REGISTERED NUMBER: 01734235 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PUBLISHERS GROUP UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

M Hughes

Ms C E Parson

SECRETARY:

M Hughes

REGISTERED OFFICE:

63-66 Hatton Garden

London

EC1N 8LE

REGISTERED NUMBER:

01734235 (England and Wales)

SENIOR STATUTORY AUDITOR:

Peter Waight F.C.A.

AUDITORS:

Waight & Company Limited

Statutory Auditors

8 Lonsdale Gardens

Tunbridge Wells

Kent

TN1 1NU

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

REVIEW OF BUSINESS

The year 2024 has followed on from 2023 in much the same way. Levels of trading have remained very similar with very little change to supplies.

The turnover has been maintained at ~£19m for this year with a better trading margin, leading to the gross profit rate improving to 30.1% (2023 - 29.0%) along with gross profit of £6.0m (2023 - £5.6m).

With the exchange rates between £GBP and US$ staying consistently around $1.25/£1 to $1.27/£1 over the course of 2024, there has been a less of an impact to the net profit by way of exchange rate gains to the sum of £111k (2023 - £655k). The majority of this has arisen due to a significant portion of suppliers being based in the United States.

PRINCIPAL RISKS AND UNCERTAINTIES

The market for the sales of physical books continues to be popular and expected to continue to attract sales for the foreseeable future.

Due to a high level of trade with the US, there is an element of risk and uncertainty caused by fluctuation in the exchange rates. Any weakening of the pound will have an adverse effect on the company's forward contracts for currency.

Paper is becoming a more costly and sort after commodity. Increased costs and sustainability legislation could have an impact on potential sales and margins.

The Company was aware last year of the closure of its main distributor in 2025, giving rise to uncertainty over operations. Agreements with a new distributor up to mid 2030 have been secured in this year to ensure as little disruption as possible over trading and stock availability in 2025. There will however, be costs in transferring distributors which will be incurred over the course of next year.

ON BEHALF OF THE BOARD:

M Hughes - Director

8 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 year under review was that of book distribution.

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary Shares £1 shares

1430

- 31 December 2024

'A' Ordinary shares £1 shares

6000

- 31 December 2024

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 1,490,000 .

DIRECTORS

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

M Hughes

Ms C E Parson

FINANCIAL INSTRUMENTS

The company use forwarding contracts as a means to purchase goods from abroad, primarily the U.S.A.

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, Waight & Company Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M Hughes - Director

8 September 2025

Opinion

We have audited the financial statements of Publishers Group UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other 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:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards).

- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation.

- We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers.

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

Use of our report

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

Peter Waight F.C.A. (Senior Statutory Auditor)

for and on behalf of Waight & Company Limited

Statutory Auditors

8 Lonsdale Gardens

Tunbridge Wells

Kent

TN1 1NU

11 September 2025

TURNOVER

19,342,110

19,219,270

Cost of sales

13,390,767

13,638,977

GROSS PROFIT

5,951,343

5,580,293

Distribution costs

2,410,465

2,612,504

Administrative expenses

1,610,650

1,509,931

4,021,115

4,122,435

1,930,228

1,457,858

Other operating income

111,318

655,467

OPERATING PROFIT

4

2,041,546

2,113,325

Interest receivable and similar income

50,188

49,545

PROFIT BEFORE TAXATION

2,091,734

2,162,870

Tax on profit

5

571,695

511,405

PROFIT FOR THE FINANCIAL YEAR

1,520,039

1,651,465

PROFIT FOR THE YEAR

1,520,039

1,651,465

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,520,039

1,651,465

FIXED ASSETS

Tangible assets

7

12,039

13,193

CURRENT ASSETS

Stocks

8

2,442,210

3,375,742

Debtors

9

5,361,810

6,005,288

Cash at bank and in hand

1,827,470

1,464,093

9,631,490

10,845,123

CREDITORS

Amounts falling due within one year

10

7,643,484

8,888,359

NET CURRENT ASSETS

1,988,006

1,956,764

TOTAL ASSETS LESS CURRENT LIABILITIES

2,000,045

1,969,957

PROVISIONS FOR LIABILITIES

13

1,474

1,425

NET ASSETS

1,998,571

1,968,532

CAPITAL AND RESERVES

Called up share capital

14

1,010

1,010

Retained earnings

1,997,561

1,967,522

SHAREHOLDERS' FUNDS

1,998,571

1,968,532

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2025 and were signed on its behalf by:

