REGISTERED NUMBER: 02971383

LASER QUANTUM LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

S H Lane

R J Buckley

C M Glennon

SECRETARY:

S H Lane

REGISTERED OFFICE:

Unit 1 Orion Business Park

Bird Hall Lane

Cheadle Heath

Stockport

SK3 0XG

REGISTERED NUMBER:

02971383

AUDITORS:

Clarke Nicklin LLP

Chartered Accountants and

Statutory Auditors

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

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

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

On 1 January 2024, in order to simplify the Novanta UK reporting structure, the company transferred all operating assets and activities (‘hive-up’) to its immediate parent, Novanta Technologies UK Limited. Following this transfer, the company ceased trading and is expected to become dormant.

The turnover and profit for the financial year reduced to £8.5m (2023: £54.3m) and £1.3m (2023: £21.3m) respectively.

With the operations of the company being transferred, the financial statements are prepared on an ‘other than going concern’ basis.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties of the company relate to competition and the general global trading market however no material downturn has been experienced in the markets previously served by the company prior to the cessation of operations. Laser Quantum has not been materially impacted by the Ukraine war nor directly adversely affected by the recent increases in interest rates due to the business not carrying debt.

ON BEHALF OF THE BOARD:

S H Lane - Director

23 September 2025

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

PRINCIPAL ACTIVITY

During the year, the company’s principal activity was the design, manufacture, and sale of high-quality laser products. These operations ceased on 1 January 2024 following the transfer of trade and assets to Novanta Technologies UK Limited.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £25,590,340.

DIRECTORS

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

S H Lane

R J Buckley

Other changes in directors holding office are as follows:

C M Glennon was appointed as a director after 31 December 2024 but prior to the date of this report.

L Gloster ceased to be a director after 31 December 2024 but prior to the date of this report.

DIRECTORS' LIABILITIES

Novanta Inc., the ultimate parent company, indemnified one or more directors of the company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision was in force during the year and remains in place to the date of this report.

GOING CONCERN

Information on going concern is included in note 2 to the financial statements.

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Clarke Nicklin LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S H Lane - Director

23 September 2025

Opinion

We have audited the financial statements of Laser Quantum Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 - Emphasis of matter

We draw attention to Note 2 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter.

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:

Procedures to identify risks:

-

enquiring of management concerning the company's procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: timing of recognition of sales and purchases and their related stock movements, posting of unusual journals; and

-

obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

The procedures to respond to risks identified included:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;

-

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;

-

reviewing correspondence with HMRC;

-

in addressing the risk of fraud through management override of controls, testing 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.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 regulation that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detection one resulting from an error, as fraud may involve deliberate concealment, by for example, forgery or intentional misrepresentation, 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.

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.

Graham Travis FCA (Senior Statutory Auditor)

for and on behalf of Clarke Nicklin LLP

Chartered Accountants and

Statutory Auditors

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

23 September 2025

TURNOVER

3

8,490

54,308

Cost of sales

6,721

20,022

GROSS PROFIT

1,769

34,286

Administrative expenses

7

10,523

1,762

23,763

Other operating income

27

-

OPERATING PROFIT

5

1,789

23,763

Income from shares in group undertakings

-

1,137

Interest receivable and similar income

48

700

48

1,837

1,837

25,600

Amounts written off investments

6

-

1,124

PROFIT BEFORE TAXATION

1,837

24,476

Tax on profit

7

496

3,172

PROFIT FOR THE FINANCIAL YEAR

1,341

21,304

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,341

21,304

FIXED ASSETS

Intangible assets

9

-

855

Tangible assets

10

-

9,930

-

10,785

CURRENT ASSETS

Stocks

11

-

6,721

Debtors

12

131

8,940

Cash at bank

104

5,619

235

21,280

CREDITORS

Amounts falling due within one year

13

66

5,408

NET CURRENT ASSETS

169

15,872

TOTAL ASSETS LESS CURRENT LIABILITIES

169

26,657

PROVISIONS FOR LIABILITIES

15

-

2,239

NET ASSETS

169

24,418

CAPITAL AND RESERVES

Called up share capital

16

-

1

Share premium

17

-

511

Capital redemption reserve

17

-

1

Retained earnings

17

169

23,905

SHAREHOLDERS' FUNDS

169

24,418

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:

S H Lane - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£'000

£'000

£'000

£'000

£'000

Balance at 1 January 2023

1

13,951

511

1

14,464

Changes in equity

Dividends

-

(11,350

)

-

-

(11,350

)

Total comprehensive income

-

21,304

-

-

21,304

Balance at 31 December 2023

1

23,905

511

1

24,418

Changes in equity

Issue of share capital

(1

)

-

(511

)

-

(512

)

Dividends

-

(25,590

)

-

-

(25,590

)

Total comprehensive income

-

1,854

-

(1

)

1,853

Balance at 31 December 2024

-

169

-

-

169

1.	STATUTORY INFORMATION

Laser Quantum Limited ("the Company") is a limited company incorporated in the United Kingdom. The address of its registered office and principal place of business is Unit 1, Orion Business Park, Bird Hall Lane, Cheadle Heath, Stockport, SK3 0XG.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Going concern

The financial statements have been prepared on an "other than going concern" basis as the operations of the company were transferred on 1 January 2024 to its holding company, Novanta Technologies UK Limited.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Amortisation and depreciation of assets

The company amortises and depreciates its intangible and tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by the directors. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

Warranty provisions

A warranty provision is made based on the directors' estimate of the future cost of rectifying problems on products sold by the company.

