REGISTERED NUMBER: 08452262 (England and Wales)

ARMORGARD LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

B Mitchell

R Mitchell

T Mitchell

W Mitchell

REGISTERED OFFICE:

Units 14-16 Fareham Industrial Park

Standard Way

Fareham

Hampshire

PO16 8XB

REGISTERED NUMBER:

08452262 (England and Wales)

AUDITORS:

Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Hampshire

SO53 2DR

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

REVIEW OF BUSINESS

The principal activity of the company is that of selling niche products to the construction industry and developing high quality products for secure storage and manual handling. The products are quality tested and ergonomically designed. The company grows from strength to strength, given the innovative development of products. Armorgard Limited is constantly looking to open up markets not only in the UK but overseas.

The company has launched new innovative products, and expanded into new markets during the year, which has contributed to the increase in turnover and operating profit. The company's mission has continued to be security and safety on construction sites.

The outlook for the company is positive. The directors plan to continue to develop the corporate activities over the coming year, and will continue to invest in the business to keep the Armorgard brand at the forefront of the market.

Turnover for the year was £25,976,757, an increase of 3.9% over the previous year's turnover of £24,989,773. The company's profit before tax for the financial year was £4,875,646 (2023: £3,786,509). The net assets of the company were £3,000,000 (2023: £2,500,000).

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks to the company are that of supply chain disruption, which is mitigated by having diversified suppliers and having an adequate stock buffer, and that of fluctuations in exchange rates, which is mitigated by hedging as appropriate.

Specific risks include the impact of legislation and the loss of key personnel. The board of directors will continue to actively monitor these on an ongoing basis.

The company's fiduciary management of cash flow is closely monitored and all risks are identified and addressed.

The other risks and uncertainties to the business relate to the Russia Ukraine conflict, and the unrest in the Middle East, but the company is monitoring this closely. The risks surrounding the supply chain and any future trading issues with suppliers, who are likely to be impacted by the broad impacts of the geographical disruption and inflation, are also being monitored.

KEY PERFORMANCE INDICATORS

The directors monitor the business using a combination of both financial and non-financial key performance indicators.

Key performance indicators include turnover, profit before tax and net assets.

The key performance indicators tracked by the directors are included in the Review of Business above.

ON BEHALF OF THE BOARD:

T Mitchell - Director

25 September 2025

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

DIVIDENDS

Ordinary dividends were paid amounting to £3,623,861 (2023: £2,680,775). The directors do not recommend payment of a further dividend.

RESEARCH AND DEVELOPMENT

The company continues to invest in R&D activities, having its own internal team based in Fareham. The R&D work involves the design and development of innovative and market leading products for use in the construction industry.

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.

B Mitchell

R Mitchell

T Mitchell

W Mitchell

FUTURE DEVELOPMENTS

The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and that the risks that have been identified are being well managed. With focus on the development of new products as well as continuing review of the state of the market and the activities of competitors, the directors are confident in the company's ability to maintain and build on this position.

FINANCIAL INSTRUMENTS RISKS

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities. The company does not enter into any formally designated hedging arrangements and has a risk management programme that seeks to limit the adverse effects on the financial performance of the company.

Price risk

The company is exposed to the risk of stock pricing due to general economic or industry specific factors, as are all businesses in this industry. The directors mitigate this risk by ensuring they only carry stock of a suitable profile, and closely monitor the ageing of stock to ensure a suitable stock turn is maintained.

Credit risk

The directors mitigate credit risk by carrying out credit checks, regularly reviewing aged and overdue accounts, and taking out credit insurance.

Liquidity / cash flow risk

The directors manage this risk by ensuring sufficient funds are available to meet amounts due.

THIRD PARTY INDEMNITIES

Qualifying third party indemnity provisions for the benefit of the directors were in force during the year under review and remain in force as at the date of approval of the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T Mitchell - Director

25 September 2025

Opinion

We have audited the financial statements of Armorgard Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of 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 profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our 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 pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act and Health & Safety regulations.

Discussions were held within the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the completeness of revenue. Audit procedures were designed to ensure all of the risks were addressed.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

o

enquiring of management as to actual and potential litigation and claims; and

o

reviewing any correspondence with regulators and the company's legal advisors.

