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REGISTERED NUMBER: SC127743 (Scotland)









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TRODAT (UK) LIMITED

TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TRODAT (UK) LIMITED

COMPANY INFORMATION
for the year ended 31 December 2024







DIRECTORS: S R Login
R Rier



REGISTERED OFFICE: 144 Neilston Road
Paisley
Renfrewshire
PA2 6QH



REGISTERED NUMBER: SC127743 (Scotland)



AUDITORS: Haines Watts Scotland
Business Advisors, Accountants and
Statutory Auditors
Q Court
3 Quality Street
Edinburgh
EH4 5BP



SOLICITORS: Brabners Chaffe Street LLP
55 King Street
Manchester
M2 4LQ

TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 18,373 32,752
Tangible assets 5 456,397 411,934
Investments 6 846,336 838,654
1,321,106 1,283,340

CURRENT ASSETS
Stocks 7 578,752 285,222
Debtors 8 1,102,445 938,933
Cash at bank 10,484 275,042
1,691,681 1,499,197
CREDITORS
Amounts falling due within one year 9 1,392,810 503,248
NET CURRENT ASSETS 298,871 995,949
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,619,977

2,279,289

CREDITORS
Amounts falling due after more than one
year

10

1,016,625

-
NET ASSETS 603,352 2,279,289

CAPITAL AND RESERVES
Called up share capital 7,629,483 7,629,483
Share premium 216,231 216,231
Retained earnings (7,242,362 ) (5,566,425 )
603,352 2,279,289

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 May 2025 and were signed on its behalf by:





S R Login - Director


TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Trodat (UK) Limited is a private company, limited by shares , registered in Scotland. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have prepared projections that cover a period of 12 months from the date of approval of these financial statements. The directors are confident that based on these, the company has sufficient resources to continue trading for the next 12 months. The accounts have therefore been prepared on the going concern basis.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about Trodat (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a 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 undertaking are included by full consolidation in the consolidated financial statements of its parent, Trodat Holding GMbH, .

TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

- the company has transferred the significant risk and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of turnover can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, 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.

TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings - 2% per annum on cost
Plant and machinery - 20% per annum on cost
Fixtures and fittings - 20% per annum on cost
Motor vehicles - 20% per annum on cost

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.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

At each reporting 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.

FINANCIAL INSTRUMENTS
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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

TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

DEFINED BENEFIT PENSION PLAN
The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension that is not a defined contribution plan.

The liability recognised in the statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains or losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as "Remeasurement of net defined benefit liability".

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

- the increase in net pension benefit liability arising from employee service during the period; and

- the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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.

PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the statement of financial position.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2023 - 49 ) .

4. INTANGIBLE FIXED ASSETS
Customer
lists and
databases
£   
COST
At 1 January 2024 435,463
Disposals (330,032 )
At 31 December 2024 105,431
AMORTISATION
At 1 January 2024 402,711
Amortisation for year 14,379
Eliminated on disposal (330,032 )
At 31 December 2024 87,058
NET BOOK VALUE
At 31 December 2024 18,373
At 31 December 2023 32,752

TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Freehold Fixtures
land and Plant and and Motor
buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 667,835 2,324,870 1,314,148 26,894 4,333,747
Additions - - 89,344 - 89,344
Disposals - (2,177,524 ) (1,273,510 ) - (3,451,034 )
At 31 December 2024 667,835 147,346 129,982 26,894 972,057
DEPRECIATION
At 1 January 2024 320,572 2,306,326 1,290,432 4,483 3,921,813
Charge for year 13,357 9,314 16,832 5,377 44,880
Eliminated on disposal - (2,177,523 ) (1,273,510 ) - (3,451,033 )
At 31 December 2024 333,929 138,117 33,754 9,860 515,660
NET BOOK VALUE
At 31 December 2024 333,906 9,229 96,228 17,034 456,397
At 31 December 2023 347,263 18,544 23,716 22,411 411,934

6. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2024 1,331,165
Additions 1,822,072
Dividends received (300,000 )
At 31 December 2024 2,853,237
PROVISIONS
At 1 January 2024 492,511
Provision for year 1,514,390
At 31 December 2024 2,006,901
NET BOOK VALUE
At 31 December 2024 846,336
At 31 December 2023 838,654

TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

6. FIXED ASSET INVESTMENTS - continued

The following were subsidiary undertakings of the company:


Name

Registered Office

Principal activity
Class of
Shares

Holding
Trodat Stamps
(A-PAK) Limited
1 Marino Mart, Fairview, Dublin
3, D03 E5X8
Supply of rubber
stamps
Ordinary 100%
Motivation in
Learning Limited
PO Box 55, Bangor, County
Down, Northern Ireland, BT19
7PJ
Manufacture and
distribution of
marking products
Ordinary 100%
ASAP Stamps
Ltd

30 Oak Street, Sheffield, South
Yorkshire, S8 9UB
Manufacture of
other rubber
products
Ordinary 100%

7. STOCKS
2024 2023
£    £   
Raw Materials 279,194 166,897
Work in Progress 1,084 1,250
Finished goods 298,474 117,075
578,752 285,222

