Suzuki Garphyttan Limited Company accounts

COMPANY REGISTRATION NUMBER: 06921232

SUZUKI GARPHYTTAN LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

SUZUKI GARPHYTTAN LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

CONTENTS	PAGES

Officers and professional advisers	1

Strategic report	2 to 3

Directors' report	4 to 5

Independent auditor's report to the members	6 to 9

Statement of income and retained earnings	10

Statement of financial position	11

Statement of cash flows	12

Notes to the financial statements	13 to 19

SUZUKI GARPHYTTAN LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

THE BOARD OF DIRECTORS	P A Hobson
	M I Walker
	L Gunnarsson
	A W Raatgeep
	M Singh

REGISTERED OFFICE	KTS Wire Limited
	Howley Park Road
	Morley
	Leeds
	LS27 0BN

AUDITOR	Wine & Co
	Chartered Accountants & statutory auditor
	20-22 Bridge End
	Leeds
	LS1 4DJ

SUZUKI GARPHYTTAN LIMITED

STRATEGIC REPORT

YEAR ENDED 31 DECEMBER 2024

The Directors present the Company's Strategic Report for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company is heat treatment and cold rolling of wire.

REVIEW OF THE BUSINESS

The directors consider the past year to have been a period of significant progress in both growth and consolidation of new and existing products and processes. While this did not result in an overall net profit, the company achieved margin growth, which, combined with future growth opportunities, is expected to drive improved profitability and complete the business turnaround. The parent company continues to invest in new technologies and processes at the Leeds site, with strong support from Group R&D, sales and marketing, and funding resources. This ongoing commitment reinforces the company's long-term strategic direction and competitive positioning.

PRINCIPAL RISKS AND UNCERTAINTIES

There are always risks and opportunities associated when trading in a global market as a net exporter. The company is supported at Group level with ongoing investment in sales resources in the 3 business areas globally and also building strategic partnerships in key markets to leverage local growth opportunities. Strengthening our sales footprint globally & continuing our offering development efforts to diversify into newer applications and geographies helps in our transformation journey and builds resilience amidst some of the external market conditions including the economic and geopolitcal factors. The company remains cautiously optimistic that the short to medium term prospect for growth and profitability is positive. As a net exporter operating in a global market, the company is subject to both risks and opportunities. External factors such as economic conditions, geopolitical developments, and fluctuations in demand pose potential challenges. However, the company is well-positioned to mitigate these risks through targeted strategic initiatives, including: - Continued investment in global sales resources across the three core business regions: Americas, EMEA, and APAC, to strengthen market presence and customer engagement. - Expansion of strategic partnerships in key markets to unlock local growth opportunities and enhance competitive positioning. - Ongoing portfolio development and innovation, ensuring diversification into new applications that align with evolving market demands and customer expectations. These initiatives support the company's transformation journey and enhance resilience against external uncertainties. Despite prevailing market challenges, the company remains cautiously optimistic about its short- to medium-term growth and profitability prospects.

KEY FINANCIAL PERFORMANCE INDICATORS

Turnover for 2024 was £9,170,515 (2023: 7,802,254) Gross profit was 30.50% (2023: 24.17%) Geographic turnover: North America 53.3% (2023 32.6%); Europe 23.8% (2023 34.2%) UK 20.8% (2023 29.6%) ROW 2.1% (2023 3.6%)

FUTURE DEVELOPMENTS

Building on the strong turnover growth in 2024, the company aims to achieve a critical mass that will support sustained long-term profitability. Several new projects are planned for 2025, which are expected to further drive business expansion and enhance the company's market position.

This report was approved by the board of directors on 13 February 2025 and signed on behalf of the board by:

M Singh

Director

Registered office:

KTS Wire Limited

Howley Park Road

Morley

Leeds

LS27 0BN

SUZUKI GARPHYTTAN LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 DECEMBER 2024

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

DIRECTORS

The directors who served the company during the year were as follows:

P A Hobson
M I Walker
L Gunnarsson
A W Raatgeep
M Singh

DIVIDENDS

The directors do not recommend the payment of a dividend.

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, bank overdraft, trade creditors, and trade debtors. The main purpose of these instruments is to raise funds for the company's operation and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the accounting instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of a bank overdraft at a floating rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the strategic report, directors' report 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 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 judgments 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. AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 13 February 2025 and signed on behalf of the board by:

M Singh

Director

Registered office:

KTS Wire Limited

Howley Park Road

Morley

Leeds

LS27 0BN

SUZUKI GARPHYTTAN LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUZUKI GARPHYTTAN LIMITED

YEAR ENDED 31 DECEMBER 2024

OPINION

We have audited the financial statements of Suzuki Garphyttan Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 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; - 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 auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report 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 directors' report. We have nothing to report in respect of the following matters in relation to which 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; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors' responsibilities statement, 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 is 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.

AUDITOR'S 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 an auditor’s report 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error. We consider that our audit procedures are designed and carried out to give a reasonable expectation that material misstatements resulting from fraud would be discovered. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report 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.

