The directors present the strategic report for the year ended 31 December 2024.
The strategic report has been prepared by the directors in accordance with section 414(a) to (d) of the Companies Act 2006 and sets out a balanced and comprehensive analysis of the developments and performance of the group's business during the financial year and the position of the group at the end of the financial year consistent with the size and complexity of the group s business.
Over the course of 2024, the group continued to progress its strategy to be a leading manufacturer of specialist repair and maintenance products. Overall group revenues decreased in 2024 by 4.7%. The reduction in sales was offset by operational efficiencies leading to a 10.1% increase in 2024 profit before tax.
The group continues to be affected by inflationary pressures, particularly in relation to employment costs and raw material prices. The group mitigates inflationary increases by developing strong supplier relationships, allowing it to purchase more favourably. Salary benchmarking is in place to ensure that the group can attract and retain the people it needs to effectively run the business. This has come at a higher cost that the group accepts as being part of maintaining its competitive advantage.
The group has also been impacted by the change of Government, both in the UK and USA. Frequent proposals of policy change have introduced greater uncertainty, complicating both short- and long-term strategic planning.
Overall, the group’s global position allows it to balance risk around the world by mitigating regional uncertainties and developing revenues in key markets as they become more favourable.
The directors of Belzona use the following measurements to assess the financial performance of the business on a monthly, quarterly and annual basis .
2024 2023
£ % £
Turnover 44,633,926 -4.73% 46,847,927
Gross profit 27,907,657 2.98% 27,099,221
Profit before tax 12,665,878 10.14% 11,499,136
In 2024, group sales declined by 4.7%, driven primarily by reduced demand in North America and across the group’s other international export markets.
The board remains committed to continuous operational review and tight financial control processes. This had a positive impact on profit before tax which saw a 10.1% increase in 2024 versus 2023.
The group continues to invest in research and development, with a view to products launches or upgrades that can both break into new markets and maintain competitive advantage in existing markets. During 2024 Belzona released one new product and three reformulated products to the market.
The group perceives its significant risks to include currency exchange risk, inflation, and employment costs.
The group mitigates exchange risk by trading in the currency in which each group company is based, therefore passing the exchange risk to distributors.
The group maintains a policy of rigorous financial review and control alongside an ethos of developing strong relationships with key suppliers, this allows costs to be managed more effectively, reducing, but not eliminating, the full impact of inflationary pressures.
Employee costs form a significant part of the groups cost base. Payroll inflation has been a constant over the year. The group realises the significant contribution its employees make and undertakes salary benching marking, ongoing training programmes and commits to pay staff a living wage, rather than minimum wages. Whilst these policies do not directly lessen payroll volatility, they play a significant role in retaining employees, therefore avoiding the wasted time and cost of continuous recruitment.
The board remains confident over the continuing long term revenue growth and profitability of the group. A rolling three-year business plan is in place, allowing the group to invest in new assets and people, develop new markets through the distributor network and open further Belzona owned distributorships where appropriate.
The group remains committed to its long-term core principle of investing in the distribution network through the provision of specific distributor training and technical and sales support.
In accordance with Section 172(1) of the Companies Act 2006, the directors are committed to acting in good faith and making decisions that are most likely to promote the success of the company for the benefit of its stakeholders as a whole.
In fulfilling this duty, the board carefully considers the long-term consequences of their decisions, ensuring prioritisation of the interests and well-being of Belzona's employees.
In order for Belzona to help achieve its perpetual growth strategy, the board realises the importance of fostering strong, mutually beneficial relationships with its suppliers, customers and wider stakeholders whom Belzona collaborate with in its day-to-day business.
The philosophy of the business is based around sustainability and the emphasis of repairing existing assets with Belzona's products, rather than replacing with new. This ethos is echoed throughout all the business' operations in order to remain environmentally responsible. The directors promote staff participation in local charitable and environmental work, contributing to the wider communities in which they are located across the world. For further information on Belzona's efforts to reduce its impact on the environment, please turn to the Carbon Reporting section of the Directors' Report.
The board is committed to maintaining high standards of business conduct and consistently perform their roles with the utmost integrity; one of Belzona's core principles at the heart of the brand. Furthermore, they also acknowledge their duty to act fairly for every stakeholder; taking the needs of all associates into consideration during the everyday course of business.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2024.
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £4,694,078. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The future developments of the company are disclosed in the strategic report.
Saffery LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
In compliance with The Companies Act 2006, Part 7A to Schedule 7 'Dealing with energy and carbon disclosures by large unquoted companies', the board makes the following disclosures of energy and Carbon Dioxide (CO2) information for the UK entities of the group for the year ended 31st December 2023.
The information includes the reporting of greenhouse gas emissions (Scope 1 and 2), energy consumption data for fuels and electricity, together with a CO2 intensity ratio:
These energy and carbon emission calculations have been determined in accordance with the mandatory requirements of the Streamlined Energy & Carbon Reporting regulations (SECR). GHG Protocol has been used in the process of quantifying the group's energy usage.
In 2024, total energy consumption saw a marginal increase of 2.73%, effectively offsetting energy efficiency improvements made in other areas. This rise was largely attributed to the relocation of Belzona UK Ltd away from the main site in Harrogate, a location primarily powered by renewable energy sources.
This secondary UK site, comprising largely of a warehouse with a modest office space, is reliant on gas central heating and is noticeable in the energy consumption statistics which would have otherwise reported a downward trend.
An additional, uncontrollable factor is the weather: fluctuations in external temperature directly impact the warehouses’ heating demand which are climate-controlled to maintain a constant internal environment at both UK sites.
