REGISTERED NUMBER: SC739770 (Scotland)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

FST (Scotland) Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

Mr M Rattray

Mrs C Rattray

Mr J Rattray

Mr B Rattray

Mrs L McCabe

REGISTERED OFFICE:

Silvertrees Drive

Silvertrees Business Park

Westhill

Aberdeen

Aberdeenshire

AB32 6BH

REGISTERED NUMBER:

SC739770 (Scotland)

AUDITORS:

Bennett Brooks & Co Limited

Chartered Accountants

& Statutory Auditors

St George's Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE

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

REVIEW OF BUSINESS

Our performance in 2024 has showcased a great resilience and strong drive for success. The operational projects and efficiency gains started in the first half of this year continued to deliver strong results in the second half of the year, which included the completion of our warehouse efficiency programs, BSI 3 year re-accreditation, Swagelok Quality System re-accreditation, Ecovadis Gold status, creation and roll out of associate training and development programs, a training facility move in Teesside, England, and the commencement of a significant construction expansion project at our Silvertrees facility, in Aberdeen, Scotland, which concluded in March 2025.

Our sales results and market expectations reflected both positive and negative elements in its outcome. Although our market portfolio today is now relatively diverse, our primary markets hit some challenge this year; Oil & Gas was extremely hesitant with investment, project release, and confidence was lower than typical, centred primarily around a changing government that threatened major taxation increases to owner operators, and Semiconductor, a major contributor in Ireland to our annual revenues over the last few years, was also down, as one of its main players stopped production, and down tools in July to navigate their way forward with concerns around supply vs demand and their battle to sustain market share, with aging technology. However, the impact to us was wholly mitigated due to successes we had in other markets.

We adapted, won, and pivoted as military shipbuilding build programs accelerated, we made strong gains with energy transition opportunities, proving ourselves as a market leader and hit some home runs with life sciences, particularly with Bio-Pharmaceutical, Pharmaceutical, and Medical Technology opportunities, providing a balance that delivered a positive result. This type of result doesn't happen by accident, it's a result of having a very cohesive, strong, and focused team, who buy onto our vision, our values, and our culture, and a business that is becoming stronger through each quarter, expertly and consistently helping our customers solve their fluid system challenges.

Key performance indicators are turnover and net profit. Profit before tax for the year was £3.3m (2023: £2.9m).

The directors expect the company to strengthen its operations, workforce resource and capability, technology advancements and market diversification strategy in 2025. Sales and profitability will continue to be strong and sustainable, despite ongoing market, economic, and government challenges. We are aligned to a mid to long term view, and very much future focused, as we grow and optimise our technical expertise and brand equity in the markets we serve.

PRINCIPAL RISKS AND UNCERTAINTIES

The company represents the Swagelok global brand and supplies these products along with a range of complimentary services. Whilst the company's sales are therefore dependent upon the Swagelok brand, and its relationship with Swagelok, the director has great confidence in their future direction.

Historically, the Company's largest single market is Oil and Gas, but given the drive to "net zero" emissions and fluctuating Oil price, the Company has been actively diversifying across multiple markets requiring high quality fluid system products and related services (Chemical & Petrochemical, Semiconductor Manufacturing, Energy Transition, Shipbuilding, Life Sciences and R&D). This diversification has already improved the robustness of the business and is a continuing strategic direction. The director expects demand for the company's products and supplementary services to remain strong in all areas for the foreseeable future. This is supported by the company's ongoing development of a range of customised services which have materialised into a significant income stream.

The company imports goods from Europe and the USA, and trades in the UK and Ireland.

ON BEHALF OF THE BOARD:

Mr M Rattray - Director

5 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of the sale and distribution of fluid system products and supporting services.

DIVIDENDS

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

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 M Rattray

Mrs C Rattray

Mr J Rattray

Mr B Rattray

Mrs L McCabe

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 company's auditors are aware of that information.

AUDITORS

The auditors, Bennett Brooks & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M Rattray - Director

5 September 2025

Opinion

We have audited the financial statements of FST (Scotland) Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and regulations which govern the preparation of financial statements, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and considered that the principal risks were related to posting inappropriate journal entries to increase revenue, through management bias in manipulation of accounting estimates or accounting for significant transactions outside the normal course of business.

