REGISTERED NUMBER: 07463998 (England and Wales)

BALLYCLARE LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

8

Income Statement

9

Other Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

to

20

DIRECTORS:

C Greener

A Ghoora

H Huebner

REGISTERED OFFICE:

Unit C1-C2 The Forum

Hercules Office Park

Bird Hall Lane

Stockport

SK3 0UX

REGISTERED NUMBER:

07463998 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

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

REVIEW OF BUSINESS

Ballyclare is a leading name in the European protective clothing industry, renowned for delivering high-quality and functional workwear, protective clothing and specialist PPE. With a strong reputation for innovation and reliability, we are a trusted provider of structural and specialist firefighting gear, as well as protective garments tailored for the emergency services.

DEVELOPMENT AND PERFORMANCE

Ballyclare Ltd has delivered a profit before taxation of £37,847 for the period, a significant improvement compared to a loss of £1.1 million in 2023. Revenue remained steady at £7.5 million, consistent with the previous year.

The improvement in profitability reflects better pricing strategies and successful renegotiation of raw material costs. A key factor was the strategic exit from a large loss-making contract. Management implemented a comprehensive turnaround plan focused on restructuring overheads, enhancing pricing and gross margins and discontinuing less profitable contracts.

Throughout the year, the business has maintained a strong focus on its most profitable segments and customers, supported by a simplified organisational structure. These initiatives have collectively contributed to stronger overall profitability.

Ballyclare Ltd is now fully integrated with its sister company, Simon Jersey Ltd, with both organisations operating from the same head office and warehouse facility. Ongoing efforts are in place to further improve operational efficiency, productivity and cost optimisation.

Trading performance in 2025 has continued to improve, with growth in profitable revenue and an increase in operating profit, reflecting the success of the strategic initiatives undertaken.

OUR PEOPLE

Our colleagues have been instrumental to the success of the business, demonstrating outstanding loyalty, commitment and dedication over the past 12 months. The directors would like to extend their sincere thanks to all team members for their invaluable contributions and ongoing support. The progress achieved this year would not have been possible without their hard work and professionalism.

MARKET CONDITIONS

The business faced ongoing challenges in 2024, with inflationary pressures continuing to drive up costs and add strain to the company’s cost base. These pressures have persisted into 2025; however, management has actively implemented measures to mitigate their impact.

Market conditions remain highly competitive, particularly in Ballyclare’s core UK structural fire suit sector, where contract consolidation has intensified competition. Despite this, Ballyclare has maintained its position as a market leader in this space.

Notably, the company was recently awarded a major new contract, scheduled for rollout in late 2025. This contract is expected to contribute positively to both revenue growth and profitability, supporting Ballyclare’s continued momentum in the market.

KEY PERFORMANCE INDICATORS

Management monitors the performance of the operations compared to budget and forecast.

KPI's monitored on a daily basis are:

- Sales volume, value and margin

- Order Intake

- Customer Service levels - OTIF

- Quality

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks facing the business are:

Inflation

High levels of inflation continued to impact the business through 2024 and into 2025. The company is managing this issue through improved pricing and increased efficiency. The company continues to monitor its costs monthly and manages these costs proactively to ensure the the most favourable rates are obtained.

Liquidity and Interest rate risk

The company produces cashflow forecasts on a rolling 12-month basis to ensure it can meet its obligations. It also prepares annual budgets and regular reforecasts. The company has financial support from its parent company and has a facility with Secure Trust Bank.

Credit risk

The company manages the credit risk by maintenance of appropriate credit control procedures. Credit limits are regularly reviewed with a credit agency and limits set accordingly. The company sells mostly to local authorities and the public sector with relatively low credit risk.

Foreign currency risk

The company's transactions are performed in a mixture of Sterling, Euros and US Dollars. The company aims to hedge the currency exposure by equalising the purchases and sales of goods and services in the foreign currencies.

ON BEHALF OF THE BOARD:

A Ghoora - Director

11 September 2025

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

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of the sale, maintenance and hire of corporate work-wear and protective clothing.

DIVIDENDS

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

DIRECTORS

C Greener 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:

A Ghoora - appointed 10 July 2024

H Huebner - appointed 10 July 2024

GOING CONCERN

At the date of the Statement of Financial Position the company had net liabilities. The directors are however confident about the long term prospects for the company which is well established and focussed on specialist markets where quality and service have intrinsic value. A turnaround plan has been constructed with the help of industry experts.

