REGISTERED NUMBER: 01720035 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

for

Tyre-Line Original Equipment Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Statement of Directors' Responsibilities

5

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

9

Balance Sheet

10

Notes to the Financial Statements

11

DIRECTORS:

K C Ellington

N J Burrell

D N Thornton

E L F Musson

REGISTERED OFFICE:

Cedar House

Sopwith Way

Daventry

Northamptonshire

NN11 8PB

REGISTERED NUMBER:

01720035 (England and Wales)

AUDITORS:

BK Plus Audit Limited

Azzurri House

Walsall Road

Aldridge

Walsall

West Midlands

WS9 0RB

SOLICITORS:

Howes Percival

Nene House

4 Rushmills

Northampton

Northamptonshire

NN4 7YB

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

REVIEW OF BUSINESS

The Directors are pleased to report that the company has performed adequately despite challenging trading conditions and a difficult economic environment. This report aims to provide a balanced and comprehensive review of the company's development, performance during the year, and its position at year-end. The review is consistent with the size and non-complex nature of our business, and it is presented within the context of the risks and uncertainties we face.

With our extensive industry knowledge and the focused direction of management, we are confident in our ability to sustain our business through 2025.

KEY PERFORMANCE INDICATORS

We consider turnover and gross margin as the key financial performance indicators that best communicate the overall financial performance and strength of the company.

- Turnover: In 2024, overall turnover fell to £11,319,399 from £13,085,976 in 2023.

- Gross Margin: The gross margin improved slightly to 28.4% in 2024, up from 26.3% in 2023.

- Profit After Tax: Profit after tax fell to £24,093 in 2024, compared to £336,169 in 2023.

Throughout the year, we maintained a healthy order book, strengthened existing customer relationships, and created new opportunities by developing original solutions in the tyre and wheel industry. We continue to navigate economic challenges to ensure sustained high performance.

Other Key Performance Indicators

The company closely monitors the economy, markets, and global events to minimize risks to our business. Our ISO 9001-approved quality systems ensure that we have robust controls in place and effective plans to mitigate the impact of any significant challenges.

The safety and welfare of our employees remain a top priority, and we are increasingly focused on monitoring and reducing our environmental impact. The company is committed to continuously improving its systems and planning policies that will lead the business toward a positive, prudent, and financially successful future

ON BEHALF OF THE BOARD:

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 purchase and sale of tyres, wheels and associated parts.

DIVIDENDS

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

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

K C Ellington

N J Burrell

D N Thornton

E L F Musson

The company has granted a qualifying third-party indemnity provision to its directors under Section 234 of the Companies Act 2006. This provision was in force throughout the financial year and remained in force at the date of approval of the Report of the Directors.

FINANCIAL INSTRUMENTS

The company uses various financial instruments including cash, trade debtors, bank loans and trade creditors that

arise directly from the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

The main risks arising from the company's financial instruments are liquidity risk, interest rate risk and credit risk.

The directors review and agree policies for managing each of these risks and they are summarised below:

LIQUIDITY RISK

The company seeks to manage finance risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

INTEREST RATE RISK

The company finances its operations through a mixture of retained profits and cash balances. Cash is managed to maximise income from interest while avoiding inherent risk.

CREDIT RISK

The company's principle financial assets are cash and trade debtors.

In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

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, BK Plus Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

K C Ellington - Director

30 September 2025

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 in accordance with Financial Reporting standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006, 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.

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, 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 five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance, if available;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.

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.

Andrew Williams FCCA (Senior Statutory Auditor)

for and on behalf of BK Plus Audit Limited

Azzurri House

Walsall Road

Aldridge

Walsall

West Midlands

WS9 0RB

30 September 2025

TURNOVER

4

11,319,399

13,085,976

Cost of sales

8,116,491

9,641,207

GROSS PROFIT

3,202,908

3,444,769

Distribution costs

446,294

401,208

Administrative expenses

2,671,950

2,553,289

3,118,244

2,954,497

OPERATING PROFIT

6

84,664

490,272

Interest payable and similar expenses

7

50,926

51,075

PROFIT BEFORE TAXATION

33,738

439,197

Tax on profit

8

16,808

103,028

PROFIT FOR THE FINANCIAL YEAR

16,930

336,169

Retained earnings at beginning of year

3,473,618

3,138,472

Dividends

9

-

(1,023

)

RETAINED EARNINGS AT END OF YEAR

3,490,548

3,473,618

FIXED ASSETS

Tangible assets

10

1,000,802

873,288

Investments

11

1

1

1,000,803

873,289

CURRENT ASSETS

Stocks

12

3,020,923

3,145,670

Debtors

13

3,844,908

3,003,105

Cash at bank and in hand

116,663

15,691

6,982,494

6,164,466

CREDITORS

Amounts falling due within one year

14

3,979,623

2,914,931

NET CURRENT ASSETS

3,002,871

3,249,535

TOTAL ASSETS LESS CURRENT LIABILITIES

4,003,674

4,122,824

CREDITORS

Amounts falling due after more than one year

15

(279,703

)

(453,761

)

PROVISIONS FOR LIABILITIES

19

(232,423

)

(194,445

)

NET ASSETS

3,491,548

3,474,618

CAPITAL AND RESERVES

Called up share capital

20

540

540

Capital redemption reserve

21

460

460

Retained earnings

21

3,490,548

3,473,618

SHAREHOLDERS' FUNDS

3,491,548

3,474,618

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:

K C Ellington - Director

1.	STATUTORY INFORMATION

Tyre-Line Original Equipment 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 have been prepared on the going concern basis. If the company's shareholders, creditors and bankers do not continue to support the company, this basis will no longer be appropriate and adjustments will be required to reflect this change of accounting basis.

