REGISTERED NUMBER: 01242000 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SPEEDY PRODUCTS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

I H Seddon

D J Seddon

SECRETARY:

D J Seddon

REGISTERED OFFICE:

Speedy House

Cheltenham Street

Manchester

M6 6WY

REGISTERED NUMBER:

01242000 (England and Wales)

AUDITORS:

Christian Douglass Accountants Limited

Chartered Accountants

Statutory Auditor

2 Jordan Street

Knott Mill

Manchester

M15 4PY

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

REVIEW OF BUSINESS

Speedy Products Limited ("Speedy") is a leading manufacturer of window furnishings, having been in the trade for over 40 years. Speedy reaches customers on a global scale from both its wholesale operation in the UK and directly from its subsidiary's manufacturing facility in China.

Paloma Decoration Products (Suzhou) Company Limited ("Paloma"), as the group's Chinese base manufacturing facility, enables continued growth in the international markets. The group's global customer base reaches as far as Canada, Australia, Japan and Europe. The group's ethos of one company in two places allows facilitation of a high-quality global platform as well as providing world class customer service.

Our cloud-based IT infrastructure has given the company the new push forward for improved analysis of the business, flexible working locations as well as improving the opportunity to expand to new business areas with ease. It is backed up by world class GDPR practices from the software provider.

The company has maintained all its accreditations; ISO9001 2015, BSCI, SEDEX and REACH and this demonstrates the continued efforts to improve on quality, whilst maintaining its ethical responsibilities as a global supplier.

The flexibility with which the company operates is unique to the market. This has allowed the business to be utilized in different ways by different customers' needs. The customer needs might be 3PL, Cross Docking and so on. With the use of our facilities we can, and do, help our customer base reduce their environmental impact, costs and maintain their supply chain. Economic uncertainties have remained in 2024 and impacted on trade generally. In this year we have seen the impact of the rise in taxes and retail decline. We have also reshuffled our customer base and as a result our turnover has lowered by approx. 30%, whilst maintaining a higher gross margin and a better spread of customers and risk.

The company has faced another larger retail customer shutting down, Homebase. This has again impacted on the profits and turnover for the year. We have had to rework products to Speedy branding to offset the stock holdings for the loss of this customer which has impacted the company's operations and will extend into the following year. The result has been reduced purchasing, however.

Even with this challenging year we have maintained a healthy cash balance of over £300,000. This is partly due to the careful management of the stock holding and working capital. The stock holding continues to reduce due to the loss of Homebase.

Despite all of these changes Speedy has been able to navigate through without requiring any additional funds and we are looking to gear down further in 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The world market has come under increasing strain for raw materials and the higher supply chain costs. Although we have the normal risks that we had from last year with regards to customers' credit exposure we have maintained a tight grip on this, and our policies are robust.

By the nature of importing from overseas, the company's main liquidity risk is attributable to its stock holding. The company has various bank facilities which help to mitigate this and maintain a healthy working capital.

Currency fluctuations can have an adverse effect on profitability however this is mitigated by hedging against currency fluctuation using natural hedges and negotiating fixed prices with suppliers.

ON BEHALF OF THE BOARD:

D J Seddon - Director

4 September 2025

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

DIVIDENDS

Dividends of £82,687 (2023: £102,013) were paid during the year. The directors do not recommend the payment of a final dividend.

RESEARCH AND DEVELOPMENT

The Speedy group have always moved forward by innovation and this year is no exception. We have spent a considerable amount of time developing and working on new products and projects to ensure that we are at the leading edge of the market.

This development and the speed in which we can implement these innovative ideas has helped maintain the growth of our business and opened doors into new sectors of the market.

FUTURE DEVELOPMENTS

Due to the changing landscape of the UK retail market Speedy has moved more to towards the contract market with product development and opportunities for growth We foresee a growth within this sector in the UK. We also see an opportunity in the value-added sector of the Uk market and the business has positioned itself to operate in this sector.

DIRECTORS

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

I H Seddon

D J Seddon

BRANCHES

At no time during the year did the company operate any branches outside of the United Kingdom.

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 financial instruments and financial risk management.

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;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Christian Douglass Accountants Limited, are deemed to be reappointed in accordance with section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

D J Seddon - Director

4 September 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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 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:

The audit, conducted in accordance with the ISAs (UK), required the exercise of professional judgment and the application of professional skepticism throughout. The audit was planned so as to identify and assess the risks of material misstatement of the financial statements, howsoever arising, and we subsequently designed and performed audit procedures responsive to those risks. We obtained an understanding of the company's systems of internal control, which management have established as described above, and undertook walkthrough testing to confirm their operation, solely to assist with designing audit procedures that are appropriate in the circumstances. We evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates used by management. We audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business, if any. Further, we reviewed and concluded on the appropriateness of management's use of the going concern basis of accounting.

