REGISTERED NUMBER: SC320451 (Scotland)

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31 December 2024

for

Workspace Design Group

Page

Group Strategic Report

1

Report of the Directors

2

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

15

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The directors are pleased to report a successful year for the group.

The group has generated £12,856,058 (2023: £13,754,273) of turnover and profits before tax of £774,691 (2023: £1,116,090).

At the period end the group had shareholders funds of £2,277,746 (2023: £2,375,946) including distributable profits of £626,721 (2023: £724,921). The directors therefore believe the group's position to be satisfactory with liquidity improving in conjunction with revenue and profits.

The directors believe that there is a strong foundation to build the business further and improve on the current year's results.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have assessed the main risks facing the group as being increased competition from other national companies, where these companies are able to sell alternative products and services to those offered by the group at competitive prices, which could lead to decreasing margins.

The directors believe that the quality and development of our products and services and ongoing contingent arrangements will help mitigate these risks and are committed to see satisfactory trading results in the coming year.

ON BEHALF OF THE BOARD:

Mr M Flett - Director

5 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the supply and installation of fitted furniture.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £674,633.

DIRECTORS

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

Mr T Flett

Mr M Flett

Mr R Thomas

Mrs M Flett

Mrs H D Flett

Mrs G H Flett

Mrs T Thomas

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr M Flett - Director

5 September 2025

Opinion

We have audited the financial statements of Workspace Design Group (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the group, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through 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.

Craig Clinton (Senior Statutory Auditor)

for and on behalf of Drummond Laurie CA

Statutory Auditor

Unit 5

Gateway Business Park

Beancross Road

Grangemouth

FK3 8WX

10 September 2025

TURNOVER

3

12,856,058

13,754,273

Cost of sales

(9,019,574

)

(9,473,803

)

GROSS PROFIT

3,836,484

4,280,470

Administrative expenses

(3,101,360

)

(3,076,480

)

735,124

1,203,990

Other operating income

128,793

-

OPERATING PROFIT

5

863,917

1,203,990

Interest payable and similar expenses

6

(89,226

)

(87,900

)

PROFIT BEFORE TAXATION

774,691

1,116,090

Tax on profit

7

(198,258

)

(270,398

)

PROFIT FOR THE FINANCIAL YEAR

576,433

845,692

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

576,433

845,692

Profit attributable to:

Owners of the parent

576,433

845,692

Total comprehensive income attributable to:

Owners of the parent

576,433

845,692

FIXED ASSETS

Intangible assets

10

1,057,153

1,226,151

Tangible assets

11

1,057,175

937,578

Investments

12

-

-

Investment property

13

-

-

2,114,328

2,163,729

CURRENT ASSETS

Stocks

14

33,292

108,453

Debtors

15

3,397,486

3,299,936

Cash at bank

9,687

1,002,013

3,440,465

4,410,402

CREDITORS

Amounts falling due within one year

16

(2,818,985

)

(3,748,373

)

NET CURRENT ASSETS

621,480

662,029

TOTAL ASSETS LESS CURRENT LIABILITIES

2,735,808

2,825,758

CREDITORS

Amounts falling due after more than one year

17

(392,122

)

(400,893

)

PROVISIONS FOR LIABILITIES

21

(65,940

)

(48,919

)

NET ASSETS

2,277,746

2,375,946

CAPITAL AND RESERVES

Called up share capital

22

1,651,025

1,651,025

Retained earnings

23

626,721

724,921

SHAREHOLDERS' FUNDS

2,277,746

2,375,946

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2025 and were signed on its behalf by:

Mr M Flett - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

100

100

Investment property

13

745,215

745,215

745,315

745,315

CURRENT ASSETS

Debtors

15

1,407,008

1,017,742

Cash at bank

281

508,718

1,407,289

1,526,460

CREDITORS

Amounts falling due within one year

16

(100,674

)

(105,555

)

NET CURRENT ASSETS

1,306,615

1,420,905

TOTAL ASSETS LESS CURRENT LIABILITIES

2,051,930

2,166,220

CREDITORS

Amounts falling due after more than one year

17

(325,170

)

(370,169

)

NET ASSETS

1,726,760

1,796,051

CAPITAL AND RESERVES

Called up share capital

22

1,651,025

1,651,025

Retained earnings

23

75,735

145,026

SHAREHOLDERS' FUNDS

1,726,760

1,796,051

Company's profit for the financial year

605,342

821,012

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2025 and were signed on its behalf by:

Mr M Flett - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1,651,025

1,006,526

2,657,551

Changes in equity

Dividends

-

(1,127,297

)

(1,127,297

)

Total comprehensive income

-

845,692

845,692

Balance at 31 December 2023

1,651,025

724,921

2,375,946

Changes in equity

Dividends

-

(674,633

)

(674,633

)

