REGISTERED NUMBER: 01682015 (England and Wales)

Amazone Limited

Strategic Report, Report of the Directors and

Financial Statements For The Year Ended 31 December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

11

DIRECTORS:

C F K Gall

M L Smith

SECRETARY:

L Braunsmann

REGISTERED OFFICE:

Orchard Farm

Hurst Lane

Auckley

DONCASTER

South Yorkshire

DN9 3NW

REGISTERED NUMBER:

01682015 (England and Wales)

AUDITORS:

Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

DN4 5NU

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

REVIEW OF BUSINESS

The company employed 38 people in 2024 (34 in 2023) and produced a turnover of £25,667,389 (2023 - £32,234,073).

The company continued to perform well against the background of challenging market conditions. The agricultural machinery market was weakened in 2024 with the implement market volume widely accepted to be 24% smaller than in 2023. The total area of cereals and oilseed rape planted in Great Britain for harvest in 2024 was reduced as a consequence of wet drilling conditions in autumn 2023 which continued into spring 2024. Farming business profitability was therefore reduced during the year despite relatively stable commodity prices, which limited the company's end customers' ability to re-invest in new machinery. Consequently, the company saw a reduction in sales of 20.4%.

Despite this overall reduction, the company was pleased to see growth in several product categories, including Crop Protection, Trailed Drills, Precision Seeders and Groundcare; the strengthening of market shares in these product categories has proven the strategic decision to introduce sales staff dedicated to individual product lines.

The product portfolio has again grown this year, which continues to strengthen the company's position in the British agricultural machinery market.

Capital and reserves at the end of the year amounted to £5,357,847 (2023 - £5,394,223). During the year the company acquired new fixed assets of £116,688 (2023 - £652,224).

PRINCIPAL RISKS AND UNCERTAINTIES

Although generally crops were established well in autumn 2024 and spring 2025, reduced rainfall in spring 2025 has the potential to impact yields of cereal crops come harvest 2025.

The industry continues to navigate the change from area-based payments with de-linked payments due to finish in 2027. In England future support will be granted through the Sustainable Farming Incentive, Country Stewardship and Landscape Recovery schemes. In Wales and Scotland farmers are also transitioning to new support schemes, with policies due to be announced in 2025.

With environmental pressures being the focus of many of the new polices, farmers will need to continue to invest in technologically advanced machinery to ensure farming practices are being carried out efficiently and sustainably.

Director and Senior Management meetings are held on a monthly basis to monitor and review ongoing business development including profit, liquidity and debt recovery, and mitigate against all foreseen risks to the business.

Despite a reduced turnover, the company and key management personnel were able to identify this early and revised forecasts were prepared based on a range of scenarios with costs minimised wherever possible. Despite this, headcount remained consistent within the year.

Whole goods supply

The global demand for agricultural machinery has slowed in 2024, with farming business profitability being reduced and an improvement in component supply being factors in reducing factory lead times for some products. Where longer lead times of certain products are still at play, the company has taken the commercial decision to hold higher stocks of these products to ensure machinery is available for immediate dispatch and ensure invoiceable sales.

The company had no external finance at the year-end but had a £13,252,619 (2023 - £18,955,169) trading balance due to its parent company Amazonen-Werke H. Dreyer SE & Co. KG in Germany. The target of ensuring rolling trading balances to be repaid within 180 days has continued to progress in 2025.

In undertaking their review, the directors have prepared financial projections for the period of 24 months from the date of issue of these financial statements. Contingency plans for various scenarios have been considered to preserve financial resources including reliance on utilising extended payment terms with the parent company as in previous years. An assessment has been made by Group management which concluded Amazonen-Werke H. Dreyer SE & Co. KG has sufficient available headroom within its liquidity funding.

Therefore, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and meet liabilities as they fall due. Thus they continue to adopt the going concern basis in preparing the financial statements.

ON BEHALF OF THE BOARD:

M L Smith - Director

21 August 2025

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

PRINCIPAL ACTIVITY

Amazone Limited import agricultural equipment from its parent companies in Germany and France, mainly Amazonen-Werke H. Dreyer SE & Co. KG and Amazone Machines Agricoles S.A. Amazonen-Werke H. Dreyer SE & Co. KG specialises in crop establishment and crop care machinery whereas Amazone Machines Agricoles S.A. provides equipment for use in the amenity market. Amazone Limited has a team of territory sales managers and territory field service managers that support the end customer via an extensive dealer network.

DIVIDENDS

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

FUTURE DEVELOPMENTS

There are no future developments which the directors' consider need to be disclosed.

