REGISTERED NUMBER: 06800412 (England and Wales)

Victory Leisure Homes Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

T J Rix

S J Rix

R M A Clarke

D J Lambert

J I Doyle

G L Corlyon

R E Wilde

H J Rix

M Fry

REGISTERED OFFICE:

2 Humber Quays

Wellington Street West

Hull

East Yorkshire

HU1 2BN

REGISTERED NUMBER:

06800412 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

HU2 8BA

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

REVIEW OF BUSINESS

Victory Leisure Homes manufactures static caravans and lodges. Most caravans and lodges built by Victory are sold to parks in the UK.

Turnover for the period reduced to £27.5MN (2023: £62.4MN) as a result of reduced demand across the industry which caused losses before tax of 8.2MN (2023: £6.4MN).

2024 continued to represent a challenging period for the business. The downturn in consumer demand that occurred in the previous year continued into 2024. Higher interest rates, inflationary pressures and concerns over the state of the economy, all impacted the customer demand in UK holiday home market.

During 2024 the business continued to take all necessary measures to meet these challenges and to ensure that costs and production levels are reduced to levels that are affordable in the long term.

The company continues to invest in people, machinery and technology to drive innovation and quality. It also remains well supported as part of the Rix Group of companies, to leave the business well capitalised for any challenges or opportunities that occur.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties affecting the business include the following: -

- Debtors: the company maintains strong relationships with its key customers through its sales team. In addition, the company operates a defined credit control policy.

- Pension funding risk: the company offers both a defined contribution scheme and a stakeholder pension scheme. The company does not operate a final salary scheme.

- Environmental risks: the company places considerable emphasis on environmental compliance and not only seeks to ensure on-going compliance with the relevant legislation but strives to ensure that best practice is incorporated into its key processes.

- Major disruption/disaster: the company has contingency plans, which it reviews regularly.

- Legislation: the company monitors current and forthcoming legislation regularly, both directly and through membership of various trade associations. The company not only seeks to ensure on-going compliance but strives to ensure that it incorporates best practice.

- Litigation: the company is subject to litigation from time to time. The outcome of legal action is always uncertain and there is always the risk that it may prove more costly and time consuming than expected. There is a risk that litigation could be instigated in the future which could materially impact the company. The company endeavours to maintain adequate insurance levels for all appropriate insurable risks.

- Competitive risk: the company operates within a highly competitive market. The company maintains many supply options and has control over its own storage and logistics chain. Investment, legislation and supply barriers in the market are significant for smaller operators and new entrants.

- Sales & Marketing: new and replacement business is being won continually. New and existing markets have been developed in line with the company's strategy. Key customer relationships are monitored on a regular basis.

- Cyber Security: the company recognises the growing threat of cyber and cyber enabled fraud and has measures in place to protect its systems and information from attack. It continues to assess and upgrade its procedures and systems as the cyber threat develops and evolves.

SECTION 172(1) STATEMENT

The Directors of Victory Leisure Homes Limited and those of all UK companies must act in accordance with a set of general duties. These duties are detailed in the UK Companies Act 2006.

The directors consider that they have acted in good faith in a way most likely to promote the success of the company for the benefit of its members as a whole.

The business can only grow and prosper if we understand and respect the views and needs of our shareholders, customers, colleagues, suppliers, the environment and the wider community in which we operate. The company is a wholly owned subsidiary of J R Rix & Sons Limited, which can trace its origins back 150 years and whose shareholders continue to be the Rix family, who sit on the main board. The company's purpose, culture and values are those of a family business.

Strategy

The long-term success of the organization is to do with the shareholders' policy of retaining the majority of profits within the Group to re-invest in the businesses. The company seeks to invest in profitable and sustainable opportunities.

Employees

Our people are central to the continued success of the business.

At Victory Leisure Homes Limited Ltd we believe that nothing we do is so important that it cannot be completed safely. Our philosophy is to prevent accidents, and cases of work-related ill health, to our employees, contractors, customers or members of the public. Health and Safety is a main board agenda item and the company invests in all aspects of health and safety and are committed to delivering the highest standards. Our dedicated HSE professionals assist in delivering the risk assessment and management review programme. We continue to develop the ways in which we engage with our employees and offer two-way communication opportunities through our health and safety committees at each location throughout the group.

We invest significantly in our workforce. To help unlock potential we invest in training at all levels. We provide a comprehensive e-learning program as part of the induction of all new members of staff. We engage with our workforce to ensure that we are fostering an environment that they are happy to work in and that best supports their well-being.

Relationships with customers and suppliers

The company's relationship with its customers is critical to its long-term success. At all times the company aims to provide value and quality and exceed customers' expectations. The company encourages feedback from customers and looks to incorporate the feedback in continuous improvement.

