REGISTERED NUMBER: 00641526 (England and Wales)

HOWARDSON GROUP 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

4

Report of the Independent Auditors

6

Income Statement

12

Other Comprehensive Income

13

Balance Sheet

14

Statement of Changes in Equity

16

Cash Flow Statement

17

Notes to the Cash Flow Statement

18

Notes to the Financial Statements

20

DIRECTORS:

Mr I D Howard

Mrs M Oliver

SECRETARY:

Mrs M Oliver

REGISTERED OFFICE:

Howardson Works

Ashbourne Road, Kirk Langley

Ashbourne

Derbyshire

DE6 4NJ

REGISTERED NUMBER:

00641526 (England and Wales)

AUDITORS:

APC Accountants Limited

Chartered Accountants

and Statutory Auditors

7 St John Street

Mansfield

Nottinghamshire

NG18 1QH

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

REVIEW OF BUSINESS

The Company's principal activities are the design and manufacture of professional grounds maintenance equipment, worldwide.

The company maintained the strong trading results from 2023, with just over 1% growth to £16.9m.

Around 51% of all revenue was generated with overseas sales. The gross margin was slightly below target at 35% and the net profit margin was reduced to the previous year, at 10%.

The reasons behind the lack of growth in the year are due to the economic uncertainty created by significant changes in government in both UK and US. The effect, in particular of newly introduced inheritance tax policies on the farming community have put our dealership network, many of which deal mainly in agriculture into a difficult trading position. The change in IHT policy had the negative effect of causing the agricultural sector to pause or stop spending, leaving dealerships over stocked and therefore overleveraged. This created a reluctance for them to purchase their usual amount of stock from ourselves. Global political instability has contributed to the lack of confidence and commitment to purchase new equipment worldwide.

Reduced gross and net profit margins have partially occurred because of investments made in the business in anticipation of the ambitious growth plans to reach £30m by 2030. These investments include, investments in staff headcount, investments in off-site storage, investment in new product development and existing product development. The other reasons are due to cost pressures, which are laid out in the 'Principal Risks and Uncertainties' section below.

The order book at the end of the year was reduced, reflecting the customer behaviours above.

Key performance indicators we use to measure the success of the business include turnover, gross and net profit margins, rate of order intake, cash in bank, debtor and creditor levels. These stats are available daily, through reports on PowerBI. This gives us a broad sense each day of where the business is and helps support day-to-day decision making.

The business continues to have ambitious growth plans and will support this through continuous investment in its staff, processes and site with a continual focus on manufacturing world-class products, supported by gold standard levels of customer service and support.

PRINCIPAL RISKS AND UNCERTAINTIES

The company trade overseas and use both Euro and Dollar currencies, there is a currency risk associated with this however the company doesn't not anticipate it to be significant and does not use hedging facilities, monies are moved as and when rates are favourable.

Supply chain issues continue post Covid with long lead times on many key components. Increased stock holding has been essential to keep supply lead times at an acceptable level in an unpredictable sales environment. Cost of components have risen dramatically in the year so selling prices have had to rise to maintain margin.

Astronomical energy costs which have affected us directly through utility bills and indirectly through increased cost of components. We have reduced this risk by signing onto longer contracts where rates seem favourable and only signing up for short contracts where unfavourable.

Insurance has also played a significant part in cost pressure, of which we have no control due to the hardening of the business insurance market in 2024.

Additionally, there are certain areas of the business where there is a national skills shortage and it has been incredibly difficult to fill these specialist manufacturing roles. We have been looking at where we can use apprenticeships to bridge these skills gaps. In some of these areas we have used recruitment specalists adding another cost pressure.

In line with additional skills shortages, the management team was initially comprised of the directors, which increased the risk of limited support for the business operations over the longer term. As part of the investment in staff, this has been to increase the size of the management team.

ON BEHALF OF THE BOARD:

Mrs M Oliver - Director

23 September 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 204,179 .

RESEARCH AND DEVELOPMENT

Ongoing refinement of our battery mower technology and its application in our market place has been a major focus. Sales of this technology on Dennis equipment are now worldwide and include many facilities in the USA, Canada and Mexico in preparation for the 2026 FIFA World Cup.

New battery suppliers based in the UK have enhanced support and reliability.

Since the acquisition of Lloyds Mowers and Hunter Grinders in the 22/23 year resources have been dedicated to bringing these products into manufacture that reflect our manufacturing methods and those of our UK based suppliers .

