REGISTERED NUMBER: 03905265 (England and Wales)

MARPAK EXTRUSIONS LIMITED

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Independent Auditors' Report

6

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

DIRECTORS:

R G Gibson

Miss F J Gibson

A A G Booth

REGISTERED OFFICE:

1 Park View Court

St Paul's Road

Shipley

West Yorkshire

BD18 3DZ

REGISTERED NUMBER:

03905265 (England and Wales)

INDEPENDENT AUDITORS:

Walter Dawson & Son Chartered Accountants

1 Valley Court

Canal Road

Bradford

West Yorkshire

BD1 4SP

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

Review of Business

In what is a very competitive market, Marpak maintained a similar level of tonnage sold as in the previous year and achieved targeted margins based upon that level of production. However, the value of turnover for the year reduced by 9% as much of the Company's sales is based upon agreed contract prices which are benched against global pricing structures for the cost of raw material, which showed reductions over the course of the year. Marpak, through shrewd purchasing and the continued good relations it has with suppliers was able to improve the gross profit percentage and the Directors are pleased to report the resulting net profit before taxation and dividends of £542,726. The Company continues to show similar trading in 2025.

The favourable results achieved mean that during the year Retained earnings increased by £199,900. The Company's continued policy of retaining profits within the business, rather than distributing all profits, also contributes to this growth.

Historically, the UK Government provided much needed stimulus to help businesses but because of Marpak's strength and performance it has not needed to rely upon this. Further, the global economy was impacted by the Ukraine War which contributed to the UK's "Cost of Living Crisis". As a responsible employer, the Company evaluated the effect of this on its employees and has implemented higher than normal but fully costed wage increases to all members of staff. The Directors have considered the impact of the above and they believe the Company is in a strong position to continue to trade successfully due, in part, to the benched contract prices preserving gross margins and the varied nature of the end use of the Company's products.

The Company has continued to invest during the year, including spending a total of £118,580 on fixed asset additions. This investment together with Marpak's "Green" emphasis means considerable strides have been made in supplying carbon neutral film to leading retailers. Add to this, the much lower carbon footprint the Company has achieved by down-gauging its products, ensures that Marpak continues to be seen as a market leader in sustainable packaging solutions.

Further, due to stringent European-wide regulations surrounding recycling and sustainability, the Company is seen as more than just a supplier, becoming Packaging Advisers and key to many of its customers' supply chains. Marpak has traded throughout Europe for a number of years and prides itself on the relationships it has fostered. It has made strategic partnerships by supplying products which are unique within the industry and following Brexit, these ties have continued to strengthen. This awareness has spread worldwide, with a substantial and growing export tonnage being achieved in new markets. As Marpak continues to grow globally, the Directors are confident that the Company is well equipped to deal with the future challenges that might arise, given complicated trading arrangements with the EU and beyond, ensuring its continued supply of product from suppliers to customers.

The Company continues to engage external expert support to undertake ongoing review of expenditure, in light of HMRC rules governing "Research & Development" and as a result, taxation savings continue to be achieved. The Company's policy of investment in new manufacturing equipment and development will remain, with further capital purchases and development expenditure envisaged. The Company aims to continue to utilise the Government's currently available Annual Investment Allowance and R&D Enhanced Expenditure rules, intending to use its own resources to fund these, whilst continuing to access borrowing as and when opportunities arise.

Key Performance Indicators

To help the reader of these financial statements better understand the performance of the Company, the following KPI's are summarised:

2024 2023 Movement

Turnover £18,800,146 £20,730,375 9.3% reduction

Gross Profit ("GP") £2,523,936 £3,020,980 16.5% reduction

GP% against Turnover 13.4% 14.6%

Profit before taxation ("PBT") £542,726 £1,090,926 50.3% reduction

PBT% against Turnover 2.9% 5.3%

Key Performance Indicators - continued

2024 2023 Movement

Total Assets less Current Liabilities ("TALCL") £11,974,879 £11,926,606 0.4% increase

Return on Capital Employed * 4.5% 9.1%

* calculated as PBT as a % of TALCL

Turnover per Employee £383,676 £423,069 9.3% reduction

No. of employees 49 49

Shareholder Funds £10,694,086 £10,494,186 1.9% increase

Conclusion

Overall, the Directors are more than satisfied with the Company's results and are extremely optimistic about the opportunities that will arise in the future.

