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REGISTERED NUMBER: 02872433 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 September 2024

for

Trafalgar Scientific Limited

Trafalgar Scientific Limited (Registered number: 02872433)






Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Trafalgar Scientific Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: M Bramley
C Bramley
A J Smith





REGISTERED OFFICE: Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW





BUSINESS ADDRESS: 190 Waterside Road
Hamilton
Leicester
Leicestershire
LE5 1QZ





REGISTERED NUMBER: 02872433 (England and Wales)





AUDITORS: Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

Trafalgar Scientific Limited (Registered number: 02872433)

Group Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS
The business has enjoyed another positive year, growing the core business sales from £21,789,419 to £24,784,196. This is a very positive growth figure for two main reasons. Firstly, there has been very little material impact from any legacy COVID-19 products/sales for the first time since the pandemic began - as this has been reported in this summary since 2020. Secondly, over the course of this year, the business has experienced some closures and acquisitions to some of our large customers, out of our control, to which we have managed to mitigate, replace and grow to just over 5% year on year.

During this financial year, the business has also successfully completed its acquisition of OCON Chemicals, to further strengthen our presence across the UK and Ireland.

The business continues its growth trajectory and is ensuring it maintains a focus on overheads through careful planning and strategic operational decisions by the directors.

Moving into the new financial year, our business continues to strengthen its online presence and platform, investing accordingly to ensure we differentiate ourselves from the competition. Also enriching our strong presence in Ireland to our Irish customers, with the acquisition of OCON chemicals.

The focus will continue to keep pushing our core product lines into our core markets, as well as exploring and investing in new markets, products and industries to continue our growth, whilst ensuring we continue to source the markets for sustainable, cost-effective products to help combat the ever-rising raw material costs that our suppliers are pushing onto ourselves.

PRINCIPAL RISKS AND UNCERTAINTIES
The company’s operations expose it to a variety of financial risks, outlined in more detail below. The company has several risk management strategies in place that aim to reduce the adverse effects on the financial performance of the company by monitoring levels of a number of financial costs.

Currency Risk
Foreign Exchange risk has continued to be stable, however this will continue to be closely monitored. The
increase in prices due to the weakening GBP has stabilised but does still remain a risk. This risk continues to be managed by the monitoring of the ratio between goods sold and goods purchased into the Euro zone. Fluctuating pricing strategies are also in place to ensure the risk is minimised. The US Dollar is also now a currency that is used largely throughout the business. Again, the exchange rate is monitored closely with a strict business plan to ensure that currencies are bought at the right time.

Price Risk
The company is exposed indirectly to raw material price fluctuations as a result of the products distributed.
These however are only realised annually, and the majority are either passed over to the existing customer base, and / or absorbed by suppliers directly. These are forecast to be roughly the same as the previous 12 months, despite the increased uncertainty following the European Exit.

Credit Risk
The company continues to monitor and review policies surrounding strict credit checks, on both new and
existing customers, when looking at offering credit limits and reviewing payment terms. The company has
seen significant success in reducing its average days to pay, as well as continuing to reduce its financial
exposure by closely monitoring credit terms. This is a core strategy that will continue to be in place for the
foreseeable future.

FINANCIAL KEY PERFORMANCE INDICATORS
The directors use a number of performance indicators, both financial and non-financial, to evaluate the
company’s performance. Operating profit and credit control are of primary importance in ensuring the
successful management of the company.


Trafalgar Scientific Limited (Registered number: 02872433)

Group Strategic Report
for the Year Ended 30 September 2024

FUTURE DEVELOPMENTS
The future prospects of the company remain healthy, with increases in both turnover and operating profit
expected for the forthcoming year. It is the directors' intention to develop the existing activities of the
company, as opportunities arise.

ON BEHALF OF THE BOARD:





M Bramley - Director


21 May 2025

Trafalgar Scientific Limited (Registered number: 02872433)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 will be £314,124.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

M Bramley
C Bramley
A J Smith

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;
- 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M Bramley - Director


21 May 2025

Report of the Independent Auditors to the Members of
Trafalgar Scientific Limited

Opinion
We have audited the financial statements of Trafalgar Scientific Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 30 September 2024 and of the group's profit 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.

