REGISTERED NUMBER: 03431352 (England and Wales)

C & O TRACTORS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

A G Coles

Mrs F Moyle

SECRETARY:

Mrs L R Coles

REGISTERED OFFICE:

Blandford Heights Industrial Estate

Blandford

Dorset

DT11 7TF

REGISTERED NUMBER:

03431352 (England and Wales)

SENIOR STATUTORY AUDITOR:

Gary Brown FCCA ACA

AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Chartered Accountants

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

BANKERS:

HSBC Bank plc

165 High Street

Southampton

Hampshire

SO14 2NZ

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

REVIEW OF BUSINESS

The results for the company show a pre-tax loss of £871k (2023: profit of £275k) for the period and sales of £23.9m (2023: £27.1m).

Strategy

The company's overriding objective is to achieve sustainable growth and increase the profitability of the company through:

- Offering a comprehensive and attractive product range of reliable machines

- Offering an excellent after sales experience

- Improving efficiency and optimising the company's assets

Future Outlook

During 2024 the company experienced some challenging issues. Covid 19 created machinery manufacture and supply issues. Machinery ordered during Covid 19 was often not delivered to the company until in excess of 2 years after the date of order. This often meant that the customer cancelled the order during the lengthy delivery lead time which in turn meant that unsold machinery stock was placed on expensive stocking finance until its eventual sale.

Interest rates remained high throughout 2024 which is difficult for a low gross profit margin industry relying on bank and asset finance to purchase its machinery stock holdings.

The Government's downscaling of inheritance tax agricultural property and business property reliefs for farmers together with the phased removal of EU farming subsidies created a sombre mood within the farming sector. This resulted in both a lack of will on the part of farmers to spend money and a reduction in available capital with which to purchase discretionary agricultural machinery.

At the outset of 2025 the company carried out a critical evaluation of both its expenditure and staff resource whilst closely examining its sales efficiency processes. The company's starting point was to assume that the economic conditions prevailing in 2025 would be little different than those that subsisted in 2024.

As at the date of this report the company is delighted to be able to disclose that both staff and general overhead costs have been dramatically reduced in 2025 whilst not materially affecting the company's ability to deliver the sales levels achieved by the company in the years prior to 2024.

The company's cause has been further assisted by:

- a series of interest rate reductions.

- an improvement in the mood within the farming community emanating from an improvement in farm product selling margins within the market and the farming industry's own adaption to the taxation increases imposed on the farming sector by Government policy.

- the Covid 19 stock order and delivery backlog issues cleared at the tail end of 2024. This has resulted in the company holding reduced levels of wholegood stock on expensive asset finance agreements.

The company has produced very encouraging results for the 2025 year to date and is confident that the recent restructuring of the company's operations will provide it with the necessary solid trading base from which to secure a successful future.

PRINCIPAL RISKS AND UNCERTAINTIES

Risks are formally reviewed by the board and appropriate processes put in place to monitor and mitigate them. The key business risks affecting the company are set out below:

Competition

The marketplace that the company operates in is highly competitive, particularly around pricing. This adversely impacts margins making efficiency vital to producing profitable results. C&O Tractors has spent 20 years building up a strong network of dealerships and loyal customers and market share is continuing to increase.

The company continues in to the new financial year with a feeling of positivity and the opportunity to progress and build upon the solid foundations of the existing business. The board feel strongly that Massey Ferguson are a business partner who will enable and encourage growth and will give the level of support required during this transition period and beyond.

Employees

The company's performance depends largely on its managers and staff. The successful employment of key people with agricultural knowledge with the right experience and skills helps the company to grow and become stronger. To motivate and encourage these individuals the company has excellent reward packages and encourages all employees to continually improve through various industry specific high level training programs.

Liquidity

The company continuously monitors its liquidity and cashflow and a key element of this is the monitoring of stock levels to ensure that working capital is not unnecessarily tied up in stock. Cashflow is closely managed, with stocks of used machinery and aged parts turned into cash.

Key performance indicators ("KPIs")

The board monitors progress on the overall strategy and the individual strategic elements by reference to our Key Performance Indicators (KPI's). Performance during the period together with historical trend data is set out below:

2024

2023

Definition, method of calculation

Turnover

£23.9m

£27.1m

There has been an decrease in turnover in the year due to the challenging times the industry has been facing.

Gross Margin (%)

6.6%

9.4%

Gross margin is the ratio of gross profit expressed as a percentage. This has decreased slightly in the year as we have offloaded excess stock from Covid 19, we aim to maintain and improve in future years as the company continues to grow in size.

ON BEHALF OF THE BOARD:

A G Coles - Director

28 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 buying, retailing and servicing of agricultural machinery and associated parts.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £750,000 (2023: £nil). The directors do not recommend payment of a final dividend.

DIRECTORS

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

A G Coles

Mrs F Moyle

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

A G Coles - Director

28 September 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Practice and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

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.

