REGISTERED NUMBER: 01269836 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

WESSEX LIFT CO LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

John Edward Ratcliff

Paul Hillman

Christopher Brenchley

Sharon Crompton

SECRETARY:

Mark Ivinson

REGISTERED OFFICE:

38 The Maltings

Stanstead Abbotts

Hertfordshire

SG12 8HG

REGISTERED NUMBER:

01269836 (England and Wales)

SENIOR STATUTORY AUDITOR:

Jeffrey Oliver

AUDITORS:

Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

BANKERS:

The Royal Bank of Scotland

Corporate Banking

152 Silbury Boulevard

Central Milton Keynes

MK9 1LT

SOLICITORS:

Gisby Harrison

Goffs Oak House

Goffs Lane

Cheshunt

Herts

EN7 5HG

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

REVIEW OF THE BUSINESS

The company traded throughout the year as manufacturers, installers and service's of lifting equipment for people with mobility problems.

The results for the financial year ended 31 December 2024 are shown in the annexed financial statements.

Turnover increased in 2024 by 2.6%, whilst a pre-tax net profit of £614,048 (2023: 12,191) was generated the return to a profit in the period represent a recovery from the impact of COVID 19 and employment issues and are evidence of the company's commitment to meet its goals and objectives to continue to grow the company.

Debtor days at the balance sheet date were 76 (2023: 78).

To improve the cashflow of the business, the company entered in to an invoice factoring agreement which is secured on the company's assets.

Other than as mentioned above, the directors do not consider it necessary, for an understanding of the development, performance, or position of the business, for the company to provide any further detailed financial key performance indicators, including information relating to environmental and employee matters.

PRINCIPAL RISKS AND UNCERTAINTIES

The company uses various financial instruments these include cash and various items that arise directly from its operations.The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.

Currency Risk

The company is exposed to low level transaction foreign exchange risk on purchases.

About 5.7% (2023: 9.36%) of the company's sales are to customers in export markets. These sales are priced and invoiced in sterling.

Any Euro receipts are used to finance Euro purchases. Purchases from Sweden are invoiced and paid in Swedish Krone. As the value of these purchases is less than 5% of total purchases the company policy is to obtain the best rate at time of settlement and to accept the low level of associated risk.

Liquidity Risk

The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved by overdraft facilities.

Interest rate risk

The company finances its operations through a mixture of retained profits and, if necessary, bank overdrafts and hire purchase agreements. The company is currently very liquid and has minimal borrowing. Interest rates are negotiated and monitored by Ratcliff Group. An inter-company adjustment is made to reflect interest accruing to the Company in respect of credit balances on its current accounts.

Credit Risk

The Company's principal financial assets are cash and trade debtors; the principal risk arises therefore from its trade debtors. The impact associated with trade debtor risk is reduced through a broad customer base and significant management focus on aged debt.

In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

Political Risk

As a high proportion of the Company's income is reliant on government funding, there is an underlying risk that this funding may be withdrawn. In the current and foreseeable political climate, we believe this risk to be high. The management has had, over the past few years, a policy of diversifying into commercially funded projects and service to reduce this risk.

RESEARCH AND DEVELOPMENT

The research and development work carried out at by the company of £88,113 (2023: £69,984) is at a level the directors believe is sufficient to ensure the timetable for the next generation of lifting products to go to market is met.

ON BEHALF OF THE BOARD:

Mark Ivinson - Secretary

29th September 2025

The directors present their report and financial statement for the year ended 31 December 2024.

DIVIDENDS

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

DIRECTORS

John Edward Ratcliff has held office during the whole of the period from 1st January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Christopher Brenchley - appointed 1st February 2024

Sharon Crompton - appointed 18th November 2024

DISCLOSURE IN THE STRATEGIC REPORT

The directors detail their review of the business and their assessment of financial and other risks affecting the company and management objectives and policies within a separate Strategic Report.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

A resolution proposing (that) Cook and Partners Limited be appointed as auditors of the company will be put to the Annual General Meeting.

ON BEHALF OF THE BOARD:

Mark Ivinson - Secretary

29th September 2025

Opinion

We have audited the financial statements of Wessex Lift Co Limited (the 'company') for the year ended 31st 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 31st 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 page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. The following laws and regulations are considered to be significant to the entity:

>Financial reporting Standard 102

>Companies Act 2006

>UK General Data Protection Regulation

We assessed the risks of material misstatement in respect of fraud as follows:

>Discussed the risk of material misstatement due to irregularities, including fraud with management at the planning stage to confirm that risks had been adequately identified and that the controls in place are sufficient for the size and nature of the business to reduce those risks to an acceptably low level.

