REGISTERED NUMBER: 01150563 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CAT UK VEHICLE LOGISTICS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

Directors:

S Reynolds

S M Warren

A Ritz

A Doyharcabal

Registered office:

Unit 2 West Point Row Great Park Road

Bradley Stoke

Bristol

BS32 4QG

Registered number:

01150563 (England and Wales)

Senior statutory auditor:

Steven Collins

Auditors:

Baverstocks Limited

Statutory Auditor

Chartered Certified Accountants

Dickens House

Guithavon Street

Witham

Essex

CM8 1BJ

Bankers:

BNP Paribas

10 Harewood Avenue

London

NW1 6AA

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

Review of business

The company's principal activity during the year is split into two Business Units: Vehicle movements by Rail and Processing of nearly new and used vehicles.

The company's key financial and other performance indicators during the year were as follows:

£'000

Turnover

£32,345

(Loss)/Profit after tax

(£1,008)

Current assets as a % of current liabilities

58.92%

Rail Activity

The annual number of new car registrations in 2024 reached a level of 1,952,788 million which represented a 2.6% increase against the previous year level. The increase in the main driven by Fleet registrations. Transition continued to the move with Electric Cars & plug in hybrid vehicles in the UK Market with significant pressures to meet new zero emission mandate targets set to increase EV sales.

Management Team monitored all key risks and putting in place level of controls to support the business requirements.

Strategic key suppliers have been added to the business this supported a strong operational performance on several key routes, complexity on other rail routes presented challenges throughout 2024 however positive trend developments are forecasted for the following year. With the volumes forecasted to be strong in the coming years the Rail business, together with the commitment on CSR Decarbonization strategies Rail will be a key element in this being achieved working on our commitment of Customer First approach.

The Automotive Logistics market the company operate in is considered highly competitive to which market pricing can be volatile. It is imperative that due to cost increases and re-invest cost it is key that it is recognized that revenues need to be sustainable from the customer base to sustain the services provided for future years.

Rockingham Vehicle Processing Centre

2024 saw a small decline in de-fleet and refurbishment activities, by 9%. Much of this was still down to fleet vehicle fleet stress following COVID impact then component supply issues.

The new car PDI and conversion activity really took off in 2024 and our overall volumes showed an overall uplift of 14.5%. This helped enormously in the latter stages of the year, after a difficult first quarter for overall turnover and Gross profit.

The below figures show the combined volumes of New car PDI and Used car refurbishment completed through 2024 compared with 2023.

Year

Q1

Q2

Q3

Q4

Full Year

2023

4,495

4,967

3,720

5,219

18,401

2024

5,759

5,253

3,170

6,875

21,057

Gross margin was disappointing through the year and further work in improving productivity is beginning to pay off. Prospects look good with the hold on new vehicle supplies gradually loosening, giving us greater opportunities at treat higher volumes of used cars for refurbishment

Summary

The turnover in 2024 of £32,345 million compares with £32,825 in 2023. The loss after tax of £1,008 shows an decrease against the 2023 loss after tax of £2,311 an improvement of 57% on 2023.

Of continued significant importance to the strength of the company's balance sheet is the Final Salary Pension Scheme. Actuarial assumptions relating to the Scheme can have a material influence on the balance sheet.

Principal risks and uncertainties

Management continually monitors the key risks facing the company together with assessing the controls used for managing these risks. The principal risks and uncertainties facing the company can be broadly classified as competitive, legislative, economic and exchange rate risk.

Competitive Risks

The company is reliant on certain major motor manufacturers for contracts that are subject to periodic competitive tender. Renewal of these contracts cannot be pre-determined and are based on financial and performance criteria.

CAT UK Vehicle Logistics Limited aims to manage this risk by utilising the knowledge and experience of its senior employees to obtain new business opportunities and to retain existing business.

Legislative risk

The operations of the company are heavily affected by many legislative controls including health and safety, employment, transport, and financial legislation.

We aim to ensure appropriate professional training for all relevant Managers. We also continue to enhance this knowledge with sustained and continual reference to our professional advisors.

CAT UK Vehicle Logistics Limited is a member of the representative trade organisations who lobby the UK government and European institutions, the Office of Rail Regulation and Network Rail. These memberships give CAT UK Vehicle Logistics Limited an opportunity to minimise any legislative risk it may suffer.

Economic risk

This is the key area of risk for the company and can take several forms. The principal activity of the business is subject to a downturn in the new car market and economic indicators such as interest rates and exchange rates. A further economic risk is that motor manufacturers could move their production facilities to more profitable manufacturing environments outside of the UK.

CAT UK Vehicle Logistics Limited aims to minimise economic risk by negotiating contracts with both customers and suppliers in their most appropriate currencies and by holding contracts with a wide range of customers who produce vehicles across the whole vehicle spectrum. Long Term Contracts on Rail Activity is key to mitigate risk as the business develops and invests in the future, successes were achieved in 2024 that will have a positive impact to the business in the coming years.

