REGISTERED NUMBER: 03749055 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements

for the Period 1 July 2023 to 31 December 2024

for

Kybotech Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

15

DIRECTOR:

Mr E C Walton

REGISTERED OFFICE:

Claylands Enterprise Park

Dukeries Industrial Estate

Claylands Avenue

WORKSOP

Nottinghamshire

S81 7BQ

REGISTERED NUMBER:

03749055 (England and Wales)

AUDITORS:

Nicholsons Audit (Statutory Auditor)

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

Bank of Scotland

15 Queen Street

NOTTINGHAM

Nottinghamshire

NG1 2BL

Financial Performance

The company has performed well in its core activities generating an underlying EBITDA of £2.135m from sales of £35.523m despite operating within a challenging economic environment. Ongoing economic headwinds including persistent inflationary pressures, higher interest rates, supply chain disruptions, and a tight labour market are impacting both operating costs and customer demand.

In addition, uncertainty in global markets has contributed to fluctuations in timber pricing and the availability of a core raw material.

The table below summarises the underlying financial performance.

31 December 2023

30 June 2023

18 months

12 months

Turnover

£35,522,756

£18,156,502

EBITDA

£2,135,375

£1,392,393

Net profit before tax

£1,406,408

£948,789

Net assets

£16,524,572

£14,567,447

The company continues to prioritise maintaining a robust balance sheet. Net assets at 31 December were £16.5m (2023: £14.6m). The increase in net assets was improved by revaluations to the property at Worksop.

Despite the challenges presented by the current economic climate management remains focused on its long-term objectives: maintaining operational efficiency, investing in sustainable growth, and protecting margins through prudent cost management.

In the first six months of the current financial year the company has seen an increase in like for like revenue and generated profits more than budgets. This has been delivered through an increase in market share and focus on developing margin. Management of working capital is essential to fund growth and management monitor this on an ongoing basis.

Principal Risks and Uncertainties

The company faces a range of external and operational risks, including economic uncertainty, rising costs, and supply chain disruption, all of which could impact margins and cash flow. Higher interest rates and tighter funding conditions present additional financial pressures, while talent shortages remain a challenge for sustaining growth. Regulatory requirements and increasing cyber security threats also add to the risk profile. The Directors and management team monitor these risks closely and has controls and contingency plans in place to mitigate them where possible.

Outlook

The company remains optimistic about the future and will continue to focus on cost discipline, strengthening the balance sheet, and pursuing opportunities that support sustainable long-term growth.

ON BEHALF OF THE BOARD:

Mr E C Walton - Director

30 September 2025

The director presents his report with the financial statements of the company for the period 1 July 2023 to 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of the manufacturing and online resale of garden equipment.

DIVIDENDS

Interim dividends per share were paid as follows:

50000

- 21 July 2023

35000

- 18 August 2023

15000

- 13 October 2023

55000

- 29 November 2023

155000

The director recommends that no final dividend be paid.

The total distribution of dividends for the period ended 31 December 2024 will be £ 155,000 .

DIRECTOR

Mr E C Walton held office during the whole of the period from 1 July 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

ON BEHALF OF THE BOARD:

Mr E C Walton - Director

30 September 2025

Opinion

We have audited the financial statements of Kybotech Limited (the 'company') for the period ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 period 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

Based on our understanding of the company and its industry we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations and in identifying and assessing the risk of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

- Inquiring of management and where appropriate those charge with governance as to whether the company is in compliance with laws and regulations.

- Inspecting correspondence, if any, with relevant licensing authorities.

- Communicating to our engagement team identified laws and regulations and remaining alert to any instances of non-compliance throughout our audit; and

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations which have a direct effect on the preparation of the financial statements such as tax legislation, the Companies Act 2006 and the reporting framework (FRS102).

Further to this, we evaluated the Directors' and managements incentives and opportunities for fraudulent manipulation of the financial statements including the risk of management override of controls and determined the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to property valuations, provisions around refunds, provisions around Returns Damages and Missing Items as well as estimates around the costs pertaining to revenue recognition and significant one off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

- Gaining an understanding of internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud; and

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

- Testing of assumptions and reperforming calculations

- Conducting impairment reviews around properties held by the company.

- Sensitivity analysis around assumptions used

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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.

