REGISTERED NUMBER: 04823382 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SBZ CORPORATION LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

7

Report of the Independent Auditor

9

Income Statement

12

Other Comprehensive Income

13

Balance Sheet

14

Statement of Changes in Equity

15

Cash Flow Statement

16

Notes to the Cash Flow Statement

17

Notes to the Financial Statements

19

DIRECTOR:

L W Holder

SECRETARY:

Mrs J Holder

REGISTERED OFFICE:

Unit 13 Kendal Court

Hurricane Way

Wickford

Essex

SS11 8YB

REGISTERED NUMBER:

04823382 (England and Wales)

AUDITOR:

Barrons Limited

Chartered Accountants and Statutory Auditors

Monometer House

Rectory Grove

Leigh-on-Sea

SS9 2HN

Introduction

The Director presents their Strategic Report on the audited financial statements for the year.

Principal activity

The principal activity of the Company is the manufacture, supply and distribution of engine oil additives, fuel additives, lubricant additives, base oils, waxes, marker dyes and special products for the oil and lubricant industries globally.

Business Model

SBZ Corporation Limited operates from three sites within the UK. SBZ has offices and a manufacturing facility in Wickford, Essex and a warehouse facility in Basildon, Essex. The manufacturing facility sources raw materials on a global basis from recognised international market leaders. Products are manufactured to meet customer requirements and demands and are tested throughout the cycle using the latest equipment in an on-site laboratory.

These products are dispatched from Wickford to customers globally in bulk tanks, intermediate bulk containers ("IBCs") and drums. SBZ works with several strategic partners to deliver its products on time to its customers.

SBZ recognises the longevity of the business relies on some diversification and is aiming to achieve this through a combination of acquisitions where our skills are transferable, alongside growth in our manufacturing capabilities.

REVIEW OF BUSINESS

The results for the year are shown on page 12. The Director is pleased with the operating performance. SBZ Corporation saw a reduction in turnover by 8% (2023 - 30%) in comparison to the period ending 31 December 2023. This was a planned reduction to enhance the profitability on a designated segment of the business as in the prior period.

The profitability of the business continues to remain strong with an expectation of growth into the 2025 financial period.

PRINCIPAL RISKS AND UNCERTAINTIES

Foreign currency exchange: the Company monitor closely short, medium and long-term major currency exchange rate forecasts and has a policy of hedging against currency fluctuations once transactions are fixed.

Product availability and pricing: the company monitors raw material sources on a global basis and negotiates with a dedicated strategic supply base to ensure the most competitively priced products are delivered within optimum lead times. This approach has and always will be a significant component of its competitiveness.

Environmental risks: the group places considerable emphasis upon environmental compliance and not only seeks to ensure ongoing compliance with the latest relevant legislation but also strives to ensure that environmental best practice is incorporated into its operations. The Company remains fully compliant with all aspects of ISO9001, 14001 and 45001.

Debtors: SBZ Corporation maintains strong relationships with all customers and has established credit control parameters that are followed. Appropriate credit terms and limits are agreed with all customers and these are closely managed and continually monitored. The Company operates with credit insurance for partial coverage of its customer base.

The effect of legislation or other regulatory activities: the company monitors forthcoming and current legislation regularly.

Pension risk: the Company does not operate any significant pension plans. There is a personal pension plan for all employees which operates independently of SBZ Corporation Limited. On this basis, the Company bears no significant risk.

New product, project and technology risk: a comprehensive range of products has evolved through anticipating and exceeding the needs of the lubricant industry. All new technologies and products involve business risk but close relationships with our customers and suppliers are key to mitigating against this.

All appropriate measures are taken to protect the group's intellectual property rights and to minimise the risk of infringement of third-party rights.

Litigation: the Company is subject to litigation from time to time. The outcome of legal action is always uncertain and there is always the risk that it may prove more costly and time consuming than anticipated. As with most major companies there is a risk that litigation could be instigated in the future which could materially impact the company, although the Company performs its activities in such a way as to minimise risk. In some liability cases legal expenses are covered by insurance.

Competitive risk: the company operates in highly competitive markets. Product and business innovations or technical advances by competitors could adversely affect the Company. The diversity of operations and flexibility in the business model reduces the possible effect of action by any single competitor.

The Company invests time and technical resources, in co-operation with its suppliers and customers in order to sustain competitive advantage and works continually to ensure that its cost base remains competitive.

