REGISTERED NUMBER: 06132347 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ALEIDO UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Statement of Directors' Responsibilities

6

Independent Auditors' Report

7

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

A L McCabe

L Josefsson-Peil

A Flojt

REGISTERED OFFICE:

Semcon House

Edgehill Drive

Warwick

Warwickshire

CV34 6NH

REGISTERED NUMBER:

06132347 (England and Wales)

AUDITORS:

Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

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

REVIEW OF BUSINESS

The Company's core competence is to develop, produce and distribute Aftermarket information solutions, focusing on improving the user experience through digitalisation of information. Aleido UK's experienced international resource base and local presence enables the Company to provide flexible ways of working with multi-site projects and to utilise competence networks for knowledge sharing and competence transfer.

The results for the year and financial position of the Company are as shown in the annexed financial statements.

The level of business and year-end position are considered to be satisfactory and the directors remain to be focused on long term sustainable growth by investing in innovation and resources to continue to develop the business as well collaborating within the group, both in UK and overseas, to expand delivery opportunities.

During 2024, the Company saw revenues rise by 10.3% compared to the previous year at £9.6m (£8.7m in 2023) with the increase being mainly due to demand growth of £0.8m from a number of existing customers and £0.2m from new customers. This was partly offset by £0.1m lower turnover with other customers.

Gross profit increased by 6.7% year on year to £3.2m (£3.0m in 2023) due to lower underlying costs as a result of the mix of deliverables to customers and staffing costs. Administrative expenses were stable at £1.7m. Impairment on the investment in the subsidiary of £1,057k was recognised. Net profit before tax therefore decreased by 45% to £0.9m (£1.6m in 2023) representing a net margin of 9.49% (18.4% in 2023).

The Company continues to have satisfactory cash flow with no borrowings and this is predicted to continue into the foreseeable future. The cash balance is increased at end of 2024 at £1.6m (£0.5m in 2023) with the increase in cash being due to higher receipts from customers and absence of payments made in 2023 associated with the acquisition of Walkgrove Solutions Limited in December 2021.

The Company continues to develop its operations and offering and the outlook for the coming year remains positive whilst the company seeks to broaden current customer deliverables and achieve further growth with new customer business. The Company is also focussing on new sectors and collaborating more closely with UK and Group companies. Finally, production and overhead costs continue to be closely monitored to ensure savings continue to be made including maximising revenue potential from leasing excess office and workshop space.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company operates in a highly competitive market but the viability of the UK operation remains positive due to the business growth opportunities with both current and new customers. Due to challenges in the global agricultural and automotive sector the procurement departments of customers are increasingly challenging the Company to reduce costs and deliver more value for money, which the Company manages this risk by providing innovative added value services to its clients and by maintaining strong client relationships. To deliver this the Company recruits and seeks to retain the most talented people by supporting them to develop and expand their skills and capabilities.

The Company's activities expose it to a number of financial risks including credit risk, foreign exchange risk and liquidity risk. The Company's credit risk is primarily attributable to its trade receivables. Where considered necessary appropriate allowance is made for doubtful debts. However, all of the Company's main customers are substantial businesses and the risk of them failing to meet their obligations is considered to be low.

The Company is exposed to some foreign exchange risk but will always attempt to mitigate the effect by matching, in the same currency, the cost of supply against the corresponding receivable.

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company is able to rely on short-term multi-currency debt finance from its parent company with which it has very flexible funding arrangements. It has not been necessary to defer any payments for any reason, and the Company's cash position remains satisfactory, hence this facility is little utilised but remains available if required.

SIGNED BY ORDER OF THE DIRECTORS:

A L McCabe - Director

2 July 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 provision and development of product information solutions primarily in the agricultural sector.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 was £1,200,000 (2023: £nil).

