REGISTERED NUMBER: 06953574 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

STOBA PRAZISIONSTECHNIK UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

7

Statement of Financial Position

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

M Chart

M Krizsmann

REGISTERED OFFICE:

Unit Z1, The Old Sawmill

Mackley Industrial Estate

Henfield Road, Small Dole

Henfield

West Sussex

BN5 9XG

REGISTERED NUMBER:

06953574 (England and Wales)

AUDITORS:

Durrants, Chartered Accountants

Chartered Accountants & Statutory Auditor

24 Wellington Business Park

Dukes Ride

Crowthorne

Berkshire

RG45 6LS

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

BUSINESS ENVIRONMENT

In addition to the marginal drop of 4% in overall product demand experienced in 2023 we recorded another 5% drop in 2024. Furthermore, we had to concede price reductions to our main customer. These two factors combined led to a challenging business environment in 2024. We confronted these challenges by accelerating an initiative to robotise part of our production line and focusing on cost saving initiatives to preserve our gross margin.

STRATEGY

A major strategic focus is still placed on sustaining our gross margin and above industry return on capital employed ratios. However, whilst cost strategies are an integral part of our sustained success, we place growing importance in customer diversification because of ongoing pricing pressures and strategic risks related to a shrinking and more competitive market.

OVERALL BUSINESS PERFORMANCE AND KEY PERFORMANCE INDICATORS

After conceding price reductions to our customer and another 5% drop in product demand from the previous year we ended the financial year 2024 with an overall reduction of 11% in total revenues.

Although overall sales prices declined, the company managed to keep its gross margin constant. Going forward, the company will concentrate on two areas: keeping its gross profit margin stable and attempting to reduce its manufacturing overhead. This will be achieved by looking at ways to use fewer production inputs, such as further automating production processes, working with suppliers to achieve tool savings, or increasing tool cycle times an approach we keep from the previous years with the intent to further advance.

Unfortunately, the company could not sustain its double-digit EBITDA and return on capital employed (ROCE) margin. However, we maintained a ROCE margin which is higher than our EBT margin, suggesting an effective use of our productive assets.

The balance sheet is in good shape and the company managed to repay all its bank liabilities in 2024. We still have room for improvement when it comes to inventory and receivable turnover ratios where we are below industry benchmarks.

We are excited for 2025 as we will welcome a new customer, are seeing good product demand from existing customers for the first half of 2025 and are looking at completing our automation drive. We do expect cost pressures, some stemming from inflationary factors, while others come from government interventions such as the hike in employer national insurance contributions. But if top line development is positive the negative effect from these cost pressures can be managed.

OVERALL BUSINESS RISK

The company maintains its views from previous years on the two significant risks the company faces resulting from internal and external sources:

We still believe that competition within the existing supply base will remain challenging as market incumbents try to fill their capacity in a market environment of shrinking demand. In addition, we witness aggressive pricing strategies from our competitors to gain market share. However, we consider it very unlikely that new players will enter the market now, and the move towards electrification of the power train will impact passenger cars long before CV. As outlined before we place more importance in customer diversification.

Internally, we view effective capacity utilisation as a key priority but also as a key risk. We need to strive for more production flexibility and related to it better cost management. We are placing more emphasis on automating parts of our production line to counter potential negative effects.

FINANCIAL RISK AND CAPITAL MANAGEMENT

The company's activities expose it to various financial risks: market risk (including currency risk, fair value interest rate risk, cash flow-, interest rate-, price-, credit-, and liquidity risk). The group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on each company's financial performance.

Foreign exchange risk

The company undertakes transactions denominated in foreign currencies and holds funds in Euros; consequently, exposures to exchange rate fluctuations arise. The company actively manages its foreign exchange exposure by hedging its FX exposure. This risk has significantly reduced as we achieved matching FX risk relating to cash outflows with cash inflows in the same currency.

Liquidity risk

Short- and medium-term cash flow forecasting is performed regularly to ensure that sufficient cash is on hand to meet operational needs, such as forecasting regarding the asset, financing, and working capital requirements of the business.

Capital management

The company's capital structure consists of equity, comprising issued capital and retained earnings. The company's objectives are to manage its capital base and forecast regularly to anticipate any future significant variations in capital to safeguard its ability to continue as a going concern.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The company makes estimates and assumptions concerning the future. By definition, the resulting accounting estimates will seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

ON BEHALF OF THE BOARD:

M Krizsmann - Director

21 February 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 precision engineering.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 was £505,135 ( 2023 £nil).