Audit procedures performed included:

- Enquiry of management around actual and potential litigation and claims and instances of non- compliance with laws and regulations;

- Auditing the risk of management override of controls, through testing journal entries and other

adjustments for appropriateness, testing accounting estimates (because of the risk of management bias), and evaluating the business rationale of significant transactions outside the normal course of business;

- Reviewing financial statement disclosures and agreeing to supporting documentation to assess

compliance with applicable laws and regulations; and

- Review of board meeting minutes.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and

transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement

due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate

concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

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.

Jason Leach FCA (Senior Statutory Auditor)

for and on behalf of Bennett Brooks & Co Limited

Chartered Accountants

& Statutory Auditors

St George's Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE

5 September 2025

TURNOVER

3

25,538,153

23,448,074

Cost of sales

(15,237,128

)

(13,681,773

)

GROSS PROFIT

10,301,025

9,766,301

Distribution costs

(288,612

)

(311,506

)

Administrative expenses

(6,519,238

)

(6,189,856

)

3,493,175

3,264,939

Other operating income

200,961

100,009

OPERATING PROFIT

6

3,694,136

3,364,948

Interest receivable and similar income

13,075

8,150

3,707,211

3,373,098

Interest payable and similar expenses

7

(380,476

)

(476,105

)

PROFIT BEFORE TAXATION

3,326,735

2,896,993

Tax on profit

8

(912,352

)

(703,240

)

PROFIT FOR THE FINANCIAL YEAR

2,414,383

2,193,753

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,414,383

2,193,753

FIXED ASSETS

Intangible assets

9

53,871

62,703

Tangible assets

10

1,156,911

972,417

1,210,782

1,035,120

CURRENT ASSETS

Stocks

11

4,170,121

4,603,695

Debtors

12

4,613,053

3,868,835

Cash at bank

498,945

1,120,280

9,282,119

9,592,810

CREDITORS

Amounts falling due within one year

13

(3,184,383

)

(3,504,076

)

NET CURRENT ASSETS

6,097,736

6,088,734

TOTAL ASSETS LESS CURRENT LIABILITIES

7,308,518

7,123,854

CREDITORS

Amounts falling due after more than one year

14

(2,471,428

)

(4,735,237

)

PROVISIONS FOR LIABILITIES

18

(228,854

)

(194,764

)

NET ASSETS

4,608,236

2,193,853

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

4,608,136

2,193,753

SHAREHOLDERS' FUNDS

4,608,236

2,193,853

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2025 and were signed on its behalf by:

Mr M Rattray - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

100

-

100

Total comprehensive income

-

2,193,753

2,193,753

Balance at 31 December 2023

100

2,193,753

2,193,853

Changes in equity

Total comprehensive income

-

2,414,383

2,414,383

Balance at 31 December 2024

100

4,608,136

4,608,236

Cash flows from operating activities

Cash generated from operations

1

3,631,685

4,158,594

Interest paid

(602

)

-

Tax paid

(1,197,087

)

-

Net cash from operating activities

2,433,996

4,158,594

Cash flows from investing activities

Purchase of intangible fixed assets

(8,218

)

-

Purchase of tangible fixed assets

(416,543

)

(181,445

)

Sale of tangible fixed assets

38

-

Aquisition of trade and assets

-

(8,352,724

)

Interest received

13,075

8,150

Net cash from investing activities

(411,648

)

(8,526,019

)

Cash flows from financing activities

New loans in year

-

7,740,000

Loan repayments in year

(2,263,809

)

(1,776,190

)

Interest paid

(379,874

)

(476,105

)

Net cash from financing activities

(2,643,683

)

5,487,705

(Decrease)/increase in cash and cash equivalents

(621,335

)

1,120,280

Cash and cash equivalents at beginning of year

2

1,120,280

-

Cash and cash equivalents at end of year

2

498,945

1,120,280

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

Period

29.7.22

Year Ended

to

31.12.24

31.12.23

£

£

Profit before taxation

3,326,735

2,896,993

Depreciation charges

246,218

215,496

Loss on disposal of fixed assets

2,843

-

Impairment of fixed assets

-

86,591

Finance costs

380,476

476,105

Finance income

(13,075

)