FUTURE DEVELOPMENTS

The outlook for the coming financial year and future developments for the Company are covered in the Strategic Report.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

A L McCabe

L Josefsson-Peil

Other changes in directors holding office are as follows:

J Ekener - resigned 17 September 2024

A Flojt - appointed 17 September 2024

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

- the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

DIRECTORS INDEMNITIES

The Company has granted the directors with qualifying third-party indemnity provisions within the meaning given to the term by section 234 and 235 of the Companies Act 2006. This is in respect of liabilities to which they may become liable in their capacity as director of the Company. Such indemnities were in force throughout the financial year and will remain in force at the date of this report.

AUDITORS

The auditors, Shaw Gibbs (Audit) Limited, are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

SIGNED BY ORDER OF THE DIRECTORS:

A L McCabe - Director

2 July 2025

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable United Kingdom 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 company's financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102").

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 in accordance with section 10 of FRS 102 then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in FRS 102 is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Company's financial position and financial performance;

- in respect of the Company's financial statements, state whether applicable UK accounting standards, including FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is appropriate to presume that the company will not 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 company's 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.

Under applicable law and regulations, the directors are also responsible for preparing a strategic report and directors' report that comply with that law and those regulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

Opinion

We have audited the financial statements of Aleido UK 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

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, the Report of the Directors and the Statement of Directors' Responsibilities, 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management, and the understatement of revenue. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory correspondence and professional fees, detailed substantive testing on the completeness of income.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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 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.

Nicola Fox (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

4 July 2025

TURNOVER

3

9,624,119

8,713,123

Cost of sales

6,434,291

5,740,579

GROSS PROFIT

3,189,828

2,972,544

Administrative expenses

1,665,858

1,674,101

1,523,970

1,298,443

Other operating income

171,821

119,377

OPERATING PROFIT

5

1,695,791

1,417,820

Income from shares in group undertakings

200,000

100,000

Income from fixed asset investments

-

25,000

Interest receivable and similar income

6

56,260

29,545

256,260

154,545

1,952,051

1,572,365

Amounts written off investments

7

1,056,600

-

895,451

1,572,365

Interest payable and similar expenses

8

1,642

-

PROFIT BEFORE TAXATION

893,809

1,572,365

Tax on profit

9

457,993

360,845

PROFIT FOR THE FINANCIAL YEAR

435,816

1,211,520

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

435,816

1,211,520

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

351,165

531,659

Investments

13

813,161

1,869,761

1,164,326

2,401,420

CURRENT ASSETS

Debtors

14

1,183,009

1,820,742

Cash at bank and in hand

1,603,257

500,751

2,786,266

2,321,493

CREDITORS

Amounts falling due within one year

15

630,489

625,971

NET CURRENT ASSETS

2,155,777

1,695,522

TOTAL ASSETS LESS CURRENT LIABILITIES

3,320,103

4,096,942

PROVISIONS FOR LIABILITIES

18

351,236

363,891

NET ASSETS

2,968,867

3,733,051

CAPITAL AND RESERVES

Called up share capital

19

10

10

Retained earnings

20

2,968,857

3,733,041

SHAREHOLDERS' FUNDS

2,968,867

3,733,051

The financial statements were approved by the Board of Directors and authorised for issue on 2 July 2025 and were signed on its behalf by:

A L McCabe - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

10

2,521,521

2,521,531

Changes in equity

Total comprehensive income

-

1,211,520

1,211,520

Balance at 31 December 2023

10

3,733,041

3,733,051

Changes in equity

Dividends

-

(1,200,000

)

(1,200,000

)

Total comprehensive income

-

435,816

435,816

Balance at 31 December 2024

10

2,968,857

2,968,867

1.	STATUTORY INFORMATION

Aleido UK 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.

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 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 requirement of paragraph 33.7.

Consolidation

The financial statements contain information about Aleido UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Ratos AB, Sturegatan 10, SE-11436 Stockholm, Sweden.

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover

Turnover represents amounts derived from the provision of services which fall within the company's ordinary activities after the deduction of value added tax. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of service provided to date. The turnover and pre-tax profit is attributable to the principal activity of the company.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Tangible fixed assets

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

Leasehold improvements

-

over the life of the lease

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% - 33% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investments are reviewed for indicators of impairment on an annual basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income.

