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

The principal activity of the Group in the year under review was that of vendor neutral clinical managed services to the NHS and leasing consultancy.

Chrystal is pleased to report a record financial performance in FY24 with revenue of £78.7m being 5% higher than the prior year (2023: £74.7m) and profit before tax increasing by 16% to £3.49m (2023: £3.02m). This is largely due to entry into two new NHS Trusts, increased demand for screening services, improved cost control, and expanding our reach within existing NHS Trusts across multiple disciplines, with the commencement of 14 new contracts during the year.

Strong relationships with all our NHS customers and subcontractors continue to provide an excellent foundation for market share growth and the Directors consider the Company to be well placed to support the NHS with the increasing challenges faced by offering genuine vendor neutral flexibility, improving day-to-day operational efficiency and demonstrating robust cost savings.

During FY24 we continued to invest in digital technology projects, including an ongoing investment in our customer portal, enabling our customers to order products more efficiently, manage contract performance and report faults. Trials for a Stock Management module were successfully completed in early 2025, with roll out commencing in Summer 2025, and a financial performance module is also in development, providing customers with better visibility of financial data. Investment in the back-office system has enabled Chrystal to automate 40% of orders, improving accuracy and freeing up staff time for more strategic tasks, including further automation of order processing. We are excited by the impact this digital innovation will have on improving the experience for NHS Trusts and Health Boards in the coming years.

Underpinned by the strong strategic progress delivered in FY24, Chrystal started FY25 with encouraging levels of revenue and a healthy sales pipeline and the Company has continued to execute against its long-term growth strategy by investing in a regionally based sales team located across the UK. Dedicated sales account managers are engaging closely with key NHS stakeholders to clarify clinical, operational and financial needs across a range of Pathology services, Screening services, Imaging services, and Endoscopy and Decontamination services, as well as exploring opportunities beyond these areas.

Financial pressures remain a huge challenge for the NHS and Chrystal is well positioned to use their 27 years of expertise and experience to help Trusts and Health Boards bridge funding gaps, identify achievable savings and support the sustainable delivery of services in accordance with strategic and statutory priorities

Chrystal has contracts with primary terms of between 5-10 years which guarantees ongoing revenue into 2035.

Our Purpose: Enabling our customers to provide the best possible patient care.

We will achieve this via the continued dedication of our colleagues and subcontractors in supporting each other to provide a bespoke managed service solution for our customers, who will benefit from our vast experience and expertise, allowing them to focus on delivering excellent patient care.

Our behaviour and strong customer-first culture are underpinned by our core values:

We deliver impact through our flexibility

We succeed as one team

Communication is key... we listen, learn and respond

We choose right over easy

We embrace responsibility

At the end of 2024 we had 24 employees who all receive a comprehensive package of benefits which includes life insurance, access to a health cash plan and the opportunity to join the salary sacrifice electric vehicle scheme. During the year we introduced a working from home policy which provides the opportunity for a better work-life balance and invested in interactive mental health training to encourage employees to explore ways of improving their mental well-being both in and outside the office.

The Directors review internal and external risk factors at Board Meetings and update policies, procedures and controls as required to mitigate emerging risks. The following risks and uncertainties which may affect the Company's operating results and financial position are:

Commercial

The Company operates in a competitive environment and faces competition from medical equipment manufacturers in particular disciplines as well as additional independent managed service providers. The potential impact is mitigated by the high service levels of the Chrystal team and our subcontractors, the value added by the managed service provision and the flexibility of being vendor neutral.

There is continued risk from the reorganisation of pathology services that may limit the opportunity of future business in this discipline. The impact to date has been minimal and the Company is managing this risk by focusing on growth opportunities across a diverse range of disciplines.

Compliance

The Directors consider compliance with HMRC requirements for managed service contracts and any potential changes of the Contracted-Out Services rules as an area of risk. Chrystal continues to engage with professional advisors to provide advice on compliance.

Credit risk

The Company is exposed to risk from the credit offered to customers. This risk is managed through its supplier terms and weekly reporting to the Board with policies to monitor and report on the level of outstanding debt.