Gary Brown FCCA ACA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

Statutory Auditor

Chartered Accountants

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

30 September 2025

TURNOVER

23,854,271

27,155,945

Cost of sales

(22,286,214

)

(24,591,925

)

GROSS PROFIT

1,568,057

2,564,020

Distribution costs

(50,997

)

(31,435

)

Administrative expenses

(2,208,133

)

(2,197,280

)

(691,073

)

335,305

Other operating income

91,979

91,251

OPERATING (LOSS)/PROFIT

4

(599,094

)

426,556

Interest payable and similar expenses

5

(271,869

)

(151,428

)

(LOSS)/PROFIT BEFORE TAXATION

(870,963

)

275,128

Tax on (loss)/profit

6

77,717

(67,703

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(793,246

)

207,425

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(793,246

)

207,425

FIXED ASSETS

Intangible assets

8

58,880

67,292

Tangible assets

9

837,042

907,969

895,922

975,261

CURRENT ASSETS

Stocks

10

10,636,392

11,942,058

Debtors

11

2,764,640

3,456,775

Cash at bank and in hand

12,047

5,783

13,413,079

15,404,616

CREDITORS

Amounts falling due within one year

12

(12,055,273

)

(12,530,298

)

NET CURRENT ASSETS

1,357,806

2,874,318

TOTAL ASSETS LESS CURRENT LIABILITIES

2,253,728

3,849,579

CREDITORS

Amounts falling due after more than one year

13

(496,588

)

(529,960

)

PROVISIONS FOR LIABILITIES

17

(175,667

)

(194,900

)

NET ASSETS

1,581,473

3,124,719

CAPITAL AND RESERVES

Called up share capital

18

270,000

270,000

Retained earnings

1,311,473

2,854,719

SHAREHOLDERS' FUNDS

1,581,473

3,124,719

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2025 and were signed on its behalf by:

A G Coles - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

270,000

2,647,294

2,917,294

Changes in equity

Total comprehensive income

-

207,425

207,425

Balance at 31 December 2023

270,000

2,854,719

3,124,719

Changes in equity

Dividends

-

(750,000

)

(750,000

)

Total comprehensive income

-

(793,246

)

(793,246

)

Balance at 31 December 2024

270,000

1,311,473

1,581,473

1.	STATUTORY INFORMATION

C & O Tractors 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 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006, including the provisions of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate primarily to the provision for obsolete stock. There are no other areas of critical judgement.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover is recognised when the goods are physically delivered to the customer and services are fulfilled..

Turnover is attributable to the one principal activity of the company and is generated principally from sales within the United Kingdom.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

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

Short leasehold

- Straight line over 6 years

Plant and machinery

- Straight line over 10 years

Fixtures and fittings

- Straight line over 6 years

Motor vehicles

- 33% reducing balance

Computer equipment

- Straight line over 3 years

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 recognised in the income statement.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is measured on a first in first out basis.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

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 assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal 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, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities

Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

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

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,771,675

2,704,562

Social security costs

274,460

260,337

Other pension costs

67,669

66,261

3,113,804

3,031,160

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

2024

2023

Number of production staff

62

61

Number of administrative staff

15

14

Number of directors

2

2

79

77

2024

2023

£

£

Directors' remuneration

149,944

152,337

Directors' pension contributions to money purchase schemes

10,969

10,515

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

Money purchase schemes

2

2

4.	OPERATING (LOSS)/PROFIT

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

2024

2023

£

£

Other operating leases

272,098

230,878

Depreciation - owned assets

165,780

137,266

Depreciation - assets on hire purchase contracts

118,459

168,056

Profit on disposal of fixed assets

(83,183

)

(22,695

)

Goodwill amortisation

8,412

8,411

Auditors' remuneration

30,000

24,000

Auditors remuneration - non audit work

14,526

16,225

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

180,417

62,770

Loan interest

57,132

55,434

Hire purchase

34,320

33,224

271,869

151,428

6.

TAXATION

Analysis of the tax (credit)/charge

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

2024

2023

£

£

Current tax:

UK corporation tax

(58,484

)

58,484

Deferred tax

(19,233

)

9,219

Tax on (loss)/profit

(77,717

)

67,703

UK corporation tax has been charged at 25% (2023 - 23.52%).

Reconciliation of total tax (credit)/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)/profit before tax

(870,963

)

275,128

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

(217,741

)

64,710

Effects of:

Expenses not deductible for tax purposes

7,727

3,634

Difference in tax rate between corporation tax and deferred tax

-

(641

)

Difference in tax rate between current and prior year for carried back losses

3,678

-

Movement in unrecognised deferred tax asset

128,619

-

Total tax (credit)/charge

(77,717

)

67,703

7.

DIVIDENDS

2024

2023

£

£

Ordinary B shares of £1 each

Interim

750,000

-

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

84,115

AMORTISATION

At 1 January 2024

16,823

Amortisation for year

8,412

At 31 December 2024

25,235

NET BOOK VALUE

At 31 December 2024

58,880

At 31 December 2023

67,292

The amortisation charge for the year is included within administration expenses in the statement of comprehensive income.

9.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2024

21,293

426,924

497,022

Additions

-

13,596

65,332

Disposals

-

-

(16,035

)

At 31 December 2024

21,293

440,520

546,319

DEPRECIATION

At 1 January 2024

6,854

235,788

350,708

Charge for year

2,753

26,721

59,461

Eliminated on disposal

-

-

(4,637

)

At 31 December 2024

9,607

262,509

405,532

NET BOOK VALUE

At 31 December 2024

11,686

178,011

140,787

At 31 December 2023

14,439

191,136

146,314