Company registration number 14603483 (England and Wales)
OTTERDENE GROUP LTD
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
OTTERDENE GROUP LTD
COMPANY INFORMATION
Directors
Mr AR Parson
Mr DF Parson
Mrs HR Parson
Mrs J Parson
Mrs LJ Parson
Mr PM Parson
Mr RS Parson
Mrs SL Parson
Mr TJ Parson
Mrs VA Parson
Company number
14603483
Registered office
Grandisson House Saunders Way
Kingsmill Industrial Estate
Cullompton
United Kingdom
EX15 1BS
Auditor
Streets Audit LLP
2 Barnfield Crescent
Exeter
EX1 1QT
OTTERDENE GROUP LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 30
OTTERDENE GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

The group operates from offices and showrooms in Cullompton with a Distribution Centre in Willand. The group imports and distributes Summer Toys and Gifts to a wide range of retail outlets. It also distributes a range of Clothing accessories which is marketed under the brand of Bartleby.

Fair review of the business

The group supplies a wide range of impulse products to a wide range of retail outlets.

These products are sourced from a variety of suppliers right across the globe.

The key performance indicator is the turnover of the company which is tracked daily.

Trading continues to be very good and the company continues to see good growth.

Stock levels are high but are managed carefully and especially aged and excess inventory.

The company experiences a relatively low level of bad debt.

Overheads are steady and consistent with the growth of the company.

Principal risks and uncertainties

The directors identify risks and mitigate them accordingly.

The principal risk in the retail outlet sector is the increase of online sales. This is mitigated by the fact that the group deals in impulse low-priced items which aren't generally purchased online.

Another risk is interruption of supply from the Far East. This is somewhat mitigated by the large stock levels held enabling continued supply for some time before running out.

Also, there is a risk of a downturn in spending due to Cost of Living. This is mitigated by the sale of lower priced economy goods that are bought even when the population has less to spend.

There is a risk of poor weather in the summer season but the group constantly looks for product that isn't weather dependent to mitigate this risk.

The final risk is from cheap competitors entering the market using loss leader products to gain sales. The group uses its strong customer relationships and quality brands to mitigate this risk.

On behalf of the board

Mr TJ Parson
Director
4 September 2025
OTTERDENE GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company and group continued to be that of distribution of wholesale leisure goods.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £514,760. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr AR Parson
Mr DF Parson
Mrs HR Parson
Mrs J Parson
Mrs LJ Parson
Mr PM Parson
Mr RS Parson
Mrs SL Parson
Mr TJ Parson
Mrs VA Parson
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr TJ Parson
Director
4 September 2025
OTTERDENE GROUP LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

OTTERDENE GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OTTERDENE GROUP LTD
- 4 -
Opinion

We have audited the financial statements of Otterdene Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 December 2024 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

OTTERDENE GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OTTERDENE GROUP LTD
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

- the parent company 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 directors' r esponsibilities s tatement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

- Enquiry of management, those charged with governance and review of legal and professional nominal accounts round actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