The ultimate controlling party has confirmed his continued financial support for the company until such time as it returns to a cash generative position, and at least twelve months from the date of this report. The wider group is financially secure with very limited external debt aside from the ultimate controlling party. The directors of group companies to which this company has loans payable have given assurances that these loans will not be recalled to an extent that would jeopardise this company's ability to continue as a going concern.

The directors having considered the above believe it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

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 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.

ON BEHALF OF THE BOARD:

A Ghoora - Director

11 September 2025

Opinion

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

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, reperforming the calculation and reviewing the outcome of current year estimates since the financial reporting date.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and safety regulations, employment law, garment quality certifications and environmental regulations.

Our work included a review of relevant correspondence within the year for any evidence of non-compliance and reading minutes of meetings of those charged with governance. In addition, an assessment of the company's legal expenses and possible contingencies was performed. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Alistair Main BFP FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

11 September 2025

REVENUE

3

7,466,859

7,528,996

Cost of sales

4,956,676

5,704,667

GROSS PROFIT

2,510,183

1,824,329

Administrative expenses

2,761,430

2,185,390

(251,247

)

(361,061

)

Other operating income

4

1,176,786

-

OPERATING PROFIT/(LOSS)

6

925,539

(361,061

)

Exceptional items

7

(113,730

)

97,851

811,809

(263,210

)

Interest receivable and similar income

6,392

-

818,201

(263,210

)

Interest payable and similar expenses

8

780,354

797,870

PROFIT/(LOSS) BEFORE TAXATION

37,847

(1,061,080

)

Tax on profit/(loss)

9

-

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

37,847

(1,061,080

)

PROFIT/(LOSS) FOR THE YEAR

37,847

(1,061,080

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

37,847

(1,061,080

)

FIXED ASSETS

Intangible assets

10

-

-

Property, plant and equipment

11

59,405

75,329

Investments

12

-

1,844,053

59,405

1,919,382

CURRENT ASSETS

Inventories

13

407,639

572,273

Debtors

14

3,374,580

4,005,736

Cash at bank

121,648

29,976

3,903,867

4,607,985

CREDITORS

Amounts falling due within one year

15

9,367,006

11,968,948

NET CURRENT LIABILITIES

(5,463,139

)

(7,360,963

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(5,403,734

)

(5,441,581

)

CAPITAL AND RESERVES

Called up share capital

19

7,000,101

7,000,101

Retained earnings

20

(12,403,835

)

(12,441,682

)

SHAREHOLDERS' FUNDS

(5,403,734

)

(5,441,581

)

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

A Ghoora - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

7,000,101

(11,380,602

)

(4,380,501

)

Changes in equity

Total comprehensive income

-

(1,061,080

)

(1,061,080

)

Balance at 31 December 2023

7,000,101

(12,441,682

)

(5,441,581

)

Changes in equity

Total comprehensive income

-

37,847

37,847

Balance at 31 December 2024

7,000,101

(12,403,835

)

(5,403,734

)

1.	STATUTORY INFORMATION

Ballyclare 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.

Going concern

At the date of the Statement of Financial Position the company had net liabilities. The directors are however confident about the long term prospects for the company which is well established and focussed on specialist markets where quality and service have intrinsic value. A turnaround plan has been constructed with the help of industry experts.

The ultimate controlling party has confirmed his continued financial support for the company until such time as it returns to a cash generative position, and at least twelve months from the date of this report. The wider group is financially secure with very limited external debt aside from the ultimate controlling party. The directors of group companies to which this company has loans payable have given assurances that these loans will not be recalled to an extent that would jeopardise this company's ability to continue as a going concern.

The directors having considered the above believe it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

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 requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

The company is a subsidiary of Mountain Berg Holdings Limited. Consolidated financial statements of Mountain Berg Holdings Limited can be obtained from:

Companies House

Crown Way

Cardiff

CF14 3UZ

Preparation of consolidated financial statements

The financial statements contain information about Ballyclare Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Mountain Berg Holdings Limited, 10 St James' Place, London, SW1A 1NP.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group that are consolidated into Mountain Berg Holdings Ltd.

Revenue

i) Direct sales

"Direct sales" are recognised by the company in respect of equipment supplied, exclusive of Value Added Tax and trade discounts. Revenue is recognised at the point of delivery of the equipment.

ii) Managed services

"Managed services" are those where the company supply a customer with equipment for a fixed contract term (ranging from 5-10 years) and maintain this equipment over the length of the contract. The contracts have a fixed fee which is billed in equal monthly instalments over the term of the contract. Revenue is recognised monthly on a straight line basis over the contract term.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of eight years.