DIRECTORS

M Chart 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:

Batek Limited - resigned 1 January 2024

M Krizsmann - appointed 1 January 2024

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, Durrants, Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M Krizsmann - Director

21 February 2025

Opinion

We have audited the financial statements of Stoba Prazisionstechnik UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, 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 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 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.

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

- Monthly management accounts are reviewed and discussed in detail with the company

- There is regular Group reporting and oversight

- There are no significant laws and regulations applying to the company which in themselves could cause a material misstatement in the financial statements

- Our assessment of the risk of fraud , including discussion of this with management , was that this was low and opportunities were minimal and the audit testing performed did not lead to any revision of this assessment. Large and unusual transactions were tested, including journals, and this did not indicate anything to the contrary.

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.

Ian Bessant ACA (Senior Statutory Auditor)

for and on behalf of Durrants, Chartered Accountants

Chartered Accountants & Statutory Auditor

24 Wellington Business Park

Dukes Ride

Crowthorne

Berkshire

RG45 6LS

21 February 2025

REVENUE

3

16,350,407

18,215,079

Cost of sales

7,887,220

8,918,816

GROSS PROFIT

8,463,187

9,296,263

Distribution costs

78,565

83,157

Administrative expenses

7,831,989

7,883,261

7,910,554

7,966,418

552,633

1,329,845

Other operating income

104,863

264,461

OPERATING PROFIT

5

657,496

1,594,306

Interest receivable and similar income

7,505

-

665,001

1,594,306

Interest payable and similar expenses

6

14,356

45,629

PROFIT BEFORE TAXATION

650,645

1,548,677

Tax on profit

7

162,098

354,261

PROFIT FOR THE FINANCIAL YEAR

488,547

1,194,416

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

488,547

1,194,416

FIXED ASSETS

Property, plant and equipment

9

1,936,442

2,313,975

CURRENT ASSETS

Inventories

10

2,462,379

2,572,574

Debtors

11

2,414,670

3,582,578

Cash at bank and in hand

997,755

621,114

5,874,804

6,776,266

CREDITORS

Amounts falling due within one year

12

685,526

1,928,704

NET CURRENT ASSETS

5,189,278

4,847,562

TOTAL ASSETS LESS CURRENT LIABILITIES

7,125,720

7,161,537

PROVISIONS FOR LIABILITIES

16

138,615

157,844

NET ASSETS

6,987,105

7,003,693

CAPITAL AND RESERVES

Called up share capital

17

3,102,133

3,102,133

Retained earnings

3,884,972

3,901,560

SHAREHOLDERS' FUNDS

6,987,105

7,003,693

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2025 and were signed on its behalf by:

M Krizsmann - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

3,102,133

2,707,144

5,809,277

Changes in equity

Total comprehensive income

-

1,194,416

1,194,416

Balance at 31 December 2023

3,102,133

3,901,560

7,003,693

Changes in equity

Dividends

-

(505,135

)

(505,135

)

Total comprehensive income

-

488,547

488,547

Balance at 31 December 2024

3,102,133

3,884,972

6,987,105

1.	STATUTORY INFORMATION

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

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

2.	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 company has taken advantage of the following disclosure exemptions 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;

•

the requirement of paragraph 3.17(d).

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements , estimates and assumptions which affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenue and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. The principal judgement affecting amounts recognised in the financial statement concerns tangible fixed assets, their useful lives and residual values which are assessed annually.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from the sale of goods is recognised when goods are shipped and accepted by the customer.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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

Improvements to property

over the life of the lease

Plant and machinery

Straight line over 10 years

Fixtures and fittings

33% on cost

Tooling

Straight line over 14 months

Computer equipment

33% on cost

Stocks

Inventories are valued at the lower of cost and net realisable value. Cost represents the direct cost of production. Due allowance is made for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense 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.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

3.

