Company registration number 09644741 (England and Wales)
SUPERFORMULA HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
SUPERFORMULA HOLDINGS LIMITED
COMPANY INFORMATION
Directors
D Burkill
T A Burkill
T Burkill
Company number
09644741
Registered office
Millers Close
Fakenham Industrial Estate
Fakenham
Norfolk
NR21 8NW
Auditor
Wheawill & Sudworth Limited
35 Westgate
Huddersfield
West Yorkshire
HD1 1PA
SUPERFORMULA HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 34
SUPERFORMULA HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

 

Group Overview

 

The Group operates across multiple sectors including manufacturing of cleaning chemicals, supply of janitorial supplies, washroom services, design/print of bespoke labels and film and the creation/production of the high quality sauces, pastes, rubs, marinades and seasonings serving a wide range of industries including hospitality, healthcare, education and foodservice. The Group operates both nationally and internationally, with its headquarters and manufacturing facilities located in East Anglia.

Review of the business

Turnover for the year was £16,512,503 compared with £13,745,312 in 2023 which represents 20% growth in line with directors' expectations.

 

Key Strategic Objectives:

 

1. Product Innovation and Sustainability: Focus on developing the highest quality products. Research and

development (R&D) efforts are centred on creating high- efficiency products with reduced environmental impact.

 

2. Market Expansion and Diversification: The Group aims to strengthen its presence in existing markets and

expand into emerging regions. Additionally, the Group is exploring the development of specialized products for

new sectors, such as food and beverage.

 

3. Operational Efficiency and Cost Management: Focus on improving production efficiency through automation and

lean manufacturing techniques, reducing operational costs while maintaining product quality. This includes

optimizing the supply chain and investing in technologies that enhance manufacturing capabilities.

 

4. Customer- Centric Approach: Enhance customer relationships by offering tailored solutions and superior

customer service. The Group is also focusing on strengthening its technical support and training services for

customers to ensure effective product application.

 

5. Talent Development: Invest in workforce development programs to ensure a skilled workforce, particularly in

technical and regulatory compliance areas.

Principal risks and uncertainties

The management of the business and the delivery of the Group's strategy are subject to a number of risks. The main risks and uncertainties facing the Group's focus on;

 

 

In response to the above mentioned risks, the management believes the Group is in a strong position at the year end and is well placed to tackle the challenges that the current economic situation presents. We are implementing new systems to provide integrated solutions to our employees, supply chain and customers to ensure effective pricing, recognition of our brands and quality of service to maintain our reputation for high quality solutions to help maintain and grow our market position.

 

The Group also monitors applicable indices and regulations to ensure that we provide high quality products and services that meet all of our customer's needs.

 

SUPERFORMULA HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

Management monitors the business using the following key performance indicators in the year as follows:

 

Sales per average employee £166,196 (2023:£159,890)

    

Operating profit margin    6.00% (2023: 3.13%)

 

Net profit margin        4.27% (2023: 1.57%)

        

Average number of employees 93 (2023: 83)    

 

Sales per average employee

Sales per average employee has been satisfactory during the year.

 

Operating profit

The operating profit performance is in line with expectations for the year.

 

Net profit

The net profit performance is in line with expectations for the year and in line with our strategic plan.

 

Headcount

The headcount is in line with ongoing business requirements.

Other information and explanations

Future Developments

The directors consider the results for the year to be satisfactory and expect performance to improve in line with the new strategic model and future business plans.

 

Operational Developments

During the year production moved into a purpose developed filling facility in order to optimise operation efficiencies through better workflow as well as increasing capacity with the addition of new filling lines and improved warehousing.

 

The directors expect this new facility to provide additional capacity and opportunities moving forward as well as reducing our cost base by improving machine efficiencies and workflow.

 

During the year, the Group grew with the addition of a subsidiary whose principal business activity is the manufacture of wholesale spices, seasoning, pastes, herb blends and sauces to serve the food industry,

 

Health and Safety

The group is committed to working in a safe environment and has a tailored programme of training, education and ongoing assessment in place to help us achieve our goals.

 

Strategy and Future Outlook

The group plans to maintain market position whilst achieving sustainable growth through the following strategies:

 

SUPERFORMULA HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

On behalf of the board

T Burkill
Director
23 July 2025
SUPERFORMULA HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £114,075. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D Burkill
T A Burkill
T Burkill
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
T Burkill
Director
23 July 2025
SUPERFORMULA HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SUPERFORMULA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SUPERFORMULA HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Superformula Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

 

The financial statements for the prior period to 31 December 2022 were unaudited.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

SUPERFORMULA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUPERFORMULA HOLDINGS LIMITED
- 7 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

SUPERFORMULA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUPERFORMULA HOLDINGS LIMITED
- 8 -

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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;

 

Assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur;

 

Ensured whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations;