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

o

performed analytical procedures to identify any unusual or unexpected relationships; and

o

tested journal entries to identify unusual transactions; and

o

assessed whether judgements and assumptions contained any indication of potential bias.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Robin Lloyd (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Hampshire

SO53 2DR

25 September 2025

TURNOVER

3

25,976,757

24,989,773

Cost of sales

14,771,965

14,463,061

GROSS PROFIT

11,204,792

10,526,712

Exceptional items

-

830,114

Administrative expenses

6,371,371

5,942,028

6,371,371

6,772,142

4,833,421

3,754,570

Other operating income

4

-

16,444

OPERATING PROFIT

6

4,833,421

3,771,014

Interest receivable and similar income

44,735

16,607

4,878,156

3,787,621

Interest payable and similar expenses

8

2,510

1,112

PROFIT BEFORE TAXATION

4,875,646

3,786,509

Tax on profit

9

751,785

605,734

PROFIT FOR THE FINANCIAL YEAR

4,123,861

3,180,775

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,123,861

3,180,775

FIXED ASSETS

Intangible assets

11

4,144

6,198

Tangible assets

12

719,120

793,195

723,264

799,393

CURRENT ASSETS

Stocks

13

3,262,493

2,390,060

Debtors

14

8,534,898

6,984,407

Cash at bank and in hand

1,792,269

2,855,590

13,589,660

12,230,057

CREDITORS

Amounts falling due within one year

15

11,200,020

10,366,618

NET CURRENT ASSETS

2,389,640

1,863,439

TOTAL ASSETS LESS CURRENT LIABILITIES

3,112,904

2,662,832

PROVISIONS FOR LIABILITIES

17

112,904

162,832

NET ASSETS

3,000,000

2,500,000

CAPITAL AND RESERVES

Called up share capital

18

900

900

Retained earnings

19

2,999,100

2,499,100

3,000,000

2,500,000

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

T Mitchell - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

900

1,999,100

2,000,000

Changes in equity

Dividends

-

(2,680,775

)

(2,680,775

)

Total comprehensive income

-

3,180,775

3,180,775

Balance at 31 December 2023

900

2,499,100

2,500,000

Changes in equity

Dividends

-

(3,623,861

)

(3,623,861

)

Total comprehensive income

-

4,123,861

4,123,861

Balance at 31 December 2024

900

2,999,100

3,000,000

1.	STATUTORY INFORMATION

Armorgard Limited is a private company, limited by shares, incorporated in England and Wales. The registered office address is Units 14-16 Fareham Industrial Park, Standard Way, Fareham, PO16 8XB. The company's registered number is 08452262.

The principal activity of Armorgard Limited is that of the manufacture of fabricated metal products.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

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 requirement of paragraph 33.7.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Leases

A lease that does not transfer substantially all of the risks and rewards of ownership is classified as an operating lease and is therefore not included in the statement of financial position.

The directors do not consider there to be any significant estimates.

Turnover

Turnover represents net sales during the year (excluding Value Added Tax) adjusted for accrued and deferred income where applicable.

Turnover is derived from the sale of secure boxes and is recognised upon despatch of the goods.

Intangible fixed assets

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

Intangible fixed assets are amortised over their estimated useful lives of 5 years.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

The cost of tangible fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is provided to write off the cost, less estimated residual values, evenly over their expected useful lives. It is calculated at the following rates:

Asset class

Depreciation method and rate

Leasehold improvements

Over the period of the lease

Furniture, fittings and equipment

20-25% straight line

Motor vehicles

20-25% straight line

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Income Statement.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a 'weighted-average cost' basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.

Financial instruments

The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.

Taxation

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

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 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.

Research and development

Expenditure on research and development is written off in the year in which it is 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.

