REGISTERED NUMBER: 01857473 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Oil Salvage Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

V R Vernon

M Vernon

Miss L Vernon

J R Vernon

SECRETARY:

Miss L Vernon

REGISTERED OFFICE:

Seymour Chambers

92 London Road

Liverpool

Merseyside

L3 5NW

REGISTERED NUMBER:

01857473 (England and Wales)

AUDITORS:

Douglas Fairless Partnership

Chartered Certified Accountants

and Statutory Auditors

Seymour Chambers

92 London Road

Liverpool

Merseyside

L3 5NW

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

2024 has seen Oil Salvage Ltd maintain it's position as one of Britain's largest specialist waste oil management and oil recycling organisations and deliver one of our most successful years to date. The company remain committed to an ongoing capital expenditure programme to help satisfy ever changing waste oils legislation, which has seen large amounts of capital used to develop the site and plant & machinery which has led to continued compliance with waste oils legislation and improved margins.

REVIEW OF BUSINESS

The directors consider turnover, gross profit margins, net profit margins and cash flows to be the key performance indicators of the business.Turnover during 2024 has decreased, as expected, due to the drop in oil barrel price. Turnover for 2024 has come in at £20,011,141 compared to £26,488,846 in 2023, which is a 24.45% year on year decrease.

Gross profit margins have decreased due to the global oil price decreasing during the year, gross profit margins for the year have come in at 29.09% (2023 - 31.51%). The strong gross profit margins over the past few years have ensured that net profit margins have also remained healthy. The net profit before taxation for this year is coming in at £2,430,181 which is a 9.98% return (2023 - £4,393,787 - 16.59%).

The business will continue to invest in new plant & machinery to increase the purity of the oil they produce to open up new revenue streams and improve margins and comply with vehicle emissions standards, over £1.66 million has been invested in 2024 in our fixed assets (see page 16). As previously mentioned, significant investment has taken place during 2024 and the 5 years prior to this, in specific plant & machinery, further investment in the site will continue through 2025, which is expected to allow further growth for Oil Salvage Ltd in 2025 and beyond.

The business has been delivering cash surpluses from trading activities for a number of years, which has now been invested in the construction of a new refinery and new low emission vehicles. Further site expansion is expected to be completed in 2025 without any outside finance, whilst still maintaining a positive cash position. The capital investment throughout 2024 the business has shown a decrease in cashflow of £66,250 at 31/12/24, as detailed on page 11, with available cash at 31/12/24 being a healthy position of £5,000,957.

PRINCIPAL RISKS AND UNCERTAINTIES

Routine Environment Agency site visits have not raised any concerns and show Oil Salvage Ltd's commitment to minimising the impact of the business on the environment. Possible breach of environmental legislation and resulting fines will continue to be a risk to the business and will keep management on their toes. Further changes to regulations regarding the quality of waste oils could result in increases to direct costs, but the business has the margins to be able to absorb additional costs without it affecting the business significantly. There are added pressures on cash flows at the moment due to the plant improvement project, but as this is coming to an end and the business still has available cash and continues to generate cash surpluses, this will not impact on the business.The spike in global energy prices in recent years, will continue to impact the net profit margins for the foreseeable future, but due to the economies of scale that the business is currently achieving, these increases in energy prices will be easily absorbed without impacting seriously on profit margins.

ON BEHALF OF THE BOARD:

V R Vernon - Director

22 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of acquisitions, refinement and sale of oil.

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary £1 shares

£900

- 31 January 2024

Preference £1 shares

£1.50

- 31 January 2024

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 900,000 .

RESEARCH AND DEVELOPMENT

Oil Salvage Ltd is committed to a continuing research & development program. Area's of research involve the development of processes to improve the quality of re-cycled oils and improvements to processes to improve the efficiency of the business.

DIRECTORS

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

V R Vernon

M Vernon

Miss L Vernon

J R Vernon

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

ON BEHALF OF THE BOARD:

V R Vernon - Director

22 September 2025

Opinion

We have audited the financial statements of Oil Salvage 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 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.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

In identifying and assessing risks of material misstatement in the financial statements in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, the control environment and the impact of business performance on Directors earnings.

