REGISTERED NUMBER: 00479957 (England and Wales)

Kellands (Plant Sales) Limited

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

16

DIRECTORS:

N J Smith

F D Jeanes

T L E Miller

T P Hill

P V Watts

REGISTERED OFFICE:

Salmon Parade

Bridgwater

Somerset

TA6 5JY

REGISTERED NUMBER:

00479957 (England and Wales)

AUDITORS:

Maxwells

Chartered Accountants

and Statutory Auditor

4 King Square

Bridgwater

Somerset

TA6 3YF

BANKERS:

National Westminster Bank plc

9 York Buildings

Cornhill

Bridgwater

Somerset

TA6 3BA

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

The principal activity of the company for the year under review was the distribution and maintenance of industrial and construction machinery.

REVIEW OF BUSINESS

The turnover is similar to the previous year but the margin has fallen as we took the strategic decision to reduce stock levels.

There was a significant reduction in national business confidence following the election of the new Labour government and the subsequent budget, and this is ongoing.

The directors remain convinced that we are continuing to build a company that has a firm base from which we can deliver future expansion and profits. All employees and management have worked hard during the year to contain the loss, and a great deal of credit is due to them all for their continuing support.

The company continues to invest in cyber security technology and staff training as well as evolving its compliance with GDPR requirements and the continuous improvement of health and safety for staff and customers.

Financial Performance

2024 £'000

2023 £'000

Change £'000

%

Turnover

28,042

27,801

241

1%

Gross Profit

1,785

2,437

(652)

(27%)

(Loss)/Profit before tax

(181)

136

(317)

n/a

Strategy

Going forward we will continue with our plans to increase the number of customers for all of our departments.

The directors are confident that the company has an excellent range of products, although we are always looking to review and strengthen the product base.

Turnover

The slight increase in turnover during the year mainly reflects the decision to reduce stock levels.

Exports are higher than the previous year but the consequences of the UK leaving the European Union are still having an effect.

Gross profit

The decrease in gross profit reflects the lower margins on machines sold during the year.

Operating costs

Our costs fell during the year reflecting a reduction in management costs and an overall focus on generally reducing costs. The directors are continually reviewing the overheads and monitoring the current economic situation.

Capital expenditure

We continue to invest to improve the company. Our main expenditure during the year was updating our motor fleet and IT systems.

Performance indicators

The board of directors monitors key performance indicators in addition to the more traditional financial statements and sales pipeline information that is provided to the board each month.

REVIEW OF BUSINESS (CONTINUED)

Principal risks

We recognise that stock valuation and stock turnover are the key to our profitability and management monitors these areas on a regular basis. Our fixed overheads and staffing levels are under constant review to enable us to respond to any downturn or upturn in the market that may require an overhead adjustment. All areas of our business review stock values on a regular basis, and adjustments are and will be made for slow moving and obsolete items.

PRINCIPAL RISKS AND UNCERTAINTIES

The company uses various financial instruments. These include loans, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described below in more detail.

The main risks arising are cash flow interest rate risk, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The maturity of any borrowings is set out in the notes to the financial statements.

Interest rate risk

The company finances its operations through a mixture of retained profits and asset finance. The exposure to interest rate fluctuations on borrowings is managed by the use of fixed facilities.

Credit risk

The company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited. The principal credit risk arises therefore from its trade debtors.

In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

Climate sustainability

As a business supplying and servicing goods for use in the construction industry we feel a need to take actions where possible to reduce our impact on the climate and work towards being a sustainable business. We are using energy efficient boilers for areas where heating is required, and these are regularly serviced. Additionally we have made the business decision that where possible for all packaging and paper materials we will try and purchase recyclable products to reduce the amount of waste going to landfill.

In due course our new building which is currently being constructed will be generally more energy efficient.

The directors are constantly working to reduce the company's carbon emissions where possible and this also has an impact on reducing costs which directly affect the companys profitability.

At 31 December 2024 and 31 December 2023 there was no concentration of credit risk with exposure being spread over a large number of customers.

ON BEHALF OF THE BOARD:

F D Jeanes - Director

17 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale and maintenance of industrial and construction machinery.

DIVIDENDS

A dividend of £50,000 was paid on 2 December 2024. This represents a dividend of 50p per share.