 

Gained clear understanding of the entity’s current activities, the scope of its authorisation and confirmed the effectiveness of its control environment where the entity is a regulated entity;

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

 

·Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 

·Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

 

·Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

 

·Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

 

·Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

 

David Butterworth

Senior Statutory Auditor

SUPERFORMULA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUPERFORMULA HOLDINGS LIMITED
- 9 -
23 July 2025
Wheawill & Sudworth Limited
Chartered Accountants
Statutory Auditor
35 Westgate
Huddersfield
West Yorkshire
HD1 1PA
SUPERFORMULA HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
16,512,503
13,745,312
Cost of sales
(10,326,860)
(9,349,026)
Gross profit
6,185,643
4,396,286
Distribution costs
(3,500)
(3,937)
Administrative expenses
(5,801,427)
(3,913,343)
Operating profit
3
380,716
479,006
Interest receivable and similar income
7
193
-
0
Interest payable and similar expenses
8
(304,455)
(208,675)
Profit before taxation
76,454
270,331
Tax on profit
9
118,729
(126,735)
Profit for the financial year
195,183
143,596
Profit for the financial year is attributable to:
- Owners of the parent company
129,200
125,336
- Non-controlling interests
65,983
18,260
195,183
143,596
SUPERFORMULA HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
£
£
Profit for the year
195,183
143,596
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
195,183
143,596
Total comprehensive income for the year is attributable to:
- Owners of the parent company
129,200
125,336
- Non-controlling interests
65,983
18,260
195,183
143,596
SUPERFORMULA HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
13
4,899,096
3,810,152
4,899,096
3,810,152
Current assets
Stocks
16
1,474,321
1,330,918
Debtors
17
3,795,417
3,152,477
Cash at bank and in hand
1,126
9,301
5,270,864
4,492,696
Creditors: amounts falling due within one year
18
(7,709,256)
(6,618,574)
Net current liabilities
(2,438,392)
(2,125,878)
Total assets less current liabilities
2,460,704
1,684,274
Creditors: amounts falling due after more than one year
19
(1,118,664)
(894,933)
Provisions for liabilities
Deferred tax liability
21
481,242
284,651
(481,242)
(284,651)
Net assets
860,798
504,690
Capital and reserves
Called up share capital
23
5
5
Revaluation reserve
353,974
81,528
Profit and loss reserves
570,213
552,534
Equity attributable to owners of the parent company
924,192
634,067
Non-controlling interests
(63,394)
(129,377)
Total equity
860,798
504,690

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 23 July 2025 and are signed on its behalf by:
23 July 2025
T A Burkill
T Burkill
Director
Director
Company registration number 09644741 (England and Wales)
SUPERFORMULA HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
276,950
276,950
276,950
276,950
Current assets
Debtors
17
50,010
10
Cash at bank and in hand
8
8
50,018
18
Creditors: amounts falling due within one year
18
(276,963)
(276,963)
Net current liabilities
(226,945)
(276,945)
Net assets
50,005
5
Capital and reserves
Called up share capital
23
5
5
Profit and loss reserves
50,000
-
0
Total equity
50,005
5

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £164,075 (2023 - £192,063 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 July 2025 and are signed on its behalf by:
23 July 2025
T A Burkill
T Burkill
Director
Director
Company registration number 09644741 (England and Wales)
SUPERFORMULA HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2023
5
84,441
616,348
700,794
(142,637)
558,157
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
125,336
125,336
18,260
143,596
Dividends
10
-
-
(192,063)
(192,063)
(5,000)
(197,063)
Transfers
-
(2,913)
2,913
-
-
-
Balance at 31 December 2023
5
81,528
552,534
634,067
(129,377)
504,690
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
129,200
129,200
65,983
195,183
Dividends
10
-
-
(114,075)
(114,075)
-
(114,075)
Transfers
-
(2,554)
2,554
-
-
-
Other movements
-
275,000
-
275,000
-
275,000
Balance at 31 December 2024
5
353,974
570,213
924,192
(63,394)
860,798
SUPERFORMULA HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
5
-
0
5
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
192,063
192,063
Dividends
10
-
(192,063)
(192,063)
Balance at 31 December 2023
5
-
0
5
Year ended 31 December 2024:
Profit and total comprehensive income
-
164,075
164,075
Dividends
10
-
(114,075)
(114,075)
Balance at 31 December 2024
5
50,000
50,005
SUPERFORMULA HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
881,956
1,849,776
Interest paid
(304,455)
(208,675)
Income taxes refunded
176,756
-
0
Net cash inflow from operating activities
754,257
1,641,101
Investing activities
Purchase of tangible fixed assets
(1,610,089)
(1,602,222)
Proceeds from disposal of tangible fixed assets
16,500
24,205
Purchase of subsidiaries, net of cash acquired
-
(400)
Proceeds from disposal of subsidiaries, net of cash disposed
-
400
Interest received
193
-
0
Net cash used in investing activities
(1,593,396)
(1,578,017)
Financing activities
Increase/(Repayment) of borrowings
711,648
16,547
Increase/(Repayment) of bank loans
(174,258)
315,444
Increase/(Payment of finance leases obligations)
538,463
185,070
Dividends paid to equity shareholders
(114,075)
(192,063)
Dividends paid to non-controlling interests
-
0
(5,000)
Net cash generated from financing activities
961,778
319,998
Net increase in cash and cash equivalents
122,639
383,082
Cash and cash equivalents at beginning of year
(121,513)
(504,595)
Cash and cash equivalents at end of year
1,126
(121,513)
Relating to:
Cash at bank and in hand
1,126
9,301
Bank overdrafts included in creditors payable within one year
-
(130,814)
SUPERFORMULA HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(50,000)
400
Investing activities
Purchase of subsidiaries
-
0
(400)
Dividends received
164,075
192,063
Net cash generated from investing activities
164,075
191,663
Financing activities
Dividends paid to equity shareholders
(114,075)
(192,063)
Net cash used in financing activities
(114,075)
(192,063)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
8
8
Cash and cash equivalents at end of year
8
8
SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
1
Accounting policies
Company information

