REGISTERED NUMBER: 01772901 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GRIPPLE LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

11

Consolidated Profit and Loss Account

14

Consolidated Other Comprehensive Income

15

Consolidated Balance Sheet

16

Company Balance Sheet

17

Consolidated Statement of Changes in Equity

18

Company Statement of Changes in Equity

19

Consolidated Cash Flow Statement

20

Notes to the Consolidated Cash Flow Statement

21

Notes to the Consolidated Financial Statements

23

DIRECTORS:

H D Facey

E J P Stubbs

R A Davies

P Taylor

S N Khan

M Hodgson

C P Bentley

Mrs D J Oxley

K J St Clair

P C Hartland

SECRETARY:

Miss K B Cullen

REGISTERED OFFICE:

The Old West Gun Works

201 Savile Street East

Sheffield

South Yorkshire

S4 7UQ

REGISTERED NUMBER:

01772901 (England and Wales)

AUDITORS:

Hollis and Co Limited

Chartered Accountants

Statutory Auditor

35 Wilkinson Street

Sheffield

South Yorkshire

S10 2GB

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

Despite 2024 being another challenging year, it was still a year of continued investment and success throughout the business. We remain focussed on long term growth, investment in new products and looking after and rewarding our employee owners worldwide in times of significant rises in cost of living.

In the circumstances it is pleasing to report an annual sales volume growth of 9.8%, with an annual net profit before tax of £4.8m.

The number of employee shareholders in the year moved from 1008 to 991

A number of new products were launched during the year; Powertie, B Lock, Rail Jumper and Tecloc, along with our continued focus on Fast Trak, Concrete Inserts, Cable Smart, fibre cable kit and Solar - all of which contributed to the total of £12.9 million new product sales.

During the year cash management performed well. At the year-end trade debtors averaged 53 calendar days, 7 days higher than the end of 2023 and trade creditors averaged 61 calendar days, 5 days higher than the end of 2023.

GLIDE HOUSE continued to provide an excellent service, contributing significantly to the welfare of GLIDE members.

As in previous years, 2024 continued to show the difference that being an employee owned business can make in challenging times. A sincere thank you to all employees for continuing to make that difference in 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

We are grateful to Barclays bank for supporting the business over many years, however, due to the Global nature of the Gripple business we have moved group banking to HSBC from Q1 2025 - we are confident that HSBC are and will provide adequate banking facilities to meet the future needs of the business.

The group's principal foreign currency exposure arises from significant trading in both US dollars and the Euro. A natural hedge is created by significant purchases being made in US dollars and, in addition, forward contracts for the sale of foreign currencies are entered into.

All major customers are covered by credit insurance.

The group is exposed to interest rate risks on its bank borrowings.

DIVIDENDS AND SHARE VALUATION

Gripple Limited, has paid 4 interim dividends, totalling 15.5p. The total dividend of 15.5p is 1.25p lower than 2023, resulting in a year-end share valuation of £4.65.

THE FUTURE

Based on the trading performance to date in 2025, and over the last 5 years, the business remains in a strong position to continue to support long term business growth and trade profitably through the ongoing challenging conditions caused by high inflation, cost of living, Brexit, US tariffs and the conflict in Ukraine.

Expansion to facilitate future growth targets was supported by the purchase in January 2025 of land and buildings at Windsor Street in Sheffield, UK.

The business will continue to support specific investments and will launch a number of significant new products to support growth in key markets.

SECTION 172(1) STATEMENT

The Companies (Miscellaneous Reporting) Regulations 2018 applies to financial years beginning on or after 1 January 2019 and these regulations require the Directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 when performing their duty to promote the success of the Company under S172.

This statement focuses on matters of strategic importance to Gripple Limited and the level of information disclosed is consistent with the size and the complexity of the business.

S172(1) (A) - THE LIKELY CONSEQUENCES OF ANY DECISION IN THE LONG TERM

The Directors understand the business and the evolving environment in which we operate, including the conflict in Ukraine, Brexit, high inflation and the rising cost of living.