Report of the Independent Auditors to the Members of
Trafalgar Scientific Limited


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 four, 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud
The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

a) 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, the following approach was taken:
- Understanding the nature of the industry and sector, control environment and business performance;
- Consideration of the results of our enquiries of management and those charged with governance
about their own identification and assessment of the risks of irregularities;
- Understanding the company's policies and procedures on compliance with laws and regulations and
management of fraud risk, including documentation of instances of non-compliance of laws and
regulations and instances of actual, suspected or alleged fraud;
- Consideration of matters discussed among the audit engagement team regarding how and where
fraud might occur in the financial statements and any potential indicators of fraud;
- Understanding the legal and regulatory frameworks that the company operates in through enquiry of
management and those charged with governance and understanding the company's industry and
sector. The key laws and regulations that were considered to have an effect on material amounts and
disclosures in the financial statements included the Companies Act and tax legislation.

Report of the Independent Auditors to the Members of
Trafalgar Scientific Limited


b) Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified:
- Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations described as having a direct effect on the financial
statement;
- Enquiring of management, those charged with governance and, where applicable, the company's
solicitors 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;
- Reviewing minutes of meetings of those charged with governance and, where applicable,
correspondence with regulators;
- Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness and evaluating the business rationale of significant
transactions outside the normal course of business;
-
Communication of potential fraud risks to all engagements team members and remaining alert to any indications of fraud or non-compliance 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.




Mark Torr (Senior Statutory Auditor)
for and on behalf of Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

22 May 2025

Trafalgar Scientific Limited (Registered number: 02872433)

Consolidated
Income Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
as restated
Notes £    £   

TURNOVER 3 24,784,196 21,789,419

Cost of sales (18,406,205 ) (16,172,740 )
GROSS PROFIT 6,377,991 5,616,679

Administrative expenses (5,266,571 ) (4,368,862 )
OPERATING PROFIT 5 1,111,420 1,247,817

Interest receivable and similar income 345,005 157,402
1,456,425 1,405,219

Interest payable and similar expenses 6 (476 ) (761 )
PROFIT BEFORE TAXATION 1,455,949 1,404,458

Tax on profit 7 (414,826 ) (317,175 )
PROFIT FOR THE FINANCIAL YEAR 1,041,123 1,087,283
Profit attributable to:
Owners of the parent 1,041,123 1,087,283

Trafalgar Scientific Limited (Registered number: 02872433)

Consolidated
Other Comprehensive Income
for the Year Ended 30 September 2024

30.9.24 30.9.23
as restated
Notes £    £   

PROFIT FOR THE YEAR 1,041,123 1,087,283


OTHER COMPREHENSIVE INCOME
Revaluation of freehold property 329,737 -
Income tax relating to other
comprehensive income

(68,966

)

13,358
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

260,771

13,358
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,301,894

1,100,641
Note
Prior year adjustment 10 442,190
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

1,744,084

Total comprehensive income attributable to:
Owners of the parent 1,744,084 1,100,641

Trafalgar Scientific Limited (Registered number: 02872433)

Consolidated Balance Sheet
30 September 2024

30.9.24 30.9.23
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 11 969,158 75,704
Tangible assets 12 3,882,765 3,453,522
Investments 13 - -
4,851,923 3,529,226

CURRENT ASSETS
Stocks 14 3,465,975 2,289,937
Debtors 15 5,537,229 4,818,448
Cash at bank 9,357,957 9,191,554
18,361,161 16,299,939
CREDITORS
Amounts falling due within one year 16 (4,999,913 ) (2,701,856 )
NET CURRENT ASSETS 13,361,248 13,598,083
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,213,171

17,127,309

CREDITORS
Amounts falling due after more than one
year

17

(3,197

)

(6,830

)

PROVISIONS FOR LIABILITIES 20 (387,315 ) (285,590 )
NET ASSETS 17,822,659 16,834,889

CAPITAL AND RESERVES
Called up share capital 21 5,001 5,001
Share premium 4,999 4,999
Revaluation reserve 723,201 472,385
Capital redemption reserve 5,000 5,000
Retained earnings 17,084,458 16,347,504
SHAREHOLDERS' FUNDS 17,822,659 16,834,889