Steve Robinson (Senior Statutory Auditor)

for and on behalf of Nicholsons Audit (Statutory Auditor)

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

30 September 2025

TURNOVER

35,522,756

18,156,502

Cost of sales

29,297,857

14,063,895

GROSS PROFIT

6,224,899

4,092,607

Administrative expenses

6,327,484

3,960,395

(102,585

)

132,212

Other operating income

1,852,492

986,984

OPERATING PROFIT

4

1,749,907

1,119,196

Interest receivable and similar income

57,874

23,967

1,807,781

1,143,163

Interest payable and similar expenses

5

401,373

194,374

PROFIT BEFORE TAXATION

1,406,408

948,789

Tax on profit

6

(330,717

)

257,622

PROFIT FOR THE FINANCIAL PERIOD

1,737,125

691,167

OTHER COMPREHENSIVE INCOME

Revaluation Property

500,000

1,159,518

Deferred tax

(125,000

)

(483,004

)

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

375,000

676,514

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

2,112,125

1,367,681

Prior year adjustment

8

(1,327,860

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

784,265

FIXED ASSETS

Intangible assets

9

3,500

3,500

Tangible assets

10

12,982,459

12,673,390

Investments

11

100

100

12,986,059

12,676,990

CURRENT ASSETS

Stocks

12

6,379,296

7,427,264

Debtors

13

8,351,367

8,592,213

Cash at bank

-

1,415,962

14,730,663

17,435,439

CREDITORS

Amounts falling due within one year

14

9,108,480

13,426,420

NET CURRENT ASSETS

5,622,183

4,009,019

TOTAL ASSETS LESS CURRENT LIABILITIES

18,608,242

16,686,009

CREDITORS

Amounts falling due after more than one year

15

(109,121

)

(182,447

)

PROVISIONS FOR LIABILITIES

18

(1,974,549

)

(1,936,115

)

NET ASSETS

16,524,572

14,567,447

CAPITAL AND RESERVES

Called up share capital

19

100

100

Revaluation reserve

20

3,712,555

3,337,555

Retained earnings

20

12,811,917

11,229,792

SHAREHOLDERS' FUNDS

16,524,572

14,567,447

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

Mr E C Walton - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 July 2022

100

11,033,063

2,661,041

13,694,204

Changes in equity

Dividends

-

(494,438

)

-

(494,438

)

Total comprehensive income

-

2,019,027

676,514

2,695,541

Balance at 30 June 2023

100

12,557,652

3,337,555

15,895,307

Prior year adjustment

-

(1,327,860

)

-

(1,327,860

)

As restated

100

11,229,792

3,337,555

14,567,447

Changes in equity

Dividends

-

(155,000

)

-

(155,000

)

Total comprehensive income

-

1,737,125

375,000

2,112,125

Balance at 31 December 2024

100

12,811,917

3,712,555

16,524,572

Cash flows from operating activities

Cash generated from operations

1

(1,066,697

)

(1,020,093

)

Interest paid

(401,373

)

(194,374

)

Tax paid

(623,368

)

(1

)

Net cash from operating activities

(2,091,438

)

(1,214,468

)

Cash flows from investing activities

Purchase of tangible fixed assets

(194,537

)

(179,321

)

Sale of fixed asset investments

-

1,215,869

Sale of investment

-

(247,819

)

Interest received

57,874

23,967

Net cash from investing activities

(136,663

)

812,696

Cash flows from financing activities

New loans in year

-

1,828,755

Loan repayments in year

(1,807,321

)

(750,000

)

Amount introduced by directors

387,750

419,938

Amount withdrawn by directors

(385,049

)

(23,166

)

Equity dividends paid

(155,000

)

(494,438

)

Net cash from financing activities

(1,959,620

)

981,089

(Decrease)/increase in cash and cash equivalents

(4,187,721

)

579,317

Cash and cash equivalents at beginning of period

2

1,415,962

836,645

Cash and cash equivalents at end of period

2

(2,771,759

)

1,415,962

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.7.23

to

Year Ended

31.12.24

30.6.23

as

restated

£

£

Profit before taxation

1,406,408

948,789

Depreciation charges

385,468

273,197

Profit on disposal of fixed assets

-

(145,199

)

(Decrease)/Increase in provisions

(291,254

)

(58,726

)

Finance costs

401,373

194,374

Finance income

(57,874

)

(23,967

)

1,844,121

1,188,468

Decrease/(increase) in stocks

1,328,978

(1,245,275

)

Increase in trade and other debtors

(229,818

)

(3,839,579

)

(Decrease)/increase in trade and other creditors

(4,009,978

)

2,876,293

Cash generated from operations

(1,066,697

)