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.

Lease commitments

Where the company is the lessee; rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Where the company is the lessor; rental income is recognised on a straight-line basis over the life of the lease. Costs incurred in earning the lease income are recognised as an expense.

Pension costs and other post-retirement benefits

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

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

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

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

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

Dilapidations

The dilapidations provision is an estimate of the cost of reinstating the property to its original condition at the end of the lease term. The provision is not discounted to net present value in the accounts on the basis that the adjustment is not considered material. The dilapidations provision is added to fixed assets and depreciated over the remaining life of the lease.

3.

TURNOVER

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

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

2024

2023

£

£

Rendering of services

9,624,119

8,713,123

9,624,119

8,713,123

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

2,394,989

2,033,318

Europe

7,229,130

6,679,805

9,624,119

8,713,123

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

4,460,890

4,039,961

Social security costs

472,658

412,953

Other pension costs

277,669

265,993

5,211,217

4,718,907

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

2024

2023

Production

90

83

Administration

13

11

103

94

2024

2023

£

£

Directors' remuneration

96,379

98,145

Directors' pension contributions to money purchase schemes

30,731

26,059

The above Directors remuneration relates to the UK based directors. There were 3 non-UK directors holding office during 2024 and 2023.

In 2024 and 2023, the non-UK based directors were remunerated by other group companies, and given that their services to the Company are considered to be incidental to their overall services to the group, no amounts are disclosed as relating to their services to the Company.

5.	OPERATING PROFIT

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

2024

2023

£

£

Hire of plant and machinery

28,865

30,119

Other operating leases

181,951

181,951

Depreciation - owned assets

261,781

256,720

Auditors' remuneration

8,400

8,000

Foreign exchange differences

1,409

4,039

Other operating income - Rental and lease income

(157,962

)

(112,193

)

Auditors' remuneration relates to audit services only.

£4,145 accountancy fees were payable to the auditor in respect of non-audit services (2023: £7,600).

6.

INTEREST RECEIVABLE AND SIMILAR INCOME

2024

2023

£

£

Loan interest

56,260

28,538

Other interest receivable

-

1,007

56,260

29,545

7.

AMOUNTS WRITTEN OFF INVESTMENTS

2024

2023

£

£

Subsidiary impairment

1,056,600

-

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other interest payable

1,642

-

9.

TAXATION

Analysis of the tax charge

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

2024

2023

£

£

Current tax:

UK corporation tax

470,648

386,771

Deferred tax

(12,655

)

(25,926

)

Tax on profit

457,993

360,845

UK corporation tax has been charged at 25% (2023 - 23.50%).

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

£

£

Profit before tax

893,809

1,572,365

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

223,452

369,506

Effects of:

Expenses not deductible for tax purposes

234,541

(7,327

)

Change in tax rates

-

(1,208

)

Enhanced capital allowances

-

(126

)

Total tax charge

457,993

360,845

The rate used for closing deferred tax balances is 25% (2023: 25%).

10.

DIVIDENDS

2024

2023

£

£

Interim

1,200,000

-

Dividends of £1,200,000 were paid in the year. (2023: Nil)

11.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2024

and 31 December 2024

9,400

AMORTISATION

At 1 January 2024

and 31 December 2024

9,400

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

12.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

Computer

improvements

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

1,927,865

15,719

85,676

437,144

2,466,404

Additions

-

-

-

81,836

81,836

Disposals

-

-

-

(701

)

(701

)

At 31 December 2024

1,927,865

15,719

85,676

518,279

2,547,539

DEPRECIATION

At 1 January 2024

1,535,535

15,719

85,676

297,815

1,934,745

Charge for year

178,888

-

-

82,893

261,781

Eliminated on disposal

-

-

-

(152

)

(152

)

At 31 December 2024

1,714,423

15,719

85,676

380,556

2,196,374

NET BOOK VALUE

At 31 December 2024

213,442

-

-

137,723

351,165

At 31 December 2023

392,330

-

-

139,329

531,659