OTTERDENE GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OTTERDENE GROUP LTD
- 6 -
Mr Shane Cann BA(Hons) ACA FCCA CTA
For and on behalf of
3 September 2025
Streets Audit LLP
Chartered Accountants
Statutory Auditor
2 Barnfield Crescent
Exeter
EX1 1QT
OTTERDENE GROUP LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
10,836,525
10,385,128
Cost of sales
(5,182,875)
(5,662,994)
Gross profit
5,653,650
4,722,134
Administrative expenses
(2,606,694)
(2,045,770)
Other operating income
58
-
Operating profit
4
3,047,014
2,676,364
Interest receivable and similar income
7
207,580
45,109
Interest payable and similar expenses
8
(84,168)
(111,120)
Profit before taxation
3,170,426
2,610,353
Tax on profit
9
(794,508)
(630,200)
Profit for the financial year
2,375,918
1,980,153
Profit for the financial year is all attributable to the owners of the parent company.
OTTERDENE GROUP LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
169,418
3,875
Tangible assets
12
827,926
744,509
997,344
748,384
Current assets
Stocks
14
2,373,770
2,342,305
Debtors
15
2,080,947
1,507,987
Cash at bank and in hand
7,162,340
5,572,473
11,617,057
9,422,765
Creditors: amounts falling due within one year
16
(946,141)
(616,317)
Net current assets
10,670,916
8,806,448
Total assets less current liabilities
11,668,260
9,554,832
Creditors: amounts falling due after more than one year
17
(1,320,491)
(1,088,534)
Provisions for liabilities
Deferred tax liability
19
133,447
113,134
(133,447)
(113,134)
Net assets
10,214,322
8,353,164
Capital and reserves
Called up share capital
21
1,000
1,000
Profit and loss reserves
10,213,322
8,352,164
Total equity
10,214,322
8,353,164
The financial statements were approved by the board of directors and authorised for issue on 4 September 2025 and are signed on its behalf by:
04 September 2025
Mr TJ Parson
Director
Company registration number 14603483 (England and Wales)
OTTERDENE GROUP LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
167,167
-
0
Investments
13
1,000
1,000
168,167
1,000
Current assets
Debtors
15
1,091,414
199,902
Cash at bank and in hand
5,697,431
3,014,790
6,788,845
3,214,692
Creditors: amounts falling due within one year
16
(65,676)
(20,158)
Net current assets
6,723,169
3,194,534
Total assets less current liabilities
6,891,336
3,195,534
Creditors: amounts falling due after more than one year
17
(1,320,491)
(1,088,534)
Net assets
5,570,845
2,107,000
Capital and reserves
Called up share capital
21
1,000
1,000
Profit and loss reserves
5,569,845
2,106,000
Total equity
5,570,845
2,107,000

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £3,978,604 (2023 - £2,914,000 profit).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 4 September 2025 and are signed on its behalf by:
04 September 2025
Mr TJ Parson
Director
Company registration number 14603483 (England and Wales)
OTTERDENE GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1,000
7,180,011
7,181,011
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,980,153
1,980,153
Dividends
10
-
(808,000)
(808,000)
Balance at 31 December 2023
1,000
8,352,164
8,353,164
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,375,918
2,375,918
Dividends
10
-
(514,760)
(514,760)
Balance at 31 December 2024
1,000
10,213,322
10,214,322
OTTERDENE GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
-
0
-
0
-
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
2,914,000
2,914,000
Issue of share capital
21
1,000
-
1,000
Dividends
10
-
(808,000)
(808,000)
Balance at 31 December 2023
1,000
2,106,000
2,107,000
Year ended 31 December 2024:
Profit and total comprehensive income
-
3,978,605
3,978,605
Dividends
10
-
(514,760)
(514,760)
Balance at 31 December 2024
1,000
5,569,845
5,570,845
OTTERDENE GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
2,908,761
2,220,054
Interest paid
(84,168)
(10,330)
Income taxes paid
(580,555)
(663,455)
Net cash inflow from operating activities
2,244,038
1,546,269
Investing activities
Purchase of intangible assets
(170,000)
-
Purchase of tangible fixed assets
(197,899)
(202,901)
Proceeds from disposal of tangible fixed assets
8,751
2,000
Repayment of loans
(219,800)
-
Interest received
207,580
45,109
Net cash used in investing activities
(371,368)
(155,792)
Financing activities
Repayment of borrowings
(282,803)
190,062
Net cash (used in)/generated from financing activities
(282,803)
190,062
Net increase in cash and cash equivalents
1,589,867
1,580,539
Cash and cash equivalents at beginning of year
5,572,473
3,991,934
Cash and cash equivalents at end of year
7,162,340
5,572,473
OTTERDENE GROUP LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(656,854)
-
Interest paid
(84,574)
-
0
Net cash outflow from operating activities
(741,428)
-
Investing activities
Purchase of intangible assets
(170,000)
-
0
Repayment of loans
(219,800)
-
0
Interest received
182,698
14,780
Dividends received
3,913,974
3,000,010
Net cash generated from investing activities
3,706,872
3,014,790
Financing activities
Repayment of borrowings
(282,803)
-
Net cash used in financing activities
(282,803)
-
Net increase in cash and cash equivalents
2,682,641
3,014,790
Cash and cash equivalents at beginning of year
3,014,790
-
0
Cash and cash equivalents at end of year
5,697,431
3,014,790
OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Otterdene Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of Otterdene Group Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Otterdene Group Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which was 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% on cost
Trademarks
10% Straight Line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated
Leasehold land and buildings
10% on cost
Plant and equipment
10% on reducing balance
Computers
25% on cost
Motor vehicles
25% on reducing balance

