REGISTERED NUMBER: 03801026 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MORPLAN LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

D Cohen

D Marcovici

A F J Charpy

SECRETARY:

D Cohen

REGISTERED OFFICE:

Unit 1

Temple Bank

Harlow

Essex

CM20 2DY

REGISTERED NUMBER:

03801026 (England and Wales)

AUDITORS:

BSR Bespoke

Chartered Accountants

Registered Auditors

Linden House

Linden Close

Tunbridge Wells

Kent

TN4 8HH

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

PRINCIPAL PLACE OF BUSINESS

Morplan Limited is incorporated in the United Kingdom and is part of the Raja group of companies.

The company is a long established trade supplier to the retail industry and operates as an integrated distance selling operation complemented by retail outlets in London, Bristol, Glasgow and Birmingham and is supported by a nationwide distribution network.

REVIEW OF BUSINESS

The directors are pleased to report on the year ended 31st December 2024.

Trading conditions remained challenging during the year and sales, impacted by sluggish domestic demand, punitive budget announcements pertaining to retail & increased costs in our customer base meaning they fell back on the previous year. The Branch entity that we created to support our Irish Website, has established a proven and cost-effective route into the Republic of Ireland and we expect sales from that market to continue to grow. Whilst the Stores Sales channel delivered an above average sales performance for the year, the directors decided to delay the planned opening of our fifth store until there is less uncertainty in the UK economy.

Gross Profit improved from 53% of sales in 2023 to 55%, despite the challenges presented by the continued conflict in Ukraine and the outbreak of the war in the Middle East. Both events continue to disrupt supply chains and keep some prices high. The improvement was achieved mainly through resourcing initiatives and leveraging Group buying power.

We continued to de-risk by moving more products away from China in favour of the Indian Sub-continent. The directors acknowledge the risk of exchange rate volatility associated with our adopted sourcing strategy and protected against this by purchasing a hedging facility to cover much of 2024 risk, a similar policy will be extended into 2025

During the year we wrote-off over £100K of redundant PPE product, which was a carry over from the Covid Pandemic, with further write-offs to come over the next two years.

We refreshed our product range by introducing over 600 new products, with the emphasis firmly on sustainability. We are delighted to confirm that we were amongst those few companies chosen to be the recipient of the first Royal Warrants to be granted by King Charles since he became monarch.

During what turned out to be a difficult year we placed increased importance on cost control and cash management -Distribution and Admin costs fell by 6.2% and Debtor Days reduced by a further 15% over the previous year. Headcount fell from an average of 82 in 2023 to 79 in 2024 as a result of efficiency gains and natural turnover.

We successfully completed another ISO 9001 & 14001 audits and retained our accreditations.

Looking ahead into 2025, we expect domestic demand to remain subdued during most of H1, with both sales and new customer acquisition hard fought for. The Government's announcement in the 2024 Budget of an increase to Employer NI, a reduction in Retail Rates Relief and increases in the Minimum Wage, all of which will come into effect in April 2025, will impact Retail in particular. Nevertheless, the directors believe that Morplan is well placed to recover from what have been very difficult conditions over the past few years and will return to the levels of profitability enjoyed during much of our 185-year history. In support of that, Raja Group announced in October 2024 that they have acquired Retif (former owners of Morplan). Retif have annual sales of circa £100m and 380,000 retail customers, which along with Morplan provides a substantive base for a Retail Division and the associated benefits in purchasing terms from an increased group size, to sit alongside the sizeable and established Packaging Division, spearheaded by the Raja brand and the Office Division under the Viking brand.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks.

The key business risks affecting the company are considered to relate to the heightened uncertainty in the UK economy, from the competition faced by both national and independent retailers and product availability.

The company's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and currency risk.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales over a certain credit limit are made. This is combined with careful profiling and ageing of the trade debtors and with a regular formal debtors review procedure.

The company takes what it deems to be appropriate checks on any financial institution which holds company cash and deposits and conducts formal reviews of the risks and competitiveness of the facilities under use.

Liquidity risk

The company utilises funding facilities from its bankers and parent company to meet its obligations and management uses a process of cash forecast modelling to monitor the company's ability to meet those obligations.

Currency risk

The company procures supplies from across the globe and pays for the goods in a variety of currencies and manages this risk by hedging in the form of forward contracts.

ON BEHALF OF THE BOARD:

A F J Charpy - Director

13 May 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 a trade supplier to the retail industry.

DIVIDENDS

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

DIRECTORS

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

D Cohen

D Marcovici

A F J Charpy

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen to set out in the strategic report the following information that is required to be stated in the directors' report:

An indication of the likely future developments of the business of the company.

The principal risks and uncertainties faced by the company.

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.

