REGISTERED NUMBER: 05764775 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

NIBE ENERGY SYSTEMS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Profit and Loss and Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

P Smith

R Adderley

J M Gunnarsson

L S Nordenfors

Ms L Rawson

REGISTERED OFFICE:

Unit 3c

Broom Business Park

Bridge Way

Chesterfield

Derbyshire

S41 9QG

REGISTERED NUMBER:

05764775 (England and Wales)

AUDITORS:

S&W Audit

Statutory Auditor & Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

LS1 2EE

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

REVIEW OF BUSINESS

2024 was a year of stabilisation and setting the organisation for growth. The business, during the year, has been reorganised to fully address the changing UK heating market for renewable technology including an expansion of customer base through entering new channels of sales such as the distribution channel and a specific focus on new homes and the heat networks market. These moves will serve the business well in the years to come. Operationally, the third-party logistics provider and warehousing was changed and re-located to Stanford Le Hope. The output of this move was to cleanse and reduce of stock levels, improving working capital. Effort has been placed to expand NIBE's accessibility to installers and to support this we have opened a show home for Exhaust Air Heat Pump technology, in addition to expanding our training centre partnerships with colleges. Strong steps are being taken to grow brand awareness in the eyes of the consumer and the wider industry to NIBE's innovative range of technologies.

Despite a contraction of sales and profitability in 2024, due to exiting loss making services, orders secured were 229% of the previous year and this gives a very strong base for sales growth in 2025. NIBE has a clear plan for the next 5 years and key initiatives in place for sales growth and profitability.

PRINCIPAL RISKS AND UNCERTAINTIES

The main driver for the rise of UK heat pump numbers has been the Government’s Boiler Upgrade Scheme and there is a significant increase in competition in this segment, notably from new challengers and digital disruptors such as energy providers. There remains uncertainty on the speed of adoption to the Governments decarbonation initiatives. The implementation of the Future Homes Standard, which will see the ban of fossil fuel heating in new build homes and provide significant opportunity, is not expected to happen until 2026 and full adoption will take some years to fully mature. Electricity prices remain high in comparison to gas and this gap may slow the uptake of heat pumps in addition of high upfront costs to switch from a gas boiler.

KEY PERFORMANCE INDICATORS

The directors consider turnover and profit after tax as the principle KPI used to measure overall company performance.

Key financial performance indicators during the period are as follows:

2024

2023

Change

Turnover

13,372,531

14,162,411

-5.58%

Operating Profit/(Loss)

(891,296)

(1,167,951)

276,655

Profit/(Loss) after tax

(1,517,889)

(1,214,763)

-303,126

Current asset as percentage of current liabilities

181.86%

221.22%

Average trade days

42.13

23.18

Average number of employees

44

43

ON BEHALF OF THE BOARD:

P Smith - Director

17 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 the import and sale of heating systems and ancillary items.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

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

P Smith

R Adderley

J M Gunnarsson

L S Nordenfors

Ms L Rawson

DISCLOSURE IN THE STRATEGIC REPORT

Certain items required under section 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors report are set out in the Strategic Report in accordance with S414C(1l) Companies Act 2006.

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 AUDITOR

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, S&W Partners Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Smith - Director

17 September 2025

Opinion

We have audited the financial statements of NIBE Energy Systems Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Profit and Loss and Other Comprehensive Income, Balance Sheet, 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 loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 irregularities.

We obtained a general understanding of the Company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company's industry and regulation.

We understand that the Company complies with the framework through:

- Outsourcing payroll, accounts preparation and tax compliance to external experts.

- Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary.

- The Directors' close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company's ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Company:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.

- UK Taxation Law

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:

- Made enquiries of management regarding compliance with laws and regulations and any known non-compliance in the year

- Reviewed legal expense accounts

- Obtaining written management representations regarding the adequacy of procedures in place.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

- Manipulation of the financial statements, especially revenue, via fraudulent manual journal entries, particularly as the size of the Company means that there is little opportunity for segregation of duties.

- Incorrect recognition of revenue

- Stock provision and warranty provision as these are subjective estimates made by management and therefore could be manipulated.

The procedures we carried out to gain evidence in the above areas included:

- Testing of manual journal entries, selected based on specific risk assessments applied based on the client processes and controls surrounding manual journals; and

- Testing a sample of revenue transactions to underlying documentation, including ensuring revenue is recognised in the correct period

- Challenging management regarding the assumptions used in the estimates identified above, and comparison to market data and post-year-end data as appropriate.

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

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.

Matthew Barton BA(Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Statutory Auditor & Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

LS1 2EE

25 September 2025

TURNOVER

3

13,372,531

14,162,411

Cost of sales

10,598,700

11,610,476

GROSS PROFIT

2,773,831

2,551,935

Administrative expenses

3,666,391

3,726,757

(892,560

)

(1,174,822

)

Other operating income

1,264

6,871

OPERATING LOSS

(891,296

)

(1,167,951

)

Exceptional item

5

835,958

-

(1,727,254

)

(1,167,951

)

Interest receivable and similar income

49,778

48,774

LOSS BEFORE TAXATION

6

(1,677,476

)

(1,119,177

)

Tax on loss

7

(159,587

)

95,586

LOSS FOR THE FINANCIAL YEAR

(1,517,889

)

(1,214,763

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(1,517,889

)

(1,214,763

)

