REGISTERED NUMBER: 03752593 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PLASTO-SAC UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

J M Whitehead

Mrs K Heath

SECRETARY:

J M Whitehead

REGISTERED OFFICE:

Unit 19 John Bradshaw Court

Alexandria Way

Congleton

Cheshire

CW12 1LB

REGISTERED NUMBER:

03752593 (England and Wales)

AUDITORS:

D.R.E. & Co. (Audit) Limited

Kingsland House

39 Abbey Foregate

Shrewsbury

Shropshire

SY2 6BL

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

REVIEW OF BUSINESS

The directors are satisfied with the results for the year. Further details can be obtained from the parent company's accounts (see note 23 in the full financial statements for details).

The company has continued to focus on its ongoing restructuring programme following the MBO in 2020. The directors have continued to maintain customer relationships and response times to avoid disruptions in a challenging market still impacted by high oil prices and the on-going conflicts in Ukraine and the Middle East. Greater focus has been made on improving margins and the directors have maintained overall contribution and margin despite a reduction in overall activity levels.

The directors have continued to aggressively review inventory levels and are pleased that over the last 5 years they have essentially reduced stock levels and values to under 50% of their value freeing up working capital and reducing risks associated with holding inventories.

Key performance indicators

The company monitors its performance using key performance indicators. The company considers its main key performance indicators to be like for like sales growth and gross profit. Performance on these measures is shown below and is in line with the expectations of the board.

2024

2023

% change

Turnover

£15,939,613

£16,686,467

(4.48%

)

Gross profit

£2,521,538

£2,697,070

(6.51%

)

Gross margin

15.82%

16.16%

(0.34%

)

EBITDA

£551,185

£655,034

(15.85%

)

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in a very competitive market which is an ongoing risk and may result in sales being lost to competitors. The company manages this risk by providing excellent customer service and continued product development and innovation.

Cost price inflation has become a significant risk and may result in margin erosion where sales prices have been quoted at one price and suppliers impose immediate price rises or surcharges. The company manages this risk by optimising stock holding and carefully monitoring supplier prices to ensure accurate sales pricing.

Financial risk management objectives and policies

The company's activities expose it to a number of financial risks including credit risk and liquidity risk. The board approves treasury policies, which are controlled on a day-to-day basis by senior management.

Credit risk

The company's principal financial assets are trade debtors arising from the company's prime activity which is the development, design, print and conversion of flexible and corrugated packaging, including storage and distribution of the same. In order to manage credit risk, the directors set limits for customers based on a combination of payment history, third party credit references and market intelligence. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.

Foreign currency risk

The company seeks to manage foreign currency risk by matching assets and liabilities in foreign currency where possible. Where the company needs to purchase foreign currency this is done on a spot rate for the full value of the liabilities due. The company does not engage in currency hedging or speculation.

ON BEHALF OF THE BOARD:

J M Whitehead - Secretary

29 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 development, design, print and conversion of flexible and corrugated packaging.

DIVIDENDS

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

DIRECTORS

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

J M Whitehead

Mrs K Heath

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J M Whitehead - Secretary

29 September 2025

Opinion

We have audited the financial statements of Plasto-Sac UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other 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 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 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the client's operating sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental, health and safety legislation and the BRC Global Standards for Packaging and Packaging Materials;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

- reviewing the client's system notes and internal controls.

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

- reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Francis Nock F.C.C.A. (Senior Statutory Auditor)

for and on behalf of D.R.E. & Co. (Audit) Limited

Kingsland House

39 Abbey Foregate

Shrewsbury

Shropshire

SY2 6BL

29 September 2025

TURNOVER

4

15,939,613

16,686,467

Cost of sales

(13,418,075

)

(13,989,397

)

GROSS PROFIT

2,521,538

2,697,070

Distribution costs

(408,577

)

(544,671

)

Administrative expenses

(1,872,247

)

(1,900,789

)

240,714

251,610

Other operating income

39,000

27,000

OPERATING PROFIT

6

279,714

278,610

Interest receivable and similar income

1,395

291

281,109

278,901

Interest payable and similar expenses

7

(217,915

)

(209,104

)

PROFIT BEFORE TAXATION

63,194

69,797

Tax on profit

8

(35,560

)

(54,333

)

PROFIT FOR THE FINANCIAL YEAR

27,634

15,464

PROFIT FOR THE YEAR

27,634

15,464

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

27,634

15,464

FIXED ASSETS

Intangible assets

9

-

12,750

Tangible assets

10

256,566

328,227

Investments

11

300

100

256,866

341,077

CURRENT ASSETS

Stocks

12

1,341,931

1,595,621

Debtors

13

8,555,640

7,594,442

Cash at bank and in hand

15,921

79,868

9,913,492

9,269,931

CREDITORS

Amounts falling due within one year

14

8,244,601

7,827,288

NET CURRENT ASSETS

1,668,891

1,442,643

TOTAL ASSETS LESS CURRENT LIABILITIES

1,925,757

1,783,720

CREDITORS

Amounts falling due after more than one year

15

(578,415

)

