REGISTERED NUMBER: 06423361 (England and Wales)

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 December 2024

for

FT Technologies (UK) Limited

Page

Company Information

1

Strategic Report

2

Directors' Report

4

Report of the Independent Auditors

7

Statement of Income and Retained Earnings

11

Balance Sheet

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

Directors:

Mr P F Elgar

Dr S Kapartis

Dr S J Norton

Registered office:

Sunbury House

Brooklands Close

Sunbury-on-Thames

Surrey

TW16 7DX

Registered number:

06423361 (England and Wales)

Auditors:

Stephenson Smart (East Anglia) Limited

Chartered accountants & statutory auditor

22-26 King Street

King's Lynn

Norfolk

PE30 1HJ

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

Review of business

The principal activity of the company during the year continued to be that of manufacturing and supplying acoustic resonance wind sensors.

Turnover for 2024 decreased by 15.39% compared with 2023 to £11,340,033 (2023: 4.61% increase). Continuing global economic uncertainties, partly caused by the Ukraine/Russia war, combined with global shortages and high prices of components, have constrained demand in the sector. As indicated by the key performance indicators below, this is reflected in the company's financial performance overall. Demand is forecast to increase in 2025.

As shown in the cashflow statement and notes thereto, a major proportion of the income generated during the year continues to be invested in capital expenditure, in particular the development of a new wind tunnel, in-house PCB production and research and development.

The stock of electronic and other components used in production continues to be maintained at a high volume, in order to safeguard against worldwide shortages that have caused disruption in the industry at large.

Principal risks and uncertainties

In common with other businesses in this sector, the most significant risks and uncertainties faced by the company include fluctuations in demand generated by economic, political or technological changes. The company's financial risk management objectives and policies are detailed in the Directors' Report.

As indicated above, global poltical and economic uncertainties have given rise to international supply chain issues. These have not had a direct impact on the company because the effect had been anticipated by the Board of Directors and stock levels have been progressively increased through 2020 to 2023. However, as noted, there has been an indirect impact on the performance of the business because customers are subject to the same impacts of constrained supply and higher prices of components.

The company is heavily reliant on a skilled workforce coming from EU countries and its products contain electronic components manufactured abroad. Following the departure of the UK from the EU, recruitment of technical staff has been affected. The company is actively recruiting staff from geographical regions outside the EU. The establishment of a subsidiary in Madrid, Spain, dedicated to research and development, has assisted in this regard.

Disruption in supply chains caused by "Brexit", and by worldwide shortages of electronic components has been mitigated by the build-up of sufficient inventory to avoid any interruption of production.

Key performance indicators

The company uses a range of performance measures to monitor and manage the business effectively, both financial and non-financial. The key performance indicators and their comparatives are as follows:

2024

2023

2022

Gross Profit

£4,172,691

£5,115,332

£4,860,462

Operating (Loss)/Profit

£(1,846,808)

£(1,358,796)

£(1,339,983)

Return on capital employed (excluding interest) (%)

n/a

n/a

n/a

Current ratio

14.54

13.31

12.68

Quick ratio

5.05

4.56

5.24

Total liabilities/shareholders' funds

0.05

0.07

0.08

On behalf of the board:

Dr S Kapartis - Director

9 September 2025

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

Principal activities

The principal activities of the company in the year under review were those of manufacturing and supplying acoustic resonance wind sensors.

Dividends

No dividends will be distributed for the year ended 31 December 2024.

Research and development

The company has undertaken research and development of new and improved products and manufacturing processes during the year.

Future developments

The company have invested in bringing PCB assembly in-house during 2024 and has further automated its inventory management system.

The company continues to invest heavily in research and development, automation and production capacity. New and constantly enhanced products are being introduced and more patents are being filed on a regular pace.

Directors

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

Mr P F Elgar

Dr S Kapartis

Dr S J Norton

Financial instruments

Financial Risk Management Objectives and Policies

The company uses various financial instruments, including loans and cash, and items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below. The main risks arising from the company's financial instruments are currency risk, credit risk and interest rate risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.

Foreign Currency Risk

The company imports a small number of components from the Eurozone and the USA and consequently is at risk from unfavourable exchange rate changes. Most supplies are sourced from within the UK and this category of risk is not significant to the company.

Liquidity Risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of the business.

Interest Rate Risk

The company has no bank borrowings and is not exposed to this category of risk.

Credit Risk

The company is exposed to credit risk on both its investments and its debtors.

Investments of cash surpluses are made through banks which must fulfill credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when ncessary.

Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event that other parties fail to perform their obligations under financial instruments.

Disclosure in the strategic report

In accordance with the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, the review of the development and performance of the business, including key performance indicators, is contained in the Strategic Report on page 2.

