REGISTERED NUMBER: 02107614 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Service Metals (Midlands) Limited

Page

Group Strategic Report

1

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

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

REVIEW OF BUSINESS

The principal strategic objective of the group is to maintain (and increase where possible) its market share, and to therefore sustain its turnover at a consistent level, or indeed increase where possible through organic growth within the business.

Hand in hand with the groups strategic objective is its key financial objective of constantly monitoring the prices in the metal commodities market, adapting swiftly to significant changes in price, and reacting appropriately in order to achieve a consistent gross profit percentage.

The group has met its financial objectives and this can be illustrated by the key performance indicator data set out below:

31 December 2024

31 December 2023

Turnover

£21,527,323

£24,845,758

Gross profit percentage

23.7%

24.6%

The group does not have a specified development plan to achieve its strategic objective, and so will focus on continuing to deliver good quality products to its customer accompanied by good service levels, in pursuance of maintaining its market share.

In terms of monitoring its financial position, the group is also keenly aware of the relevance of at least maintaining its net asset position year on year, due to its impact on credit ratings. The group has met this objective in the current reporting period.

PRINCIPAL RISKS AND UNCERTAINTIES

The management continually monitor the key risks facing the group. The principal risks facing the company are as follows;

Metal Markets price fluctuation

The metals market has always been fluid and the price of metal can change both upwards and downwards for a variety of reasons. This uncertainty requires the company to be adaptable to market conditions and to react quickly to price changes.

The group has recognised additional financial and operational risks which are directly related to end of the EU Withdrawal Transitional Period, and has worked very hard to formulate and implement appropriate responses to these risks.

Reliance on key customers

The group acknowledges the importance of maintaining close relationships with its key customers and management use their considerable experience to ensure our products fulfil customer needs and aspirations completely.

Reliance on key suppliers

The management continue to monitor the performance of key suppliers to ensure the highest quality products are manufactured to the standards which we and our customers expect.

Retention of key personnel

Our management team enables the group to ensure the high quality of service is maintained. We seek to ensure our personnel are appropriately remunerated to ensure good performance is recognised.

Currency risk

The group's principal foreign exposures arrive from trading with overseas companies. The group policy permits but does not demand that these exposure may be hedged in order to fix the cost of sterling. This hedging activity involves the use of foreign exchange forward contracts.

ON BEHALF OF THE BOARD:

Miss C J Barrick F.C.C.A. - Director

4 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 distribution of aluminium products.

DIVIDENDS

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

DIRECTORS

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

J M Winn

A P Walley

Miss C J Barrick F.C.C.A.

Other changes in directors holding office are as follows:

G P Wilson - deceased 13 December 2024

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments.

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), 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 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

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

ON BEHALF OF THE BOARD:

Miss C J Barrick F.C.C.A. - Director

4 September 2025

Opinion

We have audited the financial statements of Service Metals (Midlands) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 three, 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.

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

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 and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue cut off and significant one off or unusual transactions.

Our audit procedures were designed to respond to the identified risks, including non-compliance with laws and regulations and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

- Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;

- Communicating identified laws and regulations throughout of engagement team and remaining alert to any indications of non-compliance throughout our audit; and

- Considering the risk of acts by the Group which were contrary to applicable laws and regulations, including fraud.

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

- Gaining an understanding of the internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud; and

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as there may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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.

Sharon Westbury FCA (Senior Statutory Auditor)

for and on behalf of Milnes & Co

Statutory auditors

Premier House

Bradford Road

Cleckheaton

West Yorkshire

BD19 3TT

4 September 2025

TURNOVER

4

21,527,323

24,845,758

Cost of sales

16,416,220

18,737,844

GROSS PROFIT

5,111,103

6,107,914

Distribution costs

1,817,496

1,730,006

Administrative expenses

2,417,010

3,962,052

4,234,506

5,692,058

OPERATING PROFIT

6

876,597

415,856

Interest payable and similar expenses

8

152,705

-

PROFIT BEFORE TAXATION

723,892

415,856

Tax on profit

9

204,320

150,871

PROFIT FOR THE FINANCIAL YEAR

519,572

264,985

Profit attributable to:

Owners of the parent

519,572

264,985

PROFIT FOR THE YEAR

519,572

264,985

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

519,572

264,985

Total comprehensive income attributable to:

Owners of the parent

519,572

264,985

FIXED ASSETS

Tangible assets

11

3,905,363

3,917,375

Investments

12

-

-

3,905,363

3,917,375

CURRENT ASSETS

Stocks

13

3,648,302

4,215,394

Debtors

14

3,046,733

4,285,342

Cash at bank and in hand

1,216,040

1,721,546

7,911,075

10,222,282

CREDITORS

Amounts falling due within one year

15

6,766,685

9,487,335

NET CURRENT ASSETS

1,144,390

734,947

TOTAL ASSETS LESS CURRENT LIABILITIES

5,049,753

4,652,322

CREDITORS

Amounts falling due after more than one year

16

(1,733,334

)

(1,866,666

)

PROVISIONS FOR LIABILITIES

20

(118,970

)

(107,779

)

NET ASSETS

3,197,449

2,677,877

CAPITAL AND RESERVES

Called up share capital

21

6,000

6,000

Capital redemption reserve

22

4,000

4,000

Retained earnings

22

3,187,449

2,667,877

SHAREHOLDERS' FUNDS

3,197,449

2,677,877

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025 and were signed on its behalf by:

J M Winn - Director

FIXED ASSETS

Tangible assets

11

3,905,363

3,917,375

Investments

12

100

100

3,905,463

3,917,475

CURRENT ASSETS

Stocks

13

3,648,302

4,215,394

Debtors

14

3,046,733

4,285,342

Cash at bank and in hand

1,215,940

1,721,446

7,910,975

10,222,182

CREDITORS

Amounts falling due within one year

15

6,766,685

9,487,335

NET CURRENT ASSETS

1,144,290

734,847

TOTAL ASSETS LESS CURRENT LIABILITIES

5,049,753

4,652,322

CREDITORS

Amounts falling due after more than one year

16

(1,733,334

)

(1,866,666

)

PROVISIONS FOR LIABILITIES

20

(118,970

)

(107,779

)

NET ASSETS

3,197,449

2,677,877

CAPITAL AND RESERVES

Called up share capital

21

6,000

6,000

Capital redemption reserve

22

4,000

4,000

Retained earnings

22

3,187,449

2,667,877

SHAREHOLDERS' FUNDS

3,197,449

2,677,877

Company's profit for the financial year

519,572

264,985

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025 and were signed on its behalf by:

J M Winn - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

6,000

2,402,892

4,000

2,412,892

Changes in equity

Total comprehensive income

-

264,985

-

264,985

Balance at 31 December 2023

6,000

2,667,877

4,000

2,677,877

Changes in equity

Total comprehensive income

-

519,572

-

519,572

Balance at 31 December 2024

6,000

3,187,449

4,000

3,197,449

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

6,000

2,402,892

4,000

2,412,892

Changes in equity

Total comprehensive income

-

264,985

-

264,985

Balance at 31 December 2023

6,000

2,667,877

4,000

2,677,877

Changes in equity

Total comprehensive income

-

519,572

-

519,572

Balance at 31 December 2024

6,000

3,187,449

4,000

3,197,449

Cash flows from operating activities

Cash generated from operations

1

835,856

523,833

Interest paid

(152,705

)

-

Tax paid

(108,635

)

(36,774

)

Net cash from operating activities

574,516

487,059

Cash flows from investing activities

Purchase of tangible fixed assets

(248,189

)

(3,684,472

)

Sale of tangible fixed assets

6,500

26,000

Net cash from investing activities

(241,689

)

(3,658,472

)

Cash flows from financing activities

New loans in year

-

3,650,000

Loan repayments in year

(783,333

)

-

Amount introduced by directors

440,000

990,000

Amount withdrawn by directors

(495,000

)

(825,000

)

Net cash from financing activities

(838,333

)

3,815,000

(Decrease)/increase in cash and cash equivalents

(505,506

)

643,587

Cash and cash equivalents at beginning of year

2

1,721,546

1,077,959

Cash and cash equivalents at end of year

2

1,216,040

1,721,546

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

31.12.24

31.12.23

£

£

Profit before taxation

723,892

415,856

Depreciation charges

254,715

236,500

(Profit)/loss on disposal of fixed assets

(1,015

)

46,899

Finance costs

152,705

-

1,130,297

699,255

Decrease in stocks

567,092

889,685

Decrease/(increase) in trade and other debtors

1,238,609

(985,186

)

Decrease in trade and other creditors

(2,100,142

)

(79,921

)

Cash generated from operations

835,856

523,833

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

1,216,040

1,721,546

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,721,546

1,077,959

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

1,721,546

(505,506

)

1,216,040

1,721,546

(505,506

)

1,216,040

Debt

Debts falling due within 1 year

(783,333

)

650,000

(133,333

)

Debts falling due after 1 year

(1,866,666

)

133,332

(1,733,334

)

(2,649,999

)

783,332

(1,866,667

)

Total

(928,453

)

277,826

(650,627

)

1.	STATUTORY INFORMATION

Service Metals (Midlands) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

02107614

Registered office:

Howley Park Industrial Estate

Howley Park Road East

Morley

Leeds

West Yorkshire

LS27 0BN

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

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are presented in Sterling (£)

Business combinations and investment in subsidiaries

Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values of the assets given, liabilities incurred or assumed.

Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identified assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination, the excess is recognised separately on the face of the consolidated statement of position immediately below goodwill.

The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group. Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

Significant judgements and estimates

The group has not applied any significant judgements or estimates which could have a significant effect on the amounts recognised in its financial statements.

Turnover

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

Revenue from the sale of goods is recognised when goods are delivered and legal title passes.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Stocks

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

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write down or loss occurs. The amount of any reversal of any write down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Taxation

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

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.

Debtors

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

Creditors

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

4.

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

21,527,323

24,827,086

Europe

-

1,040

Rest of the World

-

17,632

21,527,323

24,845,758

5.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

2,427,522

3,637,406

Social security costs

270,883

431,841

Other pension costs

98,337

94,031

2,796,742

4,163,278

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

31.12.24

31.12.23

Administration

16

16

Distribution

36

36

52

52

31.12.24

31.12.23

£

£

Directors' remuneration

532,262

1,848,405

Directors' pension contributions to money purchase schemes

15,919

13,851

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

Money purchase schemes

1

1