REGISTERED NUMBER: 01573447 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Heat Trace Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

J O'Connor

S Ellam

C Fredriksson

M Ortenblad

REGISTERED OFFICE:

Meres Edge Chester Road

Helsby

Frodsham

Cheshire

WA6 0DJ

REGISTERED NUMBER:

01573447 (England and Wales)

AUDITORS:

S&W Audit

Statutory Auditor

Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

West Yorkshire

LS1 2EE

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

PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS

Heat Trace manufacture and develop a range of trace heating cables in both self-regulating and constant wattage designs and supply to a global market. During 2024 significant resources have gone into improving the company's production capabilities in order to give clear demarcation between operational and R&D activities going forward. Investments in machinery and staff continue in this area of the business.

R&D has been re-organised in order to be more efficient and investment has been directed towards the company's test facilities in order to improve product certification processes for the global market it operates in.

Turnover at £9,902,483 in 2024, shows a small reduction of 2% from 2023, illustrating that both revenue performance and profitability needs continuing focus which is primarily due to product mix and market access (US) for high temperature products.

PRINCIPAL RISKS AND UNCERTAINTIES

A slow down in global industrial infrastructure projects seems to be being driven by both international economic events and the disruptive influence of global conflict.

Raw material supplies remain heavily influenced by regional legislation with major plastics materials being more consolidated into lower cost, high volume manufacturing economies. Longer supply chains and demands for volume purchasing make sourcing some materials less flexible and more cash intensive.

FUTURE PLANS

Increased development of R&D and certification resources remains key to the future of the business. Leveraging value from the investments committed to in 2024 in this area of the business will be key going into 2025.

ON BEHALF OF THE BOARD:

S Ellam - Director

30 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 the manufacture of electrical surface heating tapes and allied products.

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.

J O'Connor

S Ellam

C Fredriksson

M Ortenblad

Other changes in directors holding office are as follows:

N S Malone - resigned 7 May 2024

MATTERS COVERED IN THE STRATEGIC REPORT

Disclosures with regards to principal activity, review of the business, future developments, principal risks and uncertainties and financial and other key performance indicators are included within the strategic report.

FINANCIAL RISK MANAGEMENT

The Company's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk and interest rate risk. The Company has in place a risk management programme that seeks to limit the adverse effects of these risks on the financial performance of the company.

Given the size of the Company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The Company's finance department implements the policies set by the board of directors.

LIQUIDITY RISK

The Company currently has cash balances, which provide sufficient available funds for operations and

planned expansions.

CURRENCY RISK

The Company has foreign currency bank accounts into which it received monies from the customers and makes payments to suppliers. The Company considers that this policy meets its objectives of managing exposure to currency risk.

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 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, S&W Audit (a trading name of S&W Partners Audit Limited), will be proposed for re-appointment at the forthcoming Annual General Meeting in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

S Ellam - Director

30 September 2025

Opinion

We have audited the financial statements of Heat Trace 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 other information comprises the information included in the Strategic Report, Report of the Directors and Financial Statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Strategic Report, Report of the Directors and Financial Statements. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect irregularities. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained a general understanding of the Company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company's industry and regulation.

We understand that the Company complies with the framework through:

- Outsourcing accounts preparation and tax compliance to external experts.

- Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary.

- The Directors' close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company's ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Company:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.

- UK Taxation Law

- Specific industry standards

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:

- Made enquiries of management regarding compliance with laws and regulations and any known non-compliance in the year

- Reviewed legal expense accounts

- Obtaining written management representations regarding the adequacy of procedures in place.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

- Manipulation of the financial statements, especially revenue, via fraudulent manual journal entries.

- Incorrect recognition of revenue

- Stock provision as this is a subjective estimate made by management and therefore could be manipulated.

The procedures we carried out to gain evidence in the above areas included:

- Testing of manual journal entries, selected based on specific risk assessments applied based on the client processes and controls surrounding manual journals; and

- Testing a sample of revenue transactions to underlying documentation, including ensuring revenue is recognised in the correct period and has occurred

- Challenging management regarding the assumptions used in the estimate identified above, and comparison to market data and post-year-end data as appropriate.

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

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.

Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Statutory Auditor

Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

West Yorkshire

LS1 2EE

30 September 2025

TURNOVER

4

9,902,483

10,143,082

Cost of sales

6,081,840

6,008,829

GROSS PROFIT

3,820,643

4,134,253

Distribution costs

209,116

165,877

Administrative expenses

4,762,924

4,152,566

4,972,040

4,318,443

OPERATING LOSS

7

(1,151,397

)

(184,190

)

Income from participating interests

2,877

7,437

(1,148,520

)

(176,753

)

Interest payable and similar expenses

8

94,495

33,455

LOSS BEFORE TAXATION

(1,243,015

)

(210,208

)

Tax on loss

9

-

-

LOSS FOR THE FINANCIAL YEAR

(1,243,015

)

(210,208

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,243,015

)

(210,208

)

FIXED ASSETS

Intangible assets

10

8,410

1,769

Tangible assets

11

751,297

679,715

759,707

681,484

CURRENT ASSETS

Stocks

12

3,880,393

3,038,027

Debtors

13

2,417,006

3,986,485

Cash at bank and in hand

92,335

25,881

6,389,734

7,050,393

CREDITORS

Amounts falling due within one year

14

4,369,834

3,702,611

NET CURRENT ASSETS

2,019,900

3,347,782

TOTAL ASSETS LESS CURRENT LIABILITIES

2,779,607

4,029,266

CREDITORS

Amounts falling due after more than one year

15

-

6,644

NET ASSETS

2,779,607

4,022,622

CAPITAL AND RESERVES

Called up share capital

19

1,330

1,330

Share premium

20

164,632

164,632

Capital redemption reserve

20

360

360

Retained earnings

20

2,613,285

3,856,300

SHAREHOLDERS' FUNDS

2,779,607

4,022,622

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

S Ellam - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

1,330

4,066,508

164,632

360

4,232,830

Changes in equity

Deficit for the year

-

(210,208

)

-

-

(210,208

)

Total comprehensive income

-

(210,208

)

-

-

(210,208

)

Balance at 31 December 2023

1,330

3,856,300

164,632

360

4,022,622

Changes in equity

Deficit for the year

-

(1,243,015

)

-

-

(1,243,015

)

Total comprehensive income

-

(1,243,015

)

-

-

(1,243,015

)

Balance at 31 December 2024

1,330

2,613,285

164,632

360

2,779,607

1.	STATUTORY INFORMATION

Heat Trace Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current wider economic conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. Those assessments are dependent on the continued provision of facilities and financial support from Backer AB, the Company's intermediate parent, as discussed below.

Backer AB, as the intermediate parent of the Company, has confirmed in writing that it will provide financial support to the Company to enable it to meet its financial obligations for the foreseeable future which includes the 12-month period from the signing of the financial statements. . This support also includes confirmation that there will be no requirement for the Company to repay balances due to group companies where the company is not in a position to do so.

As with any Company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although, at the date of approval of these financial statements, they have no reason to believe that it will not do so and therefore do not consider there is a material uncertainty.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption 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.

Debtors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. At the end of each reporting year the financial assets are assessed for evidence of impairment. If an asset is impaired, the impairment loss is recognised in the profit and loss.

Creditors

Trade and other creditors are recognised initially at transaction price plus attributable transaction costs.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty

on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Employee benefits

Short term employee benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which they are incurred.

Intangible fixed assets

Included in intangible fixed assets are patents, trademarks, certification and standards approval costs. Intangible fixed assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life and are written off over five years on a straight line basis.

Tangible fixed assets

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

Building improvements - 10% on cost

Plant and machinery - Post 01/01/22 = SL over 10 years /Pre 01/01/22 = SL over 3-10 years

Fixtures and fittings - 16.67% on cost

Motor vehicles - 25% on cost

Computer equipment - Straight line over 3 to 6 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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Trademarks is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

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

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.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

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

Government grants

Government grants are recognised using the accruals model. Grants relating to revenue are recognised in the income statement on a systematic basis over the period in which the company recognises the related costs for which the grants is intended to compensate.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Research and development expenditure

Expenditure on research and development activities is recognised in the profit and loss account as an expense as incurred.

Expenditure on tangible assets purchased as part of development activities, such as cast iron and production tooling, is capitalised (if the foreseeable life is sufficient to justify capitalisation) over four years to seven years, depending on the type of tooling purchased.