Ukraine conflict: the company has been largely unaffected by the ongoing situation in the Ukraine. SBZ already has established supply chains away from the affected regions and has no customer relationships in those territories.

Future developments

Sales and marketing: new and replacement business was successfully targeted in 2024 and this will continue in 2025. The Company will support the development of new markets at home and overseas in line with the Company's strategic plan. Strong customer relationships are maintained at all levels.

Product sourcing: new products continue to be evaluated and created for both existing and developing markets; sourcing and supply chain efficiencies are constantly monitored, and new initiatives developed to improve the Company business model.

Health and Safety: accident and absenteeism rates have again remained low in 2024 and the Company continues to seek ways of ensuring that a safe and healthy working environment is progressively improved for all.

Environment: SBZ Corporation Limited is committed to reducing the carbon footprint for itself and its customers.

New methods of achieving greater environmental effectiveness are continually being examined particularly in our manufacturing process and we aim to continue to meet and exceed the standards set out in ISO9001, 14001 & 45001.

The Company are also committed to reviewing options and working towards offsetting the carbon footprint generated.

Diversification: SBZ will be actively looking at acquisitions both to diversify our business as well as to strengthen the business in the current markets.

Financial key performance indicators

The following KPI's are part of the tools used by management to monitor business performance.

2024

2023

Current Ratio

1.35

1.24

Stock Turnover

9.28

9.35

Debtors Days

38

52

Creditor Days

31

37

Sales per employee

£1,998,793

£2,034,473

Operating profit per employee

£116,783

£105,863

SECTION 172(1) STATEMENT

During the year, the Directors have complied with their duty to act in a way most likely to promote the success of the Company, as per section 172(1) of the Companies Act 2006. In doing so they have had regard to:

- The likely consequences of any decision in the long term,

- The interests of the Company's employees,

- The need to foster the Company's business relationships with suppliers, customers and others,

- The impact of the Company's operations on the community and environment,

- The desirability of the Company maintaining a reputation for high standards of business conduct, and

- The need to act fairly as between members of the Company.

STREAMLINED ENERGY AND CARBON REPORTING (SECR)

This report was undertaken in accordance with the Streamlined Energy and Carbon ("SECR") Reporting requirements outlined in the Companies Act (2006) for large quoted and unlisted companies which requires SBZ Corporation Limited to report on its Greenhouse Gas (GHG) emissions.

This report contains details on annual GHG emissions, total energy consumption covering our manufacturing sites, business travel, and energy efficiency and environmental management actions implemented during the reporting year. This report contains our SECR disclosure for the 2024 reporting year.

Methodology

Scope of analysis and data collection

Over 2024 we have collected primary data for our buildings and vehicle activities including: electricity consumption (kWh), gas consumption (kWh), employee-owned car mileage. All primary data used within this report is from 1st January - 31st December 2024.

Calculation Methodology

We have used the Greenhouse Gas Protocol Corporate Reporting Standard (GHG Protocol) methodology for compiling this GHG data and have calculated our GHG emissions in accordance with the UK Government's reporting guidelines for Company Reporting. To ensure consistency in our reporting we are reporting all GHG emissions in units of CO2e (carbon dioxide equivalent) and have used 2024 GHG Conversion Factors for Company Reporting, published annually by Defra and DESNZ.

GHG Emissions Scopes

The following reporting scopes (as outlined by the Greenhouse Gas Protocol) are included within this disclosure:

- Scope 1 GHG Emissions: direct emissions from sources which the company owns or controls. This includes natural gas consumption in our buildings.

- Scope 2 GHG Emissions: indirect emissions relating solely to the generation of purchased electricity that is consumed by SBZ.

- Scope 3 GHG Emissions: indirect emissions relating to business travel by employees using their own vehicles and the transmission & distribution losses from purchased electricity.

Energy Consumption

The table below displays our annual energy consumption for electricity, natural gas, and employee-owned vehicles for the 2024 reporting year. As per SECR reporting requirements this information is presented in kilowatt hours (kWh).

Emissions Source

GHG Scope(GHG Protocol)

Previous Yr. (2023)

Current Yr. (2024)

% Change vs. Previous Yr.