Dilapidations provision

A dilapidations provision is made, based on the directors' estimate of the obligation to return a property to its original condition upon expiry of a lease.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax.

The majority of the company's products are sold on an ex works basis and the revenue is recognised on dispatch. The remaining revenue is recognised when title to the goods is transferred to customers and is normally upon delivery of the product to the customer.

The company recognises turnover when (a) the significant risks and rewards of ownership have been transferred to the buyer, (b) the company retains no continuing involvement or control over the goods, (c) the amount of turnover can be measured reliably, (d) it is probable that future economic benefits will flow to the entity.

Share based payments

Full details of the share schemes in which employees of the company can participate are contained in the financial statements of the ultimate parent company Novanta Inc. Details on how to obtain copies of these financial statements are set out in note 19. These schemes relate to shares in the ultimate parent company Novanta Inc.

The company records the expense associated with share-based compensation awards to employees based on the fair value of awards as of the grant date. For stock-based compensation awards that vest over time, such expenses are recognised in the income statement rateably over the vesting period of the award, net of estimated forfeitures. The stock-based compensation charge is recorded within administrative expenses and invoiced by Novanta Inc.

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.

Development costs that are capitalised are being amortised evenly over their estimated useful lives 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.

Freehold property

-

Straight line over 25 years

Leasehold improvements

-

Straight line basis over lease term

Plant and machinery

-

20% on cost

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised immediately in the income statement.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, as follows:

Raw materials

-

purchase cost

Work in progress and

-

cost of direct materials and labour

Finished goods

-

cost of direct materials and labour, plus a reasonable proportion of

manufacturing overheads based on normal levels of activity.

Net realisable value is based on estimated normal selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete, slow moving or defective items where appropriate.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, including amounts owed by and to group undertakings.

Financial assets

Basic financial assets, including trade debtors, cash and bank balances and amounts owed by group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at the market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the income statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade creditors and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. 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. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax

Deferred tax arises from timing differences that are differences between taxable profits reported in the tax return and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods difference from those in which they are recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of timing differences.

Research and development

Development costs that are directly attributable to the design and testing of identifiable and unique products controlled by the company are recognised as intangible assets when the following criteria are met :

It is technically feasible to complete the product so that it will be available for use;

Management intends to complete the product and use or sell it;

There is an ability to use or sell the product;

It can be demonstrated how the product will generate probable future economic benefits;

Adequate technical, financial and other resources to complete the development and to use or sell the product are available; and

The expenditure attribute to the product during its development can be reliably measured.

Other research and development expenditure that does not meet these criteria is recognised as an expense as incurred. Research and development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Foreign currencies

The company's functional and presentation currency is Sterling (£).

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement except when deferred in other comprehensive income as qualifying cash flow hedges.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provision for liabilities

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

The company recognises provisions for the expected costs of maintenance under warranties, which are charged against profits when products have been invoiced.

3.

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

£'000

£'000

United Kingdom

8,490

501

Overseas

-

53,807

8,490

54,308

4.	EMPLOYEES AND DIRECTORS

2024

2023

£'000

£'000

Wages and salaries

-

8,668

Social security costs

-

777

Other pension costs

-

348

-

9,793

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

2024

2023

Management

3

3

Operations

-

127

Research and development

-

41

Administration

-

19

3

190

2024

2023

£

£

Directors' remuneration

-

431,610

5.	OPERATING PROFIT

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

2024

2023

£'000

£'000

Depreciation - owned assets

-

640

Development costs amortisation

-

123

Auditors' remuneration: Audit services

6

34

Research and development

-

897

Operating lease rentals

-

221

Foreign exchange

-

45

Stock provision movement

-

58

Debtors provision movement

-

(38

)

6.

AMOUNTS WRITTEN OFF INVESTMENTS

2024

2023

£'000

£'000

Impairment/(Reversal of

impairment) of investments

-

1,124

7.

TAXATION

Analysis of the tax charge

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

2024

2023

£'000

£'000

Current tax:

UK corporation tax

444

1,950

Prior year adjustments

52

(7

)

Total current tax

496

1,943

Deferred tax

-

1,229

Tax on profit

496

3,172

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

£'000

£'000

Profit before tax

1,837

24,476

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

459

5,757

Effects of:

Expenses not deductible for tax purposes

-

316

Income not taxable for tax purposes

-

(267

)

Adjustments to tax charge in respect of previous periods

52

69

Patent Box

-

(2,193

)

Change in tax rate

-

72

Other permanent differences

-

(115

)

Group relief claimed

-

(484

)

Foreign tax credits

-

17

R&D expenditure credits

(15

)

-

Total tax charge

496

3,172

8.

DIVIDENDS

2024

2023

£'000

£'000

Ordinary share of £1

Interim

25,590

11,350