REGISTERED NUMBER: 00893217 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CONSTANTIA FFP LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

J Bird

S Fletcher

J Rahman

SECRETARY:

J Bird

REGISTERED OFFICE:

1-7 Tenter Road

Moulton Park Industrial Estate

Northampton

Northamptonshire

NN3 6PZ

REGISTERED NUMBER:

00893217 (England and Wales)

AUDITORS:

TC Group

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

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

The company continues to carry on the business of the conversion of flexible packaging materials for the food and allied industries.

REVIEW OF BUSINESS

During the second half of 2024, the directors recognised the need for further changes to FFP's business model to flex with the current reduction in sales & to keep FFP competitive in the marketplace.

This program of change has commenced, with the impact of these changes being delivered in 2025. The Budget plans for 2025 have been built with these changes incorporated & have the full support of our parent company.

The directors of FFP believe with these changes, along with increased external sales from signed new business & a higher level of group internal sales, that it will put FFP in a strong position for the future.

All working capital requirements for the company are fully supported by our parent company.

It is the directors' intention that capital investment will be sustained as required to facilitate the continued

development of innovative products, designed to maintain competitive advantage for our customers in our

chosen strategic areas. This is with an increasing focus on providing more sustainable packaging solutions.

The company continues to invest in research and development activities to ensure that it maintains its reputation as an innovator in its chosen sectors within the flexible packaging industry.

With the change program, existing products launched, further new product development in the pipeline, new business wins, continued investment in capital expenditure and R&D, along with the support of our global parent company, the directors consider that the company is in a strong position to deliver future sales growth, along with improved margins, whilst also maintaining customer retention and defending against external competition.

PRINCIPAL ACTIVITIES

The company continues to carry on the business of the conversion of flexible packaging materials for the food and allied industries.

KEY PERFORMANCE INDICATORS

As well as turnover, the company uses profitability and EBITDA as key performance indicators. These are monitored by management as well as group to ensure the success of Company continues.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider the principal risks to be as follows:

Credit risk - The company's credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new and existing customers, covering trade debtors with credit insurance where available and by closely controlling payments against contractual agreements.

Commodity pricing risk - The company is exposed to the risk of variations in the price of polymers, which are linked to the price of crude oil. It is not possible to enter into forward contracts effectively to hedge the price of the company's base material costs.

Cashflow - The company monitors cash flow as an important part of its day-to-day control procedures. The board considers cash flow projections on a monthly basis and ensures that appropriate facilities are available to be utilised for both working capital and capital expenditure needs.

Currency risk - The company makes purchases and sales in Euros at similar levels which creates a natural hedge against foreign exchange risks.

ON BEHALF OF THE BOARD:

J Bird - Director

28 May 2025

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

DIVIDENDS

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

RESEARCH AND DEVELOPMENT

It is the directors' intention that capital investment will be sustained as required to facilitate the continuing development of innovative products, designed to maintain competitive advantage for our customers in our chosen strategic areas. This is with an increasing focus on providing more sustainable packaging solutions. The company continues to invest in research and development activities to ensure that it maintains its reputation as an innovator in its chosen sectors within the flexible packaging industry.

FUTURE DEVELOPMENTS

The directors continue to innovate, building on the company's existing customer portfolio and product range.

DIRECTORS

J Bird has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

D W Cooper - resigned 3 May 2024

S Fletcher - appointed 7 May 2024

J Rahman - appointed 31 October 2024

FINANCIAL INSTRUMENTS

The company utilises various financial instruments including loans, cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these 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 in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J Bird - Director

28 May 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its 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 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 four, 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.

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

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

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

- We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

- We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

- Based on our understanding, we designed our audit procedures to identify any non-compliance with laws

and regulations identified in the paragraphs above.

- We also performed 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.

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.

