REGISTERED NUMBER: 03153600 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

AIRTECH ADVANCED MATERIALS UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

J L Dahlgren

W.R. Dahlgren

Mrs J Carter

SECRETARY:

D P Waterkotte

REGISTERED OFFICE:

The Causeway

Broadway Business Park

Chadderton

OLDHAM

Lancashire

OL9 9XD

REGISTERED NUMBER:

03153600 (England and Wales)

AUDITORS:

Wyatt Morris Golland Limited

Statutory Auditors

Park House

200 Drake Street

Rochdale

Lancashire

OL16 1PJ

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

REVIEW OF BUSINESS

The principal activity of the Company is the manufacture and distribution of vacuum bagging materials, composite tooling materials, along with innovative resins for 3D Printing for the composites industry.

Business sectors that we supply include Aerospace, Wind energy, Marine, Automotive and General FRP Composites.

Situated at Chadderton, Oldham the business also provides custom products in kit form and pre-cut to component shape to help assist savings through lean manufacturing and waste management.

2024 was a period in which the business continued to have an increase in revenues, helped by recoveries in most market sector areas including Aerospace which is still a key area of the business.

Employment remained consistent with 2023, the business continues to use efficiencies to accommodate the increase in workloads.

Sustainability remained a high priority amd key focus in 2024.

The Company maintained a very healthy balance sheet and the Directors consider the Company results for the year and its financial position at 31st December 2024 as very satisfactory.

The key financial performance indicators are as follows:

31 Dec 2024

31 Dec 2023

Change £

Change %

£

£

Turnover

29,678,860

27,686,142

1,992,718

7.2

Profit after Tax

4,015,546

3,671,886

343,660

9.4

Total Assets

56,433,418

51,666,769

4,766,649

9.2

Total Liabilities

4,398,578

3,647,475

751,103

20.6

Net Assets

52,034,840

48,019,294

4,015,772

8.4

PRINCIPAL RISKS AND UNCERTAINTIES

As will all companies we have seen an escalation in overheads, especially energy costs. There have also been significant impacts from raw material and freight cost increases. The Company is managing the costs and proactively finding solutions.

Extraneous risks such as pandemics, IT failure and cyber attack could create significant disruption, but the company has a robust crisis management system in place. There has also been a significant investment in IT protection and processes.

FUTURE DEVELOPMENTS:

The Company has a solid platform to build from and continues to invest in technical advancements and sustainable solutions for the future. In addition, we will be supporting Airtech India in its early stages of operation expanding the groups geographical footprint into an important region for future growth.

ON BEHALF OF THE BOARD:

W.R. Dahlgren - Director

31 July 2025

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

DIVIDENDS

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

RESEARCH AND DEVELOPMENT

During 2023 the company continued to undertake research and development into it's products as part of its normal development.

DIRECTORS

The directors during the year under review were:

J L Dahlgren

W.R. Dahlgren

Mrs J Carter

The directors holding office at 31 December 2024 did not hold any beneficial interest in the issued share capital of the company at 1 January 2024 or 31 December 2024.

The entire share capital of the company is owned by Airtech International Inc. which is a U.S. company. Mr.W.R.Dahlgren, his wife and the Dahlgren Family Trust hold 100% of the share capital of Airtech International Inc.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Wyatt Morris Golland Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W.R. Dahlgren - Director

31 July 2025

Opinion

We have audited the financial statements of Airtech Advanced Materials UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the company through discussions with directors and other management;

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation and

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary,

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-performed analytical procedures to identify any unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation;

