REGISTERED NUMBER: 04627117 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LOADHOG LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Profit and loss account

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

H D Facey

E J P Stubbs

S N Khan

R A Davies

P Taylor

M Hodgson

Mrs D J Oxley

P C Hartland

SECRETARY:

Mrs G Rosson

REGISTERED OFFICE:

The Hog Works

Hawke Street

Sheffield

South Yorkshire

S9 2SU

REGISTERED NUMBER:

04627117 (England and Wales)

AUDITORS:

Hollis and Co Limited

Chartered Accountants

Statutory Auditor

35 Wilkinson Street

Sheffield

South Yorkshire

S10 2GB

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

REVIEW OF BUSINESS

2024 was another successful year with significant sales growth of 22% and annual pre-tax profits of £3.4m.

We invested significantly in the intralogistics market with new trays and totes as well as continued investment in the e-commerce and retail sectors. These investments have helped us achieve new product sales of 50% vs our target of 25%. We continue to invest in new machines and automation to keep us ahead of our competition in terms of efficiency and capacity.

We have seen a reduction in our carbon footprint by 16% demonstrating our commitment to year on year reductions on our journey to net zero.

Our new factory build in France is progressing well with expectations to be fully operational by September 2025. The factory will be dedicated initially to servicing requirements for the intralogistics market.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's bankers, Barclays, continue to support the business and provide adequate banking facilities.

The group's principal foreign currency exposure arises from significant trading in Euros and Dollars. A natural hedge is created by significant purchases being made in Euros and Dollars, in addition, forward contracts for the sale of foreign currencies are entered into.

The company is exposed to interest rate risks on its bank borrowings.

All major customers are covered by credit insurance.

THE FUTURE

2025 has seen a successful start with sales ahead of last year. Sales in the intralogistics market and retail sector remain strong despite the economic challenges.

We will start manufacturing for the intralogistics and e-commerce sector from Q3 in our new Chicago facility based on the strong demand from the USA market.

We will invest substantially in new machinery, tooling and automation during 2025.

By the end of 2025 Loadhog will have localised manufacturing in the UK, USA and France to service our global customer base.

The Board would like to record its appreciation to all the staff who, as shareholders, continue to make a significant contribution to the success of the business.

ON BEHALF OF THE BOARD:

H D Facey - Director

1 May 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the manufacture, distribution and hire of re-useable packaging systems.

DIVIDENDS

Interim dividends per share on the Ordinary £1 shares and Non Tradeable Ordinary £1 shares were paid as follows:

6.0p

- 26 April 2024

3.5p

- 26 July 2024

7.0p

- 25 October 2024

4.5p

- 23 December 2024

21.0p

The directors recommend that no final dividend be paid on the company's Ordinary £1 shares or on the Non-Tradeable Ordinary £1 shares.

The Golden £1 shares are not entitled to receive dividends.

The total distribution of dividends for the year ended 31 December 2024 will be £1,628,326

DIRECTORS

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

H D Facey

E J P Stubbs

S N Khan

R A Davies

P Taylor

M Hodgson

Mrs D J Oxley

Other changes in directors holding office are as follows:

D Routledge - resigned 1 May 2024

P C Hartland - appointed 23 July 2024

DONATIONS AND EXPENDITURE

The group pledged donations to charity's during the year totalling £102,062, no political donations were made.

QUALIFYING THIRD PARTY INDEMNITY PROVISION

During the financial year and at the time the directors report is approved, a qualifying third party indemnity provision for the benefit of the directors is in force.

DISCLOSURE IN THE STRATEGIC REPORT

Certain items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors' report are set out in the Strategic Report in accordance with S414C(11) Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Hollis and Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

H D Facey - Director

1 May 2025

Opinion

We have audited the financial statements of Loadhog Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Profit and loss account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the 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

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 four, 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 group's and the parent 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 group or the parent 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:

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management, those charged with governance and the entity's in-house legal team around actual and potential litigation and claims;

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

- Reviewing minutes of meetings of those charged with governance;

- 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 testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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 further 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.

Peter Hollis (Senior Statutory Auditor)

for and on behalf of Hollis and Co Limited

Chartered Accountants

Statutory Auditor

35 Wilkinson Street

Sheffield

South Yorkshire

S10 2GB

6 May 2025

TURNOVER

3

39,846,239

32,701,255

Cost of sales

22,992,603

17,627,015

GROSS PROFIT

16,853,636

15,074,240

Distribution costs

5,081,081

4,807,166

Administrative expenses

7,465,502

6,401,617

12,546,583

11,208,783

4,307,053

3,865,457

Other operating income

4

155,745

50,678

GROUP OPERATING PROFIT

6

4,462,798

3,916,135

Share of operating (loss)/profit in

Joint ventures

(21,010

)

26,931

Amortisation of Goodwill

7

218,072

218,072

4,223,716

3,724,994

Income from fixed asset investments

33,560

4,950

Interest receivable and similar income

359

2,595

33,919

7,545

4,257,635

3,732,539

Gain/loss on revaluation of investments

(90,820

)

-

4,166,815

3,732,539

Interest payable and similar expenses

8

768,456

691,013

PROFIT BEFORE TAXATION

3,398,359

3,041,526

Tax on profit

9

731,189

295,236

PROFIT FOR THE FINANCIAL YEAR

2,667,170

2,746,290

Profit attributable to:

Owners of the parent

2,667,170

2,746,290

PROFIT FOR THE YEAR

2,667,170

2,746,290

OTHER COMPREHENSIVE INCOME

Foreign exchange gains - Joint Venture

(3,550

)

(5,310

)