An unfortunate isolated incident of a fuel leak is the main contributor for a rise of 5.62% in direct fuel emissions. During 2024 there was an F-Gas leak from the HVAC system contributing an estimated 35 tonnes CO₂e.
Transport emissions have seen a near 100% increase in 2024, largely due to a renewed strategic focus on market expansion within the UK. This shift has involved pursuing new customer opportunities and strengthening existing relationships—both of which have necessitated increased travel by the sales team. Furthermore, the relocation of Belzona UK operations to its new site in Wales has directly contributed to additional staff travel between the two UK sites.
Emissions from electricity consumption decreased by 18.19%, following the installation of 762 solar panels, covering an area of 1,486 m² at the Harrogate site in April 2024. Approximately 20% less grid electricity was purchased as a result, with further reductions expected in future years.
The CO₂ intensity ratio increased from 0.469 to 0.579 tonnes CO₂e per tonne of product: a rise of 23.45%. This was due to an 18% drop in manufacturing output while core site operations continued a full working week schedule.
Future
Belzona remains steadfast in its commitment to reducing its carbon footprint. The solar installation at the Harrogate site represents a significant step toward embracing renewable energy, yet the company continues to explore further opportunities to minimise its broader environmental impact.
Through the implementation of an advanced energy monitoring system, Belzona aims to optimize manufacturing efficiency, assess and reduce transport-related emissions, and maintain its ongoing focus on energy efficiency. Additionally, the company continues to promote virtual meetings to reduce unnecessary travel and leveraging renewable energy sources and available grants.
This approach, combined with a focus on smarter energy usage, employee engagement, and carbon offset initiatives, will drive continued reductions in Belzona’s environmental impact, further aligning the company with its sustainability objectives.
We have audited the financial statements of Belzona International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for 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 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
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.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.
Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditors 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £4,689,558 (2023 - £5,584,382 profit).
Belzona International Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is Claro Road, Harrogate, North Yorks, England, HG1 4DS.
The group consists of Belzona International Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicy available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidaled financial statements:
Section 4 'Statement of Financial Position': reconciliation of the opening and closing number of shares;
Section 7 'Statement of Cash Flows': presentation of a statement of cash flow and related notes and disclosures;
Section 11 Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive Income;
Section 33 Related Party Disclosures': compensation for key management personnel.
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
The consolidated group financial statements consist of the financial statements of the parent company Belzona International Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers during the period.
Turnover comprises income from the manufacture and sale of products for the conservation of machinery, equipment, buildings and structures together with income from the application of industrial repair products. Turnover is recognised when products are dispatched, apart from turnover in respect of long term contracts which is recognised as the contract progresses subject to satisfying contract conditions outside the control of the company.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only by the extent of the expenses recognised are recoverable.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
We have reviewed the carrying value of our fixed assets and concluded that there is no requirement currently to make a write down to our fixed assets or any other assets, all of which are used in delivering our services and sales revenue.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Distribution rights
Sold
The group grants exclusive right to distribute, sell, and service its or its distributors' products in certain territories. The performance obligation under these distributor agreements is the promise to provide daily access to the symbolic intellectual property over the term of each franchise agreement, which is a series of distinct services that represents a single performance obligation. Although the group's underlying activities associated with the symbolic intellectual property will vary both within a day and day-to-day, the symbolic intellectual property is accessed over time and the customer (the distributor) simultaneously receives and consumes the benefit with the group's performance of providing access to the symbolic intellectual property (including other related activities). Therefore, the group defers the proceeds from sales of these rights and amortises them on a straight line basis over a period ranging from 5 to 10 years, the expected lives of the agreements. Amortisation related to distribution rights sold are recorded as amortisation income and included in other income in the statement of comprehensive income.
Reacquired
From time to time, the group reacquires distribution rights from third parties prior to the maturity date under the original agreement. The group defers the cost of the reacquisition of these rights and amortises them on a straight line basis over the remaining lives of the original agreements. Amortisation related to distribution rights reacquired is recorded as amortisation expense and included in cost of sales in the statement of comprehensive income.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant are as follows.
Warranties
The group provides product warranties which are subject to conditions. These conditions limit the extent of the group's exposure to claims. At the reporting date there have been no material claims made and historically the level of warranty claims is negligible.
Revenue recognition
In some circumstances, sales in different geographical areas of the world are recognised at the point shipping terms state within the contract that control passes to the customer. These terms are specific to the contract and turnover is recorded when those conditions have been met.
Stock
Stock is valued at the lower of cost and net realisable value. This value is determined using some estimated values of cost and is therefore subject to estimation uncertainty.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023: 3).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 December 2024 are as follows:
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
The ordinary shareholders have a right to attend all General Meetings of the company and to vote at such meetings.
The ordinary shareholders have the right to receive dividends and on return of capital on liquidation the remaining assets of the company would be returned to the holders of the ordinary shares.
The profit and loss account reserve records retained earnings and accumulated losses. These are realised and distributable, except where identified as unrealised and non-distributable.
A group company, Belzona Inc, had a contingent liability at the period end estimated at £29,255 (2023: £35,000) relating to distribution rights sold during prior years and recognised over the term of the distribution agreement.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year the group carried out a number of transactions with Belzona Global LLC and Belzona Florida LLC, US-registered businesses under common control. Sales include bulk goods which were sold at favourable terms however all transactions are conducted at arms length.
These transactions comprised:
The following amounts were outstanding at the reporting end date: