REGISTERED NUMBER: 05227633 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

WILLIAMS JET TENDERS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

8

Statement of Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

17

DIRECTORS:

J R Hornsby

M D Hornsby

S Smith

D Bloice-Smith

P Gill

SECRETARY:

S Smith

REGISTERED OFFICE:

Unit 2

Vogue Business Park

Berinsfield

Oxfordshire

OX10 7LN

REGISTERED NUMBER:

05227633 (England and Wales)

AUDITORS:

Jamesons Limited

Chartered Accountants and Statutory Auditors

Jamesons House

Compton Way

Witney

OX28 3AB

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

The results for the year and financial position of the company are as shown in the annexed financial statements.

REVIEW OF BUSINESS

The company is engaged in the development, manufacture and distribution of yacht tenders and sell directly to yacht builders and their official dealers and through a growing network of Sales and Service Centres.

There have been no changes in the company's activities in the year under review. The directors are not aware, at the date of this report, of any likely major changes in the company's activities in the next year.

The Directors are pleased with the financial results for the year to 31 December 2024. The business continues to invest in Research & Development and sees the investment in both model improvements and new products as key for future business growth.

Turnover increased during the year which exceeded budgeted expectations. The gross profit margin remained consistent at 31.96% (2023 : 29.05%). Profit before tax and dividends also remained consistent at 12.78% (2023 : 11.10%).

Management use a range of performance measures to monitor and manage the business. The performance measures are Turnover, Gross Profit %, Profit before Tax and Cash Balances.

The Directors continue to be committed to establishing the business as the world's leading jet tender manufacturer, by focusing on delivering both a high quality product and a high level of aftersales service to customers.

The business is additionally focused on producing and developing products which would enable it to expand into the superyacht sector.

The Directors are satisfied with the underlying financial strength and position of the company at the year end.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors have assessed the principal risks and uncertainties affecting the company and consider the major risks to be a softening product market as well as the global political landscape and issues around global conflicts and political uncertainty.

Although some markets have been affected more than others the Directors have sought to offset this by identifying new territories and developing and improving their products accordingly.

The Directors are committed to growing the reputation of Williams products worldwide by offering market leading product design, user experience and aftersales service.

SECTION 172(1) STATEMENT

In accordance with Section 172 of the Companies Act 2006, the directors of Williams Jet Tenders Ltd confirm that, during the year ended 31st December 2024, they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have had regard to the following factors:

Long Term consequences of decisions

The company works to a long term strategic business plan and regularly assesses the impact of its strategic decisions by reviewing the plan at regular stages during the financial year, assessing sustainability impacts, and monitoring business risk. The company works to a 5 year rolling development plan of its model range with returns on investment key to future profitability.

Interests of employees

The company recognises that its employees are fundamental to the success of both the quality of its product and overall success of the business. The directors engage with employees through regular staff reviews, staff surveys, full company meetings as well as weekly communication updates and staff newsletters.

The business very much prides itself on being a family business where the owners of the business are not just still involved in the running of the business but set the tone of the culture throughout.

The company is committed to cross training it's staff to develop multi skilled individuals who are assets to the business through both inhouse and external training. Over several years the business has invested and grown its apprenticeship scheme which develops future boat builders who gain experience throughout all aspects of the build working alongside experienced production engineers.

The business takes the issue of Health and Safety of all its employees very seriously and on a weekly basis reviews all reported accidents and near misses and reviews corrective actions to minimise any risks to its staff.

The company recognises the need to retain its staff so regular reviews are held of remuneration levels & staff benefits. The company regularly reviews the wider employment market to ensure the business remains an attractive employer locally for employees across all of its departments.

Relationships with suppliers, customers and others

The company recognises that its suppliers and customers are an integral part of its strategic plan and crucial in terms of both the quality of its product and the reputation of the business in general.

The company regularly seeks feedback from end customers and OEM's and Dealers as to its products at both International Boat Shows and Dealer days at its premises in Oxfordshire.

Impact on the community and the environment

The company is committed to ensuring it integrates itself with the local community & has a good relationship with its immediate neighbours. It is committed to operating to the highest environmental standards and is working to reduce its impact on the environment in terms of both the product itself, the components being used and the manufacturing processes.

Maintaining a reputation for high standards of business conduct

The reputation of the business is of the upmost importance to the stakeholders of the business and the company is committed to high standards of ethics, compliance and governance. The company regularly reviews its policies on anti-bribery, data protection and whistleblowing.

All employees are encouraged to actively review policies applicable to their own areas of the business and report areas of concern to senior management where they believe standards have fallen short in the businesses.

Acting fairly between members of the company

All major decisions are undertaken by the Directors of the business ensuring that decisions do not unduly favour one group of shareholders over another.

Conclusion

The board believes it has effectively balanced the interests of stakeholders in promoting the long-term sustainable success of the company, consistent with its obligations under Section 172.

RELATIONSHIPS WITH SUPPLIERS, CUSTOMERS AND OTHERS

The company recognises that its suppliers and customers are an integral part of its strategic plan and crucial in terms of both the quality of its product and the reputation of the business in general.

During the year, the company regularly engages with key suppliers to ensure that they are working in an ethical way, with sustainable targets. The business regularly communicates with its key partners its forecast demand in order to minimise shortages and disruption to our production line.

The company regularly seeks feedback from end customers and OEM's and Dealers as to its products at both International Boat Shows and Dealer days at its premises in Oxfordshire. Feedback from such sources is then fed back through internal product development meetings to ensure that model improvements occur which ultimately lead to higher quality products delivering stronger customer satisfaction.

ON BEHALF OF THE BOARD:

S Smith - Secretary

26 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

Interim dividends per share were paid as follows:

£3,333.33

- 22 April 2024

£3,333.33

- 17 July 2024

£6,666.66

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 600,000 .

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 R Hornsby

M D Hornsby

S Smith

D Bloice-Smith

Other changes in directors holding office are as follows:

P Gill - appointed 23 September 2024

STREAMLINED ENERGY AND CARBON REPORTING

Scope 1 Emissions in metric tonnes CO2e

Gas consumption

230

Transport

39,970

Total

40,200

Scope 2 Emissions in metric tonnes CO2e

Purchased electricity

102,936

Scope 3 Emissions in kWh

Gas consumption

22

Purchase of electricity

456,784

Transport

1,634

METHODOLOGIES USED

GHG Protocol and DEFRA's Condensed Set of GHG calculations, as well as the UK Government GHG Conversion Factors for Company Reporting.

MEASUREMENT BASIS

Total 2024 emissions (scope 1 & 2) were 270,856 CO2e and total 2024 turnover was £36,113,959, therefore for every £1 turnover the company emits approximately 0.0075 CO2e.

MEASURES TAKEN TO IMPROVE ENERGY EFFICIENCY

The company has undertaken the following measures for the purpose of increasing the company's energy efficiency; HVO tank installation; Waste management reporting and systems; Cycle to work scheme; LED lighting; Vendor managed inventory system (BUFAB); Switching to eco-consumables; Heating audit; and Roof insulation and cladding.

INFORMATION NOT AVAILABLE

The above data covers the period from 1 January to 31st December 2024. Williams aims to provide honest and transparent data and reporting on our sustainability performance. We endeavour to follow best practices and follow globally recognised standards in emissions measurement.

DISCLOSURE IN THE STRATEGIC REPORT

All items required under Sch. 7 to be disclosed in the directors' report are set out in the strategic report in accordance with s.414C(11) CA 2006.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

S Smith - Secretary

26 September 2025

Opinion

We have audited the financial statements of Williams Jet Tenders Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 seven, 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 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 discussion with directors and informed management and from our commercial knowledge and experience of the industry;

-

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 Companies Act 2006, taxation legislation, employment legislation and health and safety legislation;

-

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing documentation during the audit; and

-

Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance during 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 enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-

Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

-

Reviewed the financial statements and records 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 were indicative of potential bias; and

-

Investigated the rationale behind any 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 and other applicable sources.

There are inherent limitations in our audit procedures described above. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquire of the directors and informed management and the inspection of regulatory and legal correspondence if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation and there is therefore a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.

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.

Anita Lyon FCA FCCA (Senior Statutory Auditor)

for and on behalf of Jamesons Limited

Chartered Accountants and Statutory Auditors

Jamesons House

Compton Way

Witney

OX28 3AB

30 September 2025

TURNOVER

4

36,113,959

36,794,857

Cost of sales

24,570,262

26,106,110

GROSS PROFIT

11,543,697

10,688,747

Administrative expenses

7,096,150

6,632,440

4,447,547

4,056,307

Other operating income

13,620

-

OPERATING PROFIT

6

4,461,167

4,056,307

Interest receivable and similar income

162,437

27,118

4,623,604

4,083,425

Interest payable and similar expenses

7

9,382

-

PROFIT BEFORE TAXATION

4,614,222

4,083,425

Tax on profit

8

1,193,767

996,217

PROFIT FOR THE FINANCIAL YEAR

3,420,455

3,087,208

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,420,455

3,087,208

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

2,377,185

2,581,705

2,377,185

2,581,705

CURRENT ASSETS

Stocks

12

8,475,513

9,047,999

Debtors

13

7,454,777

6,982,819

Cash at bank and in hand

5,238,360

2,213,315

21,168,650

18,244,133

CREDITORS

Amounts falling due within one year

14

5,330,624

5,421,456

NET CURRENT ASSETS

15,838,026

12,822,677

TOTAL ASSETS LESS CURRENT LIABILITIES

18,215,211

15,404,382

CREDITORS

Amounts falling due after more than one year

15

(15,769

)