All decisions in the business continue to be made for the long term in order to serve the growth, sustainability and value of the business to its current and future employee shareholders.

A growing population and increasing customer focus on locality, sustainability and efficiency give the Director's confidence that there will continue to be growing marketplaces for Gripple solutions for years to come.

S172(1) (B) - THE INTERESTS OF THE COMPANY'S EMPLOYEES

The group has been established on a culture of employee involvement and ownership. All employees of the group are required to acquire shares in the parent company and at the year end, there were 991 shareholders.

Regular meetings are held with employees to keep them informed of matters of concern to them and the directors continually review the means whereby information may be provided to employees.

There are 43 elected employee representatives who in addition to supporting employee engagement on a day-to-day basis, convene 3 board meetings per annum with the Group Managing Director.

Employee personal development is actively supported through the Gripple Spirit annual appraisal system. During 2024 there were 44 internal promotions, over 1800 days training were delivered and staff retention was 89%.

S172(1) (C) - THE NEED TO FOSTER THE COMPANY'S BUSINESS RELATIONSHIPS WITH SUPPLIERS, CUSTOMERS AND OTHERS

Gripple is a long-term business focused on innovation, quality and service. The business seeks to establish the same relationship with suppliers, wherever possible establishing local, long term and single source relationships.

Gripple continues to invest in the development of new products to solve our customer's problems and reduce their costs, working closely with customers and suppliers to innovate.

Gripple have long standing ties with the local communities in which they operate, all subsidiary businesses have excellent relationships with local businesses, government bodies, hostelries and many others for which the business and employees are very grateful.

S172(1) (D) - THE IMPACT OF THE COMPANY'S OPERATIONS ON THE COMMUNITY AND THE ENVIRONMENT

COMMUNITY

Gripple and the Gripple Foundation are committed to supporting our local communities and charities. In 2024 we supported over 170 charities across the globe, donating over £80k.

The business also encourages employees to engage in their own fundraising activities and in 2024, UK employees raised an additional £48k for their own causes.

Each subsidiary business has a "charities committee" that work with local charities and community groups to channel financial support and to provide volunteer resource to carry out projects, visit charities and support people in need.

Gripple's financial commitment to charities is matched by commitment of time and people involvement, much to the benefit of those in need and also to the employee's and business as a whole.

ENVIRONMENT

The business succeeds by providing innovative and greener alternatives to traditional methods, where Gripple solutions contain 95% less embodied carbon, significantly reduce on site waste, labour and improve health and safety.

Investment is made in local supply chains with in house automated manufacturing in all key geographies working with local suppliers wherever possible. Customers increasingly value the local, green and traceable supply chain offered.

Gripple is ISO14001 accredited, including recycling, achieving year on year energy and waste reduction per unit produced and significant energy production from investment in renewables.

Gripple continues to improve operational sustainability through targeted energy efficiency initiatives and strategic site upgrades. In 2024, Scope 1 and 2 emissions totalled 1,496.85 tCO2e, reflecting a 4.08% reduction in direct emissions from fuel combustion, driven by the relocation of operations from the gas-dependent Hog Works site to the gas-free Don Road facility.

Despite an increase in electricity-related emissions by 13.21%, due to the commissioning of high energy machinery to support growth, Gripple maintains a strong commitment to reducing its carbon intensity. The overall emissions intensity was 14.98 tCO2e per £m Sales Value of Production, representing a 27.35% increase primarily due to expanded production capacity and new fleet acquisitions.

To combat rising electricity demands, Gripple completed several FY2024 energy efficiency upgrades. These include a gas boiler replacement at the Gun Works site to improve heating efficiency and a compressed air system optimisation project to cut electricity usage and enhance reliability.

Looking ahead to FY2025, a series of energy reduction measures are planned, including air conditioning optimisation at Norfolk Bridge, a compressed air system review at the Hellaby site, and site-wide installation of hot drink boiler timers to limit overnight energy waste. Additionally, Gripple will complete an LED lighting upgrade at the Gunworks site, supporting long-term electricity savings and reduced maintenance needs.

