REGISTERED NUMBER: 08227132 (England and Wales)

GES RECYCLING LTD.

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTOR:

I Velasco

REGISTERED OFFICE:

Tallent Automotive

Aycliffe Business Park

Newton Aycliffe

Durham

DL5 6EP

REGISTERED NUMBER:

08227132 (England and Wales)

AUDITORS:

Fruition Advisory LLP

29 Wood Street

Stratford-upon-Avon

CV37 6JG

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

In 2024, the export and domestic scrap market saw a steady drop in prices due to weak demand, economic challenges, and global market conditions. Although prices started high, they fell throughout the year for several reasons:

In March, U.S. suppliers accepted lower prices, causing a sharp decline.

Many steel mills switched to billet, reducing the need for scrap.

Prices briefly recovered in September-October but dropped again in the last quarter, reaching the lowest levels since 2022.

These factors affected profitability and turnover, as lower scrap prices, weak steel demand, as well as the aluminium management change (we only provide handling services instead of buying/selling) put pressure on margins leading to a decline in overall financial results.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Units

2024

2023

Turnover

£

19,508,701

27,141,379

Gross profit

£

2,261,544

3,271,176

Gross profit

%

11

12

Net (loss) / profit after tax

£

177,919

1,029,564

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk and uncertainties surround scrap metal price variations that depend on the global and local marketplace. The business is also vulnerable to a reduction in local demand due to the slowdown of the automotive sector.

ON BEHALF OF THE BOARD:

I Velasco - Director

31 March 2025

The director presents his 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 purchase and sale of scrap metal waste from the automotive industry.

DIVIDENDS

Interim dividends per share were paid as follows:

£22,000

- 31 March 2024

£10,000

- 19 July 2024

£32,000

The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 3,200,000 .

DIRECTOR

I Velasco held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

I Velasco - Director

31 March 2025

Opinion

We have audited the financial statements of Ges Recycling Ltd. (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the Company remuneration policies, key drivers for directors? remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to stock obsolescence. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company ability to operate or to avoid a material penalty. These included compliance with GDPR regulation.

Audit response to risks identified:

As a result of performing the above, we identified trade debtor recoverability as a key audit matter related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud and reviewing internal reports;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement

team members including internal specialists, and remained alert to any indications of fraud or noncompliance

with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Michelle Vincent (Senior Statutory Auditor)

for and on behalf of Fruition Advisory LLP

29 Wood Street

Stratford-upon-Avon

CV37 6JG

31 March 2025

TURNOVER

3

19,508,701

27,141,379

Cost of sales

(17,247,157

)

(23,870,204

)

GROSS PROFIT

2,261,544

3,271,175

Distribution costs

(760,893

)

(728,350

)

Administrative expenses

(1,347,671

)

(1,263,076

)

152,980

1,279,749

Other operating income

4

86,626

70,444

OPERATING PROFIT and

PROFIT BEFORE TAXATION

239,606

1,350,193

Tax on profit

8

(61,687

)

(320,629

)

PROFIT FOR THE FINANCIAL YEAR

177,919

1,029,564

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

177,919

1,029,564

FIXED ASSETS

Tangible assets

10

826,173

555,846

CURRENT ASSETS

Stocks

11

47,383

209,882

Debtors

12

2,163,859

3,725,727

Cash at bank and in hand

3,076,992

6,305,176

5,288,234

10,240,785

CREDITORS

Amounts falling due within one year

13

4,505,873

6,252,647

NET CURRENT ASSETS

782,361

3,988,138

TOTAL ASSETS LESS CURRENT LIABILITIES

1,608,534

4,543,984

PROVISIONS FOR LIABILITIES

15

175,708

89,077

NET ASSETS

1,432,826

4,454,907

CAPITAL AND RESERVES

Called up share capital

16

1,000

1,000

Retained earnings

17

1,431,826

4,453,907

SHAREHOLDERS' FUNDS

1,432,826

4,454,907

The financial statements were approved by the director and authorised for issue on 31 March 2025 and were signed by:

I Velasco - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1,000

3,424,343

3,425,343

Changes in equity

Total comprehensive income

-

1,029,564

1,029,564

Balance at 31 December 2023

1,000

4,453,907

4,454,907

Changes in equity

Dividends

-

(3,200,000

)