ON BEHALF OF THE BOARD:

A A G Booth - Director

16 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 polymer extrusion.

DIVIDENDS

Interim dividends per share were paid as follows:

25p

- 30 April 2024

25p

- 31 July 2024

50p

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 200,000 .

DIRECTORS

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

R G Gibson

Miss F J Gibson

A A G Booth

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.

AUDITORS

The auditors, Walter Dawson & Son Chartered Accountants, will be deemed to be reappointed and will therefore continue in office.

ON BEHALF OF THE BOARD:

A A G Booth - Director

16 September 2025

Opinion

We have audited the financial statements of MARPAK EXTRUSIONS 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, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 Auditors' Report 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.

We have nothing to report in respect of the following matters in relation to which 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 four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 an Auditors' Report 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:

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:

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

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

- we identified the laws and regulations applicable to the company through discussions with directors and other management and review of appropriate industry knowledge;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

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

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

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

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

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

- performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships.

- tested journal entries to identify unusual transactions; and tested the operating effectiveness of key controls over purchase cycles on a sample basis.

- reviewed the application of accounting policies with focus on those with heightened estimation uncertainty. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to agreeing financial statement disclosures to underlying supporting documentation and enquiring of management as to actual and potential litigation and claims.

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 Auditors' Report.

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 an Auditors' Report 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.

John Richard Hall (Senior Statutory Auditor)

for and on behalf of Walter Dawson & Son Chartered Accountants

1 Valley Court

Canal Road

Bradford

West Yorkshire

BD1 4SP

16 September 2025

TURNOVER

18,800,146

20,730,375

Cost of sales

16,276,210

17,709,395

GROSS PROFIT

2,523,936

3,020,980

Administrative expenses

2,078,655

1,922,834

OPERATING PROFIT

4

445,281

1,098,146

Interest receivable and similar income

110,227

4,000

555,508

1,102,146

Interest payable and similar expenses

5

12,782

11,220

PROFIT BEFORE TAXATION

542,726

1,090,926

Tax on profit

6

142,826

280,172

PROFIT FOR THE FINANCIAL YEAR

399,900

810,754

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

399,900

810,754

FIXED ASSETS

Intangible assets

8

1

127

Tangible assets

9

5,373,047

5,893,617

5,373,048

5,893,744

CURRENT ASSETS

Stocks

10

963,104

1,014,843

Debtors

11

4,440,637

4,510,101

Cash at bank

4,640,284

6,214,047

10,044,025

11,738,991

CREDITORS

Amounts falling due within one year

12

3,442,194

5,703,129

NET CURRENT ASSETS

6,601,831

6,035,862

TOTAL ASSETS LESS CURRENT LIABILITIES

11,974,879

11,929,606

CREDITORS

Amounts falling due after more than one year

13

(6,614

)

(46,477

)

PROVISIONS FOR LIABILITIES

15

(1,274,179

)

(1,388,943

)

NET ASSETS

10,694,086

10,494,186

CAPITAL AND RESERVES

Called up share capital

16

400,001

400,001

Revaluation reserve

2,098,839

2,332,043

Retained earnings

8,195,246

7,762,142

SHAREHOLDERS' FUNDS

10,694,086

10,494,186

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

A A G Booth - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

400,001

6,842,272

2,591,159

9,833,432

Profit for the year

-

810,754

-

810,754

Total comprehensive income

-

810,754

-

810,754

Dividends

-

(150,000

)

-

(150,000

)

Release of Revaluation reserve

-

259,116

(259,116

)

-

Balance at 31 December 2023

400,001

7,762,142

2,332,043

10,494,186

Profit for the year

-

399,900

-

399,900

Total comprehensive income

-

399,900

-

399,900

Dividends

-

(200,000

)

-

(200,000

)

Release of Revaluation reserve

-

233,204

(233,204

)

-

Balance at 31 December 2024

400,001

8,195,246

2,098,839

10,694,086

Cash flows from operating activities

Cash generated from operations

1

(870,322

)

