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REGISTERED NUMBER: 08587906 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

for

Bull Products Ltd

Bull Products Ltd (Registered number: 08587906)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Strategic Report 1

Report of the Directors 2

Report of the Independent Auditors 3

Statement of Comprehensive Income 6

Statement of Financial Position 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


Bull Products Ltd (Registered number: 08587906)

Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The directors are delighted to report a successful year for the company.

The company has generated £17,296,885 (2023: £16,533,118) of turnover due to excellent products and customer service. The company has generated £3,474,391 (2023: £3,431,902) of profits before tax to give satisfactory results.

At the period end the company had shareholders funds of £11,473,960 (2023: £10,526,649) including distributable profits of £11,173,760 (2023: £10,226,449). The directors therefore believe the company's position to be satisfactory, especially as the company's current assets exceed its current liabilities by £10,843,986 (2023: £9,723,040) with £458,723 in the bank (2023: £534,605).

The directors believe that there is a strong foundation to build the business further and improve on the current year's results.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed the main standard risk facing the company as being increased competition from other national companies, these companies are able to sell similar products to those offered by the company at competitive prices, which could lead to decreasing margins.

The directors believe that the quality of our products and ongoing contingent arrangements will help mitigate these risks and hope to see satisfactory trading results in the coming year.

ON BEHALF OF THE BOARD:





Mr C H Markham - Director


30 May 2025

Bull Products Ltd (Registered number: 08587906)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of sale of fire safety products.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2024 will be £2,194,287.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr R W Markham
Mr C H Markham
Mr B J Markham

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr C H Markham - Director


30 May 2025

Report of the Independent Auditors to the Members of
Bull Products Ltd

Opinion
We have audited the financial statements of Bull Products Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 company's affairs as at 31 December 2024 and of its 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 company 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 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 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 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 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
Bull Products Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 two, 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 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 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

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.

Report of the Independent Auditors to the Members of
Bull Products Ltd


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.




Craig Clinton (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA
Statutory Auditor
Unit 5
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

30 May 2025

Bull Products Ltd (Registered number: 08587906)

Statement of Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 17,296,885 16,533,118

Cost of sales (10,487,012 ) (9,807,726 )
GROSS PROFIT 6,809,873 6,725,392

Administrative expenses (3,639,623 ) (3,298,403 )
3,170,250 3,426,989

Other operating income 100,000 -
OPERATING PROFIT 4 3,270,250 3,426,989

Income from shares in group undertakings 200,000 -
Interest receivable and similar income 6,141 6,913
3,476,391 3,433,902

Interest payable and similar expenses 5 (2,000 ) (2,000 )
PROFIT BEFORE TAXATION 3,474,391 3,431,902

Tax on profit 6 (332,793 ) (307,538 )
PROFIT FOR THE FINANCIAL YEAR 3,141,598 3,124,364

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,141,598

3,124,364

Bull Products Ltd (Registered number: 08587906)

Statement of Financial Position
31 December 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Intangible assets 8 96,000 108,000
Tangible assets 9 769,141 1,005,057
Investments 10 100 -
865,241 1,113,057

CURRENT ASSETS
Stocks 11 2,251,449 3,331,498
Debtors 12 11,455,813 8,794,365
Cash at bank 458,723 534,605
14,165,985 12,660,468
CREDITORS
Amounts falling due within one year 13 (3,321,999 ) (2,937,428 )
NET CURRENT ASSETS 10,843,986 9,723,040
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,709,227

10,836,097

CREDITORS
Amounts falling due after more than one
year

14

(44,434

)

(68,880

)

PROVISIONS FOR LIABILITIES 18 (190,833 ) (240,568 )
NET ASSETS 11,473,960 10,526,649

CAPITAL AND RESERVES
Called up share capital 19 300,200 300,200
Retained earnings 20 11,173,760 10,226,449
SHAREHOLDERS' FUNDS 11,473,960 10,526,649

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2025 and were signed on its behalf by:





Mr C H Markham - Director


Bull Products Ltd (Registered number: 08587906)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 300,200 7,610,255 7,910,455

Changes in equity
Dividends - (508,170 ) (508,170 )
Total comprehensive income - 3,124,364 3,124,364
Balance at 31 December 2023 300,200 10,226,449 10,526,649

Changes in equity
Dividends - (2,194,287 ) (2,194,287 )
Total comprehensive income - 3,141,598 3,141,598
Balance at 31 December 2024 300,200 11,173,760 11,473,960

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Bull Products Ltd is a private company, limited by shares, domiciled in England, registration number 08587906. The registered office is Beacon House, 4 Beacon Road, Rotherwas Industrial Estate, Hereford, HR2 6JF.

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.

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
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 group members.

Turnover
Turnover represents net invoiced sales of goods and services in respect of fire safety products, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

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.

Intellectual property are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets and depreciation
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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on cost, 25% on reducing balance, 20% on cost and 12.5% on cost
Motor vehicles - 33% on cost and 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks including those identified as work in progress, are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.


Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

Going concern
The directors of the company have reviewed the company's financial position for 12 months from the balance sheet signing date and it is the directors belief that the company should prepare financial statements on a going concern basis.

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 4,383,362 3,645,541
Social security costs 472,908 407,484
Other pension costs 66,092 48,126
4,922,362 4,101,151

The average number of employees during the year was as follows:
31.12.24 31.12.23

Employees 95 76

The key management personnel for the company are deemed to be the directors.