Our suppliers are fundamental to the quality of our products and to ensuring that, as a business, we meet the high standards of conduct that we set ourselves. We value our suppliers and act with honesty and integrity in all our dealings with them and expect the same in return. We aim to pay all suppliers, irrespective of size, of agreed terms, on time every time.

The community and the environment

The company respects the communities in which we operate and at all times acts to prevent harm. We aim to create positive change in our local communities by supporting numerous charities and good causes and encouraging colleagues to assist with their expertise.

The Company recognises environmental management as an important responsibility and takes practical measures to comply with all relevant environmental laws and regulations as a minimum standard.

The Company aims to continuously improve and consolidate its environmental policy by regular examination of key business processes and procedures.

The group, through the parent company J R Rix & Sons Limited, is certified to the ISO 50001 standard. The specification requires use of an energy management system with a main purpose of using energy more efficiently.

Business conduct

Victory Leisure Homes Limited is committed to doing business with suppliers, customers and other parties in a way that is fair and transparent for everyone involved. The company maintains a reputation for high standards and at all times expects its people to act with honesty and integrity.

ON BEHALF OF THE BOARD:

R E Wilde - Director

22nd September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of caravan manufacturing.

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.

T J Rix

S J Rix

R M A Clarke

D J Lambert

J I Doyle

G L Corlyon

R E Wilde

H J Rix

Other changes in directors holding office are as follows:

M Fry was appointed as a director after 31st December 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise trade debtors and trade creditors. The main purpose of these instruments is to raise funds for the group's operations and to finance working capital.

Due to the nature of the financial instruments used by the company, there is limited exposure to price risk.

Trade debtors are managed in respect of the credit offered to customers and are regularly monitored for amounts outstanding for both time and credit limits. The trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet payments as they fall due.

DISABLED EMPLOYEES

It is the policy of the company to employ disabled persons wherever circumstances permit and to provide normal opportunities for their training, promotion and career development. The company's policy includes, wherever practical, the continued employment of those who become disabled during their employment.

The company considers it important that employees are kept informed on all aspects of its affairs as far as the needs of communication and financial confidentiality will allow.

ENGAGEMENT WITH EMPLOYEES

The company considers it important that employees are kept informed on all aspects of its affairs as far as the needs of communication and financial confidentiality will allow. Further details are supplied within the Section 172 (1) statement in the Strategic Report.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The company considers it important that it fosters relationships with its customers and suppliers. Further details are supplied within the Section 172 (1) statement in the Strategic Report.

STREAMLINED ENERGY AND CARBON REPORTING

These figures have been compiled in line with Streamlined Energy and Carbon Reporting (SECR) requirements, for the period ended 31st December 2024. Greenhouse gases have been calculated using the UK Government GHG Conversion Factors for Company Reporting DEFRA conversion factors.

2024

2023

Energy usage

Total kWh consumed

2,202,522

2,072,684

tCO2e

2024

2023

Scope 1

Mobile Combustion - Diesel/Petrol for forklifts

260

302

Scope 1

Stationary Combustion - LPG and Kero for heating

219

18

Scope 2

Purchased Electricity

0

255

Scope 3

Business Travel including Rail, Flights and Hotel Stays

56

166

Total

535

741

Intensity Ratio

tCO2e/£1MN Turnover

19.4

11.9

Victory used renewable sources of energy in the manufacture process during the period under review, including via onsite wind turbines and solar panels. Victory look at ways of reducing reliance on fossil fuels and continually monitor the manufacturing inputs and processes to achieve this aim.

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R E Wilde - Director

22nd September 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its 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 six, 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was 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, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC and relevant regulators.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

Michael Stocks FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

HU2 8BA

22nd September 2025

TURNOVER

3

27,535,699

62,421,210

Cost of sales

25,993,472

52,527,401

GROSS PROFIT

1,542,227

9,893,809

Administrative expenses

9,183,785

15,331,383

OPERATING LOSS

5

(7,641,558

)

(5,437,574

)

Interest payable and similar expenses

7

546,400

997,754

LOSS BEFORE TAXATION

(8,187,958

)

(6,435,328

)

Tax on loss

8

(1,997,236

)

(1,443,797

)

LOSS FOR THE FINANCIAL YEAR

(6,190,722

)

(4,991,531

)

FIXED ASSETS

Tangible assets

9

2,504,628

3,433,049

CURRENT ASSETS

Stocks

10

28,737,247

29,676,828

Debtors

11

13,319,883

27,204,958

42,057,130

56,881,786

CREDITORS

Amounts falling due within one year

12

48,081,729

57,105,417

NET CURRENT LIABILITIES

(6,024,599

)

(223,631

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,519,971

)