Natural gas

Scope 1

227,976

237,755

4.3%

Purchased electricity

Scope 2

289,503*

372,404

28.6%

Employee-owned vehicles

Scope 3

46,298

35,379

-23.6%

Total Energy Consumption

563,777

645,538

14.5%

*Purchased electricity consumption (kWh) for 2023 has been adjusted this year to reflect the provision of more accurate consumption data for reporting.

GHG Emissions Reporting

In accordance with the SECR Emissions Reporting requirements outlined in the Companies Act for large companies, our GHG disclosure for the 2024 reporting year is listed below. Results have been split by Scope as outlined by the GHG Protocol calculation methodology.

GHG Emissions Scope

Reporting Units

Previous Yr. (2023)

Current Yr. (2024)

% Change vs. Previous Yr.

Scope 1

tonnes CO2e

41.70

43.47

4.3%

Scope 2

tonnes CO2e

59.95*

77.11

28.6%

Scope 3

tonnes CO2e

16.42*

15.35

-6.5%

Total GHG Emissions

tonnes CO2e

118.07

135.94

15.1%

GHG Emissions Intensity

tonnes CO2e/£M turnover

1.93*

2.43

25.6%

* Scope 2 electricity and scope 3 transmission & distribution emissions for 2023 have been adjusted this year to reflect more accurate data. The intensity ratio calculations have therefore also been updated.

Total GHG Emissions for Scopes 1, 2 and 3 for the reporting period 1st January - 31st December 2024 are 135.94 tonnes CO2e. Of our total GHG emissions Scope 1 accounts for 32%, Scope 2 for 57% and Scope 3 for 11%. Our GHG Emissions Intensity per £M turnover is 2.43 tonnes CO2e.

Compared to the previous year, our total reported emissions have increased by 14.5% (or 17.2 tCO2e) with a corresponding intensity ratio increase of 25%. The cause for this change is due to an increase in electricity consumption (reported under Scope 2), largely due to an additional site being opened in Wickford during the reporting year.

Energy Efficiency & Environmental Management

During the reporting period, we have made a conscious effort to procure intermediate bulk containers (IBCs) and Itelyum base oils with an increased recycled content. The IBCs procured are made up of three layers, of which the inner layer consists of high-quality recycled material, representing 30% of the internal bottle weight. The inner and outer layers are produced from virgin material as usual. During 2024, we purchased 1,456 of these IBCs which has been certified to equate to the avoided use of 6,334 kg of virgin plastic.

Itelyum base oils are high-quality regenerated lubricant base oils produced through an advanced re-refining process. These oils are refined using catalytic hydrogenation, making them a sustainable alternative to traditional crude oil-derived lubricants. During 2024, we purchased 53 tonnes of Itelyum base oils, which have been certified by Itelyum Regeneration to have resulted in the saving of 38 tonnes of CO2.

ON BEHALF OF THE BOARD:

L W Holder - Director

30 September 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

An interim dividend of £40,833 per share was paid on 31 December 2024. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 980,000 .

DIRECTOR

L W Holder held office during the whole of the period from 1 January 2024 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

During the period, SBZ Corporation made the following donations totalling £12,300:

£

Royal British Legion

300

Dogs 4 Wildlife

6,000

MCA Trust

6,000

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). 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;

- 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 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 auditor is 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 auditor is aware of that information.

AUDITOR

The auditor, Barrons Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

L W Holder - Director

30 September 2025

Opinion

We have audited the financial statements of SBZ Corporation Limited (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statements 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 31st 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 Auditor's 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 entity'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 director is responsible for the other information. The other information comprises the information included in the Strategic Report and the Report of the Director, but does not include annual the financial statements and our Auditor's Report 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 statement, 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 Directors have been prepared in accordance with applicable legal requirements.

Matters on which I am 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 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, 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 director

As explained more fully in the directors' responsibilities statement set out on page seven, 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 have no realistic alternative but to do so.

Auditor's 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 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:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of those discussions and enquiries were shared with the team, as well as considerations as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operating licences, environmental regulations and health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of; inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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

Use of my 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.