M Hughes - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1,010

1,996,057

1,997,067

Changes in equity

Dividends

-

(1,680,000

)

(1,680,000

)

Total comprehensive income

-

1,651,465

1,651,465

Balance at 31 December 2023

1,010

1,967,522

1,968,532

Changes in equity

Dividends

-

(1,490,000

)

(1,490,000

)

Total comprehensive income

-

1,520,039

1,520,039

Balance at 31 December 2024

1,010

1,997,561

1,998,571

Cash flows from operating activities

Cash generated from operations

1

2,521,038

1,485,230

Tax paid

(711,062

)

(379,106

)

Net cash from operating activities

1,809,976

1,106,124

Cash flows from investing activities

Purchase of tangible fixed assets

(6,787

)

(7,781

)

Interest received

50,188

49,545

Net cash from investing activities

43,401

41,764

Cash flows from financing activities

Equity dividends paid

(1,490,000

)

(1,680,000

)

Net cash from financing activities

(1,490,000

)

(1,680,000

)

Increase/(decrease) in cash and cash equivalents

363,377

(532,112

)

Cash and cash equivalents at beginning of year

2

1,464,093

1,996,205

Cash and cash equivalents at end of year

2

1,827,470

1,464,093

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

31.12.24

31.12.23

£

£

Profit before taxation

2,091,734

2,162,870

Depreciation charges

7,942

9,421

Finance income

(50,188

)

(49,545

)

2,049,488

2,122,746

Decrease/(increase) in stocks

933,532

(716,146

)

Decrease/(increase) in trade and other debtors

643,478

(26,555

)

(Decrease)/increase in trade and other creditors

(1,105,460

)

105,185

Cash generated from operations

2,521,038

1,485,230

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

1,827,470

1,464,093

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,464,093

1,996,205

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

1,464,093

363,377

1,827,470

1,464,093

363,377

1,827,470

Total

1,464,093

363,377

1,827,470

1.	STATUTORY INFORMATION

Publishers Group 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.

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.

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements, estimates and

assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements had a significant effect in the amounts recognised in the financial statements:

Inventories

Inventories are stated at cost or net realisable value, whichever is lower. Cost comprises direct purchase costs and associated costs incurred in bringing inventories to their present condition and location. Overseas purchases are converted from US dollars to GBP sterling at an average exchange rate at the year end, which covers a period representing the annual stock turnover.

Forwarding contracts

The fair value of forwarding contracts in the financial statements are shown net of the amount of present obligation and the value at the rate of exchange at the year end. Positive values are included within other debtors and negative values shown in other liabilities.

Deferred tax

Deferred tax assets and liabilities require management judgement in determining the amounts, if any, to be

recognised. Judgement is required in assessing the extent to which the assets and liabilities should be recognised, taking into account the expected timing and levels of future taxable income. Deferred tax assets are only recognised when management believes it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised.

Turnover

Turnover represents net invoiced goods and services, excluding value added tax. Turnover is recognised when goods are ordered.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost is the amount of cash or cash equivalents or the fair value of other consideration given to acquire an asset at the time of its acquisition.

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 a first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition. Overseas costs are converted from US dollars to GBP sterling at an average exchange rate at the year end, which covers a period representing the annual stock turnover.

Financial instruments

Financial assets and liabilities are recognised when the Company has become a party to the contractual

provisions of the instrument. Financial instruments are de-recognised when they are discharged or when the

contractual terms expire.

The company uses derivative financial instruments for economic hedging purposes in order to mitigate risks. Such risks result from changes in exchange rates. Derivative financial instruments with a positive fair value are reported in receivables and other assets (see note 9) and those with negative fair values are reported in other liabilities (see note 10). Changes in fair value will be reflected in the profit and loss.