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by:





M Bramley - Director


Trafalgar Scientific Limited (Registered number: 02872433)

Company Balance Sheet
30 September 2024

30.9.24 30.9.23
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 11 150,177 75,704
Tangible assets 12 3,732,418 3,453,522
Investments 13 630,938 -
4,513,533 3,529,226

CURRENT ASSETS
Stocks 14 2,824,383 2,289,937
Debtors 15 5,783,313 4,818,448
Cash at bank 9,300,104 9,191,554
17,907,800 16,299,939
CREDITORS
Amounts falling due within one year 16 (4,157,924 ) (2,701,856 )
NET CURRENT ASSETS 13,749,876 13,598,083
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,263,409

17,127,309

CREDITORS
Amounts falling due after more than one
year

17

(3,197

)

(6,830

)

PROVISIONS FOR LIABILITIES 20 (387,315 ) (285,590 )
NET ASSETS 17,872,897 16,834,889

CAPITAL AND RESERVES
Called up share capital 21 5,001 5,001
Share premium 4,999 4,999
Revaluation reserve 723,201 472,385
Capital redemption reserve 5,000 5,000
Retained earnings 17,134,696 16,347,504
SHAREHOLDERS' FUNDS 17,872,897 16,834,889

Company's profit for the financial year 1,091,361 1,087,283

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by:





M Bramley - Director


Trafalgar Scientific Limited (Registered number: 02872433)

Consolidated Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 October 2022 5,001 15,611,561 4,999

Changes in equity
Prior period adjustment
- 1 October 2022 - (443,941 ) -
Prior period adjustment
- 30 September 2023 - (2,858 ) -
Dividends - (359,500 ) -
Total comprehensive income - 1,100,052 -
Balance at 30 September 2023 5,001 15,905,314 4,999
Prior year adjustment - 442,190 -
As restated 5,001 16,347,504 4,999

Changes in equity
Dividends - (314,124 ) -
Total comprehensive income - 1,051,078 -
Balance at 30 September 2024 5,001 17,084,458 4,999
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 October 2022 25,836 5,000 15,652,397

Changes in equity
Prior period adjustment
- 1 October 2022 443,102 - (839 )
Prior period adjustment
- 30 September 2023 3,447 - 589
Dividends - - (359,500 )
Total comprehensive income - - 1,100,052
Balance at 30 September 2023 472,385 5,000 16,392,699
Prior year adjustment - - 442,190
As restated 472,385 5,000 16,834,889

Changes in equity
Dividends - - (314,124 )
Total comprehensive income 250,816 - 1,301,894
Balance at 30 September 2024 723,201 5,000 17,822,659

Trafalgar Scientific Limited (Registered number: 02872433)

Company Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 October 2022 5,001 15,611,561 4,999

Changes in equity
Prior period adjustment
- 1 October 2022 - (443,941 ) -
Prior period adjustment
- 30 September 2023 - (2,858 ) -
Dividends - (359,500 ) -
Total comprehensive income - 1,100,052 -
Balance at 30 September 2023 5,001 15,905,314 4,999
Prior year adjustment - 442,190 -
As restated 5,001 16,347,504 4,999

Changes in equity
Dividends - (314,124 ) -
Total comprehensive income - 1,101,316 -
Balance at 30 September 2024 5,001 17,134,696 4,999
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 October 2022 25,836 5,000 15,652,397

Changes in equity
Prior period adjustment
- 1 October 2022 443,102 - (839 )
Prior period adjustment
- 30 September 2023 3,447 - 589
Dividends - - (359,500 )
Total comprehensive income - - 1,100,052
Balance at 30 September 2023 472,385 5,000 16,392,699
Prior year adjustment - - 442,190
As restated 472,385 5,000 16,834,889

Changes in equity
Dividends - - (314,124 )
Total comprehensive income 250,816 - 1,352,132
Balance at 30 September 2024 723,201 5,000 17,872,897

Trafalgar Scientific Limited (Registered number: 02872433)

Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,242,996 569,833
Interest element of hire purchase
payments paid

(476

)