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 the Income Statement in the period to which they relate.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Leasing commitments

Rentals payable under operating leases, including any lease incentives received, are charged to the Income Statement on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Exceptional items

Exceptional items are one off, material items outside of the normal course of business which are not related to the company's trading activities.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

22,624,703

20,042,262

Europe

1,257,886

2,129,943

United States of America

1,609,764

1,722,132

Canada

437,342

918,815

Rest of the world

47,062

176,621

25,976,757

24,989,773

4.	OTHER OPERATING INCOME

2024

2023

£

£

Sundry receipts

-

10,000

Management charges receivable

-

6,444

-

16,444

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

3,856,747

3,388,075

Social security costs

399,877

366,386

Other pension costs

53,991

45,957

4,310,615

3,800,418

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

2024

2023

Operations

26

20

Administration and support

15

13

Research and development

8

6

Sales

19

19

Marketing

4

4

72

62

2024

2023

£

£

Directors' remuneration

53,312

70,796

Directors' pension contributions to money purchase schemes

39

183

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

Money purchase schemes

1

2

6.	OPERATING PROFIT

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

2024

2023

£

£

Depreciation - owned assets

251,195

239,269

Goodwill amortisation

-

24,716

Patents and licences amortisation

2,054

11,957

Auditors' remuneration

16,000

13,000

Foreign exchange differences

(29,414

)

6,905

Research and development cost

170,323

94,288

Operating lease expense

587,947

590,102

7.	EXCEPTIONAL ITEMS

Exceptional items relate to provisions against items which aren't considered to be recoverable based on a decision made by the directors to cease activities with related entities. The expense in the prior year was made up as follows:

2023

£

Provision against amounts owed by related parties

531,560

Provision against stock

175,000

Provision against intangible fixed assets

113,711

Provision against tangible fixed assets

9,842

830,114

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Interest payable

2,510

1,112

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

838,959

605,397

Over/under provision in prior

year

(37,246

)

-

Total current tax

801,713

605,397

Deferred tax

(49,928

)

337

Tax on profit

751,785

605,734

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

4,875,646

3,786,509

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

1,218,912

890,625

Effects of:

Expenses not deductible for tax purposes

6,943

28,556

Adjustments to tax charge in respect of previous periods

(37,246

)

-

Movement in deferred tax previously unprovided

(20,488

)

80,147

Impact of super deduction

-

(161

)

Research and development tax credit

(356,259

)

(321,154

)

Difference in tax rate

-

(2,033

)

Other timing differences

(32,999

)

(45,457

)

Patent box deduction

(27,078

)

(24,789

)

Total tax charge

751,785

605,734

10.

DIVIDENDS

2024

2023

Ordinary shares of £1 each

£

£

Final

3,623,861

2,680,775

11.	INTANGIBLE FIXED ASSETS

Patents and

Goodwill

licences

Totals

£

£

£

COST

At 1 January 2024

2,023,582

59,785

2,083,367

Disposals

(123,582

)

(49,455

)

(173,037

)

At 31 December 2024

1,900,000

10,330

1,910,330

AMORTISATION

At 1 January 2024

2,023,582

53,587

2,077,169

Amortisation for year

-

2,054

2,054

Eliminated on disposal

(123,582

)

(49,455

)

(173,037

)

At 31 December 2024

1,900,000

6,186

1,906,186

NET BOOK VALUE

At 31 December 2024

-

4,144

4,144

At 31 December 2023

-

6,198

6,198

12.	TANGIBLE FIXED ASSETS

Furniture,

fittings

Leasehold

and

Motor

improvements

equipment

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

699,805

915,781

342,516

1,958,102

Additions

22,200

88,087

66,833

177,120

Disposals

-

(16,635

)

(30,765

)

(47,400

)

At 31 December 2024

722,005

987,233

378,584

2,087,822

DEPRECIATION

At 1 January 2024

373,335

585,099

206,473

1,164,907

Charge for year

89,853

116,889

44,453

251,195

Eliminated on disposal

-

(16,635

)

(30,765

)

(47,400

)

At 31 December 2024

463,188

685,353

220,161

1,368,702

NET BOOK VALUE

At 31 December 2024

258,817

301,880

158,423

719,120

At 31 December 2023

326,470

330,682

136,043

793,195

13.

STOCKS

2024

2023

£

£

Finished goods

3,262,493

2,390,060

A provision for impairment of £Nil (2023: £175,000) has been recognised in the year as an expense.