- results of our enquiries of management and key finance persons about their own identification and assessment of the risks and irregularities.

- any matters we identified after obtaining and reviewing company policies and procedures relating to; identifying, evaluating and complying with laws and regulations. Detecting and responding to risks of fraud. The internal controls in place to mitigate the risks of fraud or non-compliance with laws and regulations.

From this assessment, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis of our opinion. Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance, reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls; we have tested the operational effectiveness of internal controls relevant to the financial statements, tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not 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 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.

Mr Gregory Newton FCCA (Senior Statutory Auditor)

for and on behalf of Douglas Fairless Partnership

Chartered Certified Accountants

and Statutory Auditors

Seymour Chambers

92 London Road

Liverpool

Merseyside

L3 5NW

22 September 2025

TURNOVER

3

20,011,141

26,488,846

Cost of sales

14,188,908

18,142,228

GROSS PROFIT

5,822,233

8,346,618

Administrative expenses

5,650,383

6,321,641

171,850

2,024,977

Other operating income

2,101,722

2,247,070

OPERATING PROFIT

5

2,273,572

4,272,047

Interest receivable and similar income

156,609

121,740

PROFIT BEFORE TAXATION

2,430,181

4,393,787

Tax on profit

6

433,400

875,478

PROFIT FOR THE FINANCIAL YEAR

1,996,781

3,518,309

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,996,781

3,518,309

FIXED ASSETS

Intangible assets

10

8,972

-

Tangible assets

11

10,601,882

9,946,251

10,610,854

9,946,251

CURRENT ASSETS

Stocks

12

1,711,250

2,756,712

Debtors

13

3,905,960

4,948,747

Cash at bank and in hand

5,000,957

5,109,032

10,618,167

12,814,491

CREDITORS

Amounts falling due within one year

14

1,844,156

4,721,902

NET CURRENT ASSETS

8,774,011

8,092,589

TOTAL ASSETS LESS CURRENT LIABILITIES

19,384,865

18,038,840

PROVISIONS FOR LIABILITIES

18

2,219,553

1,970,309

NET ASSETS

17,165,312

16,068,531

CAPITAL AND RESERVES

Called up share capital

19

101,000

101,000

Retained earnings

20

17,064,312

15,967,531

SHAREHOLDERS' FUNDS

17,165,312

16,068,531

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

V R Vernon - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

101,000

20,319,222

20,420,222

Changes in equity

Dividends

-

(7,870,000

)

(7,870,000

)

Total comprehensive income

-

3,518,309

3,518,309

Balance at 31 December 2023

101,000

15,967,531

16,068,531

Changes in equity

Dividends

-

(900,000

)

(900,000

)

Total comprehensive income

-

1,996,781

1,996,781

Balance at 31 December 2024

101,000

17,064,312

17,165,312

Cash flows from operating activities

Cash generated from operations

1

2,767,181

7,497,032

Tax paid

(422,157

)

(1,018,443

)

Net cash from operating activities

2,345,024

6,478,589

Cash flows from investing activities

Purchase of intangible fixed assets

(9,500

)

-

Purchase of tangible fixed assets

(1,658,383

)

(2,375,367

)

Sale of tangible fixed assets

-

445,000

Interest received

156,609

121,740

Net cash from investing activities

(1,511,274

)

(1,808,627

)

Cash flows from financing activities

Equity dividends paid

(900,000

)

(7,870,000

)

Net cash from financing activities

(900,000

)

(7,870,000

)

Decrease in cash and cash equivalents

(66,250

)

(3,200,038

)

Cash and cash equivalents at beginning of year

2

5,067,207

8,267,245

Cash and cash equivalents at end of year

2

5,000,957

5,067,207

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

31.12.24

31.12.23

£

£

Profit before taxation

2,430,181

4,393,787

Depreciation charges

984,808

976,134

Loss on disposal of fixed assets

18,473

133,117

Government grants

(2

)

1

Finance income

(156,609

)

(121,740

)

3,276,851

5,381,299

Decrease/(increase) in stocks

1,045,462

(437,137

)

Decrease/(increase) in trade and other debtors

1,274,077

(226,581

)