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 696,637 658,533
Amounts owed by group undertakings 367,433 200,000
Other debtors - 758
Social security and other tax 5,541 5,744
Deferred tax asset - 37,137
Prepayments and accrued income 32,834 36,761
1,102,445 938,933

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 532,147 154,081
Amounts owed to group undertakings 200,500 50,601
Social security and other taxes 170,288 99,800
Other creditors 286 223
Deferred consideration 78,072 -
Intercompany loan 202,375 -
Accruals and deferred income 209,142 198,543
1,392,810 503,248

TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Intercompany loan 1,016,625 -

11. DEFERRED TAX
£   
Balance at 1 January 2024 (37,137 )
Provided during year 37,137
Balance at 31 December 2024 -

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Craig Hunter (Senior Statutory Auditor)
for and on behalf of Haines Watts Scotland

13. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefit pension scheme. It is a separate trustee administered arrangement holding assets to meet long term pension liabilities.

The surplus of £2,374,000 has not been recognised in the balance sheet as at 31 December 2024.

A defined contribution pension scheme has been in operation since June 2000. The existing pension scheme continues to operate for existing employees. However, all new employees are eligible only to join the new pension scheme.

The total company pension charge for the year was as follows:

2024 2023
£ £
Defined contribution scheme 80,518 74,285

There were no outstanding contributions due to the scheme administrator at the year end.

TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

13. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Present value of funded obligations (5,588,000 ) (6,425,000 )
Fair value of plan assets 7,962,000 7,930,000
2,374,000 1,505,000
Present value of unfunded obligations - -
Surplus 2,374,000 1,505,000
Net asset 2,374,000 1,505,000

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Current service cost - -
Interest cost 272,000 296,000
Expected return - -
Past service cost - -
Interest income (340,000 ) (368,000 )
(68,000 ) (72,000 )

Actual return on plan assets (93,000 ) 25,000

Statement of comprehensive income:

2024 2023
£ £
Actual return less interest income (93,000 ) 25,000
Experience gains and losses arising on the Scheme's liabilities 243,000 3,000
Impact of changes in actuarial assumptions on the Scheme's liabilities 505,000 (160,000 )
Effect of limit on surplus recognised (869,004 ) (66,635 )
Total (loss)/gain recognised in the Statement of Other Comprehensive
Income

(214,004

)

(198,635

)

TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

13. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening defined benefit obligation 6,425,000 6,352,000
Interest cost 272,000 296,000
Actuarial losses/(gains) (748,000 ) 157,000
Benefits paid (361,000 ) (380,000 )
5,588,000 6,425,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening fair value of scheme assets 7,930,000 7,790,000
Contributions by scheme participants 146,000 127,000
Assets no descr 340,000 368,000
Actuarial gains/(losses) (93,000 ) 25,000
Benefits paid (361,000 ) (380,000 )
7,962,000 7,930,000

The amounts recognised in the statement of recognised gains and losses are as follows:

2024 2023
£    £   
- -

Cumulative amount of actuarial
gains/(losses)

-

-

TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

13. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Equities 3,459,000 3,301,000
Global Investments 268,000 492,000
Absolute return 348,000 208,000
Bonds 3,141,000 3,308,000
Infrastructure 285,000 292,000
Cash 213,000 202,000
Property 73,000 127,000
Commodities 175,000 -
7,962,000 7,930,000

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 2023
Discount rate 5.30% 4.35%
Revaluation of pensions in deferment 3.25% 3.00%
Pension increases in payment 3.75% 3.65%
Retail price inflation rate - for revaluation in deferment 3.25% 3.00%

Current mortality is assumed to be in line with the Self-Administered Pension Scheme tables S1PA at 2014 and S2PA at 2016. Allowance has been made for future mortality improvement in line with the Continuous Mortality Investigation (CMI) 2013 projections, with a long term rate of 1% per annum.

The market value of the scheme's assets was £7,962,000 at the year end. The value of the assets at the date of valuation represented 142% of the value of the liabilities. The Recovery Plan dated 8 July 2015 agreed by the Trustees and the Employer, requires the Employer to pay contributions of £146,000 to remove the deficit over a period of eight years and ten months from 1 August 2015. In addition, with effect from 1 April 2016 the Employer will pay additional annual contributions based on the average level of the Pension Protection Fund levy over the previous three years. All administrative expenses and levies are paid separately by the Employer. The scheme is closed to new entrants with effect from 1 January 2007 and to future accrual from 30 September 2007.

Amounts for the current and previous four periods are as follows:

2024 2023 2022 2021 2020
£    £    £    £    £   
Defined benefit obligation (5,588,000 ) (6,425,000 ) (6,352,000 ) (9,040,000 ) (10,209,000 )
Fair value of scheme assets 7,962,000 7,930,000 7,790,000 9,451,000 8,920,000
Surplus/(deficit) 2,374,000 1,505,000 1,438,000 411,000 (1,289,000 )

Experience adjustments on
scheme liabilities

-

-

-

-

-


Experience adjustments on
scheme assets

-

-

-

-

-


TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

14. RELATED PARTY DISCLOSURES

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.

15. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is TroGroup GmbH, incorporated in Austria. Copies of the group financial statements for the ultimate parent undertaking may be obtained from that company's registered office at Linzerstrasse 156, 4600 Wels, Austria.

The immediate parent undertaking is Trodat GmbH.