REGISTERED NUMBER: 02102303 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

EAST RIDING SACKS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

Mr R M Mabbett

Mr J Linsley

Mr A Brocklehurst

Mr P A Ewen

Mr D B Dunn

REGISTERED OFFICE:

5&6 Manor Court

Manor Garth

Scarborough

North Yorkshire

YO11 3TU

REGISTERED NUMBER:

02102303 (England and Wales)

AUDITORS:

Fortus Audit LLP

5 & 6 Manor Garth

Manor Court

Scarborough

North Yorkshire

YO11 3TU

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

REVIEW OF BUSINESS

East Riding Sacks Limited is the largest paper sack manufacturer in the United Kingdom. It produces paper sacks for a variety of industries, but mainly food and industrial companies, both in the United Kingdom and Europe. The results for the company show a pre-tax profit of £1,020,942 (2023: loss of £2,625,112) for the year and sales of £29.27 million (2023: £29.61 million). The results of the group of which East Riding Sacks Limited is a 99% subsidiary, can be found in the accounts of East Riding Holdings Company which is the holding company of the group.

We are confident that due to investment in equipment and employees in the recent past we will be able to continue to maintain our share of the market, in spite of the current economic climate, due to the quality of the product we produce, the service that we provide and the steps we have taken to safeguard our future purchases and sales using our best estimates as to what the future will bring. We expect the market we are in to remain competitive during the remainder of 2025 and into 2026 and we remain confident that we can maintain our level of performance in the future. During the year the Company replaced one truck and will complete the upgrade of its transport fleet during 2025. Due to the lack of capacity in the UK paper bag market for small flour/sugar bags, and at the request of many of our paper sack customers, the Company has, since the year end, invested in a new small paper bag machine. This machine will be commissioned in the autumn of 2025 and will provide an extra revenue stream for the Company not previously entered in to.

Key performance indicators

2024

2023

Gross profit margin

31.32%

29.33%

Net profit/(loss) margin (before tax)

3.49%

(8.87)%

In the financial year, a fellow subsidiary went into liquidation. The process started in August 2024, which has led to a provision against the inter-company loan being made in 2023. See further details on note 5 within the financial statements.

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 are considered to relate to the state of the world economy, and the UK in particular, competition from both national and international manufacturers, the costs of raw materials, which are almost entirely imported, employee retention and the costs related to them and the effect of electricity charges on the economy in general and the Company in particular. The cost of raw materials is also affected considerably by the Sterling/Euro exchange rate. To mitigate this potential risk the Company have secured new contracts from all our major paper suppliers at very competitive prices for 2025 ensuring we have all the paper required contracted for the year. The Company has also secured a long-term electricity supply for 2025/6 also at a very competitive prices as well as now reaping the benefits of the solar panels installed in 2024 in reducing energy costs. The Company has invested in a new marketing department which is proving successful in opening up new markets and hence introducing new customers to the business.

ON BEHALF OF THE BOARD:

Mr R M Mabbett - Director

25 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of paper sack manufacturing.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 was £Nil.

DIRECTORS

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

Mr R M Mabbett

Mr J Linsley

Mr A Brocklehurst

Mr P A Ewen

Mr D B Dunn

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to a related undertaking. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's working capital. The company's operations expose it to a variety of financial risks that include liquidity risk and interest rate risk. The company's approach to managing risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts.

The loan to a related undertaking is interest free and repayable on demand.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

DISCLOSURE IN THE STRATEGIC REPORT

Disclosures required under S414C(11) of the Companies Act 2006 are commented upon in the Strategic Report as the Directors consider them to be of strategic importance to the company.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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, Fortus Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr R M Mabbett - Director

25 September 2025

Opinion

We have audited the financial statements of East Riding Sacks 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 four and five, 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:

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 to

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 frameworks that are applicable to the

company and determined that the most significant frameworks which are directly relevant to specific

assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the

Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company is complying with those frameworks by making enquiries of

management and those responsible for legal and compliance procedures. We corroborated our enquiries through discussions with those charged with governance

We assessed the susceptibility of the company’s financial statements to material misstatement, including

how fraud might occur, by discussion with management to understand where they considered there was

a susceptibility to fraud. We considered the procedures and controls that the company has established to

prevent and detect fraud, and how these are monitored by management.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws

and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant

transactions outside the normal course of business and reviewing accounting estimates for bias.

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

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

Use of our report

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

Frances Howard FCA (Senior Statutory Auditor)

for and on behalf of Fortus Audit LLP

5 & 6 Manor Garth

Manor Court

Scarborough

North Yorkshire

YO11 3TU

26 September 2025

TURNOVER

2

29,266,403

29,608,432

Cost of sales

20,099,826

20,924,283

GROSS PROFIT

9,166,577

8,684,149

Administrative expenses

8,049,086

11,169,502

1,117,491

(2,485,353

)

Other operating income

85

85

OPERATING PROFIT/(LOSS)

4

1,117,576

(2,485,268

)

Interest payable and similar expenses

6

96,634

139,844

PROFIT/(LOSS) BEFORE TAXATION

1,020,942

(2,625,112

)

Tax on profit/(loss)

7

(433,966

)

702,244

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

1,454,908

(3,327,356

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,454,908

(3,327,356

)

