REGISTERED NUMBER: NI605344 (Northern Ireland)

TERRAMAC FABRICATION LTD

Strategic Report, Director's Report and

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Strategic Report

2

Director's Report

3

to

4

Independent Auditors' Report

5

to

8

Income Statement

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

to

20

DIRECTOR:

Kevin McCabe

REGISTERED OFFICE:

76 Ballynakilly Road

Dungannon

Co. Tyrone

BT71 6HD

REGISTERED NUMBER:

NI605344 (Northern Ireland)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

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

The principal activity of the company is the manufacturing of equipment for the quarrying and recycling industry.

REVIEW OF BUSINESS

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

2024

2023

Revenue

£7,670,081

£14,530,585

Gross profit percentage

19.75%

26.2%

Net profit before tax

£189,293

£1,461,418

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of

risks. The key business risks and uncertainties affecting the company relate to competition. The directors

carry out regular strategic reviews including assessments of competitor activity and market trends. The

risks are also, addressed through not being overly reliant on any one customer, strong customer service

as well as investment in its people and facilities.

STRATEGY & DEVELOPMENT

The company's success is dependent on understanding and meeting the developing needs of customers and developing innovative solutions for their needs. The company will continue to improve upon its position and concentrate on achieving maximum growth in its market sector while at the same time continuing to improve efficiency in all areas of its operations. With its proven track record the company

believes it will be well placed to retain existing customers and generate new business.

BUSINESS ENVIRONMENT

The engineering sector is a highly competitive sector. It is our expectation that this will continue to be the case.

FUTURE DEVELOPMENTS

The company is committed to long term creation of shareholder value by increasing the company's market share. The company aims to increase revenue and operating profits. The company will continue to meet the needs of the customers and develop innovative solutions for their needs while remaining highly competitive.

EMPLOYEES

The company's policy is to consult and discuss with employees matters likely to affect employees'

interests.

Information on matters of concern to employees is given through information bulletins and reports which

seek to achieve a common awareness on part of all employees of the financial and economic factors

affecting the company performance.

ON BEHALF OF THE BOARD:

Kevin McCabe - Director

12 September 2025

The director presents his report with the financial statements of the Company for the year ended 31 December 2024.

DIVIDENDS

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

The directors do not recommend payment of a final dividend (2023: £NIL)

RESEARCH AND DEVELOPMENT

The company continues to recognise the importance of its research and development programme, which it believes is essential to ensure that the business continues to develop new products and remain competitive in the market.

DIRECTOR

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

POLITICAL DONATIONS AND EXPENDITURE

The company did not make any disclosable political donations in the year (2023: £NIL).

FINANCIAL RISK MANAGEMENT

The company's operations expose it to a variety of financial risks which include the effects of credit risk,

foreign exchange risk and price risk. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.

CREDIT RISK

The company has implemented policies that require appropriate credit checks on potential customers

before sales are made. The amount of exposure to individual customers is subject to a limit, which is

reassessed regularly by the board.

FOREIGN EXCHANGE RISK

While the greater part of the company's revenues and expenses are denominated in sterling, the company is exposed to some foreign exchange risk in the normal course of business, principally on payments received in Euro and US Dollar. While the company has not used financial instruments to hedge foreign exchange exposure, this position is kept constantly under review.

PRICE RISK

The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's opens change in size or nature. The company has no exposure to equity securities price risk as it holds no listed or other equity investments.

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with Section 414C (11) of Companies Act 2006, the directors have elected to disclose details of the business review, principal risks and uncertainties, employment policy and future developments in the Company's Strategic Report which would otherwise be required to be disclosed in the Directors' Report.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Strategic Report, the Director's Report 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 audit business of CavanaghKelly was acquired by Cooper Parry Audit (Ireland) Limited on 24th July 2025. CavanaghKelly has resigned as auditor and Cooper Parry Audit (Ireland) Limited has been appointed in its place.

