REGISTERED NUMBER: 02171820 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

STONE HARDY LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

10

Balance Sheet

11

Notes to the Financial Statements

12

DIRECTORS:

John Edward Ratcliff

Michael John Samuel

Freddy Thomas Ronald Boxall

SECRETARY:

Mark Ivinson

REGISTERED OFFICE:

38 The Maltings

Stanstead Abbotts

Hertfordshire

SG12 8HG

REGISTERED NUMBER:

02171820 (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 results for the financial year ended 31 December 2024 are shown in the annexed financial statements.

The directors report an operating loss before tax of £22,624 for the year (2023: profit of £607,574). Turnover increased by 19.51%, a strong performance in a competitive market, with further growth anticipated in 2025. The cost-saving measures and system improvements last year have continued to deliver benefits, underpinning profitability. The reported loss for the year is primarily the result of one-off charges of £1.4m. Excluding these non-recurring costs, the business remains profitable, and the underlying results reflect continued operational strength rather than poor performance.

Forecasts for the year ending 31 December 2025 are looking positive and maintain a profit position.

Debtor days at the balance sheet date were 62 days (2023: 59)

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, such as trade debtors and trade creditors 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.

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.

The company policy throughout the year has been to ensure continuity of funding which is achieved through The Ratcliff Group Limited resources which allows the company to meet medium and long term funding requirements.

Interest Rate Risk

The company finances its operations through a mixture of bank overdraft facilities and inter-company loans. The company's exposure to interest rate fluctuations on its borrowings is managed through floating inter-company facilities. Currently the finance is provided by a government backed banker.

Currency Risk

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

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 control department on a regular basis in conjunction with debt ageing and collection history.

ON BEHALF OF THE BOARD:

Mark Ivinson - Secretary

29th September 2025

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

DIVIDENDS

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

DIRECTORS

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

John Edward Ratcliff

Michael John Samuel

Freddy Thomas Ronald Boxall

FINANCIAL INSTRUMENTS

The company entered into an agreement with RBS Invoice finance limited for a debt purchase facility for funding of up to £600,000, secured against debtors and guaranteed by the parent company, The Ratcliff Group Limited.

At the year end the balance of which was £461,378 (2023: 439,737) in other creditors.

DONATIONS

Donations of £4,293 (2023: £4,841) were made during the year all to charity and none political.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mark Ivinson - Secretary

29th September 2025

Opinion

We have audited the financial statements of Stone Hardy Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 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 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

13,400,212

11,212,796

Cost of sales

10,182,066

8,872,097

GROSS PROFIT

3,218,146

2,340,699

Administrative expenses

3,203,182

1,709,694

OPERATING PROFIT

6

14,964

631,005

Interest payable and similar expenses

7

37,588

23,431

(LOSS)/PROFIT BEFORE TAXATION

(22,624

)

607,574

Tax on (loss)/profit

8

(5,919

)

40,709

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(16,705

)

566,865

Retained earnings at beginning of year

423,643

(143,222

)

RETAINED EARNINGS AT END OF YEAR

406,938

423,643

FIXED ASSETS

Tangible assets

9

213,847

252,047

CURRENT ASSETS

Stocks

10

897,866

1,058,809

Debtors

11

3,898,330

2,453,437

Cash at bank and in hand

195,384

55,839

4,991,580

3,568,085

CREDITORS

Amounts falling due within one year

12

3,732,500

2,286,725

NET CURRENT ASSETS

1,259,080

1,281,360

TOTAL ASSETS LESS CURRENT LIABILITIES

1,472,927

1,533,407

CREDITORS

Amounts falling due after more than one year

13

(65,989

)

(104,685

)

PROVISIONS FOR LIABILITIES

16

-

(5,079

)

NET ASSETS

1,406,938

1,423,643

CAPITAL AND RESERVES

Called up share capital

17

1,000,000

1,000,000

Retained earnings

18

406,938

423,643

SHAREHOLDERS' FUNDS

1,406,938

1,423,643

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:

Michael John Samuel - Director

1.	STATUTORY INFORMATION

Stone Hardy 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.

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.

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) which have been applied consistently (except as otherwise stated).

Turnover

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

Turnover is the total amount, excluding value added tax, for the rendering of services and supply of goods used in services, recognised once work is completed and invoiced by the company to third parties during the year.

Tangible fixed assets

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

Improvements to property

-

Over the term of the lease

Plant and machinery

-

at varying rates on cost

Motor vehicles

-

at varying rates on cost

Stocks

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

Stocks consist of goods for resale, which are valued at cost, computed on a first in first out basis, after making due allowance for obsolete and slow moving items.