FIXED ASSETS

Tangible assets

8

6,691,743

6,485,323

CURRENT ASSETS

Stocks

9

6,374,859

6,391,144

Debtors

10

6,622,876

6,700,511

Cash at bank and in hand

1,477,912

670,075

14,475,647

13,761,730

CREDITORS

Amounts falling due within one year

11

5,261,313

6,533,102

NET CURRENT ASSETS

9,214,334

7,228,628

TOTAL ASSETS LESS CURRENT LIABILITIES

15,906,077

13,713,951

CREDITORS

Amounts falling due after more than one year

12

(1,472,579

)

(59,342

)

PROVISIONS FOR LIABILITIES

16

(191,027

)

(867,046

)

NET ASSETS

14,242,471

12,787,563

CAPITAL AND RESERVES

Called up share capital

17

100

100

Retained earnings

18

14,242,371

12,787,463

SHAREHOLDERS' FUNDS

14,242,471

12,787,563

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:

Mr R M Mabbett - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

16,114,819

16,114,919

Changes in equity

Total comprehensive income

-

(3,327,356

)

(3,327,356

)

Balance at 31 December 2023

100

12,787,463

12,787,563

Changes in equity

Total comprehensive income

-

1,454,908

1,454,908

Balance at 31 December 2024

100

14,242,371

14,242,471

1.	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.

East Riding Sacks Ltd is a private company limited by shares incorporated in England and Wales. The address of the registered office is given in the company information page of the financial statements. The nature of the company's operations and principal activities are the design and manufacture of paper sacks.

As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that, given the current rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The presentational currency of the financial statements is £ Sterling. The company's main place of business is provided on the company information page of the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption 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 parent of the group is East Riding Holdings Co.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover and other income

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover from the sale of sacks is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are recorded at cost less depreciation and any impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year 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 year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

2.

TURNOVER

The turnover and profit (2023 - loss) 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

27,870,128

27,960,913

Europe

1,396,275

1,032,595

Other

-

614,924

29,266,403

29,608,432

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

6,635,084

6,383,393

Social security costs

743,754

681,828

Other pension costs

178,242

181,637

7,557,080

7,246,858

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

2024

2023

Management and administration

33

32

Sales

7

8

Production

90

91

130

131

The directors are considered to be the key management personnel and their remuneration is disclosed below.

2024

2023

£

£

Directors' remuneration

834,141

1,014,116

Directors' pension contributions to money purchase schemes

10,519

17,767

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

Money purchase schemes

2

3

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

333,301

355,641

4.	OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024

2023

£

£

Hire of motor vehicles

132,663

137,739

Depreciation - owned assets

650,735

544,494

Depreciation - assets on hire purchase contracts

274,943

13,187

(Profit)/loss on disposal of fixed assets

(1,774

)

186

Auditors' remuneration

16,950

16,000

Foreign exchange differences

2,142

-

Auditors remuneration for other services

(8,000

)

14,000

5.	EXCEPTIONAL ITEMS

2024

2023

£

£

Exceptional items

(583,791

)

(4,400,000

)

Exceptional items relate to a provision for the outcome of a court case against East Riding Sacks in which the company has been ordered to pay a fine and associated costs which was settled on 30th April 2025.

Exceptional items in prior year relate to a provision against balances due from Trenton (Hull) Limited. Trenton (Hull) Limited is a fellow subsidiary and entered liquidation on 16 October 2024.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other interest

9,471

136,299

Hire purchase

87,163

3,545

96,634

139,844

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

242,053

-

Deferred tax:

Timing of reliefs

(676,019

)

702,244

Tax on profit/(loss)

(433,966

)

702,244

Reconciliation of total tax (credit)/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/(loss) before tax

1,020,942

(2,625,112

)

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

255,236

(656,278

)

Effects of:

Expenses not deductible for tax purposes

148,507

1,104,647

Capital allowances in excess of depreciation

(161,690

)

-

Depreciation in excess of capital allowances

-

122,484

Group relief

-

(520,431

)

Deferred tax

(676,019

)

702,244

PAYE Settlement payments allowable

-

(50,422

)

Total tax (credit)/charge

(433,966

)

702,244

8.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2024

2,726,712

23,130,305

304,151

Additions

-

794,625

7,340

Disposals

-

-

-

At 31 December 2024

2,726,712

23,924,930

311,491

DEPRECIATION

At 1 January 2024

506,921

19,172,798

283,661

Charge for year

54,534

690,178

3,708

Eliminated on disposal

-

-

-

At 31 December 2024

561,455

19,862,976

287,369

NET BOOK VALUE

At 31 December 2024

2,165,257

4,061,954

24,122

At 31 December 2023

2,219,791

3,957,507

20,490

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

1,042,563

413,566

27,617,297

Additions

389,804

16,955

1,208,724

Disposals

(133,380

)

-

(133,380

)

At 31 December 2024

1,298,987

430,521

28,692,641

DEPRECIATION

At 1 January 2024

785,530

383,064

21,131,974

Charge for year

149,659

27,599

925,678

Eliminated on disposal

(56,754

)

-

(56,754

)

At 31 December 2024

878,435

410,663

22,000,898

NET BOOK VALUE

At 31 December 2024

420,552

19,858

6,691,743

At 31 December 2023

257,033

30,502

6,485,323

The company's bankers hold a debenture, including a first fixed charge, over the freehold land and property and a floating charge over all tangible assets.

Freehold property was valued on an open market basis as at 31 December 2013 by Colliers International. In the period of transition to FRS 102, the directors elected to use this previous GAAP valuation of freehold property as its deemed cost.