(22,197

)

PROVISIONS FOR LIABILITIES

17

(390,549

)

(393,747

)

NET ASSETS

17,808,893

14,988,438

CAPITAL AND RESERVES

Called up share capital

18

15,000

15,000

Retained earnings

19

17,793,893

14,973,438

SHAREHOLDERS' FUNDS

17,808,893

14,988,438

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

J R Hornsby - Director

M D Hornsby - Director

S Smith - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

15,000

12,486,230

12,501,230

Changes in equity

Dividends

-

(600,000

)

(600,000

)

Total comprehensive income

-

3,087,208

3,087,208

Balance at 31 December 2023

15,000

14,973,438

14,988,438

Changes in equity

Dividends

-

(600,000

)

(600,000

)

Total comprehensive income

-

3,420,455

3,420,455

Balance at 31 December 2024

15,000

17,793,893

17,808,893

Cash flows from operating activities

Cash generated from operations

1

4,943,158

3,094,734

Interest paid

(9,382

)

-

Tax paid

(1,121,158

)

(545,951

)

Net cash from operating activities

3,812,618

2,548,783

Cash flows from investing activities

Purchase of tangible fixed assets

(343,582

)

(1,302,213

)

Interest received

162,437

27,118

Net cash from investing activities

(181,145

)

(1,275,095

)

Cash flows from financing activities

Capital repayments in year

(6,428

)

(6,427

)

Equity dividends paid

(600,000

)

(600,000

)

Net cash from financing activities

(606,428

)

(606,427

)

Increase in cash and cash equivalents

3,025,045

667,261

Cash and cash equivalents at beginning of year

2

2,213,315

1,546,054

Cash and cash equivalents at end of year

2

5,238,360

2,213,315

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

2024

2023

£

£

Profit before taxation

4,614,222

4,083,425

Depreciation charges

548,109

492,041

Finance costs

9,382

-

Finance income

(162,437

)

(27,118

)

5,009,276

4,548,348

Decrease/(increase) in stocks

572,486

(1,261,932

)

Increase in trade and other debtors

(471,966

)

(906,207

)

(Decrease)/increase in trade and other creditors

(166,638

)

714,525

Cash generated from operations

4,943,158

3,094,734

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

5,238,360

2,213,315

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

2,213,315

1,546,054

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

2,213,315

3,025,045

5,238,360

2,213,315

3,025,045

5,238,360

Debt

Finance leases

(28,624

)

6,428

(22,196

)

(28,624

)

6,428

(22,196

)

Total

2,184,691

3,031,473

5,216,164

1.	STATUTORY INFORMATION

Williams Jet Tenders Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. It is considered that there are no 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.

Warranty Provision

Historical warranty spend data is collated across all models and used to estimate future warranty spend based upon tenders sold and the balance of warranty period remaining. When historical information is unavailable, for example a launch of a new product, an estimate is made by reference to historic warranty spend on a similar size tender.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the significant risks and benefits of product ownership transfer to the buyer, which may be upon shipment, completion of the product or the product being ready for delivery, based on specific contract terms.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, has been fully amortised over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

in accordance with the property

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks and amounts recoverable on contracts

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

Amounts recoverable on contracts are stated at sales value excluding VAT.

Amounts recoverable on contracts include boats being built at the year end date but not completed. These are valued based upon a fair and reasonable estimate of the percentage of completion at the year end.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Transactions in foreign currencies are initially recorded in the entity’s functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign

currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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:

2024

2023

£

£

United Kingdom

23,741,599

3,926,138

Europe

9,282,725

22,552,398

Other

3,089,635

10,316,321

36,113,959

36,794,857

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

5,340,486

5,348,667

Social security costs

71,717

81,686

Other pension costs

256,785

225,376

5,668,988

5,655,729

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

2024

2023

Directors

4

5

Admin

42

37

Production

86

90

Research & Development

5

5

137

137