REGISTERED NUMBER: 07678531 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Formed Group Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

Mr R Haughton

Mr B Haughton

Mr T Haughton

REGISTERED OFFICE:

2 Crofton Road

Allenby Road Industrial Estate

LINCOLN

Lincolnshire

LN3 4NL

REGISTERED NUMBER:

07678531 (England and Wales)

AUDITORS:

Nicholsons Audit (Statutory Auditor)

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

HSBC Bank plc

221 High Street

LINCOLN

Lincolnshire

LN1 1TS

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

REVIEW OF BUSINESS

The business continues to operate within a challenging economic environment. Ongoing economic headwinds including persistent inflationary pressures, higher interest rates, supply chain disruptions, and a tight labour market are impacting both operating costs and customer demand. In addition, uncertainty in global markets has contributed to fluctuating exchange rates and reduced business confidence.

Despite these challenges, the company remains focused on its long-term objectives: maintaining operational efficiency, investing in sustainable growth, and protecting margins through prudent cost management and careful capital allocation.

The company continues to invest heavily in new product and range development focusing on design as a way to achieving competitive advantage. Key to this has been the protection of IP through ongoing registration and proactive enforcement. Management are also focused on expanding both in current markets where the brand is well established and emerging markets.

Financial Performance

During the period, the company maintained stable revenues and continued to invest in core operations to support future growth. Cost control measures and disciplined cash management have helped to mitigate the impact of increased input costs and financing expenses.

Revenue has increased 21% in the year to £16,703,450..

The table below highlights KPIs for the past two years.

FY2024

FY2023

Revenue

16,703,450

13,826,651

Gross profit margin

40.02%

34.24%

EBITDA

2,565,044

936,383

Cash balance

196,224

1,026,283

Liquidity

2.11

2.00

EBITDA increased from £936,383 to £2,565,044 at the end of this financial period.

Net assets at 31 December 2024 were £4,197,760 (FY2023 £2,788,174).

The company continues to prioritise maintaining a robust balance sheet, ensuring sufficient liquidity to support day-to-day operations and future growth initiatives.

PRINCIPAL RISKS AND UNCERTAINTIES

The company faces a range of external and operational risks, including economic uncertainty, rising costs, and supply chain disruption, all of which could impact margins and cash flow.

Higher interest rates and tighter funding conditions present additional financial pressures, while talent shortages remain a challenge for sustaining growth. Regulatory requirements and increasing cyber security threats also add to the risk profile. The Directors and management team monitor these risks closely and has controls and contingency plans in place to mitigate them where possible.

Outlook

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

ON BEHALF OF THE BOARD:

Mr R Haughton - Director

26 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of sale of fittings.

DIVIDENDS

An interim dividend of £5,000 per share was paid on 16 December 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 400,000 .

DIRECTORS

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

Mr R Haughton

Mr B Haughton

Mr T Haughton

CHARITABLE DONATIONS AND EXPENDITURE

Donations in the year were made to The Grace Trust £80,000, Oneschool Cap £1,500 and other small donations totalling £494.

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.

ON BEHALF OF THE BOARD:

Mr R Haughton - Director

26 September 2025

Opinion

We have audited the financial statements of Formed Group 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 four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

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

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

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

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

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

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

Further to this, we evaluated the Director's and managements incentives and opportunities for fraudulent manipulation of the financial statements including the risk of management override of controls and determined the principal risks were related to posting manual journal entries to manipulate financial performance, management bias, stock provisions and purchase cut off.

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

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

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

- Discussing amongst the engagement team the risks of fraud;

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

- Testing of assumptions and reperforming calculations; and

- Sensitivity analysis around assumptions used.

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

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

Prior period financial statements

The financial statements of the company for the period ended 31 December 2023 were not audited. We do not express an opinion on these figures in the current financial statements.

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.