These initiatives form part of a structured, multi-year energy strategy aimed at achieving continual year-on-year improvement in energy performance and supporting Gripple's wider journey towards net zero carbon.

S172(1) (E) - THE DESIRABILITY OF THE COMPANY MAINTAINING A REPUTATION FOR HIGH STANDARDS OF BUSINESS CONDUCT

As the market leader Gripple continue to invest in achieving all leading manufacturing and marketplace accreditations.

The business is very proud to have been awarded our first Kings Award for Enterprise in Innovation in 2024 for Fast Trak, continuing the recognition that has been achieved over the years, including 5 Queens Awards for Enterprise and the IMEC UK Manufacturer of the Year. We were also 2024 winners of the Yorkshire Sustainability Excellence Award for large businesses.

Gripple Ltd are Trustee Board Members of the UK Employee Ownership Association and vocal advocates of the benefits of Employee Ownership as a way to ensure high standards of business conduct and long-term business growth and sustainability.

Following the businesses B Corp accreditation in December 2022 we are proud to be working within and supporting the B Corp worldwide community

S172(1) (F) - THE NEED TO ACT FAIRLY AS BETWEEN MEMBERS OF THE COMPANY

The Director's refer to the section S172 (1) (B)

As a long-term employee owned company all decisions made by the Directors are intended to serve the long term strategy of the business and its employee owners. The company does not operate bonus or incentive schemes for Directors or any other employees. The company does not have external shareholders. Employee's work alongside one another as business owners; equal, aligned and all benefitting from the achievement of the Companies objectives.

ON BEHALF OF THE BOARD:

H D Facey - Director

25 April 2025

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

PRINCIPAL ACTIVITIES

The principal activities of the Company, its subsidiaries and joint ventures during the year were the manufacture and distribution of wire joining, tensioning and suspension systems.

DIVIDENDS

Interim dividends per share on the Ordinary 50p shares were paid as follows:

6.25p

- 26 April 2024

4.00p

- 27 July 2024

3.50p

- 25 October 2024

1.75p

- 23 December 2024

15.50p

The directors recommend that no final dividend be paid on the company's ordinary 50p share capital.

The Golden £1 shares are not entitled to receive dividends.

The total distribution of dividends for the year ended 31 December 2024 will be £3,328,022.

RESEARCH AND DEVELOPMENT

During the period the parent company continued to reinvest in the research and development of new and innovative products and processes to gain a competitive advantage in existing and new markets.

DIRECTORS

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

H D Facey

E J P Stubbs

R A Davies

P Taylor

S N Khan

M Hodgson

C P Bentley

Mrs D J Oxley

K J St Clair

Other changes in directors holding office are as follows:

D A Routledge - resigned 1 April 2024

P C Hartland - appointed 23 July 2024

QUALIFYING THIRD PARTY INDEMNITY PROVISION

During the financial year and at the time the directors report is approved, a Qualifying Third Party Indemnity Provision for the benefit of the directors is in force.

DISABLED EMPLOYEES

It is the group's policy to offer the same opportunity in matters to disabled employees in matters of recruitment and career advancement, provided that they have the ability to perform the tasks required with or without training, and to provide retraining where necessary when disability is incurred during employment with the company.

STREAMLINED ENERGY AND CARBON REPORTING

Energy Efficiency Commentary

Gripple is committed to continual, year-on-year improvements in its operational energy efficiency and carbon footprint reduction. A register of energy efficiency measures has been compiled and is actively reviewed with a view to implementing identified opportunities over a five-year period.

Measures Undertaken in FY2024

Boiler Upgrade - Gun Works Site

In FY2024, Gripple completed the replacement of a gas boiler at the Gun Works site. This upgrade has improved heating efficiency, reduced gas consumption, and enhanced temperature control, contributing to reductions in Scope 1 emissions.

Compressed Air System Optimisation - Gun Works Site

A full optimisation review of the compressed air system was conducted, including adjustments to setpoints and checks for air leaks. Compressed air systems are energy-intensive, and improvements in their efficiency help lower electricity use and improve system reliability.