(761

)
Tax paid (277,119 ) 353,691
Net cash from operating activities 965,401 922,763

Cash flows from investing activities
Purchase of intangible fixed assets (762,758 ) (62,827 )
Purchase of tangible fixed assets (173,796 ) (644,168 )
Sale of tangible fixed assets - 46,000
Cash on acquisition of subsidiary 101,823 -
Interest received 345,005 157,402
Net cash from investing activities (489,726 ) (503,593 )

Cash flows from financing activities
Capital repayments in year (3,455 ) (7,248 )
Amount introduced by directors 8,403 -
Amount withdrawn by directors (96 ) (48,168 )
Equity dividends paid (314,124 ) (359,500 )
Net cash from financing activities (309,272 ) (414,916 )

Increase in cash and cash equivalents 166,403 4,254
Cash and cash equivalents at
beginning of year

2

9,191,554

9,187,300

Cash and cash equivalents at end of
year

2

9,357,957

9,191,554

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

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

30.9.24 30.9.23
as restated
£    £   
Profit before taxation 1,455,949 1,404,458
Depreciation charges 357,495 204,327
Loss on disposal of fixed assets - 76,844
Finance costs 476 761
Finance income (345,005 ) (157,402 )
1,468,915 1,528,988
Increase in stocks (559,298 ) (308,500 )
Decrease/(increase) in trade and other debtors 88,393 (302,981 )
Increase/(decrease) in trade and other creditors 244,986 (347,674 )
Cash generated from operations 1,242,996 569,833

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 9,357,957 9,191,554
Year ended 30 September 2023
30.9.23 1.10.22
as restated
£    £   
Cash and cash equivalents 9,191,554 9,187,300


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank 9,191,554 166,403 9,357,957
9,191,554 166,403 9,357,957
Debt
Finance leases (10,301 ) 3,455 (6,846 )
(10,301 ) 3,455 (6,846 )
Total 9,181,253 169,858 9,351,111

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Trafalgar Scientific 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of the business combination using the purchase method. In the Balance Sheet, the acquirees' identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The combined results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful
economic lives and residual values of the assets. The useful economic lives and residual values are reviewed annually. They are amended when necessary to reflect current accounting estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the property, plant and equipment, and this note for the useful economic lives of each class of asset.

There are not considered to be any critical judgements in applying the company's accounting policies.

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and Value Added Tax.

The company recognises turnover when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no ongoing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity; and (e) when the goods have been "delivered" to the customer, as described below.

Delivery occurs when the goods have been shipped to the location specified by the customer, the risks of obsolescence or loss have been transferred to the customer, the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the company has objective evidence that all criteria for acceptance have been satisfied.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of five years.

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.

Development costs are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Short leasehold - 10% on cost
Plant and machinery - 15% on cost and 15% to 35% on reducing balance
Fixtures and fittings - 20% on reducing balance and 10% on reducing balance
Motor vehicles - 20% on cost and 15% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on the first-in, first-out (FIFO) basis.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is
impaired, the identified stock is reduced to its selling price less costs to sell and an impairment charge is recognised in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Amounts not paid are shown in other creditors in the balance sheet. Once the contributions have been paid the company has no further payment obligations. The assets of the scheme are held separately from the company in independently administered funds.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

30.9.24 30.9.23
as restated
£    £   
United Kingdom 20,768,659 19,826,799
Europe 3,988,146 1,899,679
Rest of World 27,391 62,941
24,784,196 21,789,419

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

4. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
as restated
£    £   
Wages and salaries 2,737,655 2,268,392
Social security costs 285,744 247,890
Other pension costs 208,836 180,956
3,232,235 2,697,238

The average number of employees during the year was as follows:
30.9.24 30.9.23
as restated

Directors 3 3
Sales and administration 74 65
77 68

The average number of employees by undertakings that were proportionately consolidated during the year was 15 (2023 - NIL ) .