(8,150

)

3,943,197

3,667,035

Decrease/(increase) in stocks

433,574

(1,659,360

)

(Increase)/decrease in trade and other debtors

(744,218

)

628,066

(Decrease)/increase in trade and other creditors

(868

)

1,522,853

Cash generated from operations

3,631,685

4,158,594

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

498,945

1,120,280

Period ended 31 December 2023

31.12.23

29.7.22

£

£

Cash and cash equivalents

1,120,280

-

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

1,120,280

(621,335

)

498,945

1,120,280

(621,335

)

498,945

Debt

Debts falling due within 1 year

(1,228,572

)

-

(1,228,572

)

Debts falling due after 1 year

(4,735,237

)

2,263,809

(2,471,428

)

(5,963,809

)

2,263,809

(3,700,000

)

Total

(4,843,529

)

1,642,474

(3,201,055

)

1.	STATUTORY INFORMATION

FST (Scotland) Ltd is a private company, limited by shares , registered in Scotland. 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

The company meets its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty over (a) the level of demand for the company’s products. (b) the availability of bank finance for the foreseeable future. The company’s forecasts and projections, taking account a severe but plausible change in trading performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and estimation uncertainty

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

a. Critical judgements in applying the company's accounting policies

i. Carrying value of stocks

The condition of stock held is reviewed by the director and provisions made where the expected selling price is lower than the purchase cost of the stock. This involves the use of judgement.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, excluding discounts, rebates, value added tax and other sales taxes. Turnover for the sale of goods is recognised upon delivery.

Other Operating Income

The company earns commission from other distributors in relation to the sale of products within their region. Commission income is recognised on a quarterly basis in accordance with the substance of the relevant distributor's agreement.

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 and ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation on all assets is calculated to allocate the depreciable amount to their residual values on a systematic basis over their estimated useful lives as follows:

Plant & machinery

- Straight line over 10 years and straight line over 15 years

Improvements to property

- Straight line over 5 years

Fixtures & fittings

- Straight line over 15 years

Motor vehicles

- Straight line over 4 years or straight line over the term of the lease

Computer equipment

- Straight line over 5 years and straight line over 10 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated on an average basis and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

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.

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.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from proceeds.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Distributions to equity holders

Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

Short term debtors and creditors

Short term debtors and creditors with no interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Business combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

Period

29.7.22

Year Ended

to

31.12.24

31.12.23

£

£

United Kingdom

21,746,504

16,961,379

Europe

3,791,649

6,486,695

25,538,153

23,448,074

4.	EMPLOYEES AND DIRECTORS

Year Ended 31.12.24

Period 29.7.22 to 31.12.23

£

£

Wages and salaries

3,988,139

3,575,399

Social security costs

488,121

433,039

Other pension costs

183,272

160,964

Other employee benefits

244,963

183,521

4,904,496

4,352,923

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

Year Ended 31.12.24

Period 29.7.22 to 31.12.23

Office management

26

27

Production & sales

41

39

67

66

5.	DIRECTORS' EMOLUMENTS

Year Ended 31.12.24

Period 29.7.22 to 31.12.23

£

£

Directors' Remuneration

734,213

582,306

Directors' pension contributions to money purchase schemes

25,427

21,136

Information regarding the highest paid director is as follows:

Year Ended 31.12.24

Period 29.7.22 to 31.12.23

£

£

Emoluments etc

503,000

403,393

Pension contributions to money purchase schemes

15,000

14,375

Five directors were members of defined contribution schemes.

6.	OPERATING PROFIT

The operating profit is stated after charging:

Period

29.7.22

Year Ended

to

31.12.24

31.12.23

£

£

Depreciation - owned assets

229,168

199,564

Loss on disposal of fixed assets

2,843

-

Computer software amortisation

17,050

15,933

Auditors' remuneration

35,030

24,000

Auditors' remuneration for non audit work

19,904

15,072

Operating lease rentals

677,040

698,418

Foreign exchange loss

72,910

37,283

Impairment of tangible fixed assets

-

86,591

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

29.7.22

Year Ended

to

31.12.24

31.12.23

£

£

Bank loan interest

379,874

476,105

HMRC Interest

602

-

380,476

476,105