Superformula Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Millers Close, Fakenham Industrial Estate, Fakenham, Norfolk, NR21 8NW.

 

The group consists of Superformula Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Superformula Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases. Results from minor subsidiaries are taken from their unaudited statutory accounts.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
nil
Leasehold improvements
Over the term of the leases
Plant and equipment
15% reducing balance
Fixtures and fittings
15%/25% reducing balance
Dispensing equipment
33% straight line
Motor vehicles
30% reducing balance

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Freehold land and assets in the course of construction are not depreciated.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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

SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 24 -
1.18
Leases

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest rate. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

1.19
Foreign exchange

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in the foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
872
105
Research and development costs
21,022
11,723
Depreciation of owned tangible fixed assets
780,871
480,400
Profit on disposal of tangible fixed assets
(1,226)
(5,595)
Amortisation of intangible assets
-
2,439
Stocks impairment losses recognised or reversed
9,096
-
0
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,000
2,000
Audit of the financial statements of the company's subsidiaries
9,624
8,886
11,624
10,886
SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
109
92
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,096,255
3,367,504
-
0
-
0
Social security costs
364,372
253,494
-
-
Pension costs
98,051
66,021
-
0
-
0
4,558,678
3,687,019
-
0
-
0
6
Directors remuneration

Remuneration for qualifying services was £113,356 (2023: £72,400).

 

Company pension contributions to defined contribution schemes £28,040 (2023: £7,360).

 

Remuneration disclosed above include £103,356 (2023 £62,400) to the highest paid director.

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
193
-
SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
66,401
84,620
Interest on invoice finance arrangements
151,907
94,834
Interest payable to group undertakings
14,329
-
0
Other interest on financial liabilities
10,858
715
243,495
180,169
Other finance costs:
Interest on finance leases and hire purchase contracts
50,910
28,506
Other interest
10,050
-
Total finance costs
304,455
208,675
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(315,319)
-
0
Deferred tax
Origination and reversal of timing differences
196,590
126,735
Total tax (credit)/charge
(118,729)
126,735

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
76,454
270,331
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
19,114
67,583
Effect of change in corporation tax rate
-
59,152
Movements in tax during the year
(137,843)
-
0
Taxation (credit)/charge
(118,729)
126,735
SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
114,075
192,063
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Stocks
16
9,096
-
Recognised in:
Cost of sales
9,096
-
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
55,222
Amortisation and impairment
At 1 January 2024 and 31 December 2024
55,222
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Dispensing equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
1,050,000
256,528
1,775,776
975,053
1,556,239
431,968
6,045,564
Additions
-
0
6,841
329,679
696,842
349,502
227,225
1,610,089
Disposals
-
0
-
0
(52,000)
-
0
-
0
-
0
(52,000)
Revaluation
275,000
-
0
-
0
-
0
-
0
-
0
275,000
At 31 December 2024
1,325,000
263,369
2,053,455
1,671,895
1,905,741
659,193
7,878,653
Depreciation and impairment
At 1 January 2024
-
0
38,045
938,833
442,650
712,911
102,973
2,235,412
Depreciation charged in the year
-
0
25,879
150,601
157,990
313,013
133,388
780,871
Eliminated in respect of disposals
-
0
-
0
(36,726)
-
0
-
0
-
0
(36,726)
At 31 December 2024
-
0
63,924
1,052,708
600,640
1,025,924
236,361
2,979,557
Carrying amount
At 31 December 2024
1,325,000
199,445
1,000,747
1,071,255
879,817
422,832
4,899,096
At 31 December 2023
1,050,000
218,483
836,943
532,403
843,328
328,995
3,810,152
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -

Freehold land and assets in the course of construction are not depreciated.