(3,200,000

)

Total comprehensive income

-

177,919

177,919

Balance at 31 December 2024

1,000

1,431,826

1,432,826

Cash flows from operating activities

Cash generated from operations

1

458,216

4,336,881

Interest paid

(78,587

)

(78,587

)

Tax paid

(121,387

)

(458,029

)

Net cash from operating activities

258,242

3,800,265

Cash flows from investing activities

Purchase of tangible fixed assets

(422,652

)

(290,995

)

Sale of tangible fixed assets

49,600

28,000

Interest received

86,626

70,444

Net cash from investing activities

(286,426

)

(192,551

)

Cash flows from financing activities

Equity dividends paid

(3,200,000

)

-

Net cash from financing activities

(3,200,000

)

-

(Decrease)/increase in cash and cash equivalents

(3,228,184

)

3,607,714

Cash and cash equivalents at beginning of year

2

6,305,176

2,697,462

Cash and cash equivalents at end of year

2

3,076,992

6,305,176

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

2024

2023

£

£

Profit before taxation

239,606

1,350,193

Depreciation charges

148,853

94,362

(Profit)/loss on disposal of fixed assets

(46,128

)

2,657

Interest received

(86,626

)

(70,444

)

Interest paid

78,587

78,587

334,292

1,455,355

Decrease in stocks

162,499

134,721

Decrease in trade and other debtors

1,586,812

362,455

(Decrease)/increase in trade and other creditors

(1,625,387

)

2,384,350

Cash generated from operations

458,216

4,336,881

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

3,076,992

6,305,176

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

6,305,176

2,697,462

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

6,305,176

(3,228,184

)

3,076,992

6,305,176

(3,228,184

)

3,076,992

Total

6,305,176

(3,228,184

)

3,076,992

1.	STATUTORY INFORMATION

Ges Recycling Ltd. 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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and

rounded to the nearest £.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements in applying accounting policies surround estimates of useful lives of tangible fixed assets for depreciation policies and the consideration of potential stock provisions and adjustments.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company?s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

Sales of goods

Sales of goods are recognised when the company has delivered scrap metal to the customer and no significant obligation remains unfulfilled that may affect the customer's acceptance of the goods.

Rendering of services

The company sells scrap handling services. When the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion, the company recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.

Tangible fixed assets

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

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other property, plant and equipment

10% and 20% straight line

Motor vehicles

20% and 33% straight line

Furniture, fittings and equipment

33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost

is determined using the first-in, first-out (FIFO) method.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made 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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Going concern

The financial statements have been prepared on a going concern basis on the grounds that immediate parent, Gescrap Desarrollo S.L.U, provides continued support in the form of a long term loan.

Government grants

Grant income is recognised when there is entitlement to the grant, virtual certainty that it will be

received and sufficient measurability of the amount.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors with no stated rate of interest rate receivable are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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

£

£

Sale of goods

18,919,884

27,075,317

Sale of services

588,817

66,062

19,508,701

27,141,379

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

19,508,701

27,141,379

19,508,701

27,141,379

4.	OTHER OPERATING INCOME

2024

2023

£

£

Bank interest received

86,626

70,444

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

618,049

571,560

Social security costs

52,694

50,842

Other pension costs

12,323

14,092

683,066

636,494

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

2024

2023

Sales, marketing and distribution

18

16

Administration and support

2

2

20

18

2024

2023

£

£

Director's remuneration

-

-

6.	OPERATING PROFIT

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

2024

2023

£

£

Hire of plant and machinery

47,523

30,486

Depreciation - owned assets

148,853

94,361

(Profit)/loss on disposal of fixed assets

(46,128

)

2,657

Foreign exchange differences

(2,957

)

(1,071

)

7.	AUDITORS' REMUNERATION

2024

2023

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

11,450

9,000

Auditors' remuneration for non audit work

6,750

5,800

8.

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

(24,944

)

262,312

Deferred tax

86,631

58,317

Tax on profit

61,687

320,629

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

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

239,606

1,350,193

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

56,355

317,565

Effects of:

Expenses not deductible for tax purposes

203

(1,558

)

Depreciation in excess of capital allowances

-

395

Adjustments to tax charge in respect of previous periods

5,129

4,227

Total tax charge

61,687

320,629