In preparing the financial statements the directors are required to state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

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, BSR Bespoke, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A F J Charpy - Director

13 May 2025

Opinion

We have audited the financial statements of Morplan Limited (the 'company') for the year ended 31 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 31 December 2024 and of its loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

We obtained an understanding of the legal and regulatory frameworks that are applicable to the client and determined that the most significant are:

- The form and content of the financial statements, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006

- UK Employment Law and data protection, and

- International Organisation for Standardisation, including, ISO9001, ISO14001 and ISO45001

We gathered an understanding of how the entity is complying with the above frameworks by enquiring and observing management and those charged with governance, ensuring there is a culture of honesty with an emphasis on fraud prevention which may reduce opportunities for fraud to occur as well as acting as a deterrent.

We assessed the susceptibility of the financial statements to material misstatement due to fraud, by making an assessment of the key fraud risks, the manner in which any such risks may materialise, our knowledge of the client and an assessment of the current business environment.

We designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed additional audit procedures to address each identified fraud risk to obtain reasonable assurance that the financial statements were free of fraud or error.

There are inherent limitations in the audit procedures described above, 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. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

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.

Stephen Pocock FCCA (Senior Statutory Auditor)

for and on behalf of BSR Bespoke

Chartered Accountants

Registered Auditors

Linden House

Linden Close

Tunbridge Wells

Kent

TN4 8HH

25 September 2025

TURNOVER

3

15,787,635

17,588,155

Cost of sales

7,083,678

8,201,698

GROSS PROFIT

8,703,957

9,386,457

Distribution costs

5,969,702

6,489,810

Administrative expenses

3,171,318

3,295,106

9,141,020

9,784,916

OPERATING LOSS

5

(437,063

)

(398,459

)

Interest payable and similar expenses

6

13,828

24,890

LOSS BEFORE TAXATION

(450,891

)

(423,349

)

Tax on loss

7

(148,126

)

(94,294

)

LOSS FOR THE FINANCIAL YEAR

(302,765

)

(329,055

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(302,765

)

(329,055

)

FIXED ASSETS

Tangible assets

9

777,384

792,124

CURRENT ASSETS

Stocks

10

4,537,147

4,656,663

Debtors

11

2,206,904

2,235,380

Cash at bank and in hand

542,510

1,209,494

7,286,561

8,101,537

CREDITORS

Amounts falling due within one year

12

4,104,694

4,558,977

NET CURRENT ASSETS

3,181,867

3,542,560

TOTAL ASSETS LESS CURRENT LIABILITIES

3,959,251

4,334,684

PROVISIONS FOR LIABILITIES

16

228,893

301,561

NET ASSETS

3,730,358

4,033,123

CAPITAL AND RESERVES

Called up share capital

17

1,000,000

1,000,000

Retained earnings

18

2,730,358

3,033,123

SHAREHOLDERS' FUNDS

3,730,358

4,033,123

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2025 and were signed on its behalf by:

D Marcovici - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1,000,000

3,362,178

4,362,178

Changes in equity

Total comprehensive loss

-

(329,055

)

(329,055

)

Balance at 31 December 2023

1,000,000

3,033,123

4,033,123

Changes in equity

Total comprehensive loss

-

(302,765

)

(302,765

)

Balance at 31 December 2024

1,000,000

2,730,358

3,730,358

1.	STATUTORY INFORMATION

Morplan 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.

The financial statements are presented in Sterling (£).

Going concern

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources, including parental support, to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

- the requirements of Section 7 Statement of Cash Flows,

- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Morplan Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, KCF SC, 16 Rue de L Étang Industrial zone Paris Nord II, 93290 Tremblay-en-France.

Turnover

Turnover is recognised when it is probable that future economic benefits will flow to the company from the sale of goods and services and is measured as the fair value of consideration which the company expects to receive from those transactions. Sales of goods are recognised at the point of sale or on delivery of the goods and when the risks and rewards of ownership have passed to the customer. Turnover from services is recognised when the services are provided.

Turnover from internet sales is recognised at the point when the goods are despatched to the customer.

Turnover is recognised net of returns and of trade discounts and is shown exclusive of value added tax.

Tangible fixed assets

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

Short leasehold

-

10% on cost

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

at varying rates on cost

Computer equipment

-

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.

Cost is determined on a weighted average basis.

Financial instruments

The company enters into basic financial instruments that give rise to financial assets and financial liabilities including trade and other debtors, trade and other creditors, bank account balances, bank loans and other loans and borrowings and investments in certain non puttable and non convertible equity instruments.

Debt instruments which are not payable or receivable within one year are initially accounted for at the transaction price and are subsequently accounted for at amortised cost using the effective interest method. Debt instruments payable and receivable within one year are measured at their undiscounted cash amounts. Where the debt instruments are treated as a financing transaction, then the financial asset or liability is measured at the present value of future cash flows based on a market rate of interest. Debt instruments which are treated as financial assets and accounted for at amortised cost are also assessed for impairment.