>Undertook an initial analytical review of the financial statements to identify any potentially unusual or unexpected relationships or high risk audit areas.

>Completed a risk assessment checklist to aid in the identification of Risks for a company of this size and nature.

>We considered the risk of fraud through management override of controls, a common risk in a company of this size and nature, in response; we incorporated testing of manual journal entries into our audit approach and undertook a purely substantive approach to the audit with no reliance placed on controls.

>Accounting policies were reviewed at the planning stage to identify any subjective measurements or complex transactions where management would have the potential to show bias.

>Ensured during the audit planning meeting that all in the audit team are aware of the risks identified and particular areas that were susceptible to misstatement,

>Throughout the audit additional substantive testing was undertaken in areas where there was perceived to be a medium or high risk of misstatement.

>Audit testing was undertaken in a manner that was unpredictable in nature, selection and timing when compared to the previous years work.

>The engagement partners final review of the audit file and financial statements included a detailed review of all areas of medium or high risk identified at the planning stage of the audit.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above:

>Financial reporting Standard 102, Companies Act 2006 and UK General Data Protection Regulation. The audit team all have a good understanding of the requirements under these laws and regulations common to most trading businesses and were alert throughout the audit to any potential instances of non-compliance.

>Further, at both the planning and completion stage of the audit enquiries where made of management regarding any known instances of fraud or non-compliance with laws and regulations

>These representations were corroborated where possible through the review of board minutes. No contradictory evidence was noted.

We consider that the work detailed above has ensured that the likelihood of detection of irregularities including fraud is considered to be high both at management level and during our audit approach. It is however worth noting that there is an inherent difficulty in detecting irregularities and there is no guarantee that all irregularities have been identified.

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.

Jeffrey Oliver (Senior Statutory Auditor)

for and on behalf of Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

29th September 2025

TURNOVER

3

14,253,570

13,888,883

Cost of sales

9,576,759

9,729,523

GROSS PROFIT

4,676,811

4,159,360

Distribution costs

1,666,132

1,787,146

Administrative expenses

2,340,140

2,331,774

4,006,272

4,118,920

OPERATING PROFIT

6

670,539

40,440

Interest payable and similar expenses

7

56,491

28,249

PROFIT BEFORE TAXATION

614,048

12,191

Tax on profit

8

154,964

(108,188

)

PROFIT FOR THE FINANCIAL YEAR

459,084

120,379

OTHER COMPREHENSIVE INCOME

Deferred tax movement

-

(38,250

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

(38,250

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

459,084

82,129

FIXED ASSETS

Intangible assets

9

83,707

-

Tangible assets

10

1,740,470

1,802,352

1,824,177

1,802,352

CURRENT ASSETS

Stocks

11

2,476,455

2,570,375

Debtors

12

3,293,306

3,494,061

Cash at bank and in hand

359,695

202,699

6,129,456

6,267,135

CREDITORS

Amounts falling due within one year

13

6,132,707

6,701,909

NET CURRENT LIABILITIES

(3,251

)

(434,774

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,820,926

1,367,578

CREDITORS

Amounts falling due after more than one year

14

34,614

40,350

NET ASSETS

1,786,312

1,327,228

CAPITAL AND RESERVES

Called up share capital

19

964,400

964,400

Share premium

20

436,767

436,767

Revaluation reserve

20

731,250

731,250

Retained earnings

20

(346,105

)

(805,189

)

SHAREHOLDERS' FUNDS

1,786,312

1,327,228

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2025 and were signed on its behalf by:

Sharon Crompton - Director

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1st January 2023

964,400

(925,568

)

436,767

769,500

1,245,099

Changes in equity

Total comprehensive income

-

120,379

-

(38,250

)

82,129

Balance at 31st December 2023

964,400

(805,189

)

436,767

731,250

1,327,228

Changes in equity

Total comprehensive income

-

459,084

-

-

459,084

Balance at 31st December 2024

964,400

(346,105

)

436,767

731,250

1,786,312

1.	STATUTORY INFORMATION

Wessex Lift Co 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 as modified by the revaluation of certain assets.