31.12.24 31.12.23
£    £   
Directors' remuneration 25,140 23,793

4. OPERATING PROFIT

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

31.12.24 31.12.23
£    £   
Depreciation - owned assets 330,938 376,400
Depreciation - assets on hire purchase contracts 102,488 49,874
Profit on disposal of fixed assets (35,702 ) (22,457 )
Intellectual property amortisation 12,000 12,000
Auditors' remuneration 16,920 16,430
Rent 150,260 120,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Other loan interest 2,000 2,000

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 339,680 279,063
Over/under provision of tax 42,848 -
Total current tax 382,528 279,063

Deferred tax (49,735 ) 28,475
Tax on profit 332,793 307,538

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£    £   
Profit before tax 3,474,391 3,431,902
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.521%)

868,598

807,218

Effects of:
Expenses not deductible for tax purposes 4,759 8,713
Income not taxable for tax purposes (63,461 ) (5,282 )
Capital allowances in excess of depreciation - (45,180 )
Depreciation in excess of capital allowances 65,798 -
Adjustments to tax charge in respect of previous periods 42,771 -
Deferred tax movement (49,735 ) 28,475
Patent box adjustment (383,366 ) -

Utilisation of group tax losses (152,571 ) (486,406 )
Total tax charge 332,793 307,538

7. DIVIDENDS
31.12.24 31.12.23
£    £   
Ordinary shares of £1 each
Final 2,194,287 508,170

8. INTANGIBLE FIXED ASSETS
Intellectual
property
£   
COST
At 1 January 2024
and 31 December 2024 120,000
AMORTISATION
At 1 January 2024 12,000
Amortisation for year 12,000
At 31 December 2024 24,000
NET BOOK VALUE
At 31 December 2024 96,000
At 31 December 2023 108,000

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2024 414,841 1,339,505 1,230,405 2,984,751
Additions 64,062 27,001 106,447 197,510
Disposals - - (95,919 ) (95,919 )
At 31 December 2024 478,903 1,366,506 1,240,933 3,086,342
DEPRECIATION
At 1 January 2024 253,939 951,995 773,760 1,979,694
Charge for year 52,745 107,481 273,200 433,426
Eliminated on disposal - - (95,919 ) (95,919 )
At 31 December 2024 306,684 1,059,476 951,041 2,317,201
NET BOOK VALUE
At 31 December 2024 172,219 307,030 289,892 769,141
At 31 December 2023 160,902 387,510 456,645 1,005,057

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024 271,650
Additions 47,752
At 31 December 2024 319,402
DEPRECIATION
At 1 January 2024 54,075
Charge for year 102,488
At 31 December 2024 156,563
NET BOOK VALUE
At 31 December 2024 162,839
At 31 December 2023 217,575

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 100
At 31 December 2024 100
NET BOOK VALUE
At 31 December 2024 100

11. STOCKS
31.12.24 31.12.23
£    £   
Raw materials 1,957,677 2,837,824
Work-in-progress 293,772 493,674
2,251,449 3,331,498

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 2,568,656 2,437,725
Amounts owed by group undertakings 8,587,502 6,105,357
Amounts owed by related parties 60,000 60,000
Prepayments 239,655 191,283
11,455,813 8,794,365

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Other loans (see note 15) 40,000 40,000
Hire purchase contracts (see note 16) 61,311 80,248
Trade creditors 1,201,947 1,150,850
Amounts owed to group undertakings 708,789 697,450
Tax 339,759 279,063
Social security and other taxes 123,049 193,312
VAT 452,282 287,018
Accruals and deferred income 394,862 209,487
3,321,999 2,937,428

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts (see note 16) 44,434 68,880

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

15. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
£    £   
Amounts falling due within one year or on demand:
Other loans 40,000 40,000

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year 61,311 80,248
Between one and five years 44,434 68,880
105,745 149,128

Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 5,000 5,000

17. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Hire purchase contracts 105,745 149,128

Balances due on hire purchase contracts are secured on the assets to which they relate.

18. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 190,833 240,568

Deferred
tax
£   
Balance at 1 January 2024 240,568
Provided during year (49,735 )
Balance at 31 December 2024 190,833

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
300,200 Ordinary £1 300,200 300,200

20. RESERVES
Retained
earnings
£   

At 1 January 2024 10,226,449
Profit for the year 3,141,598
Dividends (2,194,287 )
At 31 December 2024 11,173,760

21. ULTIMATE PARENT COMPANY

DWS Group Limited is regarded by the directors as being the company's ultimate parent company.

DWS Group Limited is registered in England under registration number 10592910. The registered office is Stirling House Unit 6 Beacon Road, Rotherwas Industrial Estate, Hereford, HR2 6JF.

22. CONTINGENT LIABILITIES

As at the reporting date, the Company is subject to an ongoing investigation by HM Revenue & Customs (HMRC) regarding a research and development (R&D) tax credit claim submitted for the year ended 31 December 2022 and prior years.

The inquiry relates to the eligibility and substantiation of certain qualifying expenditure included within the R&D tax relief claim. The Company is cooperating fully with the investigation and has provided all requested documentation and supporting evidence.

At this stage, the outcome of the investigation remains uncertain. Management, in consultation with external advisors, believes that it has a reasonable basis for the claim submitted and has accounted for the R&D credit in accordance with applicable accounting standards. However, in recognition of the inherent uncertainty in tax authority determinations and the potential for repayment of all or part of the credit received, the matter is disclosed as a contingent liability.

No provision has been made in these financial statements as the Company does not currently consider it probable that an economic outflow will be required. The maximum potential exposure, should the claim be wholly or partially disallowed, is estimated to be £600k.

The Company will continue to monitor developments in this matter and will reassess the need for any provision as more information becomes available.

23. RELATED PARTY DISCLOSURES

Other related parties
31.12.24 31.12.23
£    £   
Rent expenses 150,260 120,000
Management charge expenses 72,714 98,270
Amount due from related party 60,000 60,000

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

24. ULTIMATE CONTROLLING PARTY

The company is under the control of its Board of Directors.