Equity instruments are initially accounted for at transaction price. They are subsequently accounted for at cost unless they can be accounted for at fair value based on a readily available market price in an active market. Equity instruments which are treated as financial assets and accounted for at cost are also assessed for impairment.

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 taxation

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

The financial statements are presented in Sterling, which is also the functional currency of the Company. Transactions in currencies other than the functional currency of the Company are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the statement of comprehensive income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Provisions

Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation.

Leased assets

Assets that are held by the Company under leases which transfer to the Company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Rentals paid under operating leases are charged to Statement of Comprehensive Income on a straight line basis over the period of the lease.

Pension costs

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. The assets of the scheme are held separately from those of the company and operated independently by Aegon Scottish Equitable.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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.

3.

TURNOVER

Of the company's total turnover 96% (2023: 97%) is attributable to the UK market and 4% (2023: 3%) to Non-UK markets. All turnover relates to the sale of goods and is originated in the UK and ROI.

4.	EMPLOYEES AND DIRECTORS

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

31.12.24

31.12.23

Administration

71

73

Production

8

9

79

82

31.12.24

31.12.23

£

£

Wages & salaries

3,150,934

3,100,100

Social security costs

313,945

301,320

Pension costs

195,201

186,277

Recruitment costs

19,659

40,946

Total wages cost

3,679,739

3,628,643

31.12.24

31.12.23

£

£

Directors' remuneration

-

-

5.	OPERATING LOSS

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

31.12.24

31.12.23

£

£

Depreciation - owned assets

232,541

412,966

(Profit)/loss on disposal of fixed assets

(919

)

978

Fees payable for the audit

34,224

31,692

Foreign exchange loss/(gain)

87,492

164,842

Other operating leases

636,162

692,047

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Interest payable (other loans)

13,828

24,890

7.

TAXATION

Analysis of the tax credit

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

(184,965

)

-

Deferred tax

36,839

(94,294

)

Tax on loss

(148,126

)

(94,294

)

Reconciliation of total tax credit included in profit and loss

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

31.12.24

31.12.23

£

£

Loss before tax

(450,891

)

(423,349

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

(112,723

)

(99,487

)

Effects of:

Expenses not deductible for tax purposes

19,101

8,729

Adjustments to tax charge in respect of previous periods

7,312

(12,111

)

differences

Losses surrendered

-

61,816

Received in respect of losses surrendered

(61,816

)

-

Change in rate of deferred taxes

-

(53,241

)

Total tax credit

(148,126

)

(94,294

)

As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company’s financial year straddles this date, a blended corporation tax rate of 23.5% was applied in the prior year which is calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable.

8.	DEFERRED TAX

The deferred tax asset (note 11) is made up as follows:

Accelerated capital allowances

Other timing differences

Losses carried forward

Total

£

£

£

£

At 1 January 2024

22,071

-

222,857

244,928

Movement in the year

(41,228

)

5,000

(611

)

(36,839

)

At 31 December 2024

(19,157

)

5,000

222,246

208,089

Deferred tax is calculated in full on temporary differences under the liability method using a tax rate of 25% (2023: 25%).

9.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

750,918

325,812

100,318

1,439,758

2,616,806

Additions

795

15,033

10,365

191,608

217,801

At 31 December 2024

751,713

340,845

110,683

1,631,366

2,834,607

DEPRECIATION

At 1 January 2024

361,824

132,689

56,994

1,273,175

1,824,682

Charge for year

73,042

31,432

11,614

116,453

232,541

At 31 December 2024

434,866

164,121

68,608

1,389,628

2,057,223

NET BOOK VALUE

At 31 December 2024

316,847

176,724

42,075

241,738

777,384

At 31 December 2023

389,094

193,123

43,324

166,583

792,124

Fixed assets include computer equipment held under hire purchase agreement with a net book value at the year end of £5,173.

10.

STOCKS

31.12.24

31.12.23

£

£

Raw materials

90,658

102,625

Finished goods

4,446,489

4,554,038

4,537,147

4,656,663

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

926,872

1,209,934

Other debtors

1,071,943

780,518

Deferred tax

208,089

244,928

2,206,904

2,235,380

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other loans (see note 13)

624,890

600,000

Hire purchase contracts (see note 14)

2,339

5,607

Trade creditors

1,437,963

1,630,426

Social security and other taxes

517,828

448,967

Other creditors

454,190

578,581

Accruals

1,067,484

1,295,396

4,104,694

4,558,977

13.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Other loans

624,890

600,000

During 2022 RAJA SA (parent company) provided Morplan with a working capital loan of £600,000. The loan is repayable with 3 months' written notice from RAJA SA.

14.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

2,339

5,607

Obligations under finance leases

Finance leases relate to computer equipment. The average interest rate underlying all obligations during the year was 8.6%.

The directors consider that the carrying amount of the obligations under finance leases approximate to their fair value.