REGISTERED NUMBER: 03396683 (England and Wales)

LINCOLNSHIRE HERBS LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

to

6

Income Statement

7

Other Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

to

18

DIRECTORS:

M Mattsson

S Corby

SECRETARY:

P Rangaard

REGISTERED OFFICE:

Spalding Road

Bourne

Lincolnshire

PE10 0AT

REGISTERED NUMBER:

03396683 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

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

REVIEW OF BUSINESS

The Company is involved in the growing and selling of 'living' culinary pot herbs and the growing, preparing and packing of cut herbs. These products are sold into the retail sector.

The business has continued to develop and grow its core activities during the year, resulting in an increase in turnover of £1,585,000. This is an 8.6% increase year on year and the companies largest trading year to date.

Lincolnshire Herbs has continued to invest in efficiency driven innovations across both the potted and cut sectors of the business, focussing on those projects which deliver a high-quality product and fulfil excellent customer service levels.

Key performance indicators

31 December 2024

31 December 2023

as restated

Turnover

£20,027,961

£18,442,539

Gross Profit

£892,957

£1,090,306

Loss before tax

(£922,124)

(£584,118)

Loss for financial year

(£586,711)

(£522,621)

EBITDA

£200,640

£338,857

Net Assets

£2,754,759

£3,341,470

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks. Risks are formally reviewed by the Board and appropriate processes put in place to monitor and mitigate them. The key risks affecting the Company are set out below.

Customers

In order to reduce the potential loss of custom the company values integrity and seeks to conduct its business with professionalism and aspires to provide excellent service in the eyes of its customers. In order to do so the business ensures it is closely aligned to all its customers' objectives and is at the forefront of developing supply chain value for those customers.

Commodity Risk

As a fresh produce supplier the company is also exposed to the vagaries of the climate and consequent impacts upon the price and availability of fresh produce. Consequently the Company operates a variety of key mitigating tools to reduce exposure to commodity risk.

Foreign Exchange Risk

The Company imports produce from around the World and is exposed to fluctuations in the foreign exchange rate. Impacts of currency fluctuation are regularly reviewed by the Board and a Euro bank account in maintained.

Natural Resources

A further key risk is the environment and the consumption of natural resources. The Company respects the environment in which it operates and works to conserve the natural resources and enhance the natural environment. The Company also recognises inflationary pressures arising from the fossil fuel prices and commodity shortages and works closely with customers and suppliers to mitigate this through supply chain efficiencies.

ON BEHALF OF THE BOARD:

S Corby - Director

26 March 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 growing and selling of herbs.

DIVIDENDS

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

DIRECTORS

M Mattsson has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

P A Bailey - resigned 23 December 2024

S Corby - appointed 23 December 2024

GOING CONCERN

At the balance sheet date, the company's bank finance is included within amounts due within one year as it was due for repayment post year-end (see note 16). This has therefore resulted in a net current liability position of £1,931,295 (2023 - £1,760,637). The directors will continue to review the banking facilities on an annual basis. Written confirmation of continued support from the group has been received for at least 12 months from the signing of these financial statements, with the UK seen as a key long term market for the group. The group have the strength and resources to supply such a guarantee. Therefore, having reviewed budgets and contingency plans the directors have concluded that there is no material uncertainty to the going concern status of the company.The financial statements do not include any adjustments in the event that the current funding was not available.

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.

ON BEHALF OF THE BOARD:

S Corby - Director

26 March 2025

Opinion

We have audited the financial statements of Lincolnshire Herbs Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, 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 loss 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 page three, 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Food Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the external food safety audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

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 further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance 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.