-enquiring of management as to actual and potential litigation and claims; and

-reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Patricia A Richards F.C.A. (Senior Statutory Auditor)

for and on behalf of Wyatt Morris Golland Limited

Statutory Auditors

Park House

200 Drake Street

Rochdale

Lancashire

OL16 1PJ

31 July 2025

TURNOVER

3

29,678,860

27,686,142

Cost of sales

20,003,166

18,886,001

GROSS PROFIT

9,675,694

8,800,141

Distribution costs

381,784

473,055

Administrative expenses

5,252,282

4,679,609

5,634,066

5,152,664

4,041,628

3,647,477

Other operating income

38,160

-

OPERATING PROFIT

5

4,079,788

3,647,477

Interest receivable and similar income

1,491,177

1,184,449

PROFIT BEFORE TAXATION

5,570,965

4,831,926

Tax on profit

6

1,555,419

1,160,040

PROFIT FOR THE FINANCIAL YEAR

4,015,546

3,671,886

PROFIT FOR THE YEAR

4,015,546

3,671,886

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,015,546

3,671,886

FIXED ASSETS

Intangible assets

7

-

-

Tangible assets

8

7,455,163

7,199,162

Investments

9

199,565

199,565

7,654,728

7,398,727

CURRENT ASSETS

Stocks

10

8,369,567

7,584,454

Debtors

11

6,362,225

5,743,553

Cash at bank and in hand

34,046,898

30,940,035

48,778,690

44,268,042

CREDITORS

Amounts falling due within one year

12

4,072,626

3,528,832

NET CURRENT ASSETS

44,706,064

40,739,210

TOTAL ASSETS LESS CURRENT LIABILITIES

52,360,792

48,137,937

PROVISIONS FOR LIABILITIES

14

325,952

118,643

NET ASSETS

52,034,840

48,019,294

CAPITAL AND RESERVES

Called up share capital

15

650,000

650,000

Retained earnings

16

51,384,840

47,369,294

SHAREHOLDERS' FUNDS

52,034,840

48,019,294

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2025 and were signed on its behalf by:

W.R. Dahlgren - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

650,000

43,697,408

44,347,408

Changes in equity

Total comprehensive income

-

3,671,886

3,671,886

Balance at 31 December 2023

650,000

47,369,294

48,019,294

Changes in equity

Total comprehensive income

-

4,015,546

4,015,546

Balance at 31 December 2024

650,000

51,384,840

52,034,840

Cash flows from operating activities

Cash generated from operations

1

3,938,254

5,787,938

Tax paid

(1,394,470

)

(1,127,727

)

Net cash from operating activities

2,543,784

4,660,211

Cash flows from investing activities

Purchase of tangible fixed assets

(928,098

)

(3,316,035

)

Sale of tangible fixed assets

-

6,125

Interest received

1,491,177

1,184,449

Net cash from investing activities

563,079

(2,125,461

)

Increase in cash and cash equivalents

3,106,863

2,534,750

Cash and cash equivalents at beginning of year

2

30,940,035

28,405,285

Cash and cash equivalents at end of year

2

34,046,898

30,940,035

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

2024

2023

£

£

Profit before taxation

5,570,965

4,831,926

Depreciation charges

672,097

552,514

Profit on disposal of fixed assets

-

(6,125

)

Finance income

(1,491,177

)

(1,184,449

)

4,751,885

4,193,866

(Increase)/decrease in stocks

(785,113

)

1,627,477

(Increase)/decrease in trade and other debtors

(618,672

)

153,053

Increase/(decrease) in trade and other creditors

590,154

(186,458

)

Cash generated from operations

3,938,254

5,787,938

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

34,046,898

30,940,035

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

30,940,035

28,405,285

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

30,940,035

3,106,863

34,046,898

30,940,035

3,106,863

34,046,898

Total

30,940,035

3,106,863

34,046,898

1.	STATUTORY INFORMATION

Airtech Advanced Materials UK 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.

Preparation of consolidated financial statements

The financial statements contain information about Airtech Advanced Materials UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. They are prepared to assist the directors prepare accounts for the holding company in the USA.

Additional consolidated accounts have been prepared for filing in the UK which consolidate the results of the company and it's subsidiary

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when the risks and rewards of ownership have passed to the customer. This typically happens when goods are delivered and legal title has passed

Intangible fixed assets

Where purchased goodwill is capitalised it is amortised over the expected useful economic life.