Emma Jones FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

28 May 2025

TURNOVER

4

19,629,722

20,710,726

Cost of sales

17,286,278

17,467,422

GROSS PROFIT

2,343,444

3,243,304

Administrative expenses

4,298,661

4,160,256

(1,955,217

)

(916,952

)

Other operating income

-

92,735

(1,955,217

)

(824,217

)

Interest payable and similar expenses

6

433,496

618,892

LOSS BEFORE TAXATION

7

(2,388,713

)

(1,443,109

)

Tax on loss

8

(135,703

)

(60,863

)

LOSS FOR THE FINANCIAL YEAR

(2,253,010

)

(1,382,246

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(2,253,010

)

(1,382,246

)

FIXED ASSETS

Intangible assets

9

605,136

300,000

Tangible assets

10

3,297,058

3,398,197

3,902,194

3,698,197

CURRENT ASSETS

Stocks

11

2,770,450

3,432,475

Debtors

12

6,240,661

5,588,274

Cash at bank

890,545

807,496

9,901,656

9,828,245

CREDITORS

Amounts falling due within one year

13

8,674,297

4,263,151

NET CURRENT ASSETS

1,227,359

5,565,094

TOTAL ASSETS LESS CURRENT LIABILITIES

5,129,553

9,263,291

CREDITORS

Amounts falling due after more than one year

14

(4,423,636

)

(6,323,608

)

PROVISIONS FOR LIABILITIES

16

(538,070

)

(518,826

)

NET ASSETS

167,847

2,420,857

CAPITAL AND RESERVES

Called up share capital

17

232,358

232,358

Share premium

18

509,402

509,402

Capital redemption reserve

18

90,048

90,048

Retained earnings

18

(663,961

)

1,589,049

SHAREHOLDERS' FUNDS

167,847

2,420,857

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:

J Bird - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

232,358

2,971,295

509,402

90,048

3,803,103

Changes in equity

Total comprehensive income

-

(1,382,246

)

-

-

(1,382,246

)

Balance at 31 December 2023

232,358

1,589,049

509,402

90,048

2,420,857

Changes in equity

Total comprehensive income

-

(2,253,010

)

-

-

(2,253,010

)

Balance at 31 December 2024

232,358

(663,961

)

509,402

90,048

167,847

1.	STATUTORY INFORMATION

Constantia FFP 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are prepared in sterling, which is the functional currency of the entity and

rounded to the nearest pound.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover is the revenue arising from the sales of goods and services. It is stated at the fair value of the consideration receivable, net of value added tax, rebates and discounts.

Revenue from the sale of goods is recognised when significant risks and benefits of ownership of the product have transferred to the buyer, which may be upon shipment, completion of the product or the product being ready for delivery, based on specific contract terms.

Intangible assets

Externally acquired intangibles are initially recognised at cost and subsequently amortised on a straight-line basis over useful economic lives.

An internally generated intangible asset arising from development is recognised only when all of the following have been demonstrated by the company:

- the ability to use the intangible asset

- how the intangible asset will generate probable future economic benefits

- the ability to measure reliably the expenditure attributable to the intangible assets during its development

- technical feasibility of completing the intangible so that it is available for use or sale

- intention to complete the development to use it or sell it

- availability of adequate technical, financial and other resources to complete the development.

The amount initially recognised for internally generated assets is the sum of the expenditure incurred from the date when the intangible assets meets the recognition criteria listed above. Where no internally generated intangible assets can be recognised, development expenditure is recognised in the Statement of Comprehensive Income in the period in which it is incurred.

Intangible assets (continued)

Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.

The estimated useful lives range as follows:

Development costs - 7 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the Statement of Comprehensive Income.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the assets is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Tangible fixed assets

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

Short leasehold

-

3-10 years straight line on cost

Plant and machinery

-

3-15 years straight line on cost

Tangible fixed assets held under the cost model are stated at historical cost less accumulated

depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such

indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Stock and work in progress

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. In general, cost is determined on an average cost basis and includes transport and handling costs. In the case of manufactured products, cost includes all direct expenditure and production overheads based on the normal level of activity. Net realisable value is the price at which stock can be realised in the normal course of business after allowing for the costs of realisation and, where appropriate, the cost of conversion from its existing state to a finished condition. Where necessary, provision is made for obsolescent, slow moving and defective stocks.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables and loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classed as operating leases.