The financial statements are presented in pounds sterling.

Going concern assumption

The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern.They have not identified any material uncertainties or risks related to events or conditions that could cast significant doubt about the company's ability to continue as a going concern and therefore the financial statements for the year ended 31st December 2024 have been prepared using the going concern basis of accounting.

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 requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

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

-

not provided

Plant and machinery

-

at varying rates on cost

Land and Buildings

Initial recognition of assets was at cost plus any fees or other allowable costs to bring the asset into use.

Subsequently the property is revalued at each financial year end at fair value. A professional revaluation will be undertaken with sufficient regularity to ensure that the directors have ascertained an accurate fair value at each year end. The gain or loss upon revaluation will be recognised in a revaluation reserve through other comprehensive income, this will then be subject to deferred tax also recognised through other comprehensive income.

The property held in the accounts was revalued in 2020 by a firm of Chartered Surveyors, the revaluation is deemed appropriate to give a true and fair view in the financial statements.

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value arrived at on the following basis:

1. Product materials and components are included on a first-in, first-out basis.

2. Work in progress and finished goods are included on a basis appropriate to the state of completion of the various individual items taking account of materials and components together with an appropriate share of labour costs and production overheads.

Net realisable value is based on estimated selling price less all further costs to completion.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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

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

3.

TURNOVER

The 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

13,440,732

12,728,071

Overseas

812,838

1,160,812

14,253,570

13,888,883

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

3,668,588

3,793,690

Social security costs

362,062

355,111

Other pension costs

154,996

171,967

4,185,646

4,320,768

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

2024

2023

Production

68

76

Administration

48

53

116

129

5.	DIRECTORS' EMOLUMENTS

2024

2023

£

£

Directors' remuneration

193,656

94,692

Directors' pension contributions to money purchase schemes

13,809

6,188

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

Money purchase schemes

1

1

6.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Hire of plant and machinery

7,792

10,664

Other operating leases

354,564

414,250

Depreciation - owned assets

49,532

48,380

Depreciation - assets on hire purchase contracts

25,996

26,088

Computer software amortisation

4,406

-

Auditors' remuneration

14,400

14,400

Research and development

-

69,984

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Loan interests

56,491

28,249

8.

TAXATION

Analysis of the tax charge/(credit)

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

2024

2023

£

£

Deferred tax

154,964

(108,188

)

Tax on profit

154,964

(108,188

)

Reconciliation of total tax charge/(credit) included in profit and loss

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

2024

2023

£

£

Profit before tax

614,048

12,191

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

153,512

3,048

Effects of:

Expenses not deductible for tax purposes

1,385

1,468

Movement in short term timing differences

67

(67

)

Change in rate of tax

-

(74,387

)

Change in rate of tax through revaluation reserve

-

(38,250

)

Total tax charge/(credit)

154,964

(108,188

)

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31st December 2024.

2023

Gross

Tax

Net

£

£

£

Deferred tax movement

(38,250

)

-

(38,250

)

9.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

Additions

88,113

At 31st December 2024

88,113

AMORTISATION

Amortisation for year

4,406

At 31st December 2024

4,406

NET BOOK VALUE

At 31st December 2024

83,707

10.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1st January 2024

1,500,000

2,096,356

51,826

3,648,182

Additions

-

13,646

-

13,646

At 31st December 2024

1,500,000

2,110,002

51,826

3,661,828

DEPRECIATION

At 1st January 2024

-

1,813,533

32,297

1,845,830

Charge for year

-

71,022

4,506

75,528

At 31st December 2024

-

1,884,555

36,803

1,921,358

NET BOOK VALUE

At 31st December 2024

1,500,000

225,447

15,023

1,740,470

At 31st December 2023

1,500,000

282,823

19,529

1,802,352

The freehold property is the subject of a charge in favour of National Westminster Bank Plc.

Additionally the freehold land is the subject of a charge in favour of the Ratcliff Group Pension Scheme (see note 16).

Cost or valuation at 31st December 2024 is represented by:

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

Valuation in 2019

25,000

-

-

25,000

Valuation in 2020

950,000

-

-

950,000

Cost

525,000

2,110,002

51,826

2,686,828

1,500,000

2,110,002

51,826

3,661,828

The valuations mentioned have been verified and endorsed by the board of directors.