DIRECTORS

C F K Gall has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

S C Brown - resigned 31 May 2024

M L Smith - appointed 1 June 2024

FINANCIAL INSTRUMENTS

The company enters into foreign exchange forward contracts to manage its exposure to foreign currency risk. These derivatives are measured at fair value at each reporting date and recognise changes in fair value in profit or loss for the period.

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.

ON BEHALF OF THE BOARD:

M L Smith - Director

21 August 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the 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.

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 is detailed below:

-

Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

-

Assessing the extent of compliance with relevant laws and regulations via enquiry of management and review of expenditure and correspondence;

-

Enquiry of management around actual and potential litigation and claims and fraud;

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

-

Performing audit work over the risk of management override of controls, including review of transactions and other adjustments for appropriateness and evaluating the business rationale of any significant transactions outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Mark Garrison BCom FCA DChA (Senior Statutory Auditor)

for and on behalf of Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

DN4 5NU

2 September 2025

TURNOVER

4

25,667,389

32,234,073

Cost of sales

22,117,667

27,502,857

GROSS PROFIT

3,549,722

4,731,216

Distribution costs

834,951

910,500

Administrative expenses

2,908,529

3,099,370

3,743,480

4,009,870

OPERATING (LOSS)/PROFIT

6

(193,758

)

721,346

Interest receivable and similar income

153,418

162,813

(40,340

)

884,159

Interest payable and similar expenses

7

4,073

10,802

(LOSS)/PROFIT BEFORE TAXATION

(44,413

)

873,357

Tax on (loss)/profit

8

(8,037

)

197,250

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(36,376

)

676,107

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(36,376

)

676,107

FIXED ASSETS

Tangible assets

9

788,012

995,634

CURRENT ASSETS

Stocks

10

10,854,388

13,323,139

Debtors

11

8,410,483

11,772,874

Cash at bank and in hand

1,104,574

2,199,528

20,369,445

27,295,541

CREDITORS

Amounts falling due within one year

12

14,666,943

21,846,432

NET CURRENT ASSETS

5,702,502

5,449,109

TOTAL ASSETS LESS CURRENT LIABILITIES

6,490,514

6,444,743

PROVISIONS FOR LIABILITIES

16

1,132,667

1,050,520

NET ASSETS

5,357,847

5,394,223

CAPITAL AND RESERVES

Called up share capital

17

15,000

15,000

Retained earnings

18

5,342,847

5,379,223

SHAREHOLDERS' FUNDS

5,357,847

5,394,223

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2025 and were signed on its behalf by:

M L Smith - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

15,000

4,703,116

4,718,116

Changes in equity

Total comprehensive income

-

676,107

676,107

Balance at 31 December 2023

15,000

5,379,223

5,394,223

Changes in equity

Total comprehensive income

-

(36,376

)

(36,376

)

Balance at 31 December 2024

15,000

5,342,847

5,357,847

Cash flows from operating activities

Cash generated from operations

1

4,563,665

(5,487,216

)

Interest element of finance lease payments paid

(4,073

)

(10,802

)

Tax paid

-

(490,000

)

Net cash from operating activities

4,559,592

(5,988,018

)

Cash flows from investing activities

Purchase of tangible fixed assets

(116,688

)

(652,224

)

Sale of tangible fixed assets

51,592

235,231

Interest received

153,418

162,813

Net cash from investing activities

88,322

(254,180

)

Cash flows from financing activities

Capital repayments in year

(40,318

)

(112,300

)

Amounts due to group undertakings

(5,702,550

)

6,397,493

Net cash from financing activities

(5,742,868

)

6,285,193

(Decrease)/increase in cash and cash equivalents

(1,094,954

)

42,995

Cash and cash equivalents at beginning of year

2

2,199,528

2,156,533

Cash and cash equivalents at end of year

2

1,104,574

2,199,528

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

(Loss)/profit before taxation

(44,413

)

873,357

Depreciation charges

324,310

377,319

Profit on disposal of fixed assets

(51,592

)

(69,381

)

Increase in provisions

134,469

3,812

Finance costs

4,073

10,802

Finance income

(153,418

)

(162,813

)

213,429

1,033,096

Decrease/(increase) in stocks

2,468,751

(4,853,383

)

Decrease/(increase) in trade and other debtors

3,318,106

(2,200,194

)

(Decrease)/increase in trade and other creditors

(1,436,621

)

533,265

Cash generated from operations

4,563,665

(5,487,216

)

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,104,574

2,199,528

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

2,199,528

2,156,533

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

2,199,528

(1,094,954

)

1,104,574

2,199,528

(1,094,954

)

1,104,574

Debt

Finance leases

(40,318

)

40,318

-

(40,318

)

40,318

-

Total

2,159,210

(1,054,636

)

1,104,574

1.	STATUTORY INFORMATION

Amazone Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The presentational and functional currency of these financial statements is GBP. Values are rounded to the nearest pound.