DAVID SCOTT

(Senior Statutory Auditor)

For and on behalf of

Wine & Co

Chartered Accountants & statutory auditor

20-22 Bridge End

Leeds

LS1 4DJ

13 February 2025

SUZUKI GARPHYTTAN LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 DECEMBER 2024

		2024	2023
Note		£	£
TURNOVER	4	9,170,515	7,802,254

Cost of sales	( 6,373,543)	( 5,916,469)
	------------	------------
GROSS PROFIT	2,796,972	1,885,785

Distribution costs		( 672,886)	( 445,185)
Administrative expenses		( 2,847,028)	( 2,633,313)
Other operating income	5	260,241	265,420
		------------	------------
OPERATING LOSS	6	( 462,701)	( 927,293)

Interest payable and similar expenses	10	( 863,903)	( 704,600)
		------------	------------
LOSS BEFORE TAXATION		( 1,326,604)	( 1,631,893)

Tax on loss	–	–
	------------	------------
LOSS FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME	( 1,326,604)	( 1,631,893)
	------------	------------

RETAINED LOSSES AT THE START OF THE YEAR	( 11,337,076)	( 9,705,183)
	-------------	-------------
RETAINED LOSSES AT THE END OF THE YEAR	( 12,663,680)	( 11,337,076)
	-------------	-------------

All the activities of the company are from continuing operations.

SUZUKI GARPHYTTAN LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£	£

FIXED ASSETS

Tangible assets	12		2,787,923		2,928,310

CURRENT ASSETS

Stocks	14	371,693	222,364
Debtors	15	2,263,967	2,058,764
Cash at bank and in hand		26,335	7,936
		------------	------------
		2,661,995	2,289,064

CREDITORS: amounts falling due within one year	17	( 16,513,538)		( 14,954,390)
		-------------		-------------
NET CURRENT LIABILITIES			( 13,851,543)		( 12,665,326)
			-------------		-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			( 11,063,620)		( 9,737,016)
			-------------		------------
NET LIABILITIES			( 11,063,620)		( 9,737,016)
			-------------		------------

CAPITAL AND RESERVES

Called up share capital	19	100	100
Share premium account	20	99,960	99,960
Other reserves, including the fair value reserve	20	1,500,000	1,500,000
Profit and loss account	20	( 12,663,680)	( 11,337,076)
		-------------	-------------
SHAREHOLDERS DEFICIT		( 11,063,620)	( 9,737,016)
		-------------	-------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 13 February 2025 , and are signed on behalf of the board by:

P A Hobson	M Singh
Director	Director

Company registration number: 06921232

SUZUKI GARPHYTTAN LIMITED

STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£

CASH FLOWS FROM OPERATING ACTIVITIES

Loss for the financial year	( 1,326,604)	( 1,631,893)

Adjustments for:
Depreciation of tangible assets	619,835	560,497
Interest payable and similar expenses	863,903	704,600
Accrued expenses	186,516	76,920

Changes in:
Stocks	( 149,329)	111,754
Trade and other debtors	( 205,203)	97,853
Trade and other creditors	( 641,813)	( 11,492)
	------------	------------
Cash generated from operations	( 652,695)	( 91,761)

Interest paid	( 863,903)	( 704,600)
	------------	---------
Net cash used in operating activities	( 1,516,598)	( 796,361)
	------------	---------

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible assets	( 479,448)	( 387,991)
	------------	---------
Net cash used in investing activities	( 479,448)	( 387,991)
	------------	---------

NET DECREASE IN CASH AND CASH EQUIVALENTS		( 1,996,046)	( 1,184,352)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		(13,156,087)	(11,971,735)
		-------------	-------------
CASH AND CASH EQUIVALENTS AT END OF YEAR	16	( 15,152,133)	( 13,156,087)
		-------------	-------------

SUZUKI GARPHYTTAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is KTS Wire Limited, Howley Park Road, Morley, Leeds, LS27 0BN.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements have been prepared on the going concern basis. The directors consider the going concern basis to be appropriate as the group have confirmed their ongoing support.

Judgements and key sources of estimation uncertainty

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

Revenue recognition

Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	20% straight line
Intellectual Property	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property Improvements	-	10% straight line
Plant and Machinery	-	Variable, depending on type of asset
Fixtures and fittings	-	Variable, depending on type of asset
Office Equipment	-	Variable, depending on type of asset

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. TURNOVER

Turnover arises from:

	2024	2023
	£	£
Sale of goods	9,170,515	7,802,254
	------------	------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2024	2023
	£	£
United Kingdom	1,797,718	2,330,852
Overseas	7,372,797	5,471,402
	------------	------------
	9,170,515	7,802,254
	------------	------------

5. OTHER OPERATING INCOME

	2024	2023
	£	£
Management charges receivable	260,241	265,420
	---------	---------

6. OPERATING LOSS

Operating profit or loss is stated after charging:

	2024	2023
	£	£
Depreciation of tangible assets	619,835	560,497
	---------	---------

7. AUDITOR'S REMUNERATION

	2024	2023
	£	£
Fees payable for the audit of the financial statements	8,750	8,000
	-------	-------

8. STAFF COSTS

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Production staff	39	38
Administrative staff	18	18
	----	----
	57	56
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	2,805,919	2,379,153
Social security costs	72,703	68,461
Other pension costs	103,258	74,271
	------------	------------
	2,981,880	2,521,885
	------------	------------

9. DIRECTORS' REMUNERATION

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	469,846	451,868
Company contributions to defined contribution pension plans	45,092	30,106
	---------	---------
	514,938	481,974
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
	No.	No.
Defined contribution plans	3	3
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2024	2023
	£	£
Aggregate remuneration	228,213	189,720
Company contributions to defined contribution pension plans	10,104	9,360
	---------	---------
	238,317	199,080
	---------	---------

10. INTEREST PAYABLE AND SIMILAR EXPENSES

	2024	2023
	£	£
Interest on banks loans and overdrafts	863,903	704,600
	---------	---------

11. INTANGIBLE ASSETS

	Goodwill	Intellectual Property	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	150,040	12	150,052
	---------	----	---------
Amortisation
At 1 January 2024 and 31 December 2024	150,040	12	150,052
	---------	----	---------
Carrying amount
At 31 December 2024	–	–	–
	---------	----	---------
At 31 December 2023	–	–	–
	---------	----	---------

12. TANGIBLE ASSETS

	Leasehold Property Improve -ments	Plant and machinery	Fixtures and fittings	Office Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	–	3,797,001	135,656	303,926	4,236,583
Additions	71,776	328,849	10,871	67,952	479,448
	--------	------------	---------	---------	------------
At 31 December 2024	71,776	4,125,850	146,527	371,878	4,716,031
	--------	------------	---------	---------	------------
Depreciation
At 1 January 2024	–	1,061,108	28,345	218,820	1,308,273
Charge for the year	1,501	526,169	29,040	63,125	619,835
	--------	------------	---------	---------	------------
At 31 December 2024	1,501	1,587,277	57,385	281,945	1,928,108
	--------	------------	---------	---------	------------
Carrying amount
At 31 December 2024	70,275	2,538,573	89,142	89,933	2,787,923
	--------	------------	---------	---------	------------
At 31 December 2023	–	2,735,893	107,311	85,106	2,928,310
	--------	------------	---------	---------	------------

13. INVESTMENTS

	Unlisted
	£
Cost
At 1 January 2024 and 31 December 2024	1,500,000
	------------
Impairment
At 1 January 2024 and 31 December 2024	1,500,000
	------------

Carrying amount
At 31 December 2024	–
	------------
At 31 December 2023	–
	------------

14. STOCKS

	2024	2023
	£	£
Raw materials and consumables	371,693	222,364
	---------	---------

15. DEBTORS

	2024	2023
	£	£
Trade debtors	1,807,873	1,725,176
Prepayments and accrued income	348,292	158,043
Other debtors	107,802	175,545
	------------	------------
	2,263,967	2,058,764
	------------	------------

16. CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise the following:

	2024	2023
	£	£
Cash at bank and in hand	26,335	7,936
Bank overdrafts	( 15,178,468)	( 13,164,023)
	-------------	-------------
	( 15,152,133)	( 13,156,087)
	-------------	-------------

17. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	15,178,468	13,164,023
Trade creditors	572,823	1,252,754
Accruals and deferred income	584,730	398,214
Social security and other taxes	75,350	77,063
Other creditors	102,167	62,336
	-------------	-------------
	16,513,538	14,954,390
	-------------	-------------

18. EMPLOYEE BENEFITS

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 103,258 (2023: £ 74,271 ).

19. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	40	40	40	40
A Ordinary shares of £ 1 each	60	60	60	60
	----	----	----	----
	100	100	100	100
	----	----	----	----

20. RESERVES

Share premium account - This reserve records the amount above the nominal value received for shares sold. Other reserve - This reserve records a capital contribution received. Profit and loss account - This reserve records retained earnings and accumulated losses.

21. ANALYSIS OF CHANGES IN NET DEBT

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	7,936	18,399	26,335
Bank overdrafts	(13,164,023)	(2,014,445)	(15,178,468)
	-------------	------------	-------------
	( 13,156,087)	( 1,996,046)	( 15,152,133)
	-------------	------------	-------------

22. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	200,000	200,000
Later than 1 year and not later than 5 years	759,900	959,900
	---------	------------
	959,900	1,159,900
	---------	------------

23. CONTROLLING PARTY

At the balance sheet date the ultimate controlling party is Suzuki Garphyttan AB, a company incorporated in Sweden, which is a group member of Nippon Steel & Sumitomo Metal Corporation, a company incorporated in Japan. Group accounts can be requested from the parent company at the following address: Suzuki Garphyttan AB Bruksvagen 3 SE-719 80 Garphyttan Sweden