As a general commercial business, the company does not operate in a heavily regulated environment, however we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, through discussion with the directors and other management (as required by auditing standards), and from inspection of the company's regulatory and legal correspondence and we discussed with the directors and other management, the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our audit team and remained alert for any indications of non-compliance throughout the audit.

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, taxation legislation and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with the auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of fraud based irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Mrs Deborah Burton F.C.A. (Senior Statutory Auditor)

for and on behalf of Christian Douglass Accountants Limited

Chartered Accountants

Statutory Auditor

2 Jordan Street

Knott Mill

Manchester

M15 4PY

19 September 2025

TURNOVER

3

5,690,923

8,065,544

Cost of sales

3,245,339

5,006,275

GROSS PROFIT

2,445,584

3,059,269

Distribution costs

433,030

444,642

Administrative expenses

2,038,103

2,817,943

2,471,133

3,262,585

(25,549

)

(203,316

)

Other operating income

4

4,072

2,882

OPERATING LOSS

6

(21,477

)

(200,434

)

Profit on sale of fixed assets

7

-

814,093

(21,477

)

613,659

Interest receivable and similar income

8

1,299

117

(20,178

)

613,776

Interest payable and similar expenses

9

83,530

86,182

(LOSS)/PROFIT BEFORE TAXATION

(103,708

)

527,594

Tax on (loss)/profit

10

(24,492

)

(196,373

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(79,216

)

723,967

(LOSS)/PROFIT FOR THE YEAR

(79,216

)

723,967

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(79,216

)

723,967

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

569,071

688,038

Investments

14

700,525

700,525

1,269,596

1,388,563

CURRENT ASSETS

Stocks

15

2,411,727

2,426,868

Debtors

16

3,365,390

3,898,421

Cash at bank and in hand

300,092

404,703

6,077,209

6,729,992

CREDITORS

Amounts falling due within one year

17

3,182,989

3,647,699

NET CURRENT ASSETS

2,894,220

3,082,293

TOTAL ASSETS LESS CURRENT LIABILITIES

4,163,816

4,470,856

CREDITORS

Amounts falling due after more than one year

18

(273,076

)

(407,778

)

PROVISIONS FOR LIABILITIES

22

(88,817

)

(99,252

)

NET ASSETS

3,801,923

3,963,826

CAPITAL AND RESERVES

Called up share capital

23

56,400

56,400

Capital redemption reserve

24

3,600

3,600

Retained earnings

24

3,741,923

3,903,826

SHAREHOLDERS' FUNDS

3,801,923

3,963,826

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:

D J Seddon - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

56,400

2,075,291

1,206,581

3,600

3,341,872

Changes in equity

Dividends

-

(102,013

)

-

-

(102,013

)

Total comprehensive income

-

1,930,548

(1,206,581

)

-

723,967

Balance at 31 December 2023

56,400

3,903,826

-

3,600

3,963,826

Changes in equity

Dividends

-

(82,687

)

-

-

(82,687

)

Total comprehensive income

-

(79,216

)

-

-

(79,216

)

Balance at 31 December 2024

56,400

3,741,923

-

3,600

3,801,923

1.	STATUTORY INFORMATION

Speedy Products Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01242000 and its registered office is at Speedy House, Cheltenham Street, Manchester, M6 6WY.

The principal activity of the company is that of a manufacturer and supplier of window furnishings.

The financial statements are presented in Sterling, which is also the functional currency of the company.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption 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.

Preparation of consolidated financial statements

The financial statements contain information about Speedy Products Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Speedy Products Group Limited, Speedy House, Cheltenham Street, Manchester, M6 6WY.

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.

Significant judgements and estimates

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

In preparing these financial statements the directors have made judgements:

- in determining whether there are any indicators of impairment of the company's tangible fixed assets or fixed asset investments. Factors taken into account in reaching such a decision include the economic viability and expected future financial performance of the assets.

In addition, estimates have been made in respect of:

- the recoverability of debtors and stocks. The company establishes a provision for debtors that are estimated to be irrecoverable and for stocks which are not expected to realise at least cost. When assessing recoverability the directors consider factors such as the ageing of items, past experience of recovery and current information regarding the asset; and

- the determination of residual values and useful economic lives of tangible fixed assets. The company depreciates tangible fixed assets over their expected useful lives. The estimation of the useful lives of assets is based upon historic performance as well as expectations about future use. Assumptions are necessary regarding possible technological changes and maintenance programmes which can affect the actual lives of the assets.

Turnover

Turnover is the amount derived from the value of goods sold, less returns received, at selling price stated before sales taxes and net of value added tax. Turnover is further adjusted on account of rebates and discounts payable to customers. Sales are recognised when the company considers that it has fulfilled its obligations to the customer which is deemed to be either

- on despatch of goods where the company despatches to customer premises; or

- on making goods available for collection where the client is responsible for collecting.