Sally-Anne Hurn FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

26 March 2025

TURNOVER

3

20,027,961

18,442,539

Cost of sales

19,135,004

17,352,233

GROSS PROFIT

892,957

1,090,306

Administrative expenses

1,662,175

1,533,948

(769,218

)

(443,642

)

Other operating income

88,666

32,190

OPERATING LOSS

6

(680,552

)

(411,452

)

Interest payable and similar expenses

7

(241,572

)

(172,666

)

LOSS BEFORE TAXATION

(922,124

)

(584,118

)

Tax on loss

8

(335,413

)

(61,497

)

LOSS FOR THE FINANCIAL YEAR

(586,711

)

(522,621

)

LOSS FOR THE YEAR

(586,711

)

(522,621

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(586,711

)

(522,621

)

FIXED ASSETS

Tangible assets

10

8,123,129

8,672,098

CURRENT ASSETS

Stocks

11

350,035

457,652

Debtors

12

2,761,591

2,824,486

Biological assets

13

253,561

195,136

Cash at bank and in hand

125,672

426,717

3,490,859

3,903,991

CREDITORS

Amounts falling due within one year

14

5,422,154

5,664,628

NET CURRENT LIABILITIES

(1,931,295

)

(1,760,637

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,191,834

6,911,461

CREDITORS

Amounts falling due after more than one year

15

(3,253,202

)

(3,050,705

)

PROVISIONS FOR LIABILITIES

19

(183,873

)

(519,286

)

NET ASSETS

2,754,759

3,341,470

CAPITAL AND RESERVES

Called up share capital

20

1,200,000

1,200,000

Capital contribution

21

800,000

800,000

Retained earnings

21

754,759

1,341,470

SHAREHOLDERS' FUNDS

2,754,759

3,341,470

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:

S Corby - Director

Called up

share

Retained

Capital

Total

capital

earnings

contribution

equity

£

£

£

£

Balance at 1 January 2023

1,200,000

1,864,091

800,000

3,864,091

Changes in equity

Total comprehensive income

-

(522,621

)

-

(522,621

)

Balance at 31 December 2023

1,200,000

1,341,470

800,000

3,341,470

Changes in equity

Total comprehensive income

-

(586,711

)

-

(586,711

)

Balance at 31 December 2024

1,200,000

754,759

800,000

2,754,759

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

Going concern

At the balance sheet date, the company's bank finance is included within amounts due within one year as it was due for repayment post year-end (see note 16). This has therefore resulted in a net current liability position of £1,931,295. The directors will continue to review the banking facilities on an annual basis. Written confirmation of continued support from the group has been received for at least 12 months from the signing of these financial statements, with the UK seen as a key long term market for the group. The group have the strength and resources to supply such a guarantee. Therefore, having reviewed budgets and contingency plans the directors have concluded that there is no material uncertainty to the going concern status of the company.The financial statements do not include any adjustments in the event that the current funding was not available.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash flows;

- the requirements of paragraph 33.7;

- the requirements of paragraph 33.1A.

Turnover

Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT. Revenue from the sale of goods and services is recognised when significant risks and benefits of ownership of the product have transferred to the buyer. This is usually on delivery to the customer.

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.

Land and buildings

- Nil, 5 years, 10 years, 30 years

Plant and machinery etc.

- 3 years, 5 years, 10 years, 15 years, 20 years

Stocks

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 within the profit and loss account in other administrative expenses.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Biological assets

Biological assets can be categorised as short or long term depending upon the product lifecycle of the asset concerned and its output in the form or harvested crops for sale.

Those biological assets which will produce more than one crop over a number of years are classified as long term biological assets whilst those which will produce a single crop with the asset either being wasted or sold as part of the product offering are classified as short term.

Short term biological assets consist of potted herbs which are growing on the lines as at the year end, given that we expect these assets to have been harvested from the lines and sold within 12 months of the year end. Short-term biological assets are valued using the cost model.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between when taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

2024

2023

as restated

£

£

Potted Herbs

5,076,537

5,698,307

Cut Herbs

14,951,424

12,744,232

20,027,961

18,442,539

4.	EMPLOYEES AND DIRECTORS

2024

2023

as restated

£

£

Wages and salaries

4,604,143

3,858,799

Social security costs

413,505

331,949

Other pension costs

164,373

112,548

5,182,021

4,303,296

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

2024

2023

as restated

Management and administration

38

38

Production

127

110

165

148

5.	DIRECTORS' EMOLUMENTS

2024

2023

as restated

£

£

Directors' remuneration

134,884

216,716

Directors' pension contributions to money purchase schemes

61,961

46,729

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

Money purchase schemes

1

1

6.	OPERATING LOSS

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

2024

2023

as restated

£

£

Depreciation - owned assets

881,192

750,309

Auditors' remuneration

18,900

16,145

Auditors' remuneration for non audit work

6,079

(4,460

)