3,209,418

PROVISIONS FOR LIABILITIES

15

2,080,906

2,619,573

NET (LIABILITIES)/ASSETS

(5,600,877

)

589,845

CAPITAL AND RESERVES

Called up share capital

16

1

1

Retained earnings

17

(5,600,878

)

589,844

SHAREHOLDERS' FUNDS

(5,600,877

)

589,845

The financial statements were approved by the Board of Directors and authorised for issue on 22nd September 2025 and were signed on its behalf by:

T J Rix - Director

R E Wilde - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

1

5,581,375

5,581,376

Changes in equity

Total comprehensive income

-

(4,991,531

)

(4,991,531

)

Balance at 31st December 2023

1

589,844

589,845

Changes in equity

Total comprehensive income

-

(6,190,722

)

(6,190,722

)

Balance at 31st December 2024

1

(5,600,878

)

(5,600,877

)

1.	STATUTORY INFORMATION

Victory Leisure Homes 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

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The accounts have been prepared on the going concern basis as a result of the support of the parent company which will continue to be provided for a period of at least 12 months from the date of these financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policy adopted for the recognition of turnover is as follows:

Turnover from the sale of caravans is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - 20% on cost

Leasehold Improvements - Depreciated over 5 years

Software Development - Depreciated over 3 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Research and development

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

Pensions

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses.

Leasing commitments

Rentals payable and receivable under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease.

3.

TURNOVER

During the year the company made sales to EC countries, representing 0.5% (2023: 0.69%) of turnover.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

7,518,830

13,500,097

Social security costs

773,637

1,266,208

Other pension costs

281,948

732,487

8,574,415

15,498,792

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

2024

2023

Management

23

22

Administration

29

29

Others

146

283

198

334

2024

2023

£

£

Directors' remuneration

114,290

277,153

Directors' pension contributions to money purchase schemes

17,380

16,646

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

Money purchase schemes

1

2

5.	OPERATING LOSS

The operating loss is stated after charging:

2024

2023

£

£

Depreciation - owned assets

1,149,717

968,690

Pension costs (including directors)

281,948

732,537

6.	EXCEPTIONAL ITEMS

2024

2023

£

£

Exceptional items

-

(844,915

)

Exceptional items relate to reorganisation costs incurred during the year.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

546,400

997,754

8.

TAXATION

Analysis of the tax credit

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

2024

2023

£

£

Current tax:

UK corporation tax

(1,805,932

)

(1,506,000

)

Adjustment to tax charge in respect of previous periods

-

(624

)

Total current tax

(1,805,932

)

(1,506,624

)

On accelerated capital allowances

(191,304

)

62,827

Tax on loss

(1,997,236

)

(1,443,797

)

Reconciliation of total tax 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

£

£

Loss before tax

(8,187,958

)

(6,435,328

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

(2,046,990

)

(1,513,589

)

Effects of:

Expenses not deductible for tax purposes

6,660

31,714

Adjustments to tax charge in respect of previous periods

-

(624

)

Change of rates

-

42,157

Enhanced tax allowances

-

(3,455

)

Deferred tax not recognised

43,094

-

Total tax credit

(1,997,236

)

(1,443,797

)

UK corporation tax has been charged at 25% from 1 April 2023 (2022: 19%).

9.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1st January 2024

1,903,656

2,882,096

540,599

5,326,351

Additions

42,364

39,993

149,357

231,714

Disposals

-

(12,997

)

-

(12,997

)

At 31st December 2024

1,946,020

2,909,092

689,956

5,545,068

DEPRECIATION

At 1st January 2024

606,814

1,097,441

189,047

1,893,302

Charge for year

384,951

561,678

203,088

1,149,717

Eliminated on disposal

-

(2,579

)

-

(2,579

)

At 31st December 2024

991,765

1,656,540

392,135

3,040,440

NET BOOK VALUE

At 31st December 2024

954,255

1,252,552

297,821

2,504,628

At 31st December 2023

1,296,842

1,784,655

351,552

3,433,049

10.

STOCKS

2024

2023

£

£

Raw materials

3,257,277

3,069,517

Work-in-progress

90,000

110,832

Finished goods

25,389,970

26,496,479

28,737,247

29,676,828

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

7,172,613

23,648,668

Amounts owed by group undertakings

3,177,210

318,421

Other debtors

1,038,081

1,527,659

Tax

1,806,569

1,506,624

Prepayments and accrued income

125,410

203,586

13,319,883

27,204,958

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank overdraft (see note 13)

42,587,218

42,892,898

Trade creditors

4,595,565

3,642,249

Amounts owed to group undertakings

11,745

9,806,212

Accrued expenses

887,201

764,058

48,081,729

57,105,417