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 five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

5% to 33% on cost

Motor vehicles

-

25% on cost

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Historical cost includes expenditure directly attributable to bringing the asset to the location and condition necessary for operation by the company.

At each reporting date an assessment is made as to whether there is any indication that an asset may be impaired. Indicators may be from external, market based, sources or from internal, record based, sources. If any such indication exists, the recoverable amount of the asset is estimated and impairment losses recorded so as to reduce the carrying value to the recoverable amount.

Investments in subsidiaries

Investments are stated at cost less any provision for impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value.

In general, cost, as recorded from purchase invoices, is determined on a first in first out basis and includes transport and handling costs. In the case of manufactured products, cost includes all direct expenditure and production overheads based on the normal level of activity.

Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the cost of realisation and, where appropriate, the cost of conversion from their existing state to a finished condition.

Provisions, assessed judgementally by management, are made where necessary for obsolete, slow-moving and defective stocks.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets and liabilities comprising credit bank balances, trade and other debtors plus trade and other creditors, are measured on a non-discounted basis at transaction price less any necessary impairment. Income and expenditure generated in respect of these financial instruments, including interest receivable and payable and foreign exchange gains or losses, are recognised in the income statement as they accrue.

Financial liabilities representing financing transactions, being bank borrowings, loans and hire purchase contracts as included in notes 17 and 18, are initially recorded at the present value of expected future cash flows discounted at a market rate of interest. At each reporting date the liabilities are measured at amortised cost using the effective interest method with the resultant interest charge being recognised in the income statement in the period to which it relates. Financial liabilities representing instruments measured at fair value through the income statement comprise the interest rate swap liability. The liability is remeasured at each balance sheet date with the resultant credit included within interest charges.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 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.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

5,438,449

7,755,496

Europe

252,474

310,048

5,690,923

8,065,544

Turnover derives wholly from the sale of goods.

4.	OTHER OPERATING INCOME

31.12.24

31.12.23

£

£

Sundry income

4,072

2,882

5.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

1,030,574

1,355,154

Social security costs

79,565

105,475

Other pension costs

76,989

80,318

1,187,128

1,540,947

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

31.12.24

31.12.23

Management and admin

19

23

Distribution

20

33

39

56

Other pension costs represent the company's expense for payments to defined contribution pension schemes. Pension contributions unpaid at the balance sheet date amounted to £7,216 (2023: £5,788).

Wages and salaries include £Nil (2023: £45,877) in respect of termination benefits incurred for employee redundancies during the year.

31.12.24

31.12.23

£

£

Directors' remuneration

49,925

50,992

Directors' pension contributions to money purchase schemes

24,000

24,000

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

Money purchase schemes

1

1

Directors' remuneration includes benefits in kind.

6.	OPERATING LOSS

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

31.12.24

31.12.23

£

£

Other operating leases

16,881

16,643

Depreciation - owned assets

151,461

201,155

Depreciation - assets on hire purchase contracts

-

3,212

Loss on disposal of fixed assets

2,111

807

Patents and licences amortisation

-

6,141

Auditors' remuneration

22,500

25,900

Foreign exchange differences

-

(7

)

Inventories recognised as an expense

3,302,004

5,049,875

Net loss from trade debt instruments

149,770

321,721

Research and development expenditure

264

1,828

In addition, foreign exchange gains of £56,665 (2023: £43,600) are included in cost of sales.

7.	EXCEPTIONAL ITEMS

31.12.24

31.12.23

£

£

Profit on sale of fixed assets

-

814,093

The exceptional profit arose on the sale of the freehold property to parent Speedy Products Group Limited.

8.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.12.24

31.12.23

£

£

Other interest received

1,299

117

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Interest rate swap fair value movement

(5,595

)

2,281

Bank loan interest

74,823

59,206

Other interest

14,134

24,407

Hire purchase

168

288

83,530

86,182

10.

TAXATION

Analysis of the tax credit

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

10,435

-

Adjustment for prior years

(24,492

)

(29

)

Total current tax

(14,057

)

(29

)

Deferred tax

(10,435

)

(196,344

)

Tax on (loss)/profit

(24,492

)

(196,373

)

Reconciliation of total tax credit included in profit and loss

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

31.12.24

31.12.23

£

£

(Loss)/profit before tax

(103,708

)

527,594

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

(25,927

)

131,899

Effects of:

Expenses not deductible for tax purposes

2,096

-

Income not taxable for tax purposes

-

(203,510

)

Depreciation in excess of capital allowances

23,831

13,589

Utilisation of tax losses

-

32,225

Adjustments to tax charge in respect of previous periods

(24,492

)

(29

)

Release provision for tax on capital gains

-

(170,547

)

Total tax credit

(24,492

)

(196,373

)

11.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary shares of £1 each

Interim

82,687

102,013