,185

)

TOTAL ASSETS LESS CURRENT LIABILITIES

19,298

19,426

CAPITAL AND RESERVES

Called up share capital

19

477

477

Share premium

20

53,301

53,301

Retained earnings

20

(34,480

)

(34,352

)

SHAREHOLDERS' FUNDS

19,298

19,426

Company's loss for the financial year

(128

)

(2,147

)

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2025 and were signed on its behalf by:

Mr D W J McEwan - Director

Called up

share

Retained

Share

capital

earnings

premium

£'000

£'000

£'000

Balance at 1 January 2022

477

(70,504

)

53,301

Changes in equity

Total comprehensive income

-

(4,211

)

-

Balance at 31 December 2022

477

(74,715

)

53,301

Changes in equity

Total comprehensive income

-

(1,622

)

-

Balance at 31 December 2023

477

(76,337

)

53,301

Non-controlling

Total

Total

interests

equity

£'000

£'000

£'000

Balance at 1 January 2022

(16,726

)

(711

)

(17,437

)

Changes in equity

Total comprehensive income

(4,211

)

418

(3,793

)

Balance at 31 December 2022

(20,937

)

(293

)

(21,230

)

Changes in equity

Total comprehensive income

(1,622

)

171

(1,451

)

Balance at 31 December 2023

(22,559

)

(122

)

(22,681

)

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£'000

£'000

£'000

£'000

Balance at 1 January 2022

477

(32,205

)

53,301

21,573

Changes in equity

Total comprehensive income

-

(2,147

)

-

(2,147

)

Balance at 31 December 2022

477

(34,352

)

53,301

19,426

Changes in equity

Total comprehensive income

-

(128

)

-

(128

)

Balance at 31 December 2023

477

(34,480

)

53,301

19,298

Cash flows from operating activities

Cash generated from operations

1

9,496

4,370

Interest paid

(1,674

)

(793

)

Net cash from operating activities

7,822

3,577

Cash flows from investing activities

Purchase of tangible fixed assets

(8,024

)

(5,702

)

Sale of tangible fixed assets

14

85

Interest received

45

18

Net cash from investing activities

(7,965

)

(5,599

)

Cash flows from financing activities

Intercompany loans

3,379

8,218

Net cash from financing activities

3,379

8,218

Increase in cash and cash equivalents

3,236

6,196

Cash and cash equivalents at beginning of year

2

13,057

6,861

Cash and cash equivalents at end of year

2

16,293

13,057

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

31.12.23

31.12.22

£'000

£'000

Loss before taxation

(1,861

)

(976

)

Depreciation charges

5,472

4,212

Loss/(profit) on disposal of fixed assets

1

(42

)

Revaluation and foreign exchange

9

458

Amortisation charges

1,732

3,170

Finance costs

1,674

793

Finance income

(45

)

(18

)

6,982

7,597

Decrease/(increase) in stocks

721

(532

)

Increase in trade and other debtors

(2,303

)

(5,539

)

Increase in trade and other creditors

4,096

2,844

Cash generated from operations

9,496

4,370

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023

31.12.23

1.1.23

£'000

£'000

Cash and cash equivalents

16,293

13,057

Year ended 31 December 2022

31.12.22

1.1.22

£'000

£'000

Cash and cash equivalents

13,057

6,861

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23

Cash flow

At 31.12.23

£'000

£'000

£'000

Net cash

Cash at bank

13,057

3,236

16,293

13,057

3,236

16,293

Total

13,057

3,236

16,293