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

A formal write down policy is used and applied to old stock on a consistent basis each year.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks

over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or

loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
10,836,525
10,385,128
OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Interest income
207,580
45,109
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(631)
275
Depreciation of owned tangible fixed assets
112,442
62,056
(Profit)/loss on disposal of tangible fixed assets
(6,711)
1,771
Amortisation of intangible assets
4,457
1,625
Operating lease charges
181,388
204,075
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,000
2,000
Audit of the financial statements of the company's subsidiaries
10,000
9,000
16,000
11,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
15
10
10
10
Employees
37
32
-
-
Total
52
42
10
10
OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,228,805
1,035,134
-
0
-
0
Social security costs
101,876
87,507
-
-
Pension costs
11,298
9,375
-
0
-
0
1,341,979
1,132,016
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
190,091
45,109
Other interest income
17,489
-
Total income
207,580
45,109
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
190,091
45,109
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
84,574
110,792
Other finance costs:
Other interest
(406)
328
Total finance costs
84,168
111,120
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
774,195
606,266
OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
20,313
23,934
Total tax charge
794,508
630,200

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,170,426
2,610,353
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
792,607
652,588
Tax effect of expenses that are not deductible in determining taxable profit
2,259
4,475
Change in unrecognised deferred tax assets
21,372
23,934
Permanent capital allowances in excess of depreciation
(21,061)
(12,663)
Other permanent differences
(139)
-
0
Deferred tax adjustments in respect of prior years
(530)
-
0
Effect of change in rate of taxation
-
0
(38,134)
Taxation charge
794,508
630,200
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
514,760
808,000
OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
11
Intangible fixed assets
Group
Goodwill
Software
Trademarks
Total
£
£
£
£
Cost
At 1 January 2024
22,200
8,123
-
0
30,323
Additions
-
0
-
0
170,000
170,000
At 31 December 2024
22,200
8,123
170,000
200,323
Amortisation and impairment
At 1 January 2024
22,200
4,248
-
0
26,448
Amortisation charged for the year
-
0
1,624
2,833
4,457
At 31 December 2024
22,200
5,872
2,833
30,905
Carrying amount
At 31 December 2024
-
0
2,251
167,167
169,418
At 31 December 2023
-
0
3,875
-
0
3,875
Company
Trademarks
£
Cost
At 1 January 2024
-
0
Additions
170,000
At 31 December 2024
170,000
Amortisation and impairment
At 1 January 2024
-
0
Amortisation charged for the year
2,833
At 31 December 2024
2,833
Carrying amount
At 31 December 2024
167,167
At 31 December 2023
-
0
OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
192,303
81,313
485,875
62,339
240,515
1,062,345
Additions
-
0
30,760
32,834
64,474
69,831
197,899
Disposals
-
0
-
0
(4,239)
-
0
-
0
(4,239)
At 31 December 2024
192,303
112,073
514,470
126,813
310,346
1,256,005
Depreciation and impairment
At 1 January 2024
-
0
40,154
191,631
48,063
37,988
317,836
Depreciation charged in the year
-
0
9,620
29,990
16,385
56,447
112,442
Eliminated in respect of disposals
-
0
-
0
(2,199)
-
0
-
0
(2,199)
At 31 December 2024
-
0
49,774
219,422
64,448
94,435
428,079
Carrying amount
At 31 December 2024
192,303
62,299
295,048
62,365
215,911
827,926
At 31 December 2023
192,303
41,159
294,244
14,276
202,527
744,509
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
-
0
-
0
1,000
1,000
OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1,000
Carrying amount
At 31 December 2024
1,000
At 31 December 2023
1,000

The £1,000 of Fixed Asset Investments in Otterdene Group Ltd is entirely a 100% shareholding in Otterdene Ltd measured at cost.

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,373,770
2,342,305
-
0
-
0
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,126,143
805,191
-
0
-
0
Amounts owed by group undertakings
-
-
871,614
199,902
Other debtors
848,585
640,549
219,800
-
0
Prepayments and accrued income
106,220
62,247
-
0
-
0
2,080,948
1,507,987
1,091,414
199,902
OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Payments received on account
-
0
50,654
-
0
-
0
Trade creditors
148,913
80,300
-
0
-
0
Corporation tax payable
500,064
306,424
58,846
20,158
Other taxation and social security
262,109
162,631
-
-
Other creditors
2,676
2,120
-
0
-
0
Accruals and deferred income
32,379
14,188
6,830
-
0
946,141
616,317
65,676
20,158
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
18
1,320,491
1,088,534
1,320,491
1,088,534
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
1,320,491
1,088,534
1,320,491
1,088,534
Payable after one year
1,320,491
1,088,534
1,320,491
1,088,534
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
134,116
113,134
Retirement benefit obligations
(669)
-
133,447
113,134
The company has no deferred tax assets or liabilities.
OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Deferred taxation
(Continued)
- 28 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
113,134
-
Charge to profit or loss
20,313
-
Liability at 31 December 2024
133,447
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
11,298
9,375

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
200
200
200
200
Ordinary B Shares of £1 each
400
400
400
400
Ordinary C Shares of £1 each
400
400
400
400
1,000
1,000
1,000
1,000
22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
215,077
361,876
-
-
Between two and five years
791,175
1,618,196
-
-
In over five years
-
394,308
-
-
1,006,252
2,374,380
-
-
OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
23
Related party transactions
Transactions with related parties
Other information

The following amounts were outstanding at the reporting end date:

Included within Other debtors in Otterdene Group Ltd is an interest-free loan of £190,000 made to Quarry Gospel Hall Trust (registered charity no. 1170199) of which one of the trustees is Roger Stephen Parson, also a director of Otterdene Group Ltd. Monthly repayments of £2500 for this loan commenced in January 2025.

Included within Other Debtors in Otterdene Ltd is an interest-free loan of £199,980 to Birchclay Ltd of which one of the directors is Roger Stephen Parson, also a director of Otterdene Ltd. The loan becomes due for repayment in the event of the sale of an investment property.

24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,375,918
1,980,153
Adjustments for:
Taxation charged
794,508
630,200
Finance costs
84,168
111,120
Investment income
(207,580)
(45,109)
(Gain)/loss on disposal of tangible fixed assets
(6,711)
1,771
Amortisation and impairment of intangible assets
4,457
1,625
Depreciation and impairment of tangible fixed assets
112,442
62,056
Movements in working capital:
(Increase)/decrease in stocks
(31,465)
187,379
Increase in debtors
(353,160)
(40,301)
Increase/(decrease) in creditors
136,184
(668,840)
Cash generated from operations
2,908,761
2,220,054
OTTERDENE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
25
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
3,978,605
2,914,000
Adjustments for:
Taxation charged
21,773
-
0
Finance costs
84,574
100,790
Investment income
(4,096,672)
(3,014,790)
Amortisation and impairment of intangible assets
2,833
-
Movements in working capital:
Increase in debtors
(671,712)
-
Increase in creditors
23,745
-
Cash absorbed by operations
(656,854)
-
26
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
5,572,473
1,589,867
7,162,340
Borrowings excluding overdrafts
(1,088,534)
(231,957)
(1,320,491)
4,483,939
1,357,910
5,841,849
27
Analysis of changes in net funds - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
3,014,790
2,682,641
5,697,431
Borrowings excluding overdrafts
(1,088,534)
(231,957)
(1,320,491)
1,926,256
2,450,684
4,376,940
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