Goodwill bought to-date has been amortised over 5 years and 10 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets depreciation

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

Long leasehold

-

4% on cost

Plant and machinery

-

10%, 12.5%, 20% and 33 1/3% on cost

Fixtures and fittings

-

10%, 20% and 33 1/3% on cost

Computers

-

33 1/3% and 20% on cost

Motor vehicles

-

33 1/3% and 25% on cost less

residual value

At the balance sheet date the Company reviews the carrying amount of the property, plant & equipment to determine whether there is any indication that any items of property, plant & equipment have suffered an impairment loss. If any indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where the impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased amount does not exceed the carrying amount that would have been determined (net of depreciation)had no impairment loss been recognised on the asset in prior years. A reversal of an impairment is recognised as income immediately.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred. Although undertaken the company does not separately identify the costs.

Foreign currencies

Transactions in foreign currencies, assets and liabilities are recorded at the exchange rate ruling on the dates of those transactions, except foreign currency bank accounts which are translated into sterling at the year end rate. Profits and losses on exchange arising in the normal course of trading are dealt with through the profit and loss account.

Hire purchase and leasing commitments

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.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans, director' loans and forward currency contracts (derivatives).

Bank loans are initially measured at the present value of future payments and subsequently at amortised cost using the effective interest method.

Director's loans (being repayable on demand), trade receivables and trade payables are measured at the undiscounted amount of the cash and other consideration expected to be paid or received.

Forward currency contracts are derivative financial instruments. They are measured at fair value. Gains and losses arising from changes in the fair value of derivative financial instruments are included in profit and loss in the period in which they arise.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Critical accounting judgements and sources of estimation uncertainty

In the application of the Company's accounting policies, management make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Estimated useful life and residual value of fixed assets

As described above, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods.

3.

TURNOVER

Turnover attributable to geographical markets outside the United Kingdom amounted to 50.92% (2023 - 50.45%). In the opinion of the directors it would be prejudicial to the company's interests to disclose further details.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

4,534,070

4,108,181

Social security costs

447,612

395,315

Other pension costs

112,368

119,244

5,094,050

4,622,740

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

2024

2023

Administration and warehouse

103

103

2024

2023

£

£

Directors' remuneration

245,833

229,167

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

245,833

229,167

5.	OPERATING PROFIT

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

2024

2023

£

£

Hire of plant and machinery

14,551

14,701

Depreciation - owned assets

672,097

552,514

Profit on disposal of fixed assets

-

(6,125

)

Auditors' remuneration

17,615

14,055

Auditors' remuneration for non audit work

19,775

15,775

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

1,348,110

1,169,470

Deferred tax

207,309

(9,430

)

Tax on profit

1,555,419

1,160,040

Reconciliation of total tax 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

£

£

Profit before tax

5,570,965

4,831,926

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

1,392,741

1,136,469

Effects of:

Permanently disallowed expenses

24,939

12,778

Temporarily disallowed expenses

14,434

(34,947

)

Depreciation on land and buildings

85,839

43,991

Super allowances in year

-

(522

)

Temporary re deferred tax rate

37,466

2,271

Total tax charge

1,555,419

1,160,040

7.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

428,661

AMORTISATION

At 1 January 2024

and 31 December 2024

428,661

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

8.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2024

8,979,915

2,317,104

2,461,081

Additions

-

178,298

638,857

At 31 December 2024

8,979,915

2,495,402

3,099,938

DEPRECIATION

At 1 January 2024

2,675,026

2,073,002

1,876,090

Charge for year

361,898

120,618

137,980

At 31 December 2024

3,036,924

2,193,620

2,014,070

NET BOOK VALUE

At 31 December 2024

5,942,991

301,782

1,085,868

At 31 December 2023

6,304,889

244,102

584,991

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

66,494

546,812

14,371,406

Additions

-

110,943

928,098

At 31 December 2024

66,494

657,755

15,299,504

DEPRECIATION

At 1 January 2024

27,062

521,064

7,172,244

Charge for year

13,999

37,602

672,097

At 31 December 2024

41,061

558,666

7,844,341

NET BOOK VALUE

At 31 December 2024

25,433

99,089

7,455,163

At 31 December 2023

39,432

25,748

7,199,162

9.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

199,565

NET BOOK VALUE

At 31 December 2024

199,565

At 31 December 2023

199,565