Foreign currencies

The presentation currency of these Financial Statements is Sterling.

Transactions in foreign currencies are translated to the Company's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currency are translated using the exchange rate at the date of the transaction.

Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency as the foreign exchange rate ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account, except for differences arising on the retranslation of qualifying cash flow hedges and items which are fair valued with changes taken to other comprehensive income, which are recognised in other comprehensive income.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on despatch of the goods, and can be reliably measured.

Turnover from contracts is recognised by reference to the stage of completion where the outcome can be estimated reliably, otherwise it is recognised to the extent costs are incurred. Losses on contracts are recognised in the year when such losses become probable.

The attributable profit recognised on contracts is based on the stage of completion and after taking account of uncertainties.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following estimate had the most significant effect on amounts recognised in the financial statements.

Stock Provision

The stock is determined by ageing the stock in conjunction with management knowledge and experience of stock movements. The provision applied reduces the carrying value to its selling price less costs to sell.

4.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

1,177,178

1,789,708

Europe

4,550,774

3,477,948

Rest of the World

4,174,531

4,875,426

9,902,483

10,143,082

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

3,042,855

2,678,954

Social security costs

368,521

289,587

Other pension costs

89,417

62,393

3,500,793

3,030,934

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

2024

2023

Management, engineering & administration

22

24

Research and development

8

8

Sales and marketing

4

4

Production

55

48

89

84

6.	DIRECTORS' EMOLUMENTS

31/12/24

31/12/23

£

£

Directors' remuneration

202,248

215,108

Directors' pension contributions to money purchase schemes

8,600

8,190

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

Money purchase schemes

1

1

Information regarding the highest paid director is as follows:

31/12/24

31/12/23

£

£

Emoluments etc

173,920

166,257

Pension contributions to money purchase schemes

8,600

8,190

7.	OPERATING LOSS

31/12/24

31/12/23

£

£

Hire of plant and machinery

41,562

52,627

Depreciation - owned assets

141,273

161,467

Depreciation - assets on hire purchase contracts

-

102,327

Patents amortisation

1,669

1,669

Auditors' remuneration

13,718

13,230

Foreign exchange differences

29,880

28,739

Research and development

81,280

87,724

Land and buildings lease rental

374,908

322,613

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

81,401

17,855

Hire purchase

13,094

15,600

94,495

33,455

9.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Reconciliation of total tax charge 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

(1,243,015

)

(210,208

)

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

(310,754

)

(52,552

)

Effects of:

Income not taxable for tax purposes

-

(1,859

)

Depreciation in excess of capital allowances

-

404

DT asset not recognised

310,754

54,007

Total tax charge

-

-

10.	INTANGIBLE FIXED ASSETS

Patents

and

licences

Trademarks

Totals

£

£

£

COST

At 1 January 2024

639,214

6,194

645,408

Additions

8,310

-

8,310

At 31 December 2024

647,524

6,194

653,718

AMORTISATION

At 1 January 2024

637,445

6,194

643,639

Amortisation for year

1,669

-

1,669

At 31 December 2024

639,114

6,194

645,308

NET BOOK VALUE

At 31 December 2024

8,410

-

8,410

At 31 December 2023

1,769

-

1,769

11.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2024

413,898

5,744,319

294,615

Additions

5,750

168,465

6,016

At 31 December 2024

419,648

5,912,784

300,631

DEPRECIATION

At 1 January 2024

348,545

5,352,327

282,804

Charge for year

24,134

57,618

4,505

At 31 December 2024

372,679

5,409,945

287,309

NET BOOK VALUE

At 31 December 2024

46,969

502,839

13,322

At 31 December 2023

65,353

391,992

11,811

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

-

636,322

7,089,154

Additions

22,150

10,474

212,855

At 31 December 2024

22,150

646,796

7,302,009

DEPRECIATION

At 1 January 2024

-

425,763

6,409,439

Charge for year

5,538

49,478

141,273

At 31 December 2024

5,538

475,241

6,550,712

NET BOOK VALUE

At 31 December 2024

16,612

171,555

751,297

At 31 December 2023

-

210,559

679,715

12.

STOCKS

2024

2023

£

£

Raw materials

1,976,277

1,446,683

Work-in-progress

1,116,294

614,981

Finished goods

787,822

976,363

3,880,393

3,038,027