In the case of Hunter Grinders much work has been done to further improve the performance of the machines and we have worked closely with external partners in the UK to produce electrical control systems for the automation as well as meeting the needs of Machinery Directive legislation to ensure utmost safety with the product. This has given us a first class market leading product with worldwide potential.

FUTURE DEVELOPMENTS

Armed with an extended portfolio of quality, British made products for the fine turf and synthetic grass market focus is now on increasing sales in the UK, Europe and the wider world. Investment in staff, training and marketing for the coming years is key whilst our design team focus on continual improvement and new product development in our market.

Our new office facilities on site gives up this expansion potential and on site training rooms enable customers, dealers and importers from all over the world to learn about us and the products.

DIRECTORS

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

Mr I D Howard

Mrs M Oliver

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, APC Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs M Oliver - Director

23 September 2025

Opinion

We have audited the financial statements of Howardson Group 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 five, 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:

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and 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.

Identifying and assessing potential risks related to irregularities

As detailed above we carried out our audit in line with the appropriate guidance. In regards to our procedures during the initial planning, remote working and final review stages we assessed our audit plan against the changing environments and updated wherever appropriate.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered and carried out a background information assessment on the company and looked at all of the appropriate laws and regulations that the company must abide with. These included trade sanctions, but also GDPR and Health & Safety in regards of staffs working environments.

The significant laws and regulations in regards to the business include Companies Act, Employment Law, Pensions legislation, Tax legislation, Health & Safety, trade sanctions and restrictions and GDPR are regularly reviewed by the companies management team and updated to ensure compliance.

Audit response to risks identified

As a result of performing the above, we identified the company's revenue recognition in respect of the timing of when income should be recognised for sale of machines and the valuation of stock, as key audit matters related to the potential risk of fraud. Our specific procedures in this regard are as follows:-

- Review and testing of AROC calculation.

-Attend the year end stock take and check a sample of stock items.

-Review after date sales for a sample of items to ensure net relalisable value is greater than cost

-Agree a sample of costs to purchase invoices

- Cut-off testing around the year end.

- Discussions with management.

In addition to the above, 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, which have a direct effect on the financial statements;

- making enquiries of management concerning actual or potential litigation and claims;

- On our review of journal entries nothing unusual or unexpected had been identified from our sample testing of journal adjustments carried out by the company to its accounting system.

- We used limited analytical review procedures during our audit work and placed more reliance up on our transactional and detailed audit testing. Our analytical review for highlighting trends were then reviewed and assessed against our detailed testing work.

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 or misrepresentation.

Our audit team had regular updates and meetings within the team including all members of the team, including the RI to ensure that our audit work was being carried out appropriately and to ensure that our assessments have constantly been updated during our audit, as part of these meetings all team members remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Steven Pincott ACA FCCA ATT (Senior Statutory Auditor)

for and on behalf of APC Accountants Limited

Chartered Accountants

and Statutory Auditors

7 St John Street

Mansfield

Nottinghamshire

NG18 1QH

24 September 2025

TURNOVER

4

16,947,731

16,684,700

Cost of sales

(11,097,834

)

(10,797,054

)

GROSS PROFIT

5,849,897

5,887,646

Administrative expenses

(4,219,822

)

(2,897,388

)

1,630,075

2,990,258

Other operating income

37,960

3,804

1,668,035

2,994,062

Interest receivable and similar income

68,888

38,140

Interest payable and similar expenses

6

(8,309

)

-

PROFIT BEFORE TAXATION

7

1,728,614

3,032,202

Tax on profit

8

(538,133

)

(669,006

)

PROFIT FOR THE FINANCIAL YEAR

1,190,481

2,363,196

PROFIT FOR THE YEAR

1,190,481

2,363,196

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,190,481

2,363,196

FIXED ASSETS

Intangible assets

10

1,436,004

1,121,394

Tangible assets

11

1,450,174

1,375,068

Investments

12

1,005,732

-

3,891,910

2,496,462

CURRENT ASSETS

Stocks

13

3,020,329

2,948,144

Debtors

14

4,642,183

4,242,860

Cash at bank and in hand

1,784,810

2,519,647

9,447,322

9,710,651

CREDITORS

Amounts falling due within one year

15

1,477,061

1,227,294

NET CURRENT ASSETS

7,970,261

8,483,357

TOTAL ASSETS LESS CURRENT LIABILITIES

11,862,171

10,979,819

CREDITORS

Amounts falling due after more than one year

16

(35,294

)

-

PROVISIONS FOR LIABILITIES

20

(442,789

)

(581,271

)