2,754,978

Interest paid

(12,782

)

(10,396

)

Interest element of hire purchase or finance lease rental payments paid

-

(824

)

Tax paid

(482,306

)

(117,597

)

Net cash from operating activities

(1,365,410

)

2,626,161

Cash flows from investing activities

Purchase of tangible fixed assets

(118,580

)

(723,934

)

Sale of tangible fixed assets

-

32,600

Interest received

110,227

4,000

Net cash from investing activities

(8,353

)

(687,334

)

Cash flows from financing activities

Hire purchase repayments in year

-

(6,578

)

Equity dividends paid

(200,000

)

(150,000

)

Net cash from financing activities

(200,000

)

(156,578

)

(Decrease)/increase in cash and cash equivalents

(1,573,763

)

1,782,249

Cash and cash equivalents at beginning of year

2

6,214,047

4,431,798

Cash and cash equivalents at end of year

2

4,640,284

6,214,047

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

31.12.24

31.12.23

£

£

Profit before taxation

542,726

1,090,926

Depreciation charges

639,276

716,613

Profit on disposal of fixed assets

-

(15,202

)

Finance costs

12,782

11,220

Finance income

(110,227

)

(4,000

)

1,084,557

1,799,557

Decrease in stocks

51,739

90,563

Decrease in trade and other debtors

69,464

1,684,183

Decrease in trade and other creditors

(2,076,082

)

(819,325

)

Cash generated from operations

(870,322

)

2,754,978

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

4,640,284

6,214,047

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

6,214,047

4,431,798

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

6,214,047

(1,573,763

)

4,640,284

6,214,047

(1,573,763

)

4,640,284

Total

6,214,047

(1,573,763

)

4,640,284

1.	STATUTORY INFORMATION

MARPAK EXTRUSIONS LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A- ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006.

The directors have considered the ongoing situation with regard to "The Cost of Living Crisis" as part of their going concern assessment. The view of the directors is that, while they acknowledge the significant disruption that the "Crisis" is bringing, the directors feel that the company is well placed to negotiate the unique set of circumstances facing the UK economy. Contingency plans have been implemented to mitigate risk through consideration of the company's key supply requirements for the coming months.

The company's current level of cash is positive and it's post year end performance is in line with forecasts and budgets covering a period of at least 12 months from the date of signing this report.

Therefore, after consideration of all known factors, the directors continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Expenditure on Development is amortised and written-off evenly over a period of ten years from the date it is incurred.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant & equipment

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible assets are initially measured at cost.

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

1,991,902

1,781,035

Other pension costs

98,268

87,764

2,090,170

1,868,799

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

31.12.24

31.12.23

Directors

3

3

Other management

5

4

Office & administration

6

5

Sales & marketing

4

2

Production & engineering

31

35

49

49

31.12.24

31.12.23

£

£

Directors' remuneration

205,067

149,752

Information regarding the highest paid director for the year ended 31 December 2024 is as follows:

31.12.24

£

Emoluments etc

102,533

4.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Depreciation - owned assets

639,150

694,564

Profit on disposal of fixed assets

-

(15,202

)

Development costs amortisation

126

22,049

Auditors' remuneration

15,000

15,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank interest & charges

6,444

6,050

Interest on overdue taxation

6,338

4,346

Hire purchase

-

824

12,782

11,220

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

257,590

242,876

Deferred tax

(114,764

)

37,296

Tax on profit

142,826

280,172

UK corporation tax has been charged at 25% (2023 - 23.52%).

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:

31.12.24

31.12.23

£

£

Profit before tax

542,726

1,090,926

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

135,682

256,586

Effects of:

Expenses not deductible for tax purposes

-

1,022

Depreciation in excess of capital allowances

7,144

22,564

Total tax charge

142,826

280,172

7.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary shares of £1 each

Interim

200,000

150,000

8.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 January 2024

and 31 December 2024

220,498

AMORTISATION

At 1 January 2024

220,371

Amortisation for year

126

At 31 December 2024

220,497

NET BOOK VALUE

At 31 December 2024

1

At 31 December 2023

127