REGISTERED NUMBER: 01918871 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

Ultima Furniture Systems Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Statement of Income and Retained Earnings

11

Statement of Financial Position

12

Notes to the Financial Statements

13

DIRECTORS:

Mrs C J Ellis

Mr A W Ellis

Mr M J W Ellis

REGISTERED OFFICE:

30 Lidgate Crescent

Langthwaite Grange Industrial Estate

South Kirby

Pontefract

West Yorkshire

WF9 3NR

REGISTERED NUMBER:

01918871 (England and Wales)

AUDITORS:

Armstrong Watson Audit Limited

Chartered Accountants

Statutory Auditors

York House

Thornfield Business Park

Northallerton

North Yorkshire

DL6 2XQ

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

The principal activity of Ultima Furniture Systems Limited is the manufacturing of kitchen furniture, selling to retailers across the UK and direct to the public via the internet.

REVIEW OF BUSINESS

In the year to 31 December 2024, the business had a turnover of £110,960,614 (2023: £103,666,872), generating a profit before tax of £21,101,160 (2023: £22,344,130) and a profit after tax of £17,017,592 (2023: £16,591,092).

During the year, the rent charged by Silkstone Finance Limited, the parent company, for the factory units occupied by the Company was adjusted to reflect market value. As a direct result, the Company's operating profit as a proportion of turnover has decreased to 19%, from 22% in the prior period.

At the end of the period, the Company had net assets of £47,444,096 - an increase from £47,062,919 in the period to 31 December 2023. This Company also had cash reserves of £3,169,067 in comparison to £1,271,411 in the prior period.

The Company has continued to invest in technology and new facilities, investing £2.3m during the year in machinery and £683k in delivery vehicles. The Company has funded this expenditure from operating cash flow. This investment was made in order to increase manufacturing capacity and reflects the growth in the Company's turnover and expectations of continued growth in future years. All capital expenditure as well as the method of funding the expenditure is evaluated prior to approval.

The directors consider the above continued investment will enhance efficiencies generating increased output through automation.

RISKS AND UNCERTAINTIES

Liquidity risk

The company manages its cash requirements in order to maximise interest income, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is not exposed to interest rate risk on borrowings held at the balance sheet date. The Company review interest risk whenever considering capital expenditure or when using borrowing to support continued business operations.

Credit risk

Cash surpluses are held with a bank with a strong credit rating.

Future developments

The directors will continue to investment in new technology to enhance efficiencies. The directors are not expecting to make any significant changes in the nature of the business in the near future.

SECTION 172(1) STATEMENT

The directors believe in building long term, strong and sustainable relationships with our suppliers. The approach has enabled us to create a reliable and robust supply chain which works well to meet business needs.

The business actively plays a part within the local community as it aims to employ local people and utilise the services of local companies where possible. The directors are committed to employees' health, wellbeing and training, engaging with specialists for external training and providing in-house sessions for employees during working time.

ON BEHALF OF THE BOARD:

Mr A W Ellis - Director

16 September 2025

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

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary £1 shares

£205.77

-

Ordinary Non-Voting £1 shares

£63,476

-

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 16,636,415 .

DIRECTORS

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

Mrs C J Ellis

Mr A W Ellis

Mr M J W Ellis

EMPLOYMENT OF DISABLED PERSONS

The Company is committed to employment policies which follow best practice on equal opportunities for all employees, irrespective of sex, race, colour, disability or marital status. The company gives full and fair consideration to applications for employment from disabled persons, having regard to their particular aptitudes and abilities. Appropriate arrangements are made for the continued employment and training, career development and promotion of disabled persons employed by the company. If members of staff become disabled the company continues employment, either in the same or an alternative position, with appropriate retraining being given if necessary.

ENGAGEMENT WITH EMPLOYEES

Our family owned Company maintains an "open door" policy across all levels. Formal communication to employees throughout the Company takes the form of hard copy memorandums distributed as and when required with each employee’s payslip.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The directors believe in building long term, strong and sustainable relationships with our suppliers. The approach has enabled us to create a reliable and robust supply chain which works well to meet business needs.

STREAMLINED ENERGY AND CARBON REPORTING

2024

2023

Total energy use covering electricity

6,789,099

6,453,321

kWh

Total energy use covering gas

2,732,490

3,182,997

kWh

Total energy use covering transport

8,980,368

8,005,899

kWh

Total emissions generated through combustion of gas

499.7

582.27

tCO2e

Total emissions generated through use of purchased electricity

1,405.68

1,336.30

tCO2e

Total emissions generated through use of owned transport

2,275.68

2,032.69

tCO2e

Emissions generated through business travel in employee vehicles

6.44

4.403

tCO2e

Total gross emissions

4,187.50

3,955.66

tCO2e

Outside of scope - Bio-fuels factors

N/A

N/A

tCO2e

Intensity ratio/turnover (Total gross emissions)

0.0000377

0.0000381

tCO2e per £

Energy efficiency actions

We are committed to responsible energy management and will practice energy efficiency throughout our organisation, wherever it is cost effective. We recognise that climate change is one of the most serious environmental challenges currently threatening the global community and we understand we have a role to play in reducing greenhouse gas emissions.