Solar Energy Generation

Following the 2023 installation of solar arrays across South Yorkshire sites, 412,431 kWh of renewable electricity was generated in FY2024. This output directly reduces reliance on grid-supplied electricity, lowering indirect Scope 2 emissions.

Fleet Expansion

Gripple continues transitioning to Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs), supported by a flexible leasing model. The fleet expansion in FY2024 resulted in a rise in transportation emissions, but forms part of a broader strategy to shift away from ICE vehicles in the long term.

Sustainability Champions

The Sustainability Champion programme was expanded in FY2024, increasing weekly allocated hours from 8 to 16. Champions continue to perform weekly energy audits, monitor consumption, and identify savings opportunities. This initiative supports the company's SMART decarbonisation targets.

Year-on-Year Energy and Emissions Changes (FY2024 vs FY2023)

- Natural Gas Emissions decreased by 16.35%, largely due to operational relocation to a gas-free site.

- Electricity Emissions increased by 13.21%, driven by the addition of high-energy machinery.

- Transport Emissions increased by 14.06% due to the expansion of the company vehicle fleet.

Planned Measures for FY2025

Air Conditioning Setpoint Review - Norfolk Bridge Site

Gripple will review air conditioning setpoints and schedules to ensure systems operate only when needed and at efficient temperature levels, reducing electricity usage while maintaining comfort.

Compressed Air System Review - Hellaby Site

A site-wide review of the compressed air system at Hellaby will be conducted to adjust control setpoints and address any leaks. These changes are expected to lower electricity demand.

Hot Drink Boiler Timers - All Sites

Timers will be installed on hot drink boilers to prevent overnight or excessive operation, ensuring use only during active hours - a simple and cost-effective energy-saving measure.

LED Lighting Upgrade - Gun Works Site

Remaining non-LED lighting will be replaced with energy-efficient LED fixtures at the Gun Works site. This upgrade will reduce electricity demand and maintenance needs while improving lighting quality.

Gripple continues to demonstrate its commitment to energy efficiency, operational sustainability, and emissions reduction through a combination of technology upgrades, behavioural initiatives, and strategic planning. These measures contribute to both immediate energy savings and long-term environmental performance improvements.

Annual reporting figures

The following figures outline the energy consumption and associated carbon emissions for Gripple's UK operations during the reporting year January - December 2024, alongside comparative data from FY2023.

Scope 1 emissions include direct combustion of natural gas and fuels used for transport operations (e.g., company fleet).

Scope 2 emissions refer to indirect emissions from the consumption of purchased and self-generated electricity used in daily operations.

Scope 1 & 2 Emissions Overview (Location-Based)

In 2024, Gripple's total Scope 1 and Scope 2 emissions were:

- Scope 1 (direct emissions): 346.54 tCO2e from 1,707,020 kWh of fuel

- Scope 2 (purchased electricity): 1,150.31 tCO2e from 5,970,754 kWh of electricity (including self-generated solar electricity)

This represents a 4.08% reduction in Scope 1 emissions and a 13.21% increase in Scope 2 emissions compared to FY2023.

Metric

FY2024

FY2023

% change

Total SVOP (£m)

£99.92m

£117.09m

-

Total UK Employees (FTE)

503

539

-

Location-Based Emissions per £m SVOP (tCO2e)

14.98

11.76

+ 27.35%

Market-Based Emissions per £m SVOP (tCO2e)

17.3

10.04

+ 72.29%

Location-Based Emissions per FTE (tCO2e)

2.98

2.56

+ 16.45%

Market-Based Emissions per FTE (tCO2e)

3.44

2.18

+ 57.55%

Utility and Scope

2024 Consumption

2023 Consumption

Gaseous and other fuels (Scope1)

1,153,299 kWh

1,177,590 kWh

Transportation (Scope 1)

553,721 kWh

620,644 kWh

Grid-Supplied Electricity (Scope 2)