30.9.24 30.9.23
as restated
£    £   
Directors' remuneration 161,343 190,432
Directors' pension contributions to money purchase schemes 11,988 5,478

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

Money purchase schemes 1 1

5. OPERATING PROFIT

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

30.9.24 30.9.23
as restated
£    £   
Depreciation - owned assets 232,775 190,370
Depreciation - assets on hire purchase contracts 993 -
Loss on disposal of fixed assets - 76,844
Goodwill amortisation 62,598 -
Development costs amortisation 7,567 -
Computer software amortisation 57,347 13,957
Auditors' remuneration 20,874 19,000
Foreign exchange differences (20,351 ) 27,409

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
as restated
£    £   
Hire purchase 476 761

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
as restated
£    £   
Current tax:
UK corporation tax 382,067 242,764

Deferred tax 32,759 74,411
Tax on profit 414,826 317,175

UK corporation tax has been charged at 25 % (2023 - 22 %).

Reconciliation of total tax 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:

30.9.24 30.9.23
as restated
£    £   
Profit before tax 1,455,949 1,404,458
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 22 %)

363,987

308,981

Effects of:
Expenses not deductible for tax purposes 26,365 6,290
Adjustments to tax charge in respect of previous periods 21,030 -
Enhanced capital allowances - (905 )
Depreciation in excess of capital allowances - revaluation reserve 3,444 2,809
Total tax charge 414,826 317,175

Tax effects relating to effects of other comprehensive income

30.9.24
Gross Tax Net
£    £    £   
Revaluation of freehold property 329,737 (68,966 ) 260,771


Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

7. TAXATION - continued
30.9.23
Gross Tax Net
£    £    £   
Revaluation of freehold property - 13,358 13,358

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
30.9.24 30.9.23
as restated
£    £   
Ordinary shares of £1 each
Interim 314,124 359,500

10. PRIOR YEAR ADJUSTMENT

The prior year adjustment relates to the revaluation of freehold property as at 30 September 2022 and has the following effect on the financial statements:
30.09.23 1.10.22
£ £
Increase in Revaluation reserve 446,799 443,352
(Decrease) in Retained earnings (4,609 (1,751 )
Total increase/(decrease) in Net Assets 442,190 441,601

(Decrease) in Profit before tax (12,769
Decrease in Tax on profit -
Total (decrease) in Profit for the Financial Period (12,769
Decrease in Income tax relating to other comprehensive income 13,358
Total increase in Total comprehensive income for the year 589

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

11. INTANGIBLE FIXED ASSETS

Group
Development Computer
Goodwill costs software Totals
£    £    £    £   
COST
At 1 October 2023 - - 92,101 92,101
Additions 833,876 - 131,820 965,696
Acquisition of subsidiary - 61,830 - 61,830
At 30 September 2024 833,876 61,830 223,921 1,119,627
AMORTISATION
At 1 October 2023 - - 16,397 16,397
Amortisation for year 62,598 7,567 57,347 127,512
Acquisition of subsidiary - 6,560 - 6,560
At 30 September 2024 62,598 14,127 73,744 150,469
NET BOOK VALUE
At 30 September 2024 771,278 47,703 150,177 969,158
At 30 September 2023 - - 75,704 75,704

Company
Computer
software
£   
COST
At 1 October 2023 92,101
Additions 131,820
At 30 September 2024 223,921
AMORTISATION
At 1 October 2023 16,397
Amortisation for year 57,347
At 30 September 2024 73,744
NET BOOK VALUE
At 30 September 2024 150,177
At 30 September 2023 75,704

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

12. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 October 2023 2,569,566 - 139,744
Additions 43,999 - 67,926
Disposals - - -
Acquisition of subsidiary - 111,473 79,769
Revaluations 222,435 - -
At 30 September 2024 2,836,000 111,473 287,439
DEPRECIATION
At 1 October 2023 53,431 - 57,050
Charge for year 53,871 3,744 28,256
Eliminated on disposal - - -
Acquisition of subsidiary - 9,930 33,776
Revaluation adjustments (107,302 ) - -
At 30 September 2024 - 13,674 119,082
NET BOOK VALUE
At 30 September 2024 2,836,000 97,799 168,357
At 30 September 2023 2,516,135 - 82,694