We have implemented the policies below for the purpose of increasing the energy efficiency in the relevant financial year:

- Procuring electric forklifts

- Installing charging points

- Installing smart metres

- Upgrading domestic hot water heaters for office/factory toilet blocks

- Using LED lighting and adding some light sensors to all sites

- Some of the staff work from home which reduces emissions from commuting

- Using local suppliers where possible

- Using dedicated software for planning and routing of deliveries

- Reduced travel by reducing the number of face-to-face meetings with clients and suppliers

- Telematic systems ('black boxes') are installed into vehicles to record data on vehicle mileage and usage, and how safe the driver uses the vehicle to help reduce the fuel consumption

- Reducing our carbon footprint by dispatching trucks that are fully loaded to reduce the number of journeys

- Extending existing sizes for production and storage to reduce the requirement for intra- site shuttles

The following energy efficiency measures are under consideration for implementation during 2025

- Continue consolidating machinery to specific sites to reduce the intra-site shuttles

- Specified solar panels on the 2 new extensions planned, a 70,000sqft extension at Sherburn and a 50,000sqft extension at Grimethorpe

Methodology used in the calculation of disclosures

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard along with the 2023 UK Government's Conversion Factors for Company Reporting.

SECR Methodology notes

1. Intensity Ratios calculated using total turnover

- tCO2e per £ of turnover in the reporting period

2. Data estimation

- Assumptions made that all 3rd party business travel was made in medium size cars

- Assumptions made that all fuels purchased were average bio fuel blends for all petrol and diesel vehicles

- Assumptions made that all electric vehicle owned by the academy were fully charged on site

MATTERS COVERED IN THE STRATEGIC REPORT

Information is not shown in the directors' report because it is shown in the strategic report instead under S414C(11). The strategic report includes a business review, principal risks and uncertainties and financial key performance indicators.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable 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 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Armstrong Watson Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A W Ellis - Director

16 September 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions; and

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation; and

- enquiring of management as to actual and potential litigation and claims.

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.

Rohan Day (Senior Statutory Auditor)

for and on behalf of Armstrong Watson Audit Limited

Chartered Accountants

Statutory Auditors

York House

Thornfield Business Park

Northallerton

North Yorkshire

DL6 2XQ

16 September 2025

TURNOVER

3

110,960,614

103,666,872

Cost of sales

(50,786,741

)

(49,107,753

)

GROSS PROFIT

60,173,873

54,559,119

Distribution costs

(17,482,153

)

(16,817,533

)

Administrative expenses

(21,614,372

)

(15,412,038

)

OPERATING PROFIT

6

21,077,348

22,329,548

Interest receivable and similar income

23,812

29,194

21,101,160

22,358,742

Interest payable and similar expenses

7

-

(14,612

)

PROFIT BEFORE TAXATION

21,101,160

22,344,130

Tax on profit

8

(4,083,568

)

(5,753,038

)

PROFIT FOR THE FINANCIAL YEAR

17,017,592

16,591,092

Retained earnings at beginning of year

47,012,819

48,729,533

Dividends

9

(16,636,415

)

(18,307,806

)

RETAINED EARNINGS AT END OF YEAR

47,393,996

47,012,819

FIXED ASSETS

Intangible assets

10

305,001

270,867

Tangible assets

11

53,114,020

55,239,921

53,419,021

55,510,788

CURRENT ASSETS

Stocks

12

15,907,164

13,549,640

Debtors

13

2,962,616

1,882,647

Cash at bank

14

3,169,067

1,271,411

22,038,847

16,703,698

CREDITORS

Amounts falling due within one year

15

(19,591,383

)

(16,324,620

)

NET CURRENT ASSETS

2,447,464

379,078

TOTAL ASSETS LESS CURRENT LIABILITIES

55,866,485

55,889,866

PROVISIONS FOR LIABILITIES

17

(8,422,389

)

(8,826,947

)

NET ASSETS

47,444,096

47,062,919

CAPITAL AND RESERVES

Called up share capital

18

50,100

50,100

Retained earnings

19

47,393,996

47,012,819

SHAREHOLDERS' FUNDS

47,444,096

47,062,919

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

Mr A W Ellis - Director

1.	STATUTORY INFORMATION

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

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

The directors have considered the on-going situation with the current cost of living crisis and the war in Ukraine as part of their going concern assessment. The view of the directors is that, while they acknowledge the ongoing issues that will affect the economy over the coming weeks and months, the directors feel that the company is well placed to negotiate the conditions it is facing.

In reaching their conclusion, the directors have considered the headroom of cash reserves and the current cash burn rate of the business over a period of 12 months from the date of sign off, applying appropriate sensitivity analysis to their cost base. Further, the directors note the low gearing of the business and significant assets held and deem if required, debt finance could be sourced to aid any cash pressures.

