REGISTERED NUMBER: 03769616 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GAZEBO FINE FOODS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

Mrs S Shah

T Shah

REGISTERED OFFICE:

C/O Willaim Evans & Partners

20 Harcourt Street

London

WH1 4HG

BUSINESS ADDRESS:

Unit 2

Fourth Way

Wembley

Middlesex

HA9 0LH

REGISTERED NUMBER:

03769616 (England and Wales)

AUDITORS:

Shah Dodhia & Co

173 Cleveland Street

London

W1T 6QR

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

REVIEW OF BUSINESS

The principal activities of the company during the year continued to be that of manufacturing of hand finished snacks and ready meal products.

The company significantly improved the trading performance during the year. This was achieved by providing quality premium products, being at the forefront of innovation and engaging with customers to provide high level of bespoke services and improving sales mix with strategic focus on brand and private label trading.

The key financial indicators for the year are:

Turnover for the year improved marginally by 0.51% to £11 million, compared to £10.9m in 2023

Gross Margins increased by 172 basis points to 26.16%, driven by better cost controls over key food ingredients, and packaging costs.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) increased to £533K, compared to £234K for the previous year.

The directors are working hard under current challenging economic and business environment backdrop.

Key focus for the business over the medium term is to generate growth and absorb regulatory and inflationary costs pressures facing the company and undertake review of options available to improve production efficiencies.

The quality of products and ''Gazebo Cuisine'' brand remain a key priority for the business with strategic focus on working closely with key customers, using extensive marketing channels to promote brand awareness and maintaining competitive market position within the Food to Go category and high standards of BRC accreditation.

PRINCIPAL RISKS AND UNCERTAINTIES

Commercial risks

The company operates in a highly competitive industry subject to input price fluctuations. To protect its interest the company seeks to differentiate itself by promoting "Gazebo Cuisine'" brand loyalty, maintaining good relations with the customers and the categories the company operates within and by strict adherence to quality and food safety standards will help to mitigate this risk.

The company is implementing benchmarking its pricing within the sector and is implementing medium term contracts with key suppliers to reduce the short-term impact on market price movements in the medium term.

Food safety risk

As a manufacturer of chilled products intended to be sold and eaten, the major risk the company faces are that its product will be found to be unsafe to eat. The company ensures this will not occur by operating rigorous food safety systems, hygiene standards and quality control. That these are successful borne out by annual and regular industry and customer food accreditation monitoring audit visits.

Retention of management and staff

The company operates in industry where labour scarcity prevails. Although the company has historical success in attracting and retaining employees, the staff retention risk remains in medium term.

The risk is mitigated by ensuring the company offer competitive remuneration, training opportunities and friendly work environment with opportunities to develop a career.

Credit risk

The company gives credit to customers and is therefore at risk of loss if customers do not pay. The company mitigates this by selling only to companies with strong and proven credit records and close management of trade debtor ledger balances.

Liquidity risk

The company has budgeting and forecasting processes that ensure liquidity is closely monitored and has committed support of invoice financing facility in place to manage any short-term working capital fluctuations.

Exchange rate and Commodity Price risk

The Company is exposed to foreign currency risks arising from purchases that are denominated in a currency other than Sterling, with the principal currency risk arising with the US dollar. The company's policy is to cover all material foreign currency commitments arising using forward currency purchases and maintaining sufficient cash balances. The company is also exposed to movements in raw material prices where these are linked to movements in commodity prices. The company seeks to limit the impact of commodity price movements through forward purchasing raw materials, where appropriate.

ON BEHALF OF THE BOARD:

T Shah - Director

26 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 food manufacturing,distribution and marketing.

DIVIDENDS

No Dividend will be distributed for the year ended 31 December 2024. (2023: Nil).

DIRECTORS

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

Mrs S Shah

T Shah

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

The auditors, Shah Dodhia & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T Shah - Director

26 September 2025

Opinion

We have audited the financial statements of Gazebo Fine Foods Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on 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:

Irregularities, including fraud, are instances of non compliance with laws and regulations. We design

procedures in line with our responsibilities, auditor's responsibilities section, to detect material misstatements

in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting

irregularities, including fraud is detailed below:

- we made enquires of the directors' policies and procedures to prevent and detect fraud, as well as, whether

they have knowledge of any actual, suspected or alleged fraud.