Total comprehensive income

-

576,433

576,433

Balance at 31 December 2024

1,651,025

626,721

2,277,746

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1,651,025

451,311

2,102,336

Changes in equity

Dividends

-

(1,127,297

)

(1,127,297

)

Total comprehensive income

-

821,012

821,012

Balance at 31 December 2023

1,651,025

145,026

1,796,051

Changes in equity

Dividends

-

(674,633

)

(674,633

)

Total comprehensive income

-

605,342

605,342

Balance at 31 December 2024

1,651,025

75,735

1,726,760

Cash flows from operating activities

Cash generated from operations

1

23,461

2,217,332

Interest paid

(89,226

)

(87,900

)

Tax paid

(184,125

)

(177,954

)

Net cash from operating activities

(249,890

)

1,951,478

Cash flows from investing activities

Purchase of tangible fixed assets

(100,882

)

(87,154

)

Sale of tangible fixed assets

159,492

52,621

Net cash from investing activities

58,610

(34,533

)

Cash flows from financing activities

Loan repayments in year

(35,280

)

(25,561

)

Capital repayments in year

(82,039

)

(76,338

)

Amount withdrawn by directors

(209,257

)

(58,597

)

Equity dividends paid

(674,633

)

(1,127,297

)

Net cash from financing activities

(1,001,209

)

(1,287,793

)

(Decrease)/increase in cash and cash equivalents

(1,192,489

)

629,152

Cash and cash equivalents at beginning of year

2

1,002,013

372,861

Cash and cash equivalents at end of year

2

(190,476

)

1,002,013

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Profit before taxation

774,691

1,116,090

Depreciation charges

267,470

257,065

Profit on disposal of fixed assets

(115,481

)

(4,428

)

Finance costs

89,226

87,900

1,015,906

1,456,627

Decrease/(increase) in stocks

75,161

(48,779

)

(Increase)/decrease in trade and other debtors

(97,550

)

596,705

(Decrease)/increase in trade and other creditors

(970,056

)

212,779

Cash generated from operations

23,461

2,217,332

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

9,687

1,002,013

Bank overdrafts

(200,163

)

-

(190,476

)

1,002,013

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,002,013

372,861

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

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

1,002,013

(992,326

)

9,687

Bank overdrafts

-

(200,163

)

(200,163

)

1,002,013

(1,192,489

)

(190,476

)

Debt

Finance leases

(60,000

)

82,039

(161,198

)

(139,159

)

Debts falling due

within 1 year

(25,561

)

(9,719

)

-

(35,280

)

Debts falling due

after 1 year

(370,169

)

44,999

-

(325,170

)

(455,730

)

117,319

(161,198

)

(499,609

)

Total

546,283

(1,075,170

)

(161,198

)

(690,085

)

1.	STATUTORY INFORMATION

Workspace Design Group is a private unlimited company, domiciled in Scotland, registration number SC320451. The registered office is 1 Bertha Park View, Inveralmond Industrial Estate, Perth, PH1 3JE.

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.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over five years from the year of acquisition. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.

Where it is probable that contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Where the amount recognised as turnover exceeds the payments on account received and receivable in respect of that contract, the balance is included in debtors as amounts recoverable on contracts. Retentions and payments on account receivable are also included in amounts recoverable on contracts. Payments on account received in excess of the value of work done are included in creditors.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

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

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets and depreciation

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

-

20% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Fixed asset investments

Fixed assets are recognised at cost less any adjustments for impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 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

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

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

Significant estimates and judgements

The preparation of financial statements required management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis and revisions to estimates are recognised in the period in which the estimate is revised and in any future periods affected. The following are key estimates and judgements:

a) Accounting for construction contracts

The company estimates the outcome of its construction contracts. This is normally measured by total costs incurred to date plus expected markup for that contract. Estimated markups are based on management's detailed budgets and projections.

Where management judge that the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable.

Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

12,066,827

12,595,137

Europe

789,231

1,159,136

12,856,058

13,754,273

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

2,245,222

2,242,799

Social security costs

228,687

218,398

Other pension costs

32,605

45,780

2,506,514

2,506,977

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

31.12.24

31.12.23

Employees

49

55

The average number of employees by undertakings that were proportionately consolidated during the year was 49 (2023 - 55 ) .

31.12.24

31.12.23

£

£

Directors' remuneration

27,554

28,250

5.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Hire of plant and machinery

7,588

9,718

Other operating leases

233,335

72,669

Depreciation - owned assets

78,991

61,004

Depreciation - assets on hire purchase contracts

19,481

27,063

Profit on disposal of fixed assets

(115,481

)

(4,428

)

Goodwill amortisation

13,530

13,529

Patents and licences amortisation

155,468

155,469

Auditors' remuneration

10,600

10,000

Bad debts

(67,872

)

36,200

Foreign exchange differences

34,623

(4,456

)