After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

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

•

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

•

the requirement of paragraph 33.7.

The information is included in the consolidated financial statements of Silkstone Finance Limited as at 31 December 2024 and these financial statements may be obtained from Companies House, Cardiff, CF14 3UZ

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The key sources of estimation uncertainty which impact the financial statements are the useful economic life of fixed assets and the valuation of stock.

In assessing the useful economic life of fixed assets the directors have applied their specific industry knowledge and experience to ensure correct judgements. Details of the specific useful economic lives of fixed assets can be found in note 2.

In assessing the valuation of stock the directors have considered both internal and external sources of information including the quantity of stock item held, current orders of the stock item, historic saleability of the stock item and wider market conditions. Details of the valuation of stock held at the reporting date can be found in note 12.

Turnover

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

As such, turnover is recognised on delivery of the goods. If a sale is billed in advance of delivery the related income is deferred until the following accounting year.

Intangible assets

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

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Freehold property

-

2% on reducing balance

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.

TURNOVER

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

All turnover arose within the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

15,804,979

15,333,844

Social security costs

1,447,565

1,334,941

Other pension costs

316,828

261,311

17,569,372

16,930,096

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

31.12.24

31.12.23

Production

310

311

Distribution

99

98

Admin

54

57

Sales

66

55

529

521

5.	DIRECTORS' EMOLUMENTS

31.12.24

31.12.23

£

£

Directors' remuneration

79,080

102,208

Directors' pension contributions to money purchase schemes

897

-

During the year, one director accrued benefits under a defined contribution pension scheme. Total contributions made in respect of directors during the year were £897 (2023: £1,347).

6.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Hire of plant and machinery

14,211

58,484

Depreciation - owned assets

5,537,604

4,577,850

Loss on disposal of fixed assets

581,742

379,961

Development costs amortisation

29,518

10,133

Auditors' remuneration

19,750

15,070

Foreign exchange differences

(58,011

)

(105,354

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Interest on overdue taxation

-

14,612

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

4,488,126

2,470,138

Deferred tax

(404,558

)

3,282,900

Tax on profit

4,083,568

5,753,038

Reconciliation of total tax charge included in profit and loss

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

31.12.24

31.12.23

£

£

Profit before tax

21,101,160

22,344,130

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

5,275,290

5,255,563

Effects of:

Expenses not deductible for tax purposes

145,436

90,545

Capital allowances in excess of depreciation

(357,386

)

-

Depreciation in excess of capital allowances

-

530,227

Utilisation of tax losses

(979,772

)

(123,196

)

Effects of rounding

-

(101

)

Total tax charge

4,083,568

5,753,038

The tax assessed in 2023 was higher than the marginal rate of tax applied to profits.

9.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary shares of £1 each

Interim

10,288,731

9,541,527

Ordinary Non-Voting shares of £1 each

Interim

6,347,684

8,766,279

16,636,415

18,307,806

10.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 January 2024

281,000

Additions

63,652

At 31 December 2024

344,652

AMORTISATION

At 1 January 2024

10,133

Amortisation for year

29,518

At 31 December 2024

39,651

NET BOOK VALUE

At 31 December 2024

305,001

At 31 December 2023

270,867

11.	TANGIBLE FIXED ASSETS

Payments

on

account

and

assets in

the

Freehold

course of

Plant and

property

construction

machinery

£

£

£

COST

At 1 January 2024

5,316,799

18,588

50,555,900

Additions

134,262

-

2,353,294

Disposals

-

-

(801,430

)

Transfer to ownership

-

(18,588

)

18,588

At 31 December 2024

5,451,061

-

52,126,352

DEPRECIATION

At 1 January 2024

249,504

-

19,235,367

Charge for year

103,126

-

2,735,933

Eliminated on disposal

-

-

(65,846

)

At 31 December 2024

352,630

-

21,905,454

NET BOOK VALUE

At 31 December 2024

5,098,431

-

30,220,898

At 31 December 2023

5,067,295

18,588

31,320,533

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

18,482,449

8,188,736

796,310

83,358,782

Additions

991,557

638,318

58,561

4,175,992

Disposals

-

(101,670

)

-

(903,100

)

Transfer to ownership

-

-

-

-

At 31 December 2024

19,474,006

8,725,384

854,871

86,631,674

DEPRECIATION

At 1 January 2024

4,073,632

3,930,895

629,463

28,118,861

Charge for year

1,432,456

1,165,688

100,401

5,537,604

Eliminated on disposal

-

(72,965

)

-

(138,811

)

At 31 December 2024

5,506,088

5,023,618

729,864

33,517,654

NET BOOK VALUE

At 31 December 2024

13,967,918

3,701,766

125,007

53,114,020

At 31 December 2023

14,408,817

4,257,841

166,847

55,239,921

During the year, payments on account totalling £18,588 for assets delivered during the year were re-allocated to Plant and Machinery and started being depreciated over the assets useful economic life.