REGISTERED NUMBER: 00489549 (England and Wales)

Johnsons Veterinary Products Limited

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

P N Gwynn

N M Franks

REGISTERED OFFICE:

5 Reddicap Trading Estate

Sutton Coldfield

West Midlands

B75 7DF

REGISTERED NUMBER:

00489549 (England and Wales)

SENIOR STATUTORY AUDITOR:

Darren Barlow FCCA

AUDITORS:

TC Group

Statutory Auditor

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

BANKERS:

Barclays Bank Plc

166 The Parade

The Mall Shopping Centre

Sutton Coldfield

West Midlands

B72 1PH

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

REVIEW OF BUSINESS

2024 was a robust year for sales, sustained across the year and led by essential OTC health categories in specialist pet retail, particularly insecticidal medicinals. Cost of living pressures kept shoppers value conscious, yet they continued to prioritise insect control and trusted advice in store - an environment that suits JVP's positioning as a value for money, high quality brand trusted for over 100 years. But the year presented unique challenges with changing demand, regulatory obstacles and supply side hurdles. Global political tensions added friction to supply chains-rerouted shipping, variable freight rates and raw material price fluctuations.

Seasonality was favourable with warm, humid spells created ideal flea conditions; ticks were most active from spring into early summer with a secondary lift in autumn; and heated homes kept baseline flea pressure present year round. Regulatory change also shaped the market: implementation of updated Veterinary Medicines Regulations clarified advertising, online seller registration and packaging/labelling expectations, and there were selected AVM GSL category movements. For specialist UK pet shops this strengthened the role of compliant, advice led selling-amplified through our National Pet Shop Day campaign in late July and sustained in store education.

Operationally, the early months reset our cost base and prioritised compliance. Non costed packaging returned to usual levels; carriage rose with volume; and professional work included Irish entity set up. Q1 brought significant testing for key products, an uplift in carriage/storage, and one off facilities repairs & renewals. Margins were further pressured by some promotion activity and by some higher unit costs after switches in production lines. March added further stability testing and higher software licensing.

Through spring we invested in security and customer capability. Software spending covered penetration testing and additional licences; direct cost lines-origination, retail partner support and customer support stepped up to match activity levels. We also processed advertising charges and licence registrations. From mid year, modest price increases began to filter through our range.

The second half combined stronger sales with tighter margin management. Ideal flea conditions in July, coupled with National Pet Shop Day, supported specialist retail. Q3 was competitive as we embedded more efficient order flows, focused on IP and regulatory readiness (trademark work, legal/consultancy support) and increased QP activity ahead of inspection. In October, remaining price changes were processed on key lines with major retail partners and margin started to benefit while we monitored upcoming supplier increases. In parallel, we accelerated branding and new product development throughout 2024-refreshing visual identity and packs, advancing formulations and claims with additional testing, and progressing trademark protection-so the pipeline entering 2025 is stronger and better differentiated.

Year end performance reflected disciplined execution. Elevated vendor discounts helped reduce overheads and overhead recovery per pack improved; Q4 ranked strongly despite aerosols softening. December closed with planned site improvements, higher distribution related direct costs in line with volume and service, increased staffing to support growth and compliance, and professional fees elevated by trademark and HSE/regulatory work. Overall, amid geopolitical supply chain uncertainty and household budget pressure, Johnson's sustained robust sales, preserved its value for money, high quality promise, and exited the year with improving margins and an accelerated innovation and branding campaign. We would like to thank all parties involved including our loyal customers as we look to 2025 and beyond.

ON BEHALF OF THE BOARD:

P N Gwynn - Director

23 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 the manufacture and distribution of pet care products.

DIVIDENDS

Results for the year are shown on page 8.

Dividends for the year are shown in note 7 to the accounts on page 17.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

P N Gwynn

N M Franks

Other changes in directors holding office are as follows:

Mrs J R Johnson - resigned 4 September 2024

MARKET VALUE OF LAND AND BUILDINGS

In the opinion of the Directors, the market value of the Company's freehold property is in excess of the current net book value but as the property is held for the purpose of trade and not resale, the excess is not considered to be of significance to members.

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, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P N Gwynn - Director

23 September 2025

Opinion

We have audited the financial statements of Johnsons Veterinary Products Limited ('the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 Auditor's 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 the report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors’ report has 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors’ report and take advantage of the small companies exemption from the requirement to prepare a strategic report.

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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- we considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- we considered the nature of the industry, the control environment and business performance, including the key drivers for management¡¦s remuneration;

- we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- we considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. -

- we considered how the directors and management respond to risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- we performed detailed analytical procedures to identify and unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and

regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

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. For example, the further removed non-compliance with laws and regulations (irregularities) 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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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.

Darren Barlow FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

23 September 2025

TURNOVER

3

12,074,811

11,272,953

Cost of sales

9,351,124

8,632,929

GROSS PROFIT

2,723,687

2,640,024

Distribution costs

288,377

257,818

Administrative expenses

1,016,337

1,039,098

1,304,714

1,296,916

1,418,973

1,343,108

Other operating income

(1,589

)

