REGISTERED NUMBER: 01530888 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Period 1 April 2024 to 31 December 2024

for

Coombe Castle International Limited

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

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

D Larvin

P T Mitchell

B J F Hutchins

C D Woolley

J F Gibson

SECRETARY:

D Larvin

REGISTERED OFFICE:

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

REGISTERED NUMBER:

01530888 (England and Wales)

AUDITORS:

Mander Duffill

Chartered Accountants & Statutory Auditor

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

The directors present their strategic report for the period 1 April 2024 to 31 December 2024.

REVIEW OF BUSINESS

Coombe Castle International Limited is a family-owned business involved in the sale and distribution of food products in the UK and predominantly export markets, as well as the manufacture of a range of cream products.

The company delivered a strong performance for the period ended 31 December 2024, with turnover proportionally similar to that of the year ended 31 March 2024 and gross profit remaining strong at 17% (31.03.24: 19%).

PRINCIPAL RISKS AND UNCERTAINTIES

Raw material prices have increased to unprecedented levels and inflation remains high which will have an impact on sales and profitability going forward. The continuing currency volatility also remains an important factor to manage.

KEY PERFORMANCE INDICATORS

The principal indicators used to measure the performance of the company over the last 9 months are order intake and profitability by market. These are very detailed key performance indicators and are monitored monthly by the board of directors.

DEVELOPMENT

We continue to develop existing profitable markets and look to open new ones in the dairy and speciality food sector. This will involve further investment in sales, marketing and new products.

YEAR END POSITION

The company's position remains strong. Sales are forecast to increase year on year, but this will be dependent on the impact of the global cost of living increases and how they affect customer demand.

ON BEHALF OF THE BOARD:

D Larvin - Director

15 September 2025

The directors present their report with the financial statements of the company for the period 1 April 2024 to 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of manufacturing and exporting dairy products.

DIVIDENDS

The total distribution of dividends for the period ended 31 December 2024 will be £ 3,140,338 .

DIRECTORS

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

D Larvin

P T Mitchell

B J F Hutchins

C D Woolley

J F Gibson

FINANCIAL INSTRUMENTS

The company uses various financial instruments including loans, cash, equity, capital and various items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for company operations.

Exposure to foreign currency, credit, liquidity and cash flow interest rate risks arise in the normal course of the company business. These risks are limited by the company's financial management policies and practices described below.

Market risk

Market risk encompasses three types of risk - price risk, interest rate risk and currency risk.

Price risk

The company operates in a competitive market. If the company does not continue to compete effectively by developing its product range and responding to activities in the market, it could lose customers and its results, cash flow and financial conditions could adversely be affected.

Interest rate risk

The company's overdraft and cash at bank incur interest cost or income at market rates and the company is therefore exposed to interest rate risk. The company is also exposed to interest rate risk through the impact of rate changes on interest-bearing borrowings. The company's policy is to obtain the most favourable interest rates available for its borrowings. The company does not use derivative instruments to reduce its economic exposure to changes in interest rates.

Foreign currency risk

The company makes purchases from a number of suppliers whose invoices are denominated in currencies other than sterling. The company also make sales to customers denominated in currencies other than sterling. The most frequently used currencies other than sterling are euro and the US dollar.

Credit risk

The company's principal assets are cash deposits and trade debtors. The credit risk associated with cash deposits is limited as the accounts are held with major UK high street banks only. The principal credit risk therefore arises from its trade debtors and the company closely manages its exposure to bad debts by strong credit control, credit checks for new accounts and credit insurance.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company policy throughout the year has been to hold cash balances in readily accessible cash deposits.

DONATIONS AND EXPENDITURE

Total donations of £7,190 in the year have been made, all of which are non-political.

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, Mander Duffill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Larvin - Director

15 September 2025

Opinion

We have audited the financial statements of Coombe Castle International Limited (the 'company') for the period 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 period then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In planning and designing our audit tests, we identify and assess the risks of material mis-statements, whether due to fraud or error. Our risk assessment procedures included:

- Enquiries of management about the entities policies and procedures on compliance with laws and regulations and whether they were aware of any instances of noncompliance together with the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

- Enquiries of management about the entities policies and procedures on fraud risks, including any actual, suspected or alleged fraud.

- Considered the nature of the industry and sector, control environment and business performance including the key drivers for directors' remuneration, bonus levels and performance targets.

- Reading minutes of meetings of those charged with governance.

We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that the entity operates in, through discussions with the director, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statement or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls including the following:

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Enquiry of management concerning actual and potential litigation and claims.

- Reviewing correspondence with HMRC, and the company's legal advisors.

- Addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether 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.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

Julian Duffill FCA (Senior Statutory Auditor)

for and on behalf of Mander Duffill

Chartered Accountants & Statutory Auditor

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

15 September 2025

TURNOVER

3

24,523,634

32,264,409

Cost of sales

20,346,119

26,157,507

GROSS PROFIT

4,177,515

6,106,902

Administrative expenses

2,545,082

3,313,477

1,632,433

2,793,425

Other operating income

15,320

15,540

OPERATING PROFIT

5

1,647,753

2,808,965

Income from shares in group undertakings

128,205

-

Interest receivable and similar income

6

69,713

137,323

197,918

137,323

1,845,671

2,946,288

Interest payable and similar expenses

7

62

-

PROFIT BEFORE TAXATION

1,845,609

2,946,288

Tax on profit

8

432,230

743,109

PROFIT FOR THE FINANCIAL PERIOD

1,413,379

2,203,179

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

1,413,379

2,203,179

FIXED ASSETS

Tangible assets

10

1,982,396

2,035,975

Investments

11

87

87

1,982,483

2,036,062

CURRENT ASSETS

Stocks

12

680,769

916,659

Debtors

13

5,256,578

5,135,949

Cash at bank and in hand

4,457,260

5,797,433

10,394,607

11,850,041

CREDITORS

Amounts falling due within one year

14

4,042,198

3,814,763

NET CURRENT ASSETS

6,352,409

8,035,278

TOTAL ASSETS LESS CURRENT LIABILITIES

8,334,892

10,071,340

PROVISIONS FOR LIABILITIES

17

105,610

115,099

NET ASSETS

8,229,282

9,956,241

CAPITAL AND RESERVES

Called up share capital

18

10,989

10,989

Share premium

19

51,263

51,263

Capital redemption reserve

19

396

396

Retained earnings

19

8,166,634

9,893,593

SHAREHOLDERS' FUNDS

8,229,282

9,956,241

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

D Larvin - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

10,989

9,181,450

51,263

396

9,244,098

Changes in equity

Dividends

-

(1,491,036

)

-

-

(1,491,036

)

Total comprehensive income

-

2,203,179

-

-

2,203,179

Balance at 31 March 2024

10,989

9,893,593

51,263

396

9,956,241

Changes in equity

Dividends

-

(3,140,338

)

-

-

(3,140,338

)

Total comprehensive income

-

1,413,379

-

-

1,413,379

Balance at 31 December 2024

10,989

8,166,634

51,263

396

8,229,282

Cash flows from operating activities

Cash generated from operations

1

2,185,640

2,465,080

Interest paid

(62

)

-

Tax paid

(519,756

)

(782,223

)

Net cash from operating activities

1,665,822

1,682,857

Cash flows from investing activities

Purchase of tangible fixed assets

(28,475

)

(141,613

)

Sale of tangible fixed assets

-

1,000

Interest received

69,713

137,323

Dividends received

128,205

-

Net cash from investing activities

169,443

(3,290

)

Cash flows from financing activities

Group loan movement

(35,100

)

-

Equity dividends paid

(3,140,338

)

(1,491,036

)

Net cash from financing activities

(3,175,438

)

(1,491,036

)

(Decrease)/increase in cash and cash equivalents

(1,340,173

)

188,531

Cash and cash equivalents at beginning of period

2

5,797,433

5,608,902

Cash and cash equivalents at end of period

2

4,457,260

5,797,433

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

Period

1.4.24

to

Year Ended

31.12.24

31.3.24

£

£

Profit before taxation

1,845,609

2,946,288

Depreciation charges

82,054

114,155

Profit on disposal of fixed assets

-

(1,000

)

Finance costs

62

-

Finance income

(197,918

)

(137,323

)

1,729,807

2,922,120

Decrease in stocks

235,890

105,936

(Increase)/decrease in trade and other debtors

(85,529

)

472,464

Increase/(decrease) in trade and other creditors

305,472

(1,035,440

)

Cash generated from operations

2,185,640

2,465,080

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:

Period ended 31 December 2024

31.12.24

1.4.24

£

£

Cash and cash equivalents

4,457,260

5,797,433

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

5,797,433

5,608,902

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

5,797,433

(1,340,173

)

4,457,260

5,797,433

(1,340,173

)

4,457,260

Total

5,797,433

(1,340,173

)

4,457,260

1.	STATUTORY INFORMATION

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

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Preparation of consolidated financial statements

The financial statements contain information about Coombe Castle International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Coombe Castle Holdings Limited, The Old Post Office, 41-43 Market Place, Chippenham, Wiltshire SN15 3HR.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Trade and other receivables - The allowance for doubtful debts involves significant management judgement and review of individual receivables based on individual customer creditworthiness, current economic trends and analysis of historical bad debts.

Stock provisions - Significant estimates are involved in the determination of stock provisions. Management exercise significant judgement in determining whether costs of stock items can be recovered. A provision is made where a loss can be reliably estimated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover includes revenue from the sale of goods only. The sale of goods are recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer.

Tangible fixed assets

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

Freehold property

-

2% on cost

Property improvements

-

5% on cost

Plant and machinery

-

15% on cost

Furniture, fixtures and fittings

-

25% on cost and 15% on cost

Computer equipment

-

33% on cost and 25% on cost

Freehold land is not depreciated.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Inventories are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition.

At the end of each reporting period stocks are assessed for impairment. If an item of inventory is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Financial instruments

The company has chosen to adopt the requirements of sections 11 and 12 of FRS 102 in respect of the measurement and disclosure of financial instruments.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statements of financial position, bank overdrafts are shown within borrowings or current liabilities.

Impairment of financial assets

Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

For all financial assets, objective evidence of impairment could include:

- significant financial difficulty of the issuer or counterparty;

- breach of contract, such as a default or delinquency in interest or principal payments;

- it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or

- the disappearance of an active market for that financial asset because of financial difficulties.

For certain categories of financial asset, such as trade debtors, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of trade debtors could include the company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period, as well as observable changes in national or local economic conditions that correlate with default of trade debts.

For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the assets carrying amount and the present value of estimated future cash flows, discounted at the financial assets original effective interest rate.

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occuring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount at the date the impairment is reversed does not exceed the amortised cost had the impairment not been recognised.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Derivatives

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments.

Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised as profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the 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 profit or loss in the period to which they relate.

3.

TURNOVER

The company does not disclose its turnover by geographic location as it considers that it would be detrimental to its business.

4.	EMPLOYEES AND DIRECTORS

Period

1.4.24

to

Year Ended

31.12.24

31.3.24

£

£

Wages and salaries

1,415,574

1,641,786

Social security costs

137,486

171,672

Other pension costs

157,397

72,360

1,710,457

1,885,818

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

Period

1.4.24

to

Year Ended

31.12.24

31.3.24

Production

11

11

Administration

26

23

Directors

5

5

42

39

Period

1.4.24

to

Year Ended

31.12.24

31.3.24

£

£

Directors' remuneration

211,615

231,075

Directors' pension contributions to money purchase schemes

119,125

25,500

Information regarding the highest paid director is as follows:

Period

1.4.24

to

Year Ended

31.12.24

31.3.24

£

£

Emoluments etc

98,553

107,120

5.	OPERATING PROFIT

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

Period

1.4.24

to

Year Ended

31.12.24

31.3.24

£

£

Depreciation - owned assets

82,054

114,155

Profit on disposal of fixed assets

-

(1,000

)

Auditors' remuneration

19,700

21,738

Foreign exchange differences

(29,541

)

(58,685

)

Operating leases

43,799

42,896

6.

INTEREST RECEIVABLE AND SIMILAR INCOME

Period

1.4.24

to

Year Ended

31.12.24

31.3.24

£

£

Interest received

69,713

113,101

Interest on corporation tax paid early

-

24,222

69,713

137,323