FIXED ASSETS

Tangible assets

9

104,409

144,711

CURRENT ASSETS

Stocks

10

2,714,394

3,753,907

Debtors

11

2,227,345

2,347,037

Cash at bank and in hand

720,084

1,264,040

5,661,823

7,364,984

CREDITORS

Amounts falling due within one year

12

3,113,322

3,329,233

NET CURRENT ASSETS

2,548,501

4,035,751

TOTAL ASSETS LESS CURRENT LIABILITIES

2,652,910

4,180,462

PROVISIONS FOR LIABILITIES

15

24,220

33,883

NET ASSETS

2,628,690

4,146,579

CAPITAL AND RESERVES

Called up share capital

16

100

100

Retained earnings

17

2,628,590

4,146,479

SHAREHOLDERS' FUNDS

2,628,690

4,146,579

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 11 April 2025 and were signed on its behalf by:

P Smith - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

5,661,242

5,661,342

Changes in equity

Dividends

-

(300,000

)

(300,000

)

Total comprehensive loss

-

(1,214,763

)

(1,214,763

)

Balance at 31 December 2023

100

4,146,479

4,146,579

Changes in equity

Total comprehensive loss

-

(1,517,889

)

(1,517,889

)

Balance at 31 December 2024

100

2,628,590

2,628,690

1.	STATUTORY INFORMATION

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

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

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 requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

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

In determining the carrying amounts of certain assets and liabilities, the company makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The company's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically.These include the assessment of provisions against stock.

Tangible fixed assets

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

Plant and machinery

-

33% on cost and 25% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost and 20% on cost

Depreciation is charged from the month of purchase.

Stocks

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

Cost is based on the weighted average principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other cost incurred in bringing them to their existing location and condition.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Profit and Loss and Other Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

Employee benefits

Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating lease commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

A provision is recognised in the balance sheet when the company has a present legal or constructive obligation as a result of a past event that can be reliability measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3.

TURNOVER

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

All turnover arose from activities in the UK.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,983,609

2,043,202

Social security costs

232,945

252,436

Other pension costs

196,211

128,491

2,412,765

2,424,129

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

2024

2023

Maintenance and service

14

14

Sales and marketing

27

26

Administration

3

3

44

43

2024

2023

£

£

Directors' remuneration

326,882

382,940

Directors' pension contributions to money purchase schemes

74,500

39,904

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

143,136

212,315

Pension contributions to money purchase schemes

14,412

19,792

5.	EXCEPTIONAL ITEMS

2024

2023

£

£

Exceptional item

(835,958

)

-

The exceptional items represent costs associated with a change in warehousing facilities, the write off of additional obsolete stock arising from both the move and a change in sales offering as part of a thorough review of costs, and costs recognised in respect of excess F-Gas credits which are no longer needed due to a change in specification of certain goods sold by the company.

6.	LOSS BEFORE TAXATION

The loss is stated after charging:

2024

2023

£

£

Other operating leases

247,488

259,203

Depreciation - owned assets

76,687

85,537

Loss on disposal of fixed assets

11,897

-

Auditors' remuneration

14,000

14,000

Foreign exchange differences

3,910

10,739

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2024

2023

£

£

Current tax:

Corporation tax overprovided

(117,969

)

-

Prior year tax adjustment

(31,955

)

90,597

Total current tax

(149,924

)

90,597

Deferred tax

(9,663

)

4,989

Tax on loss

(159,587

)

95,586

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

Reconciliation of total tax (credit)/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

£

£

Loss before tax

(1,677,476

)

(1,119,177

)

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

(419,369

)

(279,794

)

Effects of:

Expenses not deductible for tax purposes

2,974

31,299

Depreciation in excess of capital allowances

6,086

3,565

Deferred tax not provided on loss carried forward

537,704

244,930

Prior year adjustment

(286,982

)

95,586

Total tax (credit)/charge

(159,587

)

95,586

8.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Final

-

300,000

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

352,568

369,492

16,180

264,142

1,002,382

Additions

16,017

14,696

6,848

13,130

50,691

Disposals

(277,386

)

(231,660

)

(5,339

)

(166,101

)

(680,486

)

At 31 December 2024

91,199

152,528

17,689

111,171

372,587

DEPRECIATION

At 1 January 2024

324,078

295,703

6,323

231,567

857,671

Charge for year

17,760

30,196

5,211

23,520

76,687

Eliminated on disposal

(274,099

)

(221,662

)

(5,339

)

(165,080

)

(666,180

)

At 31 December 2024

67,739

104,237

6,195

90,007

268,178

NET BOOK VALUE

At 31 December 2024

23,460

48,291

11,494

21,164

104,409

At 31 December 2023

28,490

73,789

9,857

32,575

144,711

10.

STOCKS

2024

2023

£

£

Finished goods

2,714,394

3,753,907

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,539,351

899,286

Amounts owed by group undertakings

26,866

67,992

Other debtors

95,033

277,404

Corporation tax

132,357

93,640

Prepayments

433,738

1,008,715

2,227,345

2,347,037

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

264,440

186,046

Amounts owed to group undertakings

1,853,535

2,206,688

Social security and other taxes

58,639

85,802

VAT

196,317

118,339

Other creditors

117,786

129,285

Pension creditor

22,267

-

Accruals and deferred income

600,338

603,073

3,113,322

3,329,233

Group balances are repayable on demand and are interest free.

13.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

277,429

291,997

Between one and five years

341,166

283,836

618,595

575,833

14.	PENSION COMMITMENTS

Pension liability of £22,267 was due at year end (2023 £18,407).

15.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

24,220

33,883

Deferred

tax

£

Balance at 1 January 2024

33,883

Credit to Statement of Profit and Loss and Other Comprehensive Income during year

(9,663

)

Balance at 31 December 2024

24,220