(Decrease)/increase in trade and other creditors

(2,829,209

)

2,779,451

Cash generated from operations

2,767,181

7,497,032

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

5,000,957

5,109,032

Bank overdrafts

-

(41,825

)

5,000,957

5,067,207

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

5,109,032

8,402,764

Bank overdrafts

(41,825

)

(135,519

)

5,067,207

8,267,245

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

5,109,032

(108,075

)

5,000,957

Bank overdrafts

(41,825

)

41,825

-

5,067,207

(66,250

)

5,000,957

Total

5,067,207

(66,250

)

5,000,957

1.	STATUTORY INFORMATION

Oil Salvage 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

The directors have made judgements regarding the depreciation of fixed assets and provision for sludge within stock.

Turnover

Turnover represents net invoice value of goods or services provided, excluding value added tax.

Revenue is recognised based on delivery date of goods sold or date of performance of services.

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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

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

Short leasehold

-

Straight line over 20 years

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

No depreciation has been charged on the costs to date contained within Plant & Machinery which represent an asset under construction, as the asset is not in use, depreciation will be charged once the asset is fully live.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for any waste and evaporation element. Cost is based on the purchase price of oils determined by the average rate at the year end and including direct costs in relation to chemicals used to purify the oils in to a resalable product.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and loans to and from related parties.

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.

Tax credits resulting from research & development claims are recognised in the year in which the tax credits are received.

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 charged to the profit & loss account in the year in which it is incurred. The costs are pure research & development directly related to improving the purity of the waste oil & the recycling processes.

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

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.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.24

31.12.23

£

£

Sale of goods

17,639,751

24,036,023

Rendering of services

2,371,390

2,452,823

20,011,141

26,488,846

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

4,239,361

4,016,607

Social security costs

438,114

408,020

Other pension costs

133,388

127,120

4,810,863

4,551,747

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

31.12.24

31.12.23

Management

4

5

Administration

23

22

Drivers & yard operatives

64

65

91

92

31.12.24

31.12.23

£

£

Directors' remuneration

551,642

581,298

Information regarding the highest paid director is as follows:

31.12.24

31.12.23

£

£

Emoluments etc

148,791

146,136

5.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Hire of plant and machinery

421

1,986

Depreciation - owned assets

984,279

976,135

Loss on disposal of fixed assets

18,473

133,117

Computer software amortisation

528

-

Auditors' remuneration

14,000

12,600

Other non- audit services

14,608

14,974

Foreign exchange differences

(13,537

)

66,622

6.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

377,468

645,501

Corporation tax adjustment

(193,313

)

(204,169

)

Total current tax

184,155

441,332

Deferred tax

249,245

434,146

Tax on profit

433,400

875,478

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit before tax

2,430,181

4,393,787

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

607,545

1,033,463

Effects of:

Expenses not deductible for tax purposes

12,291

11,386

Capital allowances in excess of depreciation

(241,057

)

(398,248

)

Research & Development Enhancement Deduction

(193,313

)

(204,169

)

Deferred tax movement

249,245

434,146

Group relief

(1,311

)

(1,100

)

Total tax charge

433,400

875,478

Corporation tax adjustment of £193,313 related a research and development claim for financial year ended 31/12/23.

7.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary shares of £1 each

Interim

750,000

7,720,000

Preference shares of £1 each

Interim

150,000

150,000

900,000

7,870,000

8.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme.The assets of the scheme are held separately from those of the company in an independently administered fund.The pension cost charge represents contributions payable by the company to the fund and amounted to £133,388 (2023 - £124,549). At the balance sheet date £20,010 (2023 - £19,002) was owing to the fund contained within other creditors.

9.	RESEARCH AND DEVELOPMENT

The total amount of research & development expenditure charged to the profit & loss account for 2024 was £142,559 (2023 - £245,351).

10.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2024

2,500

Additions

9,500

At 31 December 2024

12,000

AMORTISATION

At 1 January 2024

2,500

Amortisation for year

528

At 31 December 2024

3,028

NET BOOK VALUE

At 31 December 2024

8,972

At 31 December 2023

-