The table below shows the fair value for instruments as of December 31, 2023 and 2022. Whilst these amounts express the extent of the company's involvement in derivative transactions they do not, however, represent the amount of risk.

2024 2023

fair values fair values

positive negative positive negative

Maturity by notional amount

1 to 5 years £ 6,240,000 £ 6,041,563 £ 6,299,212 £ 6,300,180

Net fair value shown on accounts £ 198,437 £ 968

Financial Assets

Financial assets comprise cash and cash equivalents, trade receivables and other receivables. The Company classifies all of its financial assets as assets at amortised cost. Financial assets at amortised cost are initially recognised at fair value net of any transaction cost directly attributable to their acquisition, less any provision for impairment.

Financial Liabilities

Financial liabilities comprise trade payables and other payables. The Company classified all of its financial

liabilities as liabilities at amortised cost. Financial liabilities at amortised cost are initially recognised at fair

value net of any transaction cost directly attributable to the issue of the instrument.

Provisions

Provisions are recognised when the Company has a present legal obligation as a result of a past event which it is probable will result in an outflow of economic benefits that can be reliably estimated. Where the effect of the time value of money is material, the provision is based on the present value of future outflows, discounted at a risk-free rate.

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.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange as an approximation of the actual exchange rates prevailing over a given time period. 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.

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 comprise cash at bank and in hand, including credit and debit transactions awaiting clearance into a Company bank account.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

779,587

728,275

Social security costs

88,254

80,383

Other pension costs

28,392

29,258

896,233

837,916

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

31.12.24

31.12.23

Sales

4

4

Accounts

2

2

Directors

2

2

Admin

3

3

Publisher co-ordinator/stock control

4

4

15

15

31.12.24

31.12.23

£

£

Directors' remuneration

101,819

92,880

4.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Other operating leases

7,230

8,081

Depreciation - owned assets

7,941

9,421

Auditors' remuneration

8,800

8,800

Taxation compliance services

2,200

2,200

Foreign exchange differences

(111,318

)

(655,467

)

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

571,646

511,062

Deferred tax

49

343

Tax on profit

571,695

511,405

Reconciliation of total tax charge 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:

31.12.24

31.12.23

£

£

Profit before tax

2,091,734

2,162,870

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

522,934

508,729

Effects of:

Expenses not deductible for tax purposes

2,102

2,334

Depreciation in excess of capital allowances

-

342

Charges and interest

46,659

-

Total tax charge

571,695

511,405

6.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary Shares shares of £1 each

Interim

1,430,000

1,620,000

'A' Ordinary shares shares of £1 each

Interim

60,000

60,000

1,490,000

1,680,000

7.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2024

4,356

127,922

132,278

Additions

-

6,787

6,787

At 31 December 2024

4,356

134,709

139,065

DEPRECIATION

At 1 January 2024

4,356

114,729

119,085

Charge for year

-

7,941

7,941

At 31 December 2024

4,356

122,670

127,026

NET BOOK VALUE

At 31 December 2024

-

12,039

12,039

At 31 December 2023

-

13,193

13,193

8.

STOCKS

31.12.24

31.12.23

£

£

Stocks

2,442,210

3,375,742

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

4,936,485

5,731,545

Other debtors

205,241

122,772

VAT

51,745

-

Prepayments and accrued income

168,339

150,971

5,361,810

6,005,288

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

7,110,873

8,067,225

Other creditors

4,546

3,978

Tax

371,646

511,062

Social security and other taxes

29,771

29,212

VAT

-

50,966

Accruals and deferred income

126,648

225,916

7,643,484

8,888,359

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

118,920

118,920

Between one and five years

67,673

186,593

186,593

305,513

Included in this figure are commitments for rent of the offices and storage unit.

The office lease has been renewed to June 2026 at a rate of £107,350 per annum.

There is a lease for the storage unit expiring June 2026 for £5000 per annum.