On behalf of the board:

S Reynolds - Director

14 August 2025

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

Change of name

The company passed a special resolution on 16 June 2025 changing its name from STVA UK Limited to CAT UK Vehicle Logistics Limited.

Dividends

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

Events since the end of the year

Information relating to events since the end of the year is given in the notes to the financial statements.

Directors

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

S Reynolds

S M Warren

A Ritz

Other changes in directors holding office are as follows:

A Doyharcabal - appointed 6 December 2024

Going concern

The company has seen an improvement in the trading results during the start of the 2025 financial year. Although the company continues to make losses they expect the company to return to a profitable position in the medium term. The projections and cashflow forecasts of the company show improving trading results. The Group is confident in its growth prospects. On the basis of these elements, taking into account the company benefits from the cash pooling of the Group which supports the future trading activities, at the date of closing of the accounts on 31 December 2024, the company has concluded that there are no material uncertainties that would call into question the going concern principle.

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, Baverstocks Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

S Reynolds - Director

14 August 2025

Opinion

We have audited the financial statements of CAT UK Vehicle Logistics Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 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 five, 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:

Our approach to assessing the risks of material misstatement due to fraud and noncompliance with laws and regulations was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to compliance with the Companies Act 2006, Financial Reporting Standard 102 and relevant tax legislation.

We assessed the risks of material misstatements in respect of fraud and determined that the principal risks were related to posting of journal entries to manipulate the results for the financial year. We made enquiries of management during the audit to determine any instances of fraud, while also discussing the areas of risk in relation to audit as part of our audit team meeting.

Based upon the results of our risk assessment we designed our audit procedures to identify noncompliance with such laws and regulations identified above and also material misstatements in respect of fraud as follows:-

-

We obtained an understanding of the legal and regulatory framework in relation to the entity and how it complies with this framework. This included discussions with management and reviews of legal and professional fees.

-

We discussed with the management the entity's policies and procedures including systems and controls. Compliance with these was tested via discussion and walkthrough testing of controls.

-

We enquired of management of their policies and procedures in relation to fraud and their knowledge of any actual, suspected, or alleged fraud.

-

We ensured compliance with Pay as You Earn and Value Added Tax laws via reviewing returns and correspondence.

-

We considered the risk of fraud through management override, and, in response, we incorporated testing of manual journal entries into our audit approach. This included the testing of journal entries throughout the year as well as year end journals.

-

We reviewed accounting estimates for bias, which included the provision for stock and depreciation.

-

We agreed the financial statement disclosures to underlying supporting documentation.

-

We enquired of management if there were any potential litigation or claims.

Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Steven Collins (Senior Statutory Auditor)

for and on behalf of Baverstocks Limited

Statutory Auditor

Chartered Certified Accountants

Dickens House

Guithavon Street

Witham

Essex

CM8 1BJ

14 August 2025

Turnover

3

32,345

32,825

Cost of sales

28,765

29,575

Gross profit

3,580

3,250

Administrative expenses

4,363

5,334

Operating loss

5

(783

)

(2,084

)

Interest payable and similar expenses

6

225

228

Loss before taxation

(1,008

)

(2,312

)

Tax on loss

7

-

(1

)

Loss for the financial year

(1,008

)

(2,311

)

Loss for the year

(1,008

)

(2,311

)

Other comprehensive income

Actuarial gain/(loss) on pension scheme

(806

)

(230

)

Income tax relating to other comprehensive income

-

-

Other comprehensive income for the year, net of income tax

(806

)

(230

)

Total comprehensive income for the year

(1,814

)

(2,541

)

Fixed assets

Intangible assets

8

10

28

Tangible assets

9

2,776

2,821

Investments

10

-

-

2,786

2,849

Current assets

Stocks

11

232

150

Debtors

12

19,170

20,259

Cash at bank and in hand

2,412

396

21,814

20,805

Creditors

Amounts falling due within one year

13

37,022

34,852

Net current liabilities

(15,208

)

(14,047

)

Total assets less current liabilities

(12,422

)

(11,198

)

Pension asset

17

726

1,316

Net liabilities

(11,696

)

(9,882

)

Capital and reserves

Called up share capital

15

3,707

3,707

Share premium

16

810

810

Retained earnings

16

(16,213

)

(14,399

)

Shareholders' funds

(11,696

)

(9,882

)

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2025 and were signed on its behalf by:

S Reynolds - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£'000

£'000

£'000

£'000

Balance at 1 January 2023

3,707

(11,858

)

810

(7,341

)

Changes in equity

Deficit for the year

-

(2,311

)

-

(2,311

)

Other comprehensive income

-

(230

)

-

(230

)

Total comprehensive income

-

(2,541

)

-

(2,541

)

Balance at 31 December 2023

3,707

(14,399

)

810

(9,882

)

Changes in equity

Deficit for the year

-

(1,008

)

-

(1,008

)

Other comprehensive income

-

(806

)

-

(806

)

Total comprehensive income

-

(1,814

)

-

(1,814

)

Balance at 31 December 2024

3,707

(16,213

)

810

(11,696

)

1.	Statutory information

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

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the group and rounded to the nearest £'000.