Where the net realisable value of individual stock items is less than cost, the net realisable value has been adopted.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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.

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

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.

The costs of funding the defined benefit pension scheme operated by the ultimate holding company, The Ratcliff Group, are charged to the profit and loss account in the period to which they relate.

3.

TURNOVER

Turnover is the total amount, excluding value added tax, of sales of goods and services invoiced by the company to third parties during the year.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

4,888,456

4,420,345

Social security costs

490,778

435,291

Other pension costs

302,748

131,270

5,681,982

4,986,906

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

2024

2023

Production staff

109

115

Administration

22

9

131

124

5.	DIRECTORS' EMOLUMENTS

2024

2023

£

£

Directors' remuneration

181,520

84,143

Directors' pension contributions to money purchase schemes

9,982

4,220

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

Money purchase schemes

2

2

6.	OPERATING PROFIT

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

2024

2023

£

£

Depreciation - owned assets

31,009

38,183

Depreciation - assets on hire purchase contracts

12,721

12,722

Profit on disposal of fixed assets

(1,155

)

(5,630

)

Auditors' remuneration

15,100

14,400

Operating lease rentals - plant and machinery

515,432

441,510

Operating lease rentals - property

340,194

460,774

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank loan interest

37,588

23,431

8.

TAXATION

Analysis of the tax (credit)/charge

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

2024

2023

£

£

Deferred tax:

Origination and reversal of timing differences

(5,919

)

40,709

Tax on (loss)/profit

(5,919

)

40,709

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

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

2024

2023

£

£

(Loss)/profit before tax

(22,624

)

607,574

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

(5,656

)

151,894

Effects of:

Expenses not deductible for tax purposes

6,003

6,497

differences

Change in marginal rate of tax

-

(11,198

)

Group Relief

(6,266

)

(106,484

)

Total tax (credit)/charge

(5,919

)

40,709

9.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1st January 2024

395,185

440,571

105,126

940,882

Additions

-

8,383

-

8,383

Disposals

-

(9,509

)

(1,974

)

(11,483

)

At 31st December 2024

395,185

439,445

103,152

937,782

DEPRECIATION

At 1st January 2024

203,286

385,527

100,022

688,835

Charge for year

20,734

20,672

2,324

43,730

Eliminated on disposal

-

(6,656

)

(1,974

)

(8,630

)

At 31st December 2024

224,020

399,543

100,372

723,935

NET BOOK VALUE

At 31st December 2024

171,165

39,902

2,780

213,847

At 31st December 2023

191,899

55,044

5,104

252,047

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Improvements

to

property

£

COST

At 1st January 2024

and 31st December 2024

190,824

DEPRECIATION

At 1st January 2024

14,842

Charge for year

12,721

At 31st December 2024

27,563

NET BOOK VALUE

At 31st December 2024

163,261

At 31st December 2023

175,982

10.

STOCKS

2024

2023

£

£

Finished goods and goods for resale

897,866

1,058,809

In the opinion of the directors, the replacement cost of stock is not materially different to the amounts at which it is stated in the accounts.

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

2,272,614

1,835,960

Amounts owed by group undertakings

1,250,000

286,941

Deferred tax asset

840

-

Prepayments and other debtors

374,876

330,536

3,898,330

2,453,437

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 14)

38,696

38,696

Trade creditors

869,623

902,669

Social security and other taxes

391,290

316,341

Other creditors

41,497

29,445

Factoring account

461,378

439,737

Accruals and deferred income

1,930,016

559,837

3,732,500

2,286,725

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 14)

65,989

104,685

14.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

38,696

38,696

Between one and five years

65,989

104,685

104,685

143,381

Non-cancellable

operating leases

2024

2023

£

£

Within one year

820,010

682,013

Between one and five years

2,128,964

1,703,607

In more than five years

1,385,862

1,501,793

4,334,836

3,887,413

15.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Debt purchase facility

461,378

439,737

There is a Debenture dated 08 February 1999 in favour of Royal Bank of Scotland Plc (the Bank) over the assets of the company.

Additionally, there is a cross guarantee of unlimited amount in favour of the Bank given by this company's parent and fellow subsidiary company.

The company entered into an agreement with RBS Invoice Financing on 31 October 2022 for a Debt purchase facility of up to £600,000 secured over the assets of the company and guaranteed by the parent company The Ratcliff Group Limited

16.	PROVISIONS FOR LIABILITIES

2023

£

Deferred tax

5,079