The Company continued its investment in people, processes and systems to enable business growth. The Directors and Shareholders recognise the significant efforts and achievements which resulted in the Company increasing total equity to £17.5m.

The Directors are aware of their duty under Section 172 (1) of the Companies Act 2006, to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its stakeholders, and in doing so have regard to:

The consequences of decisions in the long term

The Board appreciates the need to remain agile in order to respond to opportunities or emerging issues efficiently and effectively but is mindful that many decisions will have a long-term impact as many of its contractual commitments will remain with the Company for 5-10 years. The Board is also able to draw on the wealth of knowledge and experience of employees who understand the impact of decisions in the longer term.

High standards of business conduct

The Board acknowledges that culture, values, and behaviours are essential contributory factors to creating and sustaining value and consistently demonstrating high standards of business conduct.

All employees are expected to observe the high standards contained within the Company's HR policies & procedures in relation to bribery, data protection, equality, diversity and inclusion, IT security, fraud, and whistleblowing, all of which are reinforced through regular training.

Chrystal is committed to acting ethically and with integrity in all business dealings and relationships and to ensure modern slavery is not taking place anywhere in the Company, or any of its supply chain. The Board has a zero-tolerance approach to modern slavery and further details on the Company’s Modern Slavery Statement can be found on the Company’s website: https://www.chrystalmedical.co.uk/anti-slavery-2023.

Our key stakeholders and how we engage with them

The Company considers its key stakeholders to be its employees, its customers, and its suppliers.

Employees

The Company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the Company through quarterly Toolbox Talks. Training and development opportunities are discussed during regular performance reviews, talented individuals are identified for career progression, achievement of personal objectives is recognised and rewarded, and all employees are treated with respect, courtesy and compassion.

As part of the long-term strategy to enhance employee well-being the Company is working toward ISO 45001 certification to establish and maintain a Health and Safety management system to manage workplace risks.

Customers

The Company is focused on providing a bespoke managed service of the highest standard and always putting the needs of the customer first. All customers are assigned a dedicated account manager and are issued comprehensive quarterly report packs detailing performance trends plus all related financial data for all managed service contracts. Recent investment in a customer portal has enabled customers to streamline their ordering process and created a central hub for financial and contract performance.

Implementing an ISO 9001 Quality Management System ensures Chrystal deliver a consistently high standard of service, pursues excellence at every level, and reassures customers that we can meet their objectives and contractual requirements.

Suppliers

The Company's success in providing a vendor neutral managed service depends on its ability to engage with diverse range of suppliers and subcontractor partners. Our sales account managers are in regular communication with suppliers & subcontractors and have developed collaborative long-term working relationships over many years. Key suppliers & subcontractors are involved in quarterly review meetings with customers to support an open and trusting working relationship and shared approach to resolving issues.

Communities and society

We are a business that puts people and patients at its heart and recognise the importance of operating our Company in a responsible way that has a positive impact on wider society. Our ISO 14001 certification demonstrates our commitment to improving our environmental performance and we have introduced more sustainable practices across the business throughout the year. We have a dedicated charity partner based in the local community and have supported them through various fundraising initiatives.

Future Developments

As with recent financial periods, Chrystal will continue to invest in our people, systems, and processes to support business growth, build resilience, and offer an enhanced customer experience.

The Company remains committed to further enhancing its managed service offering by continuously reviewing and improving products and services and is focused on increasing market share by actively exploring new market opportunities to grow the business in line with the strategic objectives agreed by the Directors and Shareholders.

Greenhouse gas emissions, energy consumption and energy efficiency action

During the year ended 31st December 2024, the Company reported the following in respect of energy use:

2024        2023

UK energy use (kWh)                     46,509        48,595

Greenhouse gas emissions (Tonnes of CO2e)         9.63         10.06

Intensity Ratio (Tonnes of CO2e per employee)         0.40         0.46

The quantities shown for usage were obtained from utility billing via the Company’s landlord for electricity and gas usage and associated greenhouse gas (GHG) emissions have been calculated using the annual conversion factors available from HMRC.