Foreign exchange gains - Subsidiaries

(36,857

)

(7,167

)

Transfer to tax reserve

-

3,900

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(40,407

)

(8,577

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,626,763

2,737,713

Total comprehensive income attributable to:

Owners of the parent

2,626,763

2,737,713

FIXED ASSETS

Intangible assets

12

2,437,248

2,540,519

Tangible assets

13

22,350,676

19,528,614

Investments

14

Interest in joint venture

Share of gross assets

365,956

432,266

Share of gross liabilities

(302,843

)

(343,108

)

63,113

89,158

Other investments

1,220,317

1,030,442

26,071,354

23,188,733

CURRENT ASSETS

Stocks

15

2,904,905

2,734,800

Debtors

16

10,025,552

7,616,345

Cash at bank and in hand

2,166,514

2,994,669

15,096,971

13,345,814

CREDITORS

Amounts falling due within one year

17

15,544,173

12,638,083

NET CURRENT (LIABILITIES)/ASSETS

(447,202

)

707,731

TOTAL ASSETS LESS CURRENT LIABILITIES

25,624,152

23,896,464

CREDITORS

Amounts falling due after more than one year

18

(6,954,755

)

(6,903,504

)

PROVISIONS FOR LIABILITIES

22

(2,217,000

)

(1,539,000

)

NET ASSETS

16,452,397

15,453,960

CAPITAL AND RESERVES

Called up share capital

23

7,753,933

7,753,933

Share premium

4,432

4,432

Tax reserve

33,276

4,350

Retained earnings

8,660,756

7,691,245

SHAREHOLDERS' FUNDS

16,452,397

15,453,960

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2025 and were signed on its behalf by:

H D Facey - Director

FIXED ASSETS

Intangible assets

12

2,437,248

2,540,519

Tangible assets

13

22,248,372

19,475,910

Investments

14

1,771,661

1,581,786

26,457,281

23,598,215

CURRENT ASSETS

Stocks

15

2,842,485

2,667,232

Debtors

16

7,724,107

6,655,491

Cash at bank and in hand

1,810,802

2,525,989

12,377,394

11,848,712

CREDITORS

Amounts falling due within one year

17

14,511,142

11,923,528

NET CURRENT LIABILITIES

(2,133,748

)

(74,816

)

TOTAL ASSETS LESS CURRENT LIABILITIES

24,323,533

23,523,399

CREDITORS

Amounts falling due after more than one year

18

(5,995,335

)

(6,903,504

)

PROVISIONS FOR LIABILITIES

22

(2,217,000

)

(1,539,000

)

NET ASSETS

16,111,198

15,080,895

CAPITAL AND RESERVES

Called up share capital

23

7,753,933

7,753,933

Share premium

4,432

4,432

Retained earnings

8,352,833

7,322,530

SHAREHOLDERS' FUNDS

16,111,198

15,080,895

Company's profit for the financial year

2,658,629

2,346,109

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2025 and were signed on its behalf by:

H D Facey - Director

Called up

share

Retained

Share

Tax

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

7,753,933

6,508,220

4,432

450

14,267,035

Changes in equity

Dividends

-

(1,550,788

)

-

-

(1,550,788

)

Total comprehensive income

-

2,733,813

-

3,900

2,737,713

Balance at 31 December 2023

7,753,933

7,691,245

4,432

4,350

15,453,960

Changes in equity

Dividends

-

(1,628,326

)

-

-

(1,628,326

)

Total comprehensive income

-

2,597,837

-

28,926

2,626,763

Balance at 31 December 2024

7,753,933

8,660,756

4,432

33,276

16,452,397

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

7,753,933

6,527,209

4,432

14,285,574

Changes in equity

Dividends

-

(1,550,788

)

-

(1,550,788

)

Total comprehensive income

-

2,346,109

-

2,346,109

Balance at 31 December 2023

7,753,933

7,322,530

4,432

15,080,895

Changes in equity

Dividends

-

(1,628,326

)

-

(1,628,326

)

Total comprehensive income

-

2,658,629

-

2,658,629

Balance at 31 December 2024

7,753,933

8,352,833

4,432

16,111,198

Cash flows from operating activities

Cash generated from operations

1

5,078,778

8,169,157

Interest paid

(422,917

)

(454,701

)

Interest element of hire purchase payments paid

(345,539

)

(236,312

)

Tax paid

(219,479

)

(166,871

)

Net cash from operating activities

4,090,843

7,311,273

Cash flows from investing activities

Purchase of intangible fixed assets

(174,280

)

(167,970

)

Purchase of tangible fixed assets

(4,757,800

)

(5,304,810

)

Purchase of fixed asset investments

(372,220

)

(829,950

)

Sale of tangible fixed assets

83,750

1,292,018

Interest received

359

2,595

Dividends received

33,560

4,950

Loan repayment - joint venture

91,525

27,561

Net cash from investing activities

(5,095,106

)

(4,975,606

)

Cash flows from financing activities

New loans in year

1,964,644

2,535,000

Loan repayments in year

(1,133,749

)

(3,599,365

)

New hire purchase contacts in the year

4,009,514

3,840,858

Capital repayments in year

(2,963,050

)

(1,885,526

)

Equity dividends paid

(1,628,326

)

(1,550,788

)

Loan repayment (to) from Gripple Limited

(72,925

)

770,553

Net cash from financing activities

176,108

110,732

(Decrease)/increase in cash and cash equivalents

(828,155

)

2,446,399

Cash and cash equivalents at beginning of year

2

2,994,669

548,270

Cash and cash equivalents at end of year

2

2,166,514

2,994,669