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2023 644,816 295,438 197,136 3,846,700
Additions 16,688 - 45,183 173,796
Disposals - (15,173 ) - (15,173 )
Acquisition of subsidiary - 87,056 - 278,298
Revaluations - - - 222,435
At 30 September 2024 661,504 367,321 242,319 4,506,056
DEPRECIATION
At 1 October 2023 122,148 42,822 117,727 393,178
Charge for year 56,822 38,866 52,209 233,768
Eliminated on disposal - (15,173 ) - (15,173 )
Acquisition of subsidiary - 75,114 - 118,820
Revaluation adjustments - - - (107,302 )
At 30 September 2024 178,970 141,629 169,936 623,291
NET BOOK VALUE
At 30 September 2024 482,534 225,692 72,383 3,882,765
At 30 September 2023 522,668 252,616 79,409 3,453,522

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 30 September 2024 is represented by:

Freehold Short Plant and
property leasehold machinery
£    £    £   
Valuation in 2022 373,750 - -
Valuation in 2024 222,435 - -
Cost 2,239,815 111,473 287,439
2,836,000 111,473 287,439

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2022 - - - 373,750
Valuation in 2024 - - - 222,435
Cost 661,504 367,321 242,319 3,909,871
661,504 367,321 242,319 4,506,056

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

30.9.24 30.9.23
as restated
£    £   
Cost 2,239,815 2,195,816
Aggregate depreciation 275,717 232,146

Freehold land and buildings were valued on an open market basis on 30 September 2024 by the Directors .

Included within the tangible fixed assets are assets held under hire purchase contracts with a net book value of £5,627 (2023 - £6,620).

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

12. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 October 2023 2,569,566 139,744 644,816
Additions 43,999 67,926 16,688
Revaluations 222,435 - -
At 30 September 2024 2,836,000 207,670 661,504
DEPRECIATION
At 1 October 2023 53,431 57,050 122,148
Charge for year 53,871 23,852 56,822
Revaluation adjustments (107,302 ) - -
At 30 September 2024 - 80,902 178,970
NET BOOK VALUE
At 30 September 2024 2,836,000 126,768 482,534
At 30 September 2023 2,516,135 82,694 522,668

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 October 2023 295,438 197,136 3,846,700
Additions - 45,183 173,796
Revaluations - - 222,435
At 30 September 2024 295,438 242,319 4,242,931
DEPRECIATION
At 1 October 2023 42,822 117,727 393,178
Charge for year 37,883 52,209 224,637
Revaluation adjustments - - (107,302 )
At 30 September 2024 80,705 169,936 510,513
NET BOOK VALUE
At 30 September 2024 214,733 72,383 3,732,418
At 30 September 2023 252,616 79,409 3,453,522

Included within the tangible fixed assets are assets held under hire purchase contracts with a net book value of £5,627 (2023 - £6,620).

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

12. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 30 September 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2022 373,750 - -
Valuation in 2024 222,435 - -
Cost 2,239,815 207,670 661,504
2,836,000 207,670 661,504

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2022 - - 373,750
Valuation in 2024 - - 222,435
Cost 295,438 242,319 3,646,746
295,438 242,319 4,242,931

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

30.9.24 30.9.23
as restated
£    £   
Cost 2,239,815 2,195,816
Aggregate depreciation 275,717 232,146

Freehold land and buildings were valued on an open market basis on 30 September 2024 by the Directors .


13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
Additions 630,938
At 30 September 2024 630,938
NET BOOK VALUE
At 30 September 2024 630,938

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

13. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Ocon Chemicals Ltd
Registered office:
Nature of business:
%
Class of shares: holding
Ordinary 100.00
30.9.24
£   
Aggregate capital and reserves (189,641 )
Profit for the year 24,719


14. STOCKS

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
as
restated
as
restated
£    £    £    £   
Stocks 3,465,975 2,289,937 2,824,383 2,289,937

Amount of inventories recognised as an expense in the year was £17,594,674 (2023 - £15,542,786).

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
as
restated
as
restated
£    £    £    £   
Trade debtors 5,329,225 4,488,460 4,599,322 4,488,460
Amounts owed by group undertakings - - 1,027,704 -
Other debtors 79,789 253,202 70,916 253,202
Directors' current accounts - 8,403 - 8,403
Prepayments 128,215 68,383 85,371 68,383
5,537,229 4,818,448 5,783,313 4,818,448

The impairment loss recognised in the profit for the period in respect of bad and doubtful trade debtors was £35,014 (2023 - £24,300).

