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Registered number: 02800984









AVELAIR LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2024

 
AVELAIR LIMITED
 
 
COMPANY INFORMATION


Directors
P Olsson 
D J Wood (resigned 12 July 2024, appointed 1 January 2025)
D Zhang 
G Goodwin (resigned 12 July 2024)
M R Jones (resigned 12 July 2024)
T Shepherd (resigned 12 July 2024)
B Wood (resigned 12 July 2024)




Company secretary
Mrs J L Wood (resigned 12 July 2024)



Registered number
02800984



Registered office
Unit C Fred Castle Way
Rougham Industrial Estate

Bury St Edmunds

Suffolk

IP30 9ND




Independent auditors
MA Partners Audit LLP

Chartered Accountants and Statutory Auditor

7 The Close

Norwich

Norfolk

NR1 4DJ





 
AVELAIR LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Statement of Changes in Equity
 
 
3
Notes to the Financial Statements
 
 
4 - 14


 
AVELAIR LIMITED
REGISTERED NUMBER: 02800984

BALANCE SHEET
AS AT 31 DECEMBER 2024

31 December
30 April
2024
2024
Note
£
£

Fixed assets
  

Intangible assets
 7 
57
68

Tangible assets
 8 
206,233
247,321

  
206,290
247,389

Current assets
  

Stocks
 6 
701,493
713,720

Debtors: amounts falling due after more than one year
 9 
499,705
-

Debtors: amounts falling due within one year
 9 
518,535
465,737

Cash at bank and in hand
  
290,357
739,901

  
2,010,090
1,919,358

Creditors: amounts falling due within one year
 10 
(732,208)
(904,179)

Net current assets
  
 
 
1,277,882
 
 
1,015,179

Total assets less current liabilities
  
1,484,172
1,262,568

Creditors: amounts falling due after more than one year
 11 
(10,276)
(24,926)

Provisions for liabilities
  

Deferred tax
  
(39,881)
(49,846)

  
 
 
(39,881)
 
 
(49,846)

Net assets
  
1,434,015
1,187,796


Capital and reserves
  

Called up share capital 
 12 
600,000
600,000

Profit and loss account
  
834,015
587,796

  
1,434,015
1,187,796


Page 1

 
AVELAIR LIMITED
REGISTERED NUMBER: 02800984
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 April 2025.




P Olsson
Director

The notes on pages 4 to 14 form part of these financial statements.

Page 2

 
AVELAIR LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2023
600,000
295,951
895,951



Profit for the year
-
341,845
341,845

Dividends: Equity capital
-
(50,000)
(50,000)



At 1 May 2024
600,000
587,796
1,187,796



Profit for the period
-
246,219
246,219


At 31 December 2024
600,000
834,015
1,434,015


The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

Avelair Limited is a private company, limited by shares, incorporated and domiciled in England and Wales.  The address of its registered office, and principal place of business is Unit C, Fred Castle Way, Rougham Industrial Estate, Bury St. Edmunds, Suffolk, IP30 9ND.
The Company's principal activity is that of the manufacture of air and gas compressors.
The Company was acquired by a parent Company in the period, and therefore the accounting period was shortened to 31 December 2024 in line with other companies in the group. These accounts are for an 8 month period, whereas the comparatives are for a full year.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Turnover comprises revenue recognised by the Company from the sale of compressors and spare parts and the servicing and hire of equipment during the year, exclusive of Value Added Tax and trade discounts
Revenue is recognised when compressors and spare parts are delivered and servicing has been carried out.  Hire charges are recognised on an accruals basis in terms of the hire days in the month equating to complete weeks.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
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 retianing associated tax allowances have been met.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Trademarks
-
10
years

Page 5

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model 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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
Plant and machinery
-
10%
Motor vehicles
-
25%
to 40%
Fixtures and fittings
-
10%
Computer equipment
-
20%

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.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. 

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

Page 6

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

Page 7

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Page 8

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the period was as follows:


     31 December
        30 April
        2024
        2024
            No.
            No.







Employees
26
25


4.