Intensity ratio has been calculated using the average number of employees for the year ended December 2024.

Chrystal is committed to reducing our carbon footprint by 7.5% between 2024 and 2025 and has implemented carbon reduction initiatives to effectively manage CO2 output. These include:

- 100% of company cars are electric vehicles.

- Offering a salary sacrifice electric vehicle scheme for all employees.

- Reducing the number of paper documents and storing more documents electronically.

- Member of the Bike2Work scheme, designed to get people cycling to work and living healthier lives.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal Activity

The principal activity of the company in the year under review was that of vendor neutral clinical managed services to the NHS and leasing consultancy.

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £1,150,000. The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

In accordance with the Company’s articles, a General Meeting has been arranged to agree auditor appointment for the coming year.

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

The Company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. In addition, the Strategic Report and notes to the financial statements include the Company’s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and its exposures to credit risk and liquidity risk.

The Company has considerable financial resources together with long-term contracts with a large number of customers and suppliers. As a consequence, the directors believe that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Identification of the information for which the Company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the Company's strategic report which would otherwise be required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the directors' report.

We have audited the financial statements of Chrystal Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 December 2024 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

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

• the parent company 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.

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

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 an auditor's report 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.

As part of our planning process:

• We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 1974, Employment Act 2008, and General Data Protection Regulations (GDPR).

• We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Identifying and testing journal entries, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to assessing of accruals level at the year end and estimate useful life of the assets.

• Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entity's ability to continue in operation.

• Testing key revenue lines, in particular cut-off and walk-through, for evidence of management bias.

• Performing a physical verification of key assets.

• Obtaining third-party confirmation of material bank and loan balances.

• Documenting and verifying all significant intercompany balances and transactions.

• Testing all material consolidated adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,300,000 (2023 - £0 profit).

Chrystal Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04644613 and the registered office is 500 Styal Road, Manchester, M22 5HQ.

The group consists of Chrystal Holdings Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 £.

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

The group provides essential managed services to the NHS under contract. The group reported a profit before tax of £3,490,827 (2023: £3,017,397) for the year ended 31 December 2024 and had net assets of £17,506,119 (2023: £15,928,296) and a cash balance of £13,166,511 (2023: £12,511,805) as at the year end. Post year end the group is again reporting a profit and is forecasting to do so in the next twelve month following the date of this report.

The directors believe the group is well placed to manage the risks at these challenging times and has more than adequate resources to continue in operation for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

The group consolidated financial statements include the financial statements of the company and its subsidiaries undertaking made up to 31 December 2024.

Subsidiaries are entities controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents the aggregate of the fair value of the sale of goods and professional services provided, net of value added tax, refunds and discounts. Turnover is recognised as follows:

Sales of goods

Sales of goods are recognised when the company has supplied products to the customer, the trust has accepted the goods and collection of the related receivables is anticipated.

Sales of professional services

Service revenue is recognised as those services are provided to customers. Contracted managed service revenue is recognised over the contract period on a pro-rata basis, which represents the level of completion of an individual contract. The unrecognised contracted revenue is included as provision for deferred income in the statement of financial position.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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 profit and loss account.

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Investments in subsidiary undertakings are recognised at cost.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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

Cost represents actual purchase price.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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

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

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

Basic financial assets, which include debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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 and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

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

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

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

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

The tax expense represents the sum of the tax currently payable and deferred tax.

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

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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

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

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

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Foreign currencies

Monetary 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 the transaction. Exchange differences are taken into account in arriving at the operating result.

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Estimating the useful economic life of an asset and the anticipated residual value are considered key judgements in calculating an appropriate depreciation charge.

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

All turnover has been generated within the United Kingdom.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Details of the company's subsidiaries at 31 December 2024 are as follows:

All the above subsidiaries are included in the consolidation.

Other loans are secured by a fixed and floating charges and equipments that related to the contracts.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Capital redemption reserve is all other net gains and losses and transactions with owners not recognised elsewhere.

The Ultimate controlling parties of Chrystal Holdings Limited are A Baker and K Newsome.