Foreign exchange differences

(43,076

)

(28,258

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

as restated

£

£

Bank loan interest

46,015

42,442

Other interest

195,557

130,224

241,572

172,666

8.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2024

2023

as restated

£

£

Deferred tax

(335,413

)

(61,497

)

Tax on loss

(335,413

)

(61,497

)

Reconciliation of total tax credit 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

as restated

£

£

Loss before tax

(922,124

)

(584,118

)

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

(230,531

)

(146,030

)

Effects of:

Expenses not deductible for tax purposes

2,291

5,986

Capital allowances in excess of depreciation

-

(117,926

)

Depreciation in excess of capital allowances

80,091

-

Adjustments to tax charge in respect of previous periods

-

(2,871

)

Non trading loan relationship deficits for period

60,393

-

Balancing Figure

-

(54,986

)

Losses carried forward

(247,657

)

254,330

Total tax credit

(335,413

)

(61,497

)

9.	PRIOR YEAR ADJUSTMENT

An adjustment has been made to the prior year figures to adjust 'other income' from cost of sales.The adjustment brought £757,387 of income into cost of sales for the 31 December 2023 year end. It is felt that this better reflects the performance of the company.This does not impact on the overall operating loss of the company for the previous year or the balance sheet position.

10.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2024

6,635,079

6,598,899

330,968

13,564,946

Additions

24,931

283,893

23,399

332,223

At 31 December 2024

6,660,010

6,882,792

354,367

13,897,169

DEPRECIATION

At 1 January 2024

1,740,233

2,855,411

297,204

4,892,848

Charge for year

247,138

613,241

20,813

881,192

At 31 December 2024

1,987,371

3,468,652

318,017

5,774,040

NET BOOK VALUE

At 31 December 2024

4,672,639

3,414,140

36,350

8,123,129

At 31 December 2023

4,894,846

3,743,488

33,764

8,672,098

Included in cost of land and buildings is freehold land of £ 318,192 (2023 - £ 318,192 ) which is not depreciated.

Tangible fixed assets are held at cost less depreciation.

11.

STOCKS

2024

2023

as restated

£

£

Raw materials

326,141

444,440

Finished goods

23,894

13,212

350,035

457,652

The difference between purchase price or production cost of stocks and their replacement cost is not material.

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Trade debtors

2,428,981

2,470,681

VAT

169,575

171,342

Prepayments and accrued income

163,035

182,463

2,761,591

2,824,486

13.	BIOLOGICAL ASSETS

2024

2023

as restated

£

£

Short term biological assets

253,561

195,136

14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Bank loans and overdrafts (see note 16)

566,000

646,030

Trade creditors

1,701,914

2,284,620

Amounts owed to group undertakings

2,052,349

1,684,062

Taxation

283

283

Other taxes and social security

99,072

94,529

Other creditors

30,989

72,341

Accruals and deferred income

560,103

408,822

Deferred government grants

411,444

473,941

5,422,154

5,664,628

15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

as restated

£

£

Amounts owed to group undertakings

3,253,202

3,050,705

16.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

as restated

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

30

Bank loans

566,000

646,000

566,000

646,030

The overdraft arrangement has an interest rate of SONIA plus a margin of 2.50% and is repayable in quarterly installments until paid off. The carrying value of the overdraft agreement is as above.

17.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

as restated

£

£

Within one year

11,446

3,863

Between one and five years

33,384

-

44,830

3,863

18.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

as restated

£

£

Bank loans

566,000

646,000

The bank facilities are secured by a fixed and floating charge on all the assets of the company.