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of lease.

Costs in respect of operating leases are charged on a straight line basis over the lease term.

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.

Going concern

For the year ended 31 December 2024 the company reported a loss and had a deficit in retained earnings of £663,961. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources and funding in place from it's parent company to continue in operational existence for the foreseeable future and pay its liabilities as they fall due. Furthermore, the directors have prepared detailed financial forecasts including cash flow forecasts, based on the results of these, and the support noted above, they consider the company retains sufficient working capital to continue trading for the foreseeable future.

The directors have considered the impact the current economic environment in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgements and the items in the financial statements where these judgements and estimates have been made include:

• Estimates of the useful economic lives of tangible fixed assets

The useful economic lives used by the Company in respect of tangible fixed assets are set out in the accounting policy. These estimates are the best estimate based on past experience and regular reviews to ensure they remain appropriate.

• Provisions against stock

This is estimated by management based on slow moving and obsolete stock items. Management's judgement is exercised in this area by use of their historical knowledge of the business and their customer base.

• Standard cost valuation for stock

The Company uses the standard cost approach when valuing their stock, assessing each item on an individual basis. Management uses their knowledge in order to best estimate the appropriate proportion of labour and overheads by which should be allocated to each stock item at year end.

4.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

19,428,238

20,557,570

Europe

201,484

153,156

19,629,722

20,710,726

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

3,877,809

4,128,150

Social security costs

478,805

425,578

Other pension costs

197,830

214,540

4,554,444

4,768,268

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

2024

2023

Production

71

77

Selling and distribution

17

15

Administration

15

12

103

104

2024

2023

£

£

Directors' remuneration

223,835

558,432

Directors' pension contributions to money purchase schemes

21,381

47,506

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

4

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

162,594

338,056

Pension contributions to money purchase schemes

12,896

21,189

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

745

28,392

Intercompany interest

432,751

344,849

Hire purchase

-

245,651

433,496

618,892

Interest payable is charged to the profit and loss account in the period in which it is incurred.

7.	LOSS BEFORE TAXATION

The loss is stated after charging:

2024

2023

£

£

Hire of plant and machinery

-

33,764

Depreciation - owned assets

839,843

876,213

Loss on disposal of fixed assets

13,745

-

Auditors' remuneration

24,292

26,597

Auditors remuneration - Non audit services

14,700

28,015

8.

TAXATION

Analysis of the tax credit

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

2024

2023

£

£

Current tax:

UK corporation tax

(60,864

)

(60,863

)

Tax under provision

(74,839

)

-

Tax on loss

(135,703

)

(60,863

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Loss before tax

(2,388,713

)

(1,443,109

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

(597,178

)

(339,419

)

Effects of:

Expenses not deductible for tax purposes

1,392

2,787

Capital allowances in excess of depreciation

(9,505

)

(473

)

Adjustments to tax charge in respect of previous periods

(74,839

)

-

Additional deduction for R&D expenditure

-

(18,717

)

Surrender of tax losses for R&D tax credit refund

-

79,580

Deferred taxation movement not recognised

-

234,947

Remeasurement of deferred tax for change in rates

-

(19,568

)

Losses carried forward

605,291

-

R&D tax credit

(60,864

)

-

Total tax credit

(135,703

)

(60,863

)

The company has taxable losses of £6,006,537 (2023: £4,385,745) available for carry forward against future trading profits.

9.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 January 2024

300,000

Additions

305,136

At 31 December 2024

605,136

NET BOOK VALUE

At 31 December 2024

605,136

At 31 December 2023

300,000