REVENUE

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

4.	EMPLOYEES AND DIRECTORS

31/12/24

31/12/23

£

£

Wages and salaries

4,333,422

4,491,944

Social security costs

445,338

459,765

Other pension costs

218,084

156,255

4,996,844

5,107,964

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

31/12/24

31/12/23

Management and Finance

5

5

Factory and Production

98

105

103

110

31/12/24

31/12/23

£

£

Directors' remuneration

267,045

151,475

Directors' pension contributions to money purchase schemes

80,937

30,700

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

Money purchase schemes

2

1

Information regarding the highest paid director for the year ended 31 December 2024 is as follows:

31/12/24

£

Emoluments etc

170,856

Pension contributions to money purchase schemes

61,490

5.	OPERATING PROFIT

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

31/12/24

31/12/23

£

£

Hire of plant and machinery

1,040

1,105

Other operating leases

231,418

151,389

Depreciation - owned assets

697,820

1,043,024

Profit on disposal of fixed assets

-

(10,360

)

Auditors' remuneration

11,000

11,000

Auditors' remuneration for non audit work

26,092

23,806

Foreign exchange differences

41,335

(3,063

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/12/24

31/12/23

£

£

Bank loan and HP interest paid

14,356

45,629

7.

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

181,327

477,992

Deferred tax

(19,229

)

(123,731

)

Tax on profit

162,098

354,261

Reconciliation of total tax charge included in profit and loss

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

31/12/24

31/12/23

£

£

Profit before tax

650,645

1,548,677

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

162,661

387,169

Effects of:

Capital allowances in excess of depreciation

-

(13,633

)

Depreciation in excess of capital allowances

12,356

-

Other adjustments

(12,919

)

(19,275

)

Total tax charge

162,098

354,261

The rate of corporation tax has increased to 25% from 1st April 2023.

8.

DIVIDENDS

31/12/24

31/12/23

£

£

A Ordinary shares of £1 each

Interim

505,135

-

9.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2024

2,235,702

11,340,067

138,098

Additions

-

206,267

72,569

Disposals

-

(199,295

)

(851

)

At 31 December 2024

2,235,702

11,347,039

209,816

DEPRECIATION

At 1 January 2024

2,235,702

9,154,167

116,883

Charge for year

-

600,703

18,083

Eliminated on disposal

-

(199,295

)

(851

)

At 31 December 2024

2,235,702

9,555,575

134,115

NET BOOK VALUE

At 31 December 2024

-

1,791,464

75,701

At 31 December 2023

-

2,185,900

21,215

Computer

Tooling

equipment

Totals

£

£

£

COST

At 1 January 2024

785,210

231,797

14,730,874

Additions

9,432

32,019

320,287

Disposals

(101,906

)

(11,083

)

(313,135

)

At 31 December 2024

692,736

252,733

14,738,026

DEPRECIATION

At 1 January 2024

700,135

210,012

12,416,899

Charge for year

61,135

17,899

697,820

Eliminated on disposal

(101,906

)

(11,083

)

(313,135

)

At 31 December 2024

659,364

216,828

12,801,584

NET BOOK VALUE

At 31 December 2024

33,372

35,905

1,936,442

At 31 December 2023

85,075

21,785

2,313,975

Included in plant and machinery are fixed assets subject to hire purchase agreements with a net book value of £nil (2023: £484,046) and total annual depreciation charged on these assets was £nil (2023: £115,521).

10.	INVENTORIES

31/12/24

31/12/23

£

£

Stocks

2,462,379

2,472,422

Stock in transit

-

100,152

2,462,379

2,572,574

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade debtors

2,096,420

3,341,534

Amounts owed by group undertakings

183,231

-

Other debtors

26,697

58,184

VAT

15,179

102,994

Prepayments

93,143

79,866

2,414,670

3,582,578

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Hire purchase contracts (see note 13)

-

144,458

Trade creditors

244,358

1,037,377

Amounts owed to group undertakings

-

18,358

Tax

45,484

239,713

Social security and other taxes

117,374

120,069

Other creditors

21,928

-

Wages control

1,561

3,980

Accrued expenses

254,821

364,749

685,526

1,928,704

13.	LEASING AGREEMENTS

Minimum lease payments under hire purchase contracts fall due as follows:

31/12/24

31/12/23

£

£

Net obligations repayable:

Within one year

-

144,458

14.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/24

31/12/23

£

£

Hire purchase contracts

-

144,458

The bank facility has a fixed and floating debenture charge over the company's assets. Plant and machinery items acquired under hire purchase agreements are secured on the assets concerned.