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
as
restated
as
restated
£    £    £    £   
Hire purchase contracts (see note 18) 3,649 3,471 3,649 3,471
Trade creditors 3,465,982 1,993,101 2,882,928 1,993,101
Corporation tax 219,770 114,822 219,770 114,822
Social security and other taxes 348,907 350,540 333,784 350,540
Other creditors 619,564 30,600 508,698 30,600
Directors' current accounts 450 546 450 546
Accrued expenses 341,591 208,776 208,645 208,776
4,999,913 2,701,856 4,157,924 2,701,856

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
as
restated
as
restated
£    £    £    £   
Hire purchase contracts (see note 18) 3,197 6,830 3,197 6,830

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.9.24 30.9.23
as restated
£    £   
Net obligations repayable:
Within one year 3,649 3,471
Between one and five years 3,197 6,830
6,846 10,301

Company
Hire purchase contracts
30.9.24 30.9.23
as restated
£    £   
Net obligations repayable:
Within one year 3,649 3,471
Between one and five years 3,197 6,830
6,846 10,301

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

18. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
30.9.24 30.9.23
as restated
£    £   
Within one year 41,872 15,787
Between one and five years 54,277 9,109
96,149 24,896

Company
Non-cancellable operating leases
30.9.24 30.9.23
as restated
£    £   
Within one year 41,872 15,787
Between one and five years 54,277 9,109
96,149 24,896

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
as
restated
as
restated
£    £    £    £   
Hire purchase contracts 6,846 10,301 6,846 10,301

20. PROVISIONS FOR LIABILITIES

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
as
restated
as
restated
£    £    £    £   
Deferred tax
Accelerated capital allowances 238,269 205,510 238,269 205,510
Other timing differences 149,046 80,080 149,046 80,080
387,315 285,590 387,315 285,590

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 October 2023 285,590
Provided during year 101,725
Balance at 30 September 2024 387,315

Company
Deferred
tax
£   
Balance at 1 October 2023 285,590
Provided during year 101,725
Balance at 30 September 2024 387,315

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: as
restated
£    £   
5,000 Ordinary £1 5,000 5,000
1 Ordinary B £1 1 1
5,001 5,001

There are two classes of Ordinary Shares: Ordinary and Ordinary B.

Ordinary shares carry full voting rights with no restrictions, whereas Ordinary B shares are non-voting. There are no restrictions on the repayment of capital. The directors are entitled to vote an individual dividend on one class of share without the same dividend being voted to any other type of share.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24 30.9.23
as restated
£    £   
A J Smith
Balance outstanding at start of year 8,403 -
Amounts advanced - 8,403
Amounts repaid (8,403 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 8,403

The loan was interest free and repayable on demand.

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

23. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
30.9.24 30.9.23
as restated
£    £   
Dividends paid 314,124 359,500

The key management personnel of the entity are considered to be the directors of the company. Their remuneration is stated in Note 4.

Trafalgar Scientific Limited (Registered number: 02872433)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

24. BUSINESS COMBINATIONS

On 17 May 2024 Trafalgar Scientific Limited acquired 100% of the share capital of Ocon Chemicals Limited. The consideration and fair value of assets acquired is detailed below.

Recognised amounts of identifiable assets acquired and liabilities assumed
£
Fixed Assets
Intangible 26,237
Tangible 95,339
121,577
Current Assets
Stocks 616,740
Debtors 815,577
Cash at bank and in hand 101,823
1,534,139

Total Assets 1,655,716

Creditors
Due within one year and after one year 1,858,650
Total Liabilities 1,858,650

Total identifiable net assets / (liabilities) (202,934 )

Goodwill 833,872

Total purchase consideration 630,938

Consideration
£
Cash 35,088
Deferred cash consideration 491,257
Directly attributable costs 104.593
630,938

Cash inflow on acquisition
£
Purchase consideration settled / to be settled in cash 526,345
Directly attributable costs 104,593
630,938
Less: Cash and cash equivalents in subsidiary acquired (101,823 )
Net cash inflow on acquisition 529.115