The auditors, Cooper Parry Audit (Ireland) Limited, have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Kevin McCabe - Director

12 September 2025

Opinion

We have audited the financial statements of Terramac Fabrication Ltd (the 'Company') for the year ended 31 December 2024 which comprise the Income Statement, 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 Director's Report, 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Director's Report 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 Director's Report.

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 Director's Responsibilities Statement set out on page four, 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 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.

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

-

We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation;

-

We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance;

-

We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations;

-

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

-

Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override.

The audit response to risks identified included:

-

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above;

-

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;

-

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 reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

Use of our report

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

Mr. Ryan Falls F.C.A. (Senior Statutory Auditor)

for and on behalf of Cooper Parry Audit (Ireland) Limited

Statutory Auditor

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

12 September 2025

REVENUE

4

7,670,081

14,530,585

Cost of sales

(6,155,384

)

(10,717,877

)

GROSS PROFIT

1,514,697

3,812,708

Distribution costs

(62,193

)

(67,326

)

Administrative expenses

(1,277,933

)

(2,283,355

)

174,571

1,462,027

Other operating income

16,518

388

OPERATING PROFIT

6

191,089

1,462,415

Finance income

-

118

191,089

1,462,533

Finance costs

7

(1,796

)

(1,115

)

PROFIT BEFORE TAXATION

189,293

1,461,418

Tax on profit

8

(47,323

)

(341,227

)

PROFIT FOR THE FINANCIAL YEAR

141,970

1,120,191

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

141,970

1,120,191

NON-CURRENT ASSETS

Plant, Machinery & Equipment

9

507,356

517,279

CURRENT ASSETS

Inventories

10

841,036

1,056,021

Receivables less than one year

11

4,373,909

4,008,819

Cash at bank and in hand

1,181,039

2,871,781

6,395,984

7,936,621

PAYABLES

Amounts falling due within one year

12

(1,740,190

)

(3,422,658

)

NET CURRENT ASSETS

4,655,794

4,513,963

TOTAL ASSETS LESS CURRENT LIABILITIES

5,163,150

5,031,242

PROVISIONS FOR LIABILITIES

13

(121,519

)

(123,816

)

GOVERNMENT GRANTS

14

-

(7,765

)

NET ASSETS

5,041,631

4,899,661

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

5,041,531

4,899,561

SHAREHOLDERS' FUNDS

5,041,631

4,899,661

The financial statements were approved by the director and authorised for issue on 12 September 2025 and were signed by:

Kevin McCabe - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

3,779,370

3,779,470

Changes in equity

Total comprehensive income

-

1,120,191

1,120,191

Balance at 31 December 2023

100

4,899,561

4,899,661

Changes in equity

Total comprehensive income

-

141,970

141,970

Balance at 31 December 2024

100

5,041,531

5,041,631

Cash flows from operating activities

Cash generated from operations

1

(1,360,602

)

967,813

Interest paid

(1,796

)

(1,115

)

Tax paid

(238,640

)

(360,071

)

Net cash from operating activities

(1,601,038

)

606,627

Cash flows from investing activities

Purchase of tangible fixed assets

(89,704

)

(200,439

)

Interest received

-

118

Net cash from investing activities

(89,704

)

(200,321

)

(Decrease)/increase in cash and cash equivalents

(1,690,742

)

406,306

Cash and cash equivalents at beginning of year

2

2,871,781

2,465,475

Cash and cash equivalents at end of year

2

1,181,039

2,871,781

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

2024

2023

£

£

Profit before taxation

189,293

1,461,418

Depreciation charges

99,627

84,838

Government grants

(7,765

)

(18,639

)

Finance costs

1,796

1,115

Finance income

-

(118

)

282,951

1,528,614

Decrease in inventories

214,985

471,357

Increase in trade and other debtors

(208,883

)

(771,850

)

Decrease in trade and other creditors

(1,649,655

)

(260,308

)

Cash generated from operations

(1,360,602

)

967,813

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

1,181,039

2,871,781

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

2,871,781

2,465,475

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

2,871,781

(1,690,742

)

1,181,039

2,871,781

(1,690,742

)

1,181,039

Total

2,871,781

(1,690,742

)

1,181,039

1.	STATUTORY INFORMATION

Terramac Fabrication Ltd is a private company, limited by shares, registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page. The principal activity of the company is the manufacturing of equipment for the quarrying and recycling industry.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared on a going concern basis under the historical cost convention.

Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the significant risks and rewards of ownership have been transferred to the buyer;

- the company retains no continuing involvement or control over the goods;

- the amount of revenue can be measured reliably;

- it is probable that future economic benefits will flow to the company; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Property, plant and equipment

Property, plant and equipment are stated at cost, less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. The charge to depreciation is calculated to write off the original cost of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant and Machinery

10%

Straight line

Fixtures, Fittings and Equipment

15%

Straight line

Motor Vehicles

25%

Reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories

Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Financial instruments

The company and group have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, and amounts owed by related parties and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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

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.

Employee benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

Share capital

Share capital is recognised as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown as a deduction, net of tax, from the proceeds.

4.

REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the Company.

5.	EMPLOYEES AND DIRECTORS

Staff costs, including directors' remuneration, were as follows:

2024

2023

£

£

Wages and salaries

1,919,323

2,637,562

National Insurance

173,488

254,953

Pension

20,192

91,549

2,113,002

2,984,064

The average number of employees, including directors employed during the year, was as follows:

2024

2023

Production

61

74

Selling & Distribution

2

2

Administration

7

10

70

86

Key management remuneration was £56,681 (2023: £55,644)

6.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Operating lease payments

533,673

481,558

Auditors remuneration

8,500

8,500

Depreciation - owned assets

99,627

84,838

7.	FINANCE COSTS

2024

2023

£

£

Bank interest and charges

1,796

1,115

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

49,620

308,596

Deferred tax

(2,297

)

32,631

Tax on profit

47,323

341,227

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is the same as the standard rate of corporation tax in the UK.

2024

2023

£

£

Profit before tax

189,293

1,461,418

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

47,323

343,726

Effects of:

Adjustments to tax charge in respect of previous periods

-

(1,970

)

Impact of super-deduction

-

(2,580

)

Impact of rate change

-

2,051

Total tax charge

47,323

341,227

9.	NON-CURRENT ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

837,493

107,921

38,470

983,884

Additions

65,204

-

24,500

89,704

At 31 December 2024

902,697

107,921

62,970

1,073,588

DEPRECIATION

At 1 January 2024

348,874

107,921

9,810

466,605

Charge for year

87,160

-

12,467

99,627

At 31 December 2024

436,034

107,921

22,277

566,232

NET BOOK VALUE

At 31 December 2024

466,663

-

40,693

507,356

At 31 December 2023

488,619

-

28,660

517,279

10.	INVENTORIES

2024

2023

£

£

Inventories

841,036

1,056,021

11.	RECEIVABLES LESS THAN ONE YEAR

2024

2023

£

£

Trade receivables

525,164

2,176,831

Other receivables

149,828

-

Amounts owed by related undertakings

3,666,597

1,760,685

Corporation tax

23,532

-

Prepayments

8,788

71,303

4,373,909

4,008,819

Amounts owed by related undertakings are unsecured, interest free and repayable on demand.

12.	PAYABLES LESS THAN ONE YEAR

2024

2023

£

£

Trade payables

592,160

2,021,398

Amounts owed to related undertakings

971,327

754,368

Corporation Tax

-

164,596

Social security and other taxes

60,126

70,704

Other payables

12,837

5,562

Accruals and deferred income

103,740

406,030

1,740,190

3,422,658

Amounts owed to related undertakings are unsecured, interest free and repayable on demand.

13.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

121,519

123,816