- we gained an understanding of the legal and regulatory framework applicable to the company and the industry

in which it operates through discussion with directors and considered the risk of acts by the company that were

contrary to applicable laws and regulations, including fraud.

- we designed audit procedures including analytical procedures to respond to the risk, recognising that the risk

of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from

error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or

through collusion;

- the engagement partner ensured that the engagement team collectively had the appropriate competence,

capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we focused on specific laws and regulations which we considered may have a direct material effect on the

financial statements or the operations of the company, including the Companies Act 2006, UK tax legislation,

data protection, anti-money laundering, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries

of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained

alert to instances of non-compliance throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not 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 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 company is subject to many laws and regulations where non compliance could have a material effect in the

financial statements, e.g. health and safety, employment law, anti-bribery, certain aspects of company

legislation recognising the nature of the company's activities and its legal form . Auditing standards limit the

required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors

and other management and inspection of regulatory and legal correspondence, if any.Therefore a breach of

operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect

that breach.

In addition, as with any audit, there remained a higher risk of non-detecting of fraud, as these may involve

collusion, forgery, intentional omission, misrepresentations or the override of internal controls. Our audit

procedures are designed to detect material misstatement, We are not responsible for preventing non

compliance or fraud 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.

Satishchandra Baburaj Shah (Senior Statutory Auditor)

for and on behalf of Shah Dodhia & Co

173 Cleveland Street

London

W1T 6QR

29 September 2025

Shah Dodhia & Co

TURNOVER

10,998,004

10,941,773

Cost of sales

8,120,685

8,267,941

GROSS PROFIT

2,877,319

2,673,832

Administrative expenses

2,605,697

2,744,798

271,622

(70,966

)

Other operating income

-

25,000

OPERATING PROFIT/(LOSS)

5

271,622

(45,966

)

Interest receivable and similar income

17,841

3,062

PROFIT/(LOSS) BEFORE TAXATION

289,463

(42,904

)

Tax on profit/(loss)

6

73,715

(13,027

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

215,748

(29,877

)

PROFIT/(LOSS) FOR THE YEAR

215,748

(29,877

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

215,748

(29,877

)

FIXED ASSETS

Intangible assets

7

14,875

18,375

Tangible assets

8

304,974

388,086

319,849

406,461

CURRENT ASSETS

Stocks

9

381,193

410,409

Debtors

10

2,070,071

1,990,230

Cash at bank and in hand

1,519,779

1,285,053

3,971,043

3,685,692

CREDITORS

Amounts falling due within one year

11

1,541,930

1,578,214

NET CURRENT ASSETS

2,429,113

2,107,478

TOTAL ASSETS LESS CURRENT LIABILITIES

2,748,962

2,513,939

CREDITORS

Amounts falling due after more than one year

12

(36,247

)

-

PROVISIONS FOR LIABILITIES

14

(40,636

)

(57,608

)

NET ASSETS

2,672,079

2,456,331

CAPITAL AND RESERVES

Called up share capital

15

50,000

50,000

Retained earnings

16

2,622,079

2,406,331

SHAREHOLDERS' FUNDS

2,672,079

2,456,331

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

T Shah - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

50,000

2,436,208

2,486,208

Changes in equity

Total comprehensive income

-

(29,877

)

(29,877

)

Balance at 31 December 2023

50,000

2,406,331

2,456,331

Changes in equity

Total comprehensive income

-

215,748

215,748

Balance at 31 December 2024

50,000

2,622,079

2,672,079

Cash flows from operating activities

Cash generated from operations

1

368,662

(130,032

)

Tax paid

(45,288

)

(85,549

)

Taxation refund

-

195

Net cash from operating activities

323,374

(215,386

)

Cash flows from investing activities

Purchase of tangible fixed assets

(107,946

)

(24,412

)

Sale of tangible fixed assets

7,400

1,584

Interest received

17,841

3,062

Net cash from investing activities

(82,705

)

(19,766

)

Cash flows from financing activities

Capital repayments in year

(366

)

(2,024

)

Amount withdrawn by directors

(5,577

)

(18,208

)

Net cash from financing activities

(5,943

)

(20,232

)

Increase/(decrease) in cash and cash equivalents

234,726

(255,384

)