Pension commitments

Contributions totalling £4,104 (30 April 2024 - £3,878) were payable to the fund at the balance sheet date, and are included within other creditors.


5.


Commitments under operating leases

The Company had total financial commitments which are not included in the balance sheet amounting to £168,710 (30 April 2024 - £200,497).






6.


Stocks

31 December
30 April
2024
2024
£
£

Raw materials and consumables
629,524
650,754

Finished goods and goods for resale
71,969
62,966

701,493
713,720


Page 9

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

7.


Intangible assets






Trademarks

£



Cost


At 1 May 2024
170



At 31 December 2024

170



Amortisation


At 1 May 2024
102


Charge for the period on owned assets
11



At 31 December 2024

113



Net book value



At 31 December 2024
57



At 30 April 2024
68



Page 10

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

8.


Tangible fixed assets







Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 May 2024
54,940
102,616
339,606
58,293
113,928
669,383


Additions
-
1,570
895
1,174
1,268
4,907


Disposals
(23,030)
(5,989)
-
(1,019)
(61,328)
(91,366)



At 31 December 2024

31,910
98,197
340,501
58,448
53,868
582,924



Depreciation


At 1 May 2024
54,940
66,712
161,052
42,332
97,027
422,063


Charge for the period on owned assets
-
4,738
33,123
1,763
3,864
43,488


Disposals
(23,030)
(4,805)
-
(1,019)
(60,006)
(88,860)



At 31 December 2024

31,910
66,645
194,175
43,076
40,885
376,691



Net book value



At 31 December 2024
-
31,552
146,326
15,372
12,983
206,233



At 30 April 2024
-
35,905
178,555
15,961
16,901
247,322

Page 11

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

9.


Debtors

31 December
30 April
2024
2024
£
£

Due after more than one year

Amounts owed by group undertakings
499,705
-

499,705
-


31 December
30 April
2024
2024
£
£

Due within one year

Trade debtors
462,456
432,480

Other debtors
950
1,760

Prepayments and accrued income
55,129
31,497

518,535
465,737



10.


Creditors: Amounts falling due within one year

31 December
30 April
2024
2024
£
£

Trade creditors
184,703
281,468

Corporation tax
169,720
126,934

Other taxation and social security
77,953
117,972

Obligations under finance lease and hire purchase contracts
21,368
32,302

Other creditors
11,814
8,987

Accruals and deferred income
266,650
336,516

732,208
904,179


Obligations under finance lease and hire purchase contracts of £21,368 (30 April 2024 - £32,302) are secured on the assets financed.

Page 12

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

11.


Creditors: Amounts falling due after more than one year

31 December
30 April
2024
2024
£
£

Net obligations under finance leases and hire purchase contracts
9,758
24,265

Government grants received
518
661

10,276
24,926


Obligations under finance lease and hire purchase contracts of £9,758 (30 April 2024 - £24,265) are secured on the assets financed.


12.


Share capital

31 December
30 April
2024
2024
£
£
Allotted, called up and fully paid



240,000 Ordinary A shares of £1.00 each
240,000
240,000
60,000 Ordinary B shares of £1.00 each
60,000
60,000
294,000 Ordinary C shares of £1.00 each
294,000
294,000
6,000 Ordinary D shares of £1.00 each
6,000
6,000

600,000

600,000



13.


Related party transactions

During the period the shares of the company were acquired by a parent company. At the period end the Company was owed £499,705 by the parent company. This amount is included within amounts owed by group undertakings in note 9 to the accounts.
With regard to the parent undertaking of the smallest group within which the subsidiary belongs and for which group financial statements are prepared :
Teqnion AB
Dalvagen 14 169 56, Solna, Stockholm, Sweden
 

Page 13

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

14.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2024 was unqualified.

The audit report was signed on 8 April 2025 by  (Senior Statutory Auditor) on behalf of MA Partners Audit LLP.

 
Page 14