The profit and loss account has been prepared on the basis that all operations are continuing.

Exemption from preparing group accounts

The financial statement contain information about Tyre-Line Original Equipment Limited as an individual company and do not contain consolidated financial information as the parent of a group. The Company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included in the consolidated financial statements of its parents, Toll Bar 1 Ltd, a company incorporated in the United Kingdom, which are publicly available. The address of the parent company's registered address is 7 Park Lane Business Centre, Park Lane, Nottingham, England, NG6 0DW.

Going concern

In assessing the appropriateness of the going concern assumption, the Directors have reviewed detailed forecasts prepared for at least 12 months from the date of approval of the financial statements and stress-tested these. Based on these forecasts, even under stressed results, the company can meet its liabilities as they fall due. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and therefore consider that it is appropriate for the financial statements to be prepared on the going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

Turnover

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

Turnover is recognised in the financial statements when the goods have been despatched.

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.

Plant and machinery

6.67% - 10% on cost excluding residual values

Fixtures and fittings

10% on cost

Motor vehicles

25% on cost excluding residual values

Computer equipment

33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment on fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include cash and bank balances, amounts due from group undertakings and amounts due from related parties, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, and amounts due to fellow group undertakings are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation

The tax expenses represent the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts, are capitalised in the balance sheet and are depreciated over their useful lives. The capital elements of future obligations under the leases and hire purchase contracts are included as liabilities in the balance sheet.

The interest element of the rental obligations are charged in the profit and loss account over the periods of the leases and hire purchase contracts and represent an equal charge in each period over the term of the agreement.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Pension costs and retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. In the view of the directors, there are no material estimates or judgements.

In preparing the financial statements, no critical accounting judgements or key estimates have been identified.

4.

TURNOVER

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

Analysis of turnover by activity for the year ended 31st December 2024.

2024

2023

£

£

Sale of goods

10,741,301

12,382,698

10,741,301

12,382,698

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,037,885

1,004,330

Social security costs

102,931

102,594

Other pension costs

22,443

16,132

1,163,259

1,123,056

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

2024

2023

Administration staff

18

17

Production and sales staff

14

18

32

35

Directors remuneration

2024

2023

£

£

Remuneration for qualifying services

70,636

59,251

Company pension contributions to defined contribution schemes

-

6

70,636

59,257

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2023 - 1)

6.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Hire of plant and machinery

2,231

1,215

Other operating leases

237,175

236,830

Depreciation - owned assets

71,788

75,262

Depreciation - assets on hire purchase contracts

63,342

96,081

Auditors' remuneration

20,000

14,750

Foreign exchange differences

28,564

30,808

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

-

297

Bank loan interest

19,225

19,225

Interest payable

1,019

564

Hire purchase

30,682

30,989

50,926

51,075

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

-

115,310

Prior year tax

(21,170

)

-

Total current tax

(21,170

)

115,310

Deferred tax

37,978

(12,282

)

Tax on profit

16,808

103,028

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

£

£

Profit before tax

33,738

439,197

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

8,435

109,799

Effects of:

Expenses not deductible for tax purposes

1,661

526

Capital allowances in excess of depreciation

(32,597

)

-

Depreciation in excess of capital allowances

-

24,816

Deferred tax adjustment

38,117

(24,860

)

Change in tax rate

1,192

(7,253

)

Total tax charge

16,808

103,028

9.

DIVIDENDS

2024

2023

£

£

Ordinary shares of 1 each

Final

-

1,023

10.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

1,956,459

115,472

36,518

321,448

2,429,897

Additions

138,660

4,210

119,400

374

262,644

At 31 December 2024

2,095,119

119,682

155,918

321,822

2,692,541

DEPRECIATION

At 1 January 2024

1,148,773

90,041

21,577

296,218

1,556,609

Charge for year

95,132

3,158

29,571

7,269

135,130

At 31 December 2024

1,243,905

93,199

51,148

303,487

1,691,739

NET BOOK VALUE

At 31 December 2024

851,214

26,483

104,770

18,335

1,000,802

At 31 December 2023

807,686

25,431

14,941

25,230

873,288

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

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

844,291

30,295

12,231

886,817

Additions

14,707

-

-

14,707

At 31 December 2024

858,998

30,295

12,231

901,524

DEPRECIATION

At 1 January 2024

285,711

15,779

8,493

309,983

Charge for year

52,031

7,573

3,738

63,342

At 31 December 2024

337,742

23,352

12,231

373,325

NET BOOK VALUE

At 31 December 2024

521,256

6,943

-

528,199

At 31 December 2023

558,580

14,516

3,738

576,834