Cash and cash equivalents at beginning of year

2

1,285,053

1,540,437

Cash and cash equivalents at end of year

2

1,519,779

1,285,053

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit/(loss) before taxation

289,463

(42,904

)

Depreciation charges

234,669

269,525

Profit on disposal of fixed assets

(6,500

)

(1,184

)

Finance income

(17,841

)

(3,062

)

499,791

222,375

Decrease/(increase) in stocks

29,216

(57,833

)

Increase in trade and other debtors

(79,841

)

(206,249

)

Decrease in trade and other creditors

(80,504

)

(88,325

)

Cash generated from operations

368,662

(130,032

)

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

1,519,779

1,285,053

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,285,053

1,540,437

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

and in hand

1,285,053

234,726

1,519,779

1,285,053

234,726

1,519,779

Debt

Finance leases

-

366

(41,009

)

(40,643

)

-

366

(41,009

)

(40,643

)

Total

1,285,053

235,092

(41,009

)

1,479,136

1.	STATUTORY INFORMATION

Gazebo Fine Foods 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.

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.

Tangible fixed assets

Tangible assets at reporting date are stated at cost less any subsequently accumulated depreciation and impairment losses.

Impairment of assets

Management continually use judgement to ascertain whether there is any indication of impairment of the company's tangible assets and makes adjustments to reflect the carrying value.

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

Plant & Machinery - 20% on cost

Fixtures and Fittings - 20% on cost

Motor Vehicles - 25% on cost

Leasehold improvements is amortised over the term of the lease.

Stocks

Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Costs comprises direct materials and, where applicable, direct labour costs and those appropriate overheads that have been incurred in bringing the stocks to their present location and conditions.

Financial instruments

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans.

Debt instruments which meet the conditions of being 'basic' financial instruments are subsequently measured at amortised cost using the effective interest method.

Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

The company's main financial instruments are accounts receivable and accounts payable.

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 personal pension scheme. The pension charge represents the amount payable by the company to the fund in respect of the year.

Invoice discounting

Amounts due in respect of invoice discounting are separately disclosed as current liabilities.

Going concern

The directors indicate that the company is likely to generate sufficient income and have sufficient cash reserves. Having considered post year end trading and financial reserves, cash reserves, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and continue to meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date of these financial statements.

Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The directors have reviewed the estimates and judgement made in the preparation of the financial statements and has concluded that there are no key sources of estimation uncertainty or critical accounting judgements used in the development of the financial statements.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

3,898,500

3,930,240

Social security costs

308,654

324,145

Other pension costs

64,238

61,182

4,271,392

4,315,567

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

2024

2023

Manufacturing

71

69

Selling

1

1

Administration

21

19

93

89

2024

2023

£

£

Directors' remuneration

652,325

858,853

Directors' pension contributions to money purchase schemes

19,521

18,904

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

327,571

433,677

Pension contributions to money purchase schemes

10,248

10,904

During the year the number of directors who accrued benefits under the company pension plan were 2 (2023: 2)

5.	OPERATING PROFIT/(LOSS)

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

2024

2023

£

£

Hire of plant and machinery

52,585

48,641

Other operating leases

248,487

199,234

Depreciation - owned assets

231,168

266,026

Profit on disposal of fixed assets

(6,500

)

(1,184

)

Goodwill amortisation

3,500

3,500

Auditors' remuneration

7,650

7,000

Foreign exchange differences

(917

)

-

6.

TAXATION

Analysis of the tax charge/(credit)

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

2024

2023

£

£

Current tax:

UK corporation tax

90,687

45,002

Deferred tax

(16,972

)

(58,029

)

Tax on profit/(loss)

73,715

(13,027

)

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/(loss) before tax

289,463

(42,904

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.207%)

72,366

(9,957

)

Effects of:

Expenses not deductible for tax purposes

498

527

Depreciation in excess of capital allowances

19,448

54,623

Balancing Charge Excess

-

368

Profit on Disposal of Fixed Assets

(1,625

)

(275

)

Deferred tax charge reduction

(16,972

)

(58,029

)

Adjustments to tax charge in respect of previous periods

-

(284

)

Total tax charge/(credit)

73,715

(13,027

)

7.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

70,000

AMORTISATION

At 1 January 2024

51,625

Amortisation for year

3,500

At 31 December 2024

55,125

NET BOOK VALUE

At 31 December 2024

14,875

At 31 December 2023

18,375