(448,667

)

PROVISIONS FOR LIABILITIES

19

(59,485

)

(74,830

)

NET ASSETS

1,287,857

1,260,223

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

21

1,287,757

1,260,123

SHAREHOLDERS' FUNDS

1,287,857

1,260,223

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

J M Whitehead - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

1,244,659

1,244,759

Changes in equity

Total comprehensive income

-

15,464

15,464

Balance at 31 December 2023

100

1,260,123

1,260,223

Changes in equity

Total comprehensive income

-

27,634

27,634

Balance at 31 December 2024

100

1,287,757

1,287,857

1.	STATUTORY INFORMATION

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

The principal place of business is Unit 19, John Bradshaw Court, Alexandria Way, Congleton, Cheshire, CW12 1LB.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

These financial statements are for the individual entity only.

The financial statements are presented in Sterling (£), rounded to the nearest £1.

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 requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirements of paragraphs 29.28(b) and 29.29;

•

the requirement of paragraph 33.7;

•

the requirements of paragraph 24(b) of IFRS 6.

Preparation of consolidated financial statements

The financial statements contain information about Plasto-Sac UK 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 as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Trafford Nine Limited, Kingsland House, 39 Abbey Foregate, Shrewsbury, Shropshire, SY2 6BL.

Significant judgements and estimates

The company makes estimates and assumptions concerning the future. The resulting accounting estimates 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 are addressed below.

The company includes an element of overheads in the carrying value of stock. When calculating the overheads included within stock, management considers costs related to handling and processing stock. See note 12 for the net carrying amount of stock.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use (including employee wages relating to design costs where appropriate).

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.

Improvements to property

- 20% on cost, 25% on cost and 33% on cost

Plant and machinery

- 15% reducing balance, 15% on cost, 20% on cost, 33% on cost and 50% on cost

Fixtures and fittings

- 15% on cost, 20% on cost, 25% on cost and 33% on cost

Motor vehicles

- 12% on cost, 20% on cost and 25% on cost

Computer equipment

- 25% on cost, 33% on cost and 50% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, amounts owed by group companies and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade payables and bank overdrafts, are initially recognised at transaction price, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 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 the profit and loss account 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 are charged to the profit and loss account in the period to which they relate.

4.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

UK sales

15,851,864

16,570,883

Foreign sales

87,749

115,584

15,939,613

16,686,467

5.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

1,032,576

978,008

Social security costs

106,615

96,680

Other pension costs

23,916

20,274

1,163,107

1,094,962

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

31.12.24

31.12.23

Directors

2

2

Sales & administration

18

17

Warehouse & distribution

11

13

31

32

31.12.24

31.12.23

£

£

Directors' remuneration

106,135

97,387

Directors' pension contributions to money purchase schemes

1,285

1,321

6.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Depreciation - owned assets

244,531

321,776

Depreciation - assets on hire purchase contracts

14,190

7,790

Loss on disposal of fixed assets

-

711

Goodwill amortisation

12,750

17,000

Development costs amortisation

-

29,858

Auditors' remuneration

28,937

20,942

Auditors' remuneration for non audit work

3,410

5,320

Foreign exchange differences

(22,787

)

4,771

Operating leases

204,604

210,035

Hire of plant and machinery

785

1,824

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Other interest charged

212,955

207,291

Corporation tax interest

1,849

-

Hire purchase

3,111

1,813

217,915

209,104

8.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

50,905

58,985

(Over) / under provision in prior year

-

(21,263

)

Total current tax

50,905

37,722

Deferred tax

(15,345

)

16,611

Tax on profit

35,560

54,333

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:

31.12.24

31.12.23

£

£

Profit before tax

63,194

69,797

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

15,799

17,449

Effects of:

Expenses not deductible for tax purposes

18,961

22,616

Depreciation in excess of capital allowances

16,145

23,925

Adjustments to tax charge in respect of previous periods

-

(21,263

)

Deferred taxation

(15,345

)

16,611

Change in tax rate

-

(4,994

)

Group relief

-

(11

)

Total tax charge

35,560

54,333

9.	INTANGIBLE FIXED ASSETS

Development

Goodwill

costs

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

170,000

346,686

516,686

AMORTISATION

At 1 January 2024

157,250

346,686

503,936

Amortisation for year

12,750

-

12,750

At 31 December 2024

170,000

346,686

516,686

NET BOOK VALUE

At 31 December 2024

-

-

-

At 31 December 2023

12,750

-

12,750