The principle accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about CAT UK Vehicle Logistics Limited as an individual company and do not contain consolidated financial statements as the parent of the group. The company has taken the option under Section 402 of the Companies Act 2006 by claiming exemption from preparing consolidated financial statements due to the subsidiary undertaking not needing to be included. The subsidiary is excluded from the consolidation under Section 405 of the Companies Act 2006 due to its inclusion not being material.

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

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Defined Benefit Pension Scheme

The company has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations, and the discount rate on corporate bonds. Management estimates these factors in determining the net pension surplus or obligation in the balance sheet. The assumptions reflect historical experience and current trends. The Company has recognised an obligation based on the formal application of the Trust Deed and Rules.

Turnover

Turnover represents the income receivable (excluding value added tax) in the ordinary course of business for service provided and, in respect of unbilled charges, includes an accrual for measured income unbilled at the end of the financial year.

Turnover is generated by the transportation of motor vehicles both by rail and by car transporter.

Fuel Surcharge Revenue

For the majority of its clients, the company has in place a clause in their contract that allows for the recovery of excess fuel costs above the agreed base price. The rates are adjusted according to the terms of the contract, which fluctuates based on the rates which have been agreed and therefore impacts on turnover.

Intangible assets

Amortisation is only charged once the asset is brought in to use.

Software is amortised over its estimated useful life of 3-5 years.

Tangible fixed assets

Tangible fixed assets are stated at historic purchase cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended used.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acquisition, of each asset evenly over their expected useful life, as follows:

Leasehold improvements

- over 5 to 15 years

Plant and machinery

- over 3 to 15 years

Fixtures and fittings

- over 5 to 15 years

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Investments in associates

Investments in associate undertakings are recognised at cost less any provision for impairment.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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

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

Pension costs and other post-retirement benefits

The company operates and is the sponsoring employer for a defined benefit pension scheme. Contributions are made by the company and the employees to a separately administered fund.

The service cost of the pension provision relating to the period, together with the cost of any benefits relating to past service, is charged to the income statement. The net interest element is determined by multiplying the net defined benefit liability by the discount rate, at the start of the period taking in to account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit of loss as other finance income or cost.

The difference between the market value of the assets of the scheme and the present value of the accrued pension liabilities is shown as an asset or liability on the balance sheet, except that assets are only recognised to the extent that they are considered to be recoverable.

The company also operates a targeted money purchase pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the scheme's rules.

Going concern

The company meets its day-to-day working capital requirements through its cash reserves and borrowings. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company can operate within the level of its current cash reserves and borrowings.

CAT SAS, the immediate controlling party, has also agreed to make funds available to allow the company to meet its debts as they fall due for a period of at least 12 months from the date of approval of these financial statements, and do not require repayment of the inter-group balances until other creditors have been met and the company has generated sufficient funds to enable repayments to be made.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.

Turnover

Turnover is wholly attributable to activities in the United Kingdom, relating to the transportation of motor vehicles and associated activities.

4.	Employees and directors

2024

2023

£'000

£'000

Wages and salaries

2,328

2,326

Social security costs

202

171

Other pension costs

90

61

2,620

2,558

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

2024

2023

Administration

37

40

2024

2023

£

£

Directors' remuneration

-

-

5.	Operating loss

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

2024

2023

£'000

£'000

Hire of Plant and Machinery

9

5

Other Operating Leases

141

97

Depreciation - owned assets

352

291

Computer software amortisation

18

19

Auditors Remuneration

27

22

Foreign exchange differences

(949

)

(121

)

6.

Interest payable and similar expenses

2024

2023

£'000

£'000

Interest Payable by Group

Undertakings

225

228

225

228

7.

Taxation

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2024

2023

£'000

£'000

Current tax:

Over Provision in Prior Years

-

(1

)

Tax on loss

-

(1

)

Reconciliation of total tax credit included in profit and loss

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

2024

2023

£'000

£'000

Loss before tax

(1,008

)

(2,312

)

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

(252

)

(578

)

Effects of:

Expenses not deductible for tax purposes

16

17

Adjustments to tax charge in respect of previous periods

-

(1

)

Pension Contributions charged to STRGL

(54

)

(57

)

Deferred tax not recognised

290

616

Group relief

-

2

Total tax credit

-

(1

)

Tax effects relating to effects of other comprehensive income

2024

Gross

Tax

Net

£'000

£'000

£'000

Actuarial gain/(loss) on pension scheme

(806

)

-

(806

)

2023

Gross

Tax

Net

£'000

£'000

£'000

Actuarial gain/(loss) on pension scheme

(230

)

-

(230

)

8.	Intangible fixed assets

Computer

software

£'000

Cost

At 1 January 2024

and 31 December 2024

152

Amortisation

At 1 January 2024

124

Amortisation for year

18

At 31 December 2024

142

Net book value

At 31 December 2024

10

At 31 December 2023

28