NET ASSETS

11,384,088

10,398,548

CAPITAL AND RESERVES

Called up share capital

21

50,053

50,815

Capital redemption reserve

22

7,518

6,756

Retained earnings

22

11,326,517

10,340,977

SHAREHOLDERS' FUNDS

11,384,088

10,398,548

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

Mrs M Oliver - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

50,815

8,282,740

6,756

8,340,311

Changes in equity

Dividends

-

(304,959

)

-

(304,959

)

Total comprehensive income

-

2,363,196

-

2,363,196

Balance at 31 December 2023

50,815

10,340,977

6,756

10,398,548

Changes in equity

Issue of share capital

(762

)

-

-

(762

)

Dividends

-

(204,179

)

-

(204,179

)

Total comprehensive income

-

1,189,719

762

1,190,481

Balance at 31 December 2024

50,053

11,326,517

7,518

11,384,088

Cash flows from operating activities

Cash generated from operations

1

1,579,373

1,400,149

Finance costs paid

(8,309

)

-

Tax paid

(432,976

)

(476,411

)

Net cash from operating activities

1,138,088

923,738

Cash flows from investing activities

Purchase of intangible fixed assets

(512,704

)

(550,523

)

Purchase of tangible fixed assets

(327,605

)

(606,495

)

Purchase of fixed asset investments

(1,005,732

)

-

Sale of tangible fixed assets

3,450

2,088

Interest received

68,888

38,140

Net cash from investing activities

(1,773,703

)

(1,116,790

)

Cash flows from financing activities

Capital repayments in year

105,600

-

Amount introduced by directors

135,001

122,408

Amount withdrawn by directors

(135,046

)

(122,364

)

Share buyback

(762

)

-

Equity dividends paid

(204,179

)

(304,959

)

Net cash from financing activities

(99,386

)

(304,915

)

Decrease in cash and cash equivalents

(735,001

)

(497,967

)

Cash and cash equivalents at beginning of year

2

2,519,647

3,017,614

Cash and cash equivalents at end of year

2

1,784,646

2,519,647

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

2024

2023

£

£

Profit before taxation

1,728,614

3,032,202

Depreciation charges

441,966

396,938

Loss/(profit) on disposal of fixed assets

5,178

(2,088

)

Finance costs

8,309

-

Finance income

(68,888

)

(38,140

)

2,115,179

3,388,912

Increase in stocks

(72,185

)

(297,908

)

Increase in trade and other debtors

(282,944

)

(1,701,657

)

(Decrease)/increase in trade and other creditors

(180,677

)

10,802

Cash generated from operations

1,579,373

1,400,149

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

1,784,810

2,519,647

Bank overdrafts

(164

)

-

1,784,646

2,519,647

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

2,519,647

3,017,678

Bank overdrafts

-

(64

)

2,519,647

3,017,614

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

2,519,647

(734,837

)

1,784,810

Bank overdrafts

-

(164

)

(164

)

2,519,647

(735,001

)

1,784,646

Debt

Finance leases

-

(105,600

)

(105,600

)

-

(105,600

)

(105,600

)

Total

2,519,647

(840,601

)

1,679,046

1.	STATUTORY INFORMATION

Howardson Group 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

Amounts recoverable on contracts

Amounts recoverable on contracts are valued at cost plus profit earned on that contract to date. It is based on the actual sales value per contract. The percentage complete is based on the amount of labour used as all parts are allocated to amounts recoverable on contracts from stock when the contract starts.Labour costs are included at a set rate per minute over all items.

Turnover

Turnover represents the value excluding Value Added Tax of professional groundscare equipment and associated spare parts provided to customers during the year. In respect of groundscare equipment provided to customers all income is taken to profit and loss at the same point as the right to receive consideration has been acquired.

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 on a reducing balance method at 33.33% on historical cost.

IP and Branding is being amortised on a straight line basis over 5 years.

Development Expenditure

Expenditure on development costs is capitalised; at cost when incurred, as the future economic benefit exceeds the deferred development cost plus any future developments and related production, selling and administration costs. Development costs are amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Long leasehold

-

10% straight line

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

33% on reducing balance and 15% on reducing balance

Motor vehicles

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete stock. Stock manufactured within the company also has a labour element added.

Investments in associates

Investments in associates are initially carried at cost and subsequently adjusted for the share of profits or losses and other comprehensive income made by the associate.

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.

Foreign currencies

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

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

Financial instruments and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

8,367,481

7,537,532

Europe

4,813,372

5,104,366

United States of America

787,398

563,308

South America

1,105,872

117,422

Asia

1,873,608

3,275,560

Africa

-

86,512

16,947,731

16,684,700