(1,020,093

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 31 December 2024

31.12.24

1.7.23

£

£

Cash and cash equivalents

-

1,415,962

Bank overdrafts

(2,771,759

)

-

(2,771,759

)

1,415,962

Year ended 30 June 2023

30.6.23

1.7.22

as restated

£

£

Cash and cash equivalents

1,415,962

836,645

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

1,415,962

(1,415,962

)

-

Bank overdrafts

-

(2,771,759

)

(2,771,759

)

1,415,962

(4,187,721

)

(2,771,759

)

Debt

Debts falling due within 1 year

(1,828,755

)

1,807,320

(21,435

)

(1,828,755

)

1,807,320

(21,435

)

Total

(412,793

)

(2,380,401

)

(2,793,194

)

1.	STATUTORY INFORMATION

Kybotech 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Kybotech 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 requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Group accounts can be obtained from:

Kybotech Group Limited

Dukeries Industrial Estate,

Claylands Avenue,

WORKSOP,

Nottinghamshire,

S81 7BQ

Critical accounting judgements and key sources of estimation uncertainty

The financial statements are prepared to generally accepted accounting principles which requires management to make estimates and assumptions that affect assets and liabilities. Actual results could be different due to these estimates. The effect of any differences are reported at the time the information becomes available.

The most significant judgements relate to provisions and the valuation and subsequent impairment of intangible fixed assets. Provisions have been estimated based on a detailed review of historical information and current trends. Intangible assets have been valued based upon their consumer interaction level.

Turnover

Turnover consists mainly of internet sales which are measured net of discounts, rebates, deductions for actual or expected returns and sales taxes. Sales are recognised upon dispatch from the warehouse at which point the risk of ownership passes to third parties.

Intangible assets

Intangible assets are measured under the cost model: The intangible asset is carried at its cost less accumulated amortization less any accumulated impairment loss. The directors review this each year for any impairment.

Tangible fixed assets

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Plant and machinery

-

25% and 10% on reducing balance and 10% on cost

Fixtures and fittings

-

25% and 10% on reducing balance

Motor vehicles

-

20% on reducing balance

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation is not provided on freehold buildings where the discounted estimated residual value exceeds the carrying amount at the period end. Annual reviews are carried out to determine whether there is any indication that the property has suffered an impairment loss. If such an indication exists, the recoverable amount is estimated in order to determine the extent of the impairment loss.

The recoverable amount is the higher of fair value less selling costs and value in use. Value in use is the present value of the future cash flows expected to be derived from an asset calculated by estimating the future cash inflows and outflows to be derived from continuing use of an asset, and from its ultimate disposal, applying an appropriate discount rate to those future cash flows.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value. The cost of purchase includes import duties, transport and other handling charges and any other directly attributable costs, less trade discounts.

The costs of conversion of inventories include costs directly related to the units of production, such as direct labour. They also include a systematic allocation of fixed and variable production overheads that are incurred in converting materials into finished goods.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Taxation

Taxation for the period 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period end and that are expected to apply to the reversal of the timing difference.

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred that does not meet the criteria for capitalisation.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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.

Provisions

Provisions are recognised when there is a present obligation, either legal or constructive, as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.

Investment assets

Investments are stated at fair value at the balance sheet date. The profit and loss includes any net gains or losses arising on revaluations and disposals throughout the year.

Rental income received

Rental income received is credited to the profit and loss account on an accruals basis.

Online revenue received

Income received from online activities is recognised upon receipt.

Government grants

Government grants which have been accounted for under the performance model are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met.

3.	EMPLOYEES AND DIRECTORS

Period

1.7.23

to

Year Ended

31.12.24

30.6.23

as

restated

£

£

Wages and salaries

5,885,386

2,861,566

Social security costs

485,793

307,806

Other pension costs

177,622

85,231

6,548,801

3,254,603

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

Period

1.7.23

to

Year Ended

31.12.24

30.6.23

as

restated

Administration

8

8

Factory

112

105

120

113

Period

1.7.23

to

Year Ended

31.12.24

30.6.23

as

restated

£

£

Director's remuneration

60,000

42,834

4.	OPERATING PROFIT

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

Period

1.7.23

to

Year Ended

31.12.24

30.6.23

as

restated

£

£

Depreciation - owned assets

385,468

273,197

Profit on disposal of fixed assets

-

(145,199

)

Auditors' remuneration

29,150

35,000

Auditors' remuneration for non audit work

7,350

7,000

Foreign exchange differences

8,739

33,358