The following principal accounting policies have been applied:

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-

the company has transferred the significant risks and rewards of ownership to the buyer;

-

the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of revenue can be measured reliably;

-

it is probable that the company will receive the consideration due under the transaction; and

-

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

If the company enters into an agreement where the machinery must be repurchased after a certain period, the initial consideration is not recognised as turnover. The difference between the sale and repurchase price is recognised as deferred income and released to turnover over the period of the agreement.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation on assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery - 20% per annum

Motor vehicles - 20-33% per annum

Office equipment - 20-25% per annum

Assets held for leasing - 10% per annum

Improvements to property - 20% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'cost of sales' in the statement of comprehensive income.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell. Cost is based on the cost of purchase on a weighted average basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in statement of comprehensive income.

Financial instruments

The company holds basic financial instruments as defined by FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank - is classified as a basic financial instrument and is measured at face value.

Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

The company enters into foreign exchange forward contracts to manage its exposure to foreign currency risk. These derivatives are measured at fair value at each reporting date and changes in fair value are recognised in profit and loss for the period

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The 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.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In preparing these financial statements, the directors have had to make the following judgements:

Stock valuation (judgement)

At each reporting date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in the statement of comprehensive income.

Warranty provision (estimate)

A warranty provision is estimated based on management's experience of the level of claims received historically given the sales made during the year.

4.

TURNOVER

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

The company engages in only one class of business. All turnover was within the United Kingdom.

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,737,221

1,681,396

Social security costs

196,131

185,015

Other pension costs

147,541

84,233

2,080,893

1,950,644

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

2024

2023

Management

5

6

Sales, distribution and administration

33

28

38

34

2024

2023

£

£

Directors' remuneration

94,009

119,675

Directors' pension contributions to money purchase schemes

56,046

7,184

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

Money purchase schemes

2

1

6.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024

2023

£

£

Other operating leases

332,250

324,075

Depreciation - owned assets

268,905

275,031

Depreciation - assets on finance leases

55,405

102,286

Profit on disposal of fixed assets

(51,592

)

(69,381

)

Auditors' remuneration

18,410

18,375

Exchange Differences

(290,575

)

50,766

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Hire purchase

4,073

10,802

8.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

44,284

159,896

Adjustment for earlier years

-

(1,450

)

Total current tax

44,284

158,446

Deferred tax

(52,321

)

38,804

Tax on (loss)/profit

(8,037

)

197,250

UK corporation tax has been charged at 25% (2023 - 23.52%).

Reconciliation of total tax (credit)/charge 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:

2024

2023

£

£

(Loss)/profit before tax

(44,413

)

873,357

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

(11,103

)

205,414

Effects of:

Expenses not deductible for tax purposes

3,066

5,341

provision

Super deduction relief

-

(512

)

Deferred taxation rate difference

-

(12,993

)

period

Total tax (credit)/charge

(8,037

)

197,250

9.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

27,300

1,238,749

93,887

1,167,888

2,527,824

Additions

-

-

38,220

78,468

116,688

Disposals

-

-

-

(137,469

)

(137,469

)

Reclassification/transfer

19,032

(752,592

)

337,014

396,546

-

At 31 December 2024

46,332

486,157

469,121

1,505,433

2,507,043

DEPRECIATION

At 1 January 2024

25,296

673,829

77,630

755,435

1,532,190

Charge for year

5,676

48,738

24,760

245,136

324,310

Eliminated on disposal

-

-

-

(137,469

)

(137,469

)

Reclassification/transfer

9,978

(616,462

)

303,308

303,176

-

At 31 December 2024

40,950

106,105

405,698

1,166,278

1,719,031

NET BOOK VALUE

At 31 December 2024

5,382

380,052

63,423

339,155

788,012

At 31 December 2023

2,004

564,920

16,257

412,453

995,634

Fixed assets includes £379,496 (2023 £427,998) plant and machinery which are assets held for leasing.

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

224,360

287,088

511,448

Reclassification/transfer

(224,360

)

224,360

-

At 31 December 2024

-

511,448

511,448

DEPRECIATION

At 1 January 2024

146,994

258,381

405,375

Charge for year

-

55,405

55,405

Reclassification/transfer

(146,994

)

146,994

-

At 31 December 2024

-

460,780

460,780

NET BOOK VALUE

At 31 December 2024

-

50,668

50,668

At 31 December 2023

77,366

28,707

106,073

10.

STOCKS

2024

2023

£

£

Finished goods

10,854,388

13,323,139