DIRECTORS

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

The directors shown below were in office at 31 December 2024 but did not hold any interest in the Ordinary shares of £1 each at 1 January 2024 or 31 December 2024.

N J Smith

F D Jeanes

T L E Miller

T P Hill

P V Watts

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

F D Jeanes - Director

17 September 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Identifying and assessing potential risks to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Obtaining an understanding of the nature of the industry and sector in which the business operates and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company.

- Enquiring of management, including reviewing supporting documentation concerning the company's policies and procedures relating to:

a) Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance, particularly the key issues of compliance with FCA regulations regarding loan finance brokerage, health and safety regulations and hazardous substances storage and usage.

b) Detecting and responding to the risks of fraud and whether they have knowledge of any factual, suspected or alleged fraud.

c) The internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations

- Discussing with the audit engagement team regarding how and where fraud might occur in the financial statements and potential indications of fraud.

Audit response to risks identified

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.

Our procedures to respond to risks identified included the following:

- Enquiring of management and those charged with governance concerning actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance and reviewing correspondence with HMRC.

- Performing analytical review procedures to identify and unusual or unexpected transactions that may indicate risks of material misstatement due to fraud.

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

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

There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Nigel Blannin (Senior Statutory Auditor)

for and on behalf of Maxwells

Chartered Accountants

and Statutory Auditor

4 King Square

Bridgwater

Somerset

TA6 3YF

17 September 2025

TURNOVER

4

28,042,211

27,801,212

Cost of sales

26,257,507

25,364,220

GROSS PROFIT

1,784,704

2,436,992

Administrative expenses

2,013,486

2,449,526

(228,782

)

(12,534

)

Other operating income

25,000

125,000

OPERATING (LOSS)/PROFIT

6

(203,782

)

112,466

Interest receivable and similar income

7,296

10,566

(196,486

)

123,032

Interest payable and similar expenses

7

(15,145

)

(12,944

)

(LOSS)/PROFIT BEFORE TAXATION

(181,341

)

135,976

Tax on (loss)/profit

8

(50,087

)

51,114

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(131,254

)

84,862

OTHER COMPREHENSIVE INCOME/(LOSS)

Pension scheme actuarial adjustments

704,000

(622,000

)

Income tax relating to other comprehensive income/(loss)

-

-

OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF INCOME TAX

704,000

(622,000

)

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR

572,746

(537,138

)

FIXED ASSETS

Tangible assets

10

612,655

669,429

CURRENT ASSETS

Stocks

11

5,687,844

7,086,270

Debtors

12

1,867,002

1,286,599

Cash at bank

168,094

1,965

7,722,940

8,374,834

CREDITORS

Amounts falling due within one year

13

3,878,342

4,272,332

NET CURRENT ASSETS

3,844,598

4,102,502

TOTAL ASSETS LESS CURRENT LIABILITIES

4,457,253

4,771,931

CREDITORS

Amounts falling due after more than one year

14

(17,614

)

(55,038

)

PROVISIONS FOR LIABILITIES

18

(110,000

)

(150,000

)

PENSION ASSET

21

2,214,000

1,454,000

NET ASSETS

6,543,639

6,020,893

CAPITAL AND RESERVES

Called up share capital

19

100,000

100,000

Retained earnings

20

6,443,639

5,920,893

SHAREHOLDERS' FUNDS

6,543,639

6,020,893

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

F D Jeanes - Director

P V Watts - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100,000

6,508,031

6,608,031

Changes in equity

Dividends

-

(50,000

)

(50,000

)

Total comprehensive loss

-

(537,138

)

(537,138

)

Balance at 31 December 2023

100,000

5,920,893

6,020,893

Changes in equity

Dividends

-

(50,000

)

(50,000

)

Total comprehensive income

-

572,746

572,746

Balance at 31 December 2024

100,000

6,443,639

6,543,639

Cash flows from operating activities

Cash generated from operations

1

614,241

(1,425,870

)

Interest paid

66,000

94,000

Interest element of hire purchase payments paid

(50,855

)

(81,056

)

Tax paid

(16,114

)

108,088

Net cash from operating activities

613,272

(1,304,838

)

Cash flows from investing activities

Purchase of tangible fixed assets

(140,539

)

(458,826

)

Sale of tangible fixed assets

-

253,250

Interest received

7,296

10,566

Net cash from investing activities

(133,243

)

(195,010

)

Cash flows from financing activities

New finance leases

24,300

67,700

Capital repayments in year

(104,014

)

(118,477

)

Equity dividends paid

(50,000

)

(50,000

)

Net cash from financing activities

(129,714

)

(100,777

)

Increase/(decrease) in cash and cash equivalents

350,315

(1,600,625

)

Cash and cash equivalents at beginning of year

2

(188,685

)

1,411,940

Cash and cash equivalents at end of year

2

161,630

(188,685

)

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

(Loss)/profit before taxation

(181,341

)

135,976

Depreciation charges

197,313

259,019

Profit on disposal of fixed assets

-

(61,971

)

Finance costs

(15,145

)

(12,944

)

Finance income

(7,296

)

(10,566

)

(6,469

)

309,514

Decrease in stocks

1,398,426

696,266

(Increase)/decrease in trade and other debtors

(570,316

)

291,824

Decrease in trade and other creditors

(207,400

)

(2,723,474

)

Cash generated from operations

614,241

(1,425,870

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

168,094

1,965

Bank overdrafts

(6,464

)

(190,650

)

161,630

(188,685

)

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,965

1,415,125

Bank overdrafts

(190,650

)

(3,185

)

(188,685

)

1,411,940

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

1,965

166,129

168,094

Bank overdrafts

(190,650

)

184,186

(6,464

)

(188,685

)

350,315

161,630

Debt

Finance leases

(179,977

)

104,014

(75,963

)

(179,977

)

104,014

(75,963

)

Total

(368,662

)

454,329

85,667

1.	STATUTORY INFORMATION

Kellands (Plant Sales) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with applicable accounting standards and estimation techniques, and on a going concern basis.

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.

Critical accounting judgements and key sources of estimation uncertainty

In applying the company's accounting policies, which are described in note 3, management is required to make:

- judgements (other than those involving estimations) that have a significant impact on the amounts recognised; and

- estimates and assumptions about the carrying values 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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the date of the delivery of goods or work done.

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.

Short leasehold

-

over life of lease

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

30% reducing balance

I.T. Equipment

-

30% reducing balance

Stocks

Machine stock is stated at invoice cost plus additional enhancement work, as amended by any provision for obsolescence.

Parts stock is stated at average cost, as amended for any slow-moving or obsolescence provision for parts over two years old..

Work-in-progress is stated at average parts costs and chargeable labour costs based on job card valuations.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The pension scheme surplus is stated at the actuarial valuation at the year-end. Costs are charged to the profit and loss in the period in accordance with the actuarial review disclosures.

The group operates a defined contribution pension scheme in addition to the defined benefit scheme (noted above - which is now closed to new members). Contributions payable to the group's defined contribution pension scheme are charged to profit or loss in the period to which they relate.

The group defined benefit pension scheme is disclosed at the actuarial valuation at the year-end.

Costs and income relating to the scheme valuation have been accrued in the profit and loss account in accordance with the actuarial disclosures.

Accounting estimates and judgements

The directors consider that the company pension scheme valuation and other estimates noted in the accounts have been appropriately disclosed and consider there to be no significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4.

TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

26,799,526

26,776,846

Europe and rest of world

1,242,685

1,024,366

28,042,211

27,801,212

5.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

1,722,224

1,753,947

Social security costs

181,748

206,003

Other pension costs

102,237

99,726

2,006,209

2,059,676

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

31.12.24

31.12.23

Sales staff

10

9

Office and management

9

9

Parts

9

9

Service

24

28

General labour

3

4

55

59

Defined benefit pension scheme

The company is a member of a group defined benefit scheme which is funded by the payment of contributions to a separately administered trust fund.

The contributions to this scheme are determined with the advice of independent qualified actuaries on the basis of full actuarial triennial valuations. The most recent full actuarial valuation was conducted on 6 April 2021.

31.12.24

31.12.23

£

£

Directors' remuneration

196,568

348,495

Compensation to director for loss of office

-

50,928

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

Money purchase schemes

2

3