Intangible assets

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery:

3 - 6 years straight line

Computer equipment:

2 - 5 years straight line

Tangible fixed assets are carried at cost less accumulated depreciation and impairment losses.

Included within tangible fixed assets are "assets hired to third parties" being the equipment supplied to customers as part of managed services contracts. Under the terms of these contracts the company retain ownership of the equipment and it is depreciated over the length of the contract. Any condemned assets are written off with a loss on disposal being charged to the income statement.

Investments in subsidiaries

Investments in subsidiaries are recognised at cost less accumulated provisions for impairment.

Inventories

Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items. Standard costing is calculated by combining expenses incurred in order to create the final stock item. In the case of work in progress, cost comprises direct materials, labour and an appropriate proportion of production overheads.

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 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.

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.

Critical accounting judgements and estimation uncertainty

In the application of the company's accounting policies, management are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

i) Stock provision

The company provides protective equipment for the fire industry and is subject to changing consumer demands and economic trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. Stocks are stated after provisions for impairment. When calculating the stock provision, management consider the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods.

Financial instruments

The company has adopted the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors 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.

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.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3.

REVENUE

The revenue and profit (2023 - loss) before taxation are attributable to the principal activities of the company.

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

2024

2023

£

£

Direct sales

7,043,290

7,082,557

Managed services

423,569

446,439

7,466,859

7,528,996

An analysis of revenue by geographical market is given below:

2024

2023

£

£

United Kingdom

6,938,077

7,434,207

Rest of World

528,782

94,789

7,466,859

7,528,996

4.	OTHER OPERATING INCOME

2024

2023

£

£

Management charges

1,176,786

-

Ballyclare Limited incurs overheads and costs that relate to the wider Ballyclare Group which are now recharged via management charges.

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,608,739

1,113,275

Social security costs

176,703

115,837

Other pension costs

76,761

48,980

1,862,203

1,278,092

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

2024

2023

Management and administration

24

19

Sales and distribution

13

11

37

30

2024

2023

£

£

Directors' remuneration

75,653

-

Directors' pension contributions to money purchase schemes

8,565

-

Key management personnel compensation totalled £696,955 (2023 - £369,345) for the year.

6.	OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

48,519

42,348

(Profit)/loss on disposal of fixed assets

(2,000

)

10,468

Auditors' remuneration

21,996

23,051

Foreign exchange differences

(18,982

)

34,421

Hire of plant and machinery

24,113

39,481

7.	EXCEPTIONAL COSTS/(INCOME)

2024

2023

£

£

Reorganisation and restructuring costs

25,537

128,755

Reversal of provision against overseas VAT receivable

-

(226,606

)

Other exceptional costs

88,373

-

113,730

(97,851

)

Reorganisation and restructuring costs relate to redundancy, recruitment and retention costs as well as associated professional fees.

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Invoice discounting facility charges

780,354

779,643

Interest on taxes

-

18,227

780,354

797,870

9.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

10.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

2,265,233

AMORTISATION

At 1 January 2024

and 31 December 2024

2,265,233

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

11.	PROPERTY, PLANT AND EQUIPMENT

Assets

hired to

Plant and

third

Computer

machinery

parties

equipment

Totals

£

£

£

£

COST

At 1 January 2024

141,043

77,124

358,813

576,980

Additions

15,501

3,393

13,701

32,595

Disposals

(14,919

)

(80,517

)

-

(95,436

)

At 31 December 2024

141,625

-

372,514

514,139

DEPRECIATION

At 1 January 2024

104,205

58,609

338,837

501,651

Charge for year

9,676

21,908

16,935

48,519

Eliminated on disposal

(14,919

)

(80,517

)

-

(95,436

)

At 31 December 2024

98,962

-

355,772

454,734

NET BOOK VALUE

At 31 December 2024

42,663

-

16,742

59,405

At 31 December 2023

36,838

18,515

19,976

75,329

12.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

1,844,053

Distributions received

(1,844,053

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

1,844,053

The company's investments at 31 December 2023 in the share capital of subsidiaries included a 100% holding of the Ordinary share capital of Ballyclare LHD Limited (registered number 03487040). This company was dissolved on 24 December 2024.

13.	INVENTORIES

2024

2023

£

£

Raw materials

219,876

134,518

Finished goods

187,763

437,755

407,639

572,273

Stocks are stated after provisions for impairment of £1,606,043 (2023 - £2,185,664).