Land and buildings with a carrying amount of £1,325,000 were revalued at 8/10/24 by Bruton Knowles, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
783,942
783,942
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
276,950
276,950
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
276,950
Carrying amount
At 31 December 2024
276,950
At 31 December 2023
276,950
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Chemanglia Limited
UK
£1 Ordinary
95.00
Spectrum Digital Labels Limited
UK
£1 Ordinary
70.00
DTR Hygiene Limited
UK
£1 Ordinary
70.00
Seasoned and Spiced Ingredients Limited
UK
£1 Ordinary
100.00
Biovate Hygienics Limited
UK
£1 Ordinary
100.00
Simple Solutions (Chemicals) Limited
UK
£1 Ordinary
100.00
The aggregate capital and reserves and the result for the year of the principal trading subsidiary Chemanglia Limited was as follows:
SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Subsidiaries
(Continued)
- 30 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Chemanglia Limited
2,284,464
720,968
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,195,384
913,473
-
-
Finished goods and goods for resale
278,937
417,445
-
0
-
0
1,474,321
1,330,918
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,975,869
2,528,233
-
0
-
0
Corporation tax recoverable
180,069
41,505
-
0
-
0
Other debtors
227,589
273,071
50,010
10
Prepayments and accrued income
411,890
309,668
-
0
-
0
3,795,417
3,152,477
50,010
10
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
174,258
297,124
-
0
-
0
Obligations under finance leases
456,587
144,118
-
0
-
0
Other borrowings
20
2,716,588
2,184,883
176,380
176,380
Trade creditors
2,613,623
2,216,740
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
99,413
99,413
Other taxation and social security
556,096
946,333
-
-
Other creditors
157,839
127,384
1,170
1,170
Accruals and deferred income
1,034,265
701,992
-
0
-
0
7,709,256
6,618,574
276,963
276,963
SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
411,247
593,453
-
0
-
0
Obligations under finance leases
527,474
301,480
-
0
-
0
Other borrowings
20
179,943
-
0
-
0
-
0
1,118,664
894,933
-
-
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
585,505
759,763
-
0
-
0
Bank overdrafts
-
0
130,814
-
0
-
0
Other loans
2,896,531
2,184,883
176,380
176,380
3,482,036
3,075,460
176,380
176,380
Payable within one year
2,890,846
2,482,007
176,380
176,380
Payable after one year
591,190
593,453
-
0
-
0

The aggregate amount of secured liabilities at the year end totalled £4,286.154 (2023: £3,521,058)

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
481,242
284,651
The company has no deferred tax assets or liabilities.
SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Deferred taxation
(Continued)
- 32 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
284,651
-
Other
196,591
-
Liability at 31 December 2024
481,242
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
98,051
66,021

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
500
500
5
5

The shares comprise of ordinary, A ordinary and B ordinary shares of £0.01 each.

24
Related party transactions

Included within debtors are loans to directors of £117,246 (2023: £28,590) and £176,380 (2023: £176,380) within creditors. The loan to directors are unsecured, repayable on demand and interest free.

 

D Burkill is the ultimate controlling party of the group.

 

SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
25
Cash generated from group operations
2024
2023
£
£
Profit after taxation
195,183
143,596
Adjustments for:
Taxation (credited)/charged
(118,729)
126,735
Finance costs
304,455
208,675
Investment income
(193)
-
0
Gain on disposal of tangible fixed assets
(1,226)
(5,595)
Amortisation and impairment of intangible assets
-
2,439
Depreciation and impairment of tangible fixed assets
780,871
480,400
Movements in working capital:
Increase in stocks
(143,403)
(4,466)
Increase in debtors
(504,375)
(74,187)
Increase in creditors
369,373
972,179
Cash generated from operations
881,956
1,849,776
26
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit after taxation
164,075
192,063
Adjustments for:
Investment income
(164,075)
(192,063)
Movements in working capital:
Increase in debtors
(50,000)
-
Increase in creditors
-
400
Cash (absorbed by)/generated from operations
(50,000)
400
27
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
9,301
(8,175)
1,126
Bank overdrafts
(130,814)
130,814
-
0
(121,513)
122,639
1,126
Borrowings excluding overdrafts
(2,944,646)
(537,390)
(3,482,036)
Obligations under finance leases
(445,598)
(538,463)
(984,061)
(3,511,757)
(953,214)
(4,464,971)
SUPERFORMULA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
28
Analysis of changes in net debt - company
1 January 2024
31 December 2024
£
£
Cash at bank and in hand
8
8
Borrowings excluding overdrafts
(176,380)
(176,380)
(176,372)
(176,372)
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