5,558,323 kWh

4,906,956 kWh

Self-Generated Solar Electricity* (Scope 2)

412,431 kWh

412,431 kWh

Transportation (Scope 2)

-

20,433 kWh

TOTAL

7,677,774 kWh

7,138,053 kWh

Utility and Scope

2024 Emissions (tCo2e

)

2023 Emissions (tCO2e

)

Natural Gas (Scope1)

180.19

215.42

Transportation (Scope 1)

162.35

141.62

Scope 1 Total

342.54

357.03

Grid-Supplied Electricity (Scope 2)

1,150.31

1,016.10

Transportation (Scope 2)

4.00

4.23

Scope 2 Total

1,154.31

1,020.34

TOTAL (Scope 1 & 2)

1,496.85

1,377.37

*Solar power produces no emissions during generation itself. Therefore, the tco2e for self-generated electricity is 0.00 tCO2e.

Reporting Methodology

This report, including Scope 1 and Scope 2 kWh consumption and CO2e emissions data, has been developed and calculated using the following standards and guidelines:

- GHG Protocol - A Corporate Accounting and Reporting Standard (World Resources Institute and World Business Council for Sustainable Development, 2004)

- GHG Protocol - Scope 2 Guidance (World Resources Institute, 2015)

- ISO 14064-1 and ISO 14064-2 (ISO, 2018; ISO, 2019) - Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (HM Government, 2019)

Gripple Limited has applied the UK Government Emissions Factor Database 2024 (version 1.1), using the published kWh gross Calorific Value (CV) and corresponding kgCO2e emissions factors relevant for the reporting period 1st January 2024 - 31st December 2024

Estimation Methodology

Estimations were undertaken to address missing billing periods for sites directly invoiced to Gripple Limited. These estimations were calculated at the meter level on a kWh/day pro-rata basis.

For locations where Gripple Limited is indirectly responsible for utilities (e.g., via a landlord or service charge agreement), or where no meter data was available, a median consumption value (based on similar operational properties) was applied at the meter level.

All estimations represent 0.92% of total reported consumption.

Electricity Reporting

Market-based emissions were calculated using supplier-specific emissions factors and REGO-backed electricity contracts. Fuel mix disclosures were used for the following suppliers:

- TotalEnergies Gas & Power Limited (REGO-backed)

- Drax Energy Limited (REGO-backed)

- Sefe Energy

- Scottish Power

- Engie

Transport Emissions Methodology

As the majority of Gripple Limited's PHEV and BEV vehicles are charged on-site at company premises, their consumption and associated emissions are excluded from Scope 1 to avoid double counting under Scope 2. This methodology remains consistent with the approach used in FY2023.

Renewable Generation

Gripple Limited continues to generate renewable electricity through onsite solar PV arrays, which produced 415,034 kWh during the January - December 2024 reporting period. This energy is consumed in addition to electricity sourced from the national grid.

Intensity Metrics

Operational intensity metrics have been calculated using total tCO2e emissions and agreed performance indicators for the relevant reporting period:

- UK Sales Value of Production (SVOP) (£m)

FY2024: £99.92m (FY2023: £88.91m)

- Total Full-Time Employees (FTE)

FY2024: 539 (FY2023: 524)

DISCLOSURE IN THE STRATEGIC REPORT

Certain items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors' report are set out in the Strategic Report in accordance with Section 414C(11) Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Hollis and Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

H D Facey - Director

25 April 2025

Opinion

We have audited the financial statements of Gripple Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page ten, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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:

- Enquiry of management, those charged with governance and the entity's in-house legal team around actual and potential litigation and claims;