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

Statement as to disclosure of information to auditors

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

Auditors

The auditors, Stephenson Smart (East Anglia) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

Dr S Kapartis - Director

9 September 2025

Opinion

We have audited the financial statements of FT Technologies (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2024 and of its loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

-	the Strategic Report and the Directors' Report 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 company and its 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 where the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

a) Those laws and regulations considered to have a direct effect on the financial statements include UK Financial Reporting Standards, Company Law, tax and pensions legislation and distributable profits legislation.

b) Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations and health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Mr Christopher Goad BFP FCA (Senior Statutory Auditor)

for and on behalf of Stephenson Smart (East Anglia) Limited

Chartered accountants & statutory auditor

22-26 King Street

King's Lynn

Norfolk

PE30 1HJ

9 September 2025

Turnover

4

11,340,033

13,402,303

Cost of sales

(7,167,342

)

(8,286,971

)

Gross profit

4,172,691

5,115,332

Administrative expenses

(6,019,499

)

(6,474,128

)

Operating loss

6

(1,846,808

)

(1,358,796

)

Interest receivable and similar income

6,699

16,716

Loss before taxation

(1,840,109

)

(1,342,080

)

Tax on loss

7

387,405

254,473

Loss for the financial year

(1,452,704

)

(1,087,607

)

Retained earnings at beginning of year

24,906,452

25,994,059

Retained earnings at end of year

23,453,748

24,906,452

Fixed assets

Intangible assets

8

75,892

131,871

Tangible assets

9

9,048,002

8,402,233

Investments

10

2,752

2,886

9,126,646

8,536,990

Current assets

Stocks

11

10,070,429

11,843,197

Debtors

12

5,139,829

4,391,516

Cash at bank and in hand

217,491

1,785,497

15,427,749

18,020,210

Creditors

Amounts falling due within one year

13

(1,060,739

)

(1,354,276

)

Net current assets

14,367,010

16,665,934

Total assets less current liabilities

23,493,656

25,202,924

Provisions for liabilities

15

(37,058

)

(293,622

)

Net assets

23,456,598

24,909,302

Capital and reserves

Called up share capital

16

2,850

2,850

Retained earnings

17

23,453,748

24,906,452

Shareholders' funds

23,456,598

24,909,302

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2025 and were signed on its behalf by:

Dr S Kapartis - Director

Cash flows from operating activities

Cash generated from operations

1

(597,148

)

768,381

Tax paid

302,138

20,000

Net cash from operating activities

(295,010

)

788,381

Cash flows from investing activities

Purchase of intangible fixed assets

(45,615

)

(13,500

)

Purchase of tangible fixed assets

(1,234,214

)

(825,122

)

Sale of tangible fixed assets

-

5,491

Exchange difference on investment

134

59

Interest received

6,699

16,716

Net cash from investing activities

(1,272,996

)

(816,356

)

Decrease in cash and cash equivalents

(1,568,006

)

(27,975

)

Cash and cash equivalents at beginning of year

2

1,785,497

1,813,472

Cash and cash equivalents at end of year

2

217,491

1,785,497

1.	Reconciliation of loss before taxation to cash generated from operations

31.12.24

31.12.23

£

£

Loss before taxation

(1,840,109

)

(1,342,080

)

Depreciation charges

675,344

794,098

Loss on disposal of fixed assets

14,695

-

Finance income

(6,699

)

(16,716

)

(1,156,769

)

(564,698

)

Decrease/(increase) in stocks

1,772,768

(434,801

)

(Increase)/decrease in trade and other debtors

(919,610

)

1,947,693

Decrease in trade and other creditors

(293,537

)

(179,813

)

Cash generated from operations

(597,148

)

768,381

2.	Cash and cash equivalents

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

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

217,491

1,785,497

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,785,497

1,813,472

3.	Analysis of changes in net funds

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

1,785,497

(1,568,006

)

217,491

1,785,497

(1,568,006

)

217,491

Total

1,785,497

(1,568,006

)

217,491

1.	Statutory information

FT Technologies (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about FT Technologies (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has not prepared consolidated accounts on the basis that its subsidiary company is not material. Financial information of the subsidiary company is disclosed in Note 10.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events, that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are in respect of the rates of amortisation and depreciation applied to intangible fixed assets and tangible fixed assets, respectively, as described below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue on the sale of sensors and accessories is recognised at the point units are shipped to customers.

Revenue from the rendering of maintenance services is measured by reference to the stage of completion of the service transaction at the end of the reporting period, provided the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

An annual management charge, based upon performance, is rendered to the company each financial year.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

4% on cost

Long leasehold

-

straight line basis over term of lease

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Freehold land is not depreciated.

Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits

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

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.

4.

Turnover

The turnover and loss before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

31.12.24

31.12.23

£

£

Sale of goods

10,531,448

12,696,030

Rendering of services

208,585

266,273

Management charge

600,000

440,000

11,340,033

13,402,303

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

11,340,033

13,402,303

11,340,033

13,402,303

5.	Employees and directors

31.12.24

31.12.23

£

£

Wages and salaries

4,249,248

5,170,391

Social security costs

477,770

557,673

Other pension costs

380,722

355,070

5,107,740

6,083,134

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

31.12.24

31.12.23

Production staff

63

78

Administrative staff

26

27

Sales staff

11

11

100

116

31.12.24

31.12.23

£

£

Directors' remuneration

116,517

113,006

6.	Operating loss

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

31.12.24

31.12.23

£

£

Hire of plant and machinery

10,569

19,369

Depreciation - owned assets

573,750

550,066

Loss on disposal of fixed assets

14,695

-

Computer software amortisation

101,594

244,032

Auditors' remuneration

25,000

23,000

Foreign exchange differences

13,011

32,847

Stock impairment provision reversed

(95,000

)

-

Research and development expenditure written off

703,445

683,750

7.

Taxation

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

(130,841

)

(147,167

)

Over provision in prior year

-

15,072

Total current tax

(130,841

)

(132,095

)

Deferred tax

(256,564

)

(122,378

)

Tax on loss

(387,405

)

(254,473

)