Russell Tillbrook FCCA (Senior Statutory Auditor)

for and on behalf of Barrons Limited

Chartered Accountants and Statutory Auditors

Monometer House

Rectory Grove

Leigh-on-Sea

SS9 2HN

30 September 2025

TURNOVER

3

55,966,209

61,034,182

Cost of sales

46,079,074

51,225,324

GROSS PROFIT

9,887,135

9,808,858

Administrative expenses

6,617,216

6,632,957

OPERATING PROFIT

5

3,269,919

3,175,901

Interest receivable and similar income

7

6,318

1,156

3,276,237

3,177,057

Interest payable and similar expenses

8

634,246

650,564

PROFIT BEFORE TAXATION

2,641,991

2,526,493

Tax on profit

9

355,254

604,578

PROFIT FOR THE FINANCIAL YEAR

2,286,737

1,921,915

PROFIT FOR THE YEAR

2,286,737

1,921,915

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,286,737

1,921,915

FIXED ASSETS

Tangible assets

11

972,849

1,070,326

Investments

12

438,900

324,003

1,411,749

1,394,329

CURRENT ASSETS

Stocks

13

4,453,321

5,480,445

Debtors

14

11,632,139

13,169,069

Cash at bank and in hand

351,452

415,503

16,436,912

19,065,017

CREDITORS

Amounts falling due within one year

15

12,060,319

15,429,772

NET CURRENT ASSETS

4,376,593

3,635,245

TOTAL ASSETS LESS CURRENT LIABILITIES

5,788,342

5,029,574

CREDITORS

Amounts falling due after more than one year

16

(357,664

)

(852,736

)

PROVISIONS FOR LIABILITIES

20

(111,666

)

(164,563

)

NET ASSETS

5,319,012

4,012,275

CAPITAL AND RESERVES

Called up share capital

21

24

24

Retained earnings

22

5,318,988

4,012,251

SHAREHOLDERS' FUNDS

5,319,012

4,012,275

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

L W Holder - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

24

2,610,336

2,610,360

Changes in equity

Dividends

-

(520,000

)

(520,000

)

Total comprehensive income

-

1,921,915

1,921,915

Balance at 31 December 2023

24

4,012,251

4,012,275

Changes in equity

Dividends

-

(980,000

)

(980,000

)

Total comprehensive income

-

2,286,737

2,286,737

Balance at 31 December 2024

24

5,318,988

5,319,012

Cash flows from operating activities

Cash generated from operations

1

3,451,403

3,806,330

Interest paid

(634,246

)

(2,874

)

Tax paid

(1,023,454

)

45,357

Net cash from operating activities

1,793,703

3,848,813

Cash flows from investing activities

Purchase of tangible fixed assets

(281,180

)

(400,492

)

Purchase of fixed asset investments

(114,900

)

(10,000

)

Sale of intangible fixed assets

-

6,370

Sale of fixed asset investments

3

-

Interest received

6,318

1,156

Net cash from investing activities

(389,759

)

(402,966

)

Cash flows from financing activities

Interest paid

-

(267,142

)

Loan repayments in year

(540,000

)

(540,000

)

Movement on invoice discounting

-

(2,511,100

)

Invoice discounting fees

-

(380,548

)

Capital repayments in year

48,106

78,782

Equity dividends paid

(980,000

)

(520,000

)

Net cash from financing activities

(1,471,894

)

(4,140,008

)

Decrease in cash and cash equivalents

(67,950

)

(694,161

)

Cash and cash equivalents at beginning of year

2

415,503

1,109,664

Cash and cash equivalents at end of year

2

347,553

415,503

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

31/12/24

31/12/23

£

£

Profit before taxation

2,641,991

2,526,493

Depreciation charges

313,193

278,981

Loss on disposal of fixed assets

65,463

8,346

Inter-Company Movement

(1,163,690

)

-

Finance costs

634,246

650,564

Finance income

(6,318

)

(1,156

)

2,484,885

3,463,228

Decrease/(increase) in stocks

1,027,124

(880,862

)

Decrease in trade and other debtors

2,963,448

2,527,197

Decrease in trade and other creditors

(3,024,054

)

(1,303,233

)

Cash generated from operations

3,451,403

3,806,330

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

351,452

415,503

Bank overdrafts

(3,899

)

-

347,553

415,503

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

415,503

1,109,664

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

415,503

(64,051

)

351,452

Bank overdrafts

-

(3,899

)

(3,899

)

415,503

(67,950

)

347,553

Debt

Finance leases

(176,808

)

(48,106

)

(224,914

)

Debts falling due within 1 year

(540,000

)

-

(540,000

)

Debts falling due after 1 year

(720,000

)

540,000

(180,000

)

(1,436,808

)

491,894

(944,914

)

Total

(1,021,305

)

423,944

(597,361

)