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

- Reviewing minutes of meetings of those charged with governance;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the further that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Hollis (Senior Statutory Auditor)

for and on behalf of Hollis and Co Limited

Chartered Accountants

Statutory Auditor

35 Wilkinson Street

Sheffield

South Yorkshire

S10 2GB

6 May 2025

TURNOVER

3

121,269,151

114,404,497

Cost of sales

68,457,226

63,371,455

GROSS PROFIT

52,811,925

51,033,042

Distribution costs

26,478,475

27,602,562

Administrative expenses

21,710,366

19,741,327

48,188,841

47,343,889

4,623,084

3,689,153

Other operating income

1,704,909

1,566,445

GROUP OPERATING PROFIT

5

6,327,993

5,255,598

Share of operating profit in

Joint ventures

411,596

339,587

Income from interest in associated undertakings

10,800

12,000

Income from fixed asset investments

225,139

170,317

Interest receivable and similar income

600

13,526

Gain/loss on revaluation of investments

285,626

(126,000

)

Interest payable and similar expenses

Group

6

(2,422,918

)

(2,144,956

)

Joint ventures

(36,779

)

(34,149

)

(1,937,532

)

(2,109,262

)

PROFIT BEFORE TAXATION

4,802,057

3,485,923

Tax on profit

7

1,121,469

976,047

PROFIT FOR THE FINANCIAL YEAR

3,680,588

2,509,876

Profit attributable to:

Owners of the parent

3,680,588

2,509,876

PROFIT FOR THE YEAR

3,680,588

2,509,876

OTHER COMPREHENSIVE INCOME

Currency translation differences on

foreign currency net investments

162,541

(276,613

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

162,541

(276,613

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,843,129

2,233,263

Note

Prior year adjustment

10

3,340

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

3,846,469

Total comprehensive income attributable to:

Owners of the parent

3,846,469

2,233,263

FIXED ASSETS

Intangible assets

11

2,109,020

1,855,389

Tangible assets

12

47,275,844

47,578,309

Investments

13

Interests in joint ventures

1,044,873

978,956

Interests in associates

324,000

360,000

Other investments

6,843,037

5,891,411

57,596,774

56,664,065

CURRENT ASSETS

Stocks

14

14,414,330

12,984,633

Debtors

15

23,725,680

19,641,124

Cash at bank and in hand

1,057,504

1,598,166

39,197,514

34,223,923

CREDITORS

Amounts falling due within one year

16

44,554,711

36,647,947

NET CURRENT LIABILITIES

(5,357,197

)

(2,424,024

)

TOTAL ASSETS LESS CURRENT LIABILITIES

52,239,577

54,240,041

CREDITORS

Amounts falling due after more than one year

17

(12,806,343

)

(16,091,796

)

PROVISIONS FOR LIABILITIES

21

(4,561,931

)

(3,792,049

)

NET ASSETS

34,871,303

34,356,196

CAPITAL AND RESERVES

Called up share capital

22

10,735,554

10,735,554

Share premium

4,780,592

4,780,592

Retained earnings

19,355,157

18,840,050

SHAREHOLDERS' FUNDS

34,871,303

34,356,196

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2025 and were signed on its behalf by:

H D Facey - Director

FIXED ASSETS

Intangible assets

11

2,109,018

1,855,386

Tangible assets

12

36,319,780

36,395,874

Investments

13

9,150,688

8,235,062

47,579,486

46,486,322

CURRENT ASSETS

Stocks

14

13,161,129

11,548,032

Debtors

15

15,515,686

11,275,435

Cash at bank and in hand

5,425

260,912

28,682,240

23,084,379

CREDITORS

Amounts falling due within one year

16

36,694,251

33,124,284

NET CURRENT LIABILITIES

(8,012,011

)

(10,039,905

)

TOTAL ASSETS LESS CURRENT LIABILITIES

39,567,475

36,446,417

CREDITORS

Amounts falling due after more than one year

17

(10,336,890

)

(8,202,296

)

PROVISIONS FOR LIABILITIES

21

(3,664,500

)

(2,855,100

)

NET ASSETS

25,566,085

25,389,021

CAPITAL AND RESERVES

Called up share capital

22

10,735,554

10,735,554

Share premium

4,780,592

4,780,592

Retained earnings

10,049,939

9,872,875

SHAREHOLDERS' FUNDS

25,566,085

25,389,021

Company's profit for the financial year

3,505,086

1,807,264

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2025 and were signed on its behalf by:

H D Facey - Director