263

OPERATING PROFIT

5

1,417,384

1,343,371

Interest receivable and similar income

76,488

46,825

PROFIT BEFORE TAXATION

1,493,872

1,390,196

Tax on profit

6

373,011

339,170

PROFIT FOR THE FINANCIAL YEAR

1,120,861

1,051,026

PROFIT FOR THE YEAR

1,120,861

1,051,026

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,120,861

1,051,026

FIXED ASSETS

Tangible assets

8

1,510,312

1,526,854

Investments

9

2

2

1,510,314

1,526,856

CURRENT ASSETS

Stocks

10

2,211,213

1,703,333

Debtors

11

1,249,303

1,412,672

Cash at bank and in hand

2,899,094

2,815,955

6,359,610

5,931,960

CREDITORS

Amounts falling due within one year

12

1,124,279

1,325,032

NET CURRENT ASSETS

5,235,331

4,606,928

TOTAL ASSETS LESS CURRENT LIABILITIES

6,745,645

6,133,784

PROVISIONS FOR LIABILITIES

14

11,736

12,536

NET ASSETS

6,733,909

6,121,248

CAPITAL AND RESERVES

Called up share capital

15

847

847

Share premium

461,076

461,076

Capital redemption reserve

1,317

1,317

Retained earnings

6,270,669

5,658,008

SHAREHOLDERS' FUNDS

6,733,909

6,121,248

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

P N Gwynn - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

847

5,115,182

461,076

1,317

5,578,422

Changes in equity

Dividends

-

(508,200

)

-

-

(508,200

)

Total comprehensive income

-

1,051,026

-

-

1,051,026

Balance at 31 December 2023

847

5,658,008

461,076

1,317

6,121,248

Changes in equity

Dividends

-

(508,200

)

-

-

(508,200

)

Total comprehensive income

-

1,120,861

-

-

1,120,861

Balance at 31 December 2024

847

6,270,669

461,076

1,317

6,733,909

Cash flows from operating activities

Cash generated from operations

1

866,819

1,749,731

Government grants

(1,589

)

262

Tax paid

(335,654

)

(195,725

)

Net cash from operating activities

529,576

1,554,268

Cash flows from investing activities

Purchase of tangible fixed assets

(23,550

)

(50,896

)

Sale of tangible fixed assets

8,825

-

Interest received

76,488

46,825

Net cash from investing activities

61,763

(4,071

)

Cash flows from financing activities

Amount withdrawn by directors

-

(83,200

)

Equity dividends paid

(508,200

)

(508,200

)

Net cash from financing activities

(508,200

)

(591,400

)

Increase in cash and cash equivalents

83,139

958,797

Cash and cash equivalents at beginning of year

2

2,815,955

1,857,158

Cash and cash equivalents at end of year

2

2,899,094

2,815,955

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

2024

2023

£

£

Profit before taxation

1,493,872

1,390,196

Depreciation charges

29,759

33,868

Loss on disposal of fixed assets

1,508

-

Government grants

1,589

(263

)

Finance income

(76,488

)

(46,825

)

1,450,240

1,376,976

(Increase)/decrease in stocks

(507,880

)

387,039

Decrease/(increase) in trade and other debtors

163,369

(47,596

)

(Decrease)/increase in trade and other creditors

(238,910

)

33,312

Cash generated from operations

866,819

1,749,731

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,899,094

2,815,955

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

2,815,955

1,857,158

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

2,815,955

83,139

2,899,094

2,815,955

83,139

2,899,094

Total

2,815,955

83,139

2,899,094

1.	STATUTORY INFORMATION

Johnsons Veterinary Products 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.

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

During both the current and previous years the company's subsidiaries were dormant and immaterial and would be exempt from consolidation.

Key judgments in applying accounting policies and estimation uncertainty

The company makes estimates and assumptions concerning the future. Management are also required to exercise judgment in the process of applying the company’s accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgments:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating or lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgment. The nature and type of risks for these provisions differ and management’s judgment is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Depreciation and residual values. The Directors have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that asset lives and residual values are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.

Turnover

Turnover represents amounts receivable for goods despatched net of VAT and trade discounts. Turnover is recognised on despatch of goods.

Tangible fixed assets

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

Freehold property

- not provided / 50 years

Plant and machinery

- 10% on cost

Motor vehicles

- 25% on cost

Computer hardware

- 33% on cost

Computer software

- 20% on cost

Office equipment

- 25% on cost

No depreciation is provided in respect of one of the properties included within freehold land and buildings as, in the opinion of the directors, the market value is well in excess of the current net book value.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

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

Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for any impairment or obsolescence. If either are apparent the carrying amount is reduced accordingly with the impairment loss recognised immediately in the Income Statement.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans to or from related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the Income Statement.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Taxation

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

Current 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

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.

Hire purchase and leasing commitments

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 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.

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

12,074,811

11,272,953

12,074,811

11,272,953

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,414,346

1,265,580

Social security costs

137,674

125,497

Other pension costs

173,829

180,990

1,725,849

1,572,067

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

2024

2023

Directors

3

3

Other

40

38

43

41

2024

2023

£

£

Directors' remuneration

278,722

273,792

Directors' pension contributions to money purchase schemes

60,000

80,000

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

145,611

141,896

Pension contributions to money purchase schemes

30,000

40,000

5.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Other operating leases

45,394

42,453

Depreciation - owned assets

29,759

33,867

Loss on disposal of fixed assets

1,508

-

Auditors' remuneration

11,450

10,500

Foreign exchange differences

-

2,607

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

373,811

335,600

Deferred tax

(800

)

3,570

Tax on profit

373,011

339,170

Reconciliation of total tax charge included in profit and loss

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

2024

2023

£

£

Profit before tax

1,493,872

1,390,196

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

373,468

326,988

Effects of:

Expenses not deductible for tax purposes

5,319

3,433

Income not taxable for tax purposes

-

(11,013

)

Capital allowances in excess of depreciation

(5,776

)

-

Depreciation in excess of capital allowances

-

19,762

Total tax charge

373,011

339,170

7.

DIVIDENDS

2024

2023

£

£

Final

169,400

169,400

Interim

338,800

338,800

508,200

508,200