Joanne Brown (Senior Statutory Auditor)

for and on behalf of Nicholsons Audit (Statutory Auditor)

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

29 September 2025

TURNOVER

16,703,450

13,826,651

Cost of sales

10,018,327

9,092,442

GROSS PROFIT

6,685,123

4,734,209

Administrative expenses

4,249,279

3,901,831

2,435,844

832,378

Other operating income

-

1,750

OPERATING PROFIT

4

2,435,844

834,128

Interest receivable and similar income

14,294

11,321

2,450,138

845,449

Interest payable and similar expenses

5

2,119

4,209

PROFIT BEFORE TAXATION

2,448,019

841,240

Tax on profit

6

616,897

198,395

PROFIT FOR THE FINANCIAL YEAR

1,831,122

642,845

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,831,122

642,845

FIXED ASSETS

Intangible assets

8

75,956

123,858

Tangible assets

9

233,083

182,273

309,039

306,131

CURRENT ASSETS

Stocks

10

5,060,225

2,816,150

Debtors

11

2,708,936

1,736,349

Cash at bank

196,224

1,026,283

7,965,385

5,578,782

CREDITORS

Amounts falling due within one year

12

3,767,625

2,790,608

NET CURRENT ASSETS

4,197,760

2,788,174

TOTAL ASSETS LESS CURRENT LIABILITIES

4,506,799

3,094,305

PROVISIONS FOR LIABILITIES

14

97,787

116,415

NET ASSETS

4,409,012

2,977,890

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

4,408,912

2,977,790

SHAREHOLDERS' FUNDS

4,409,012

2,977,890

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:

Mr R Haughton - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

2,334,945

2,335,045

Changes in equity

Total comprehensive income

-

642,845

642,845

Balance at 31 December 2023

100

2,977,790

2,977,890

Changes in equity

Dividends

-

(400,000

)

(400,000

)

Total comprehensive income

-

1,831,122

1,831,122

Balance at 31 December 2024

100

4,408,912

4,409,012

Cash flows from operating activities

Cash generated from operations

1

(695,813

)

1,072,494

Finance costs paid

(2,119

)

(4,209

)

Tax paid

(192,827

)

(87,173

)

Net cash from operating activities

(890,759

)

981,112

Cash flows from investing activities

Purchase of intangible fixed assets

(12,238

)

(107,982

)

Purchase of tangible fixed assets

(119,872

)

(102,852

)

Interest received

14,294

11,321

Net cash from investing activities

(117,816

)

(199,513

)

Cash flows from financing activities

Amount introduced by directors

230,000

63,000

Amount withdrawn by directors

(51,484

)

(7,662

)

Net cash from financing activities

178,516

55,338

(Decrease)/increase in cash and cash equivalents

(830,059

)

836,937

Cash and cash equivalents at beginning of year

2

1,026,283

189,346

Cash and cash equivalents at end of year

2

196,224

1,026,283

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

31/12/24

31/12/23

£

£

Profit before taxation

2,448,019

841,240

Depreciation charges

129,200

102,255

Loss on disposal of fixed assets

-

4,304

Provision

(25,000

)

(25,000

)

Finance costs

2,119

4,209

Finance income

(14,294

)

(11,321

)

2,540,044

915,687

(Increase)/decrease in stocks

(2,244,075

)

353,065

Increase in trade and other debtors

(972,586

)

(242,410

)

(Decrease)/increase in trade and other creditors

(19,196

)

46,152

Cash generated from operations

(695,813

)

1,072,494

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

196,224

1,026,283

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,026,283

189,346

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

1,026,283

(830,059

)

196,224

1,026,283

(830,059

)

196,224

Total

1,026,283

(830,059

)

196,224

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012 was amortised over it's estimated useful life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of three years.

Intellectual property is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

33% on cost and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

Financial instruments

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

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

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

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

Taxation

Taxation for the 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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.

Provisions

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

3.	EMPLOYEES AND DIRECTORS

31/12/24

31/12/23

£

£

Wages and salaries

2,228,481

2,077,733

Social security costs

212,920

212,174

Other pension costs

56,998

44,839

2,498,399

2,334,746

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

31/12/24

31/12/23

Directors

3

3

Warehouse staff

11

10

Administration staff

31

30

45

43

31/12/24

31/12/23

£

£

Directors' remuneration

360,000

360,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

31/12/24

31/12/23

£

£

Emoluments etc

120,000

120,000

4.	OPERATING PROFIT

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

31/12/24

31/12/23

£

£

Other operating leases

183,811

127,569

Depreciation - owned assets

52,910

57,169

Loss on disposal of fixed assets

-

4,304

Website costs amortisation

41,715

22,715

Intellectual property amortisation

34,577

22,372

Auditors' remuneration

15,000

-

Foreign exchange differences

(246,969

)

(48,825

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/12/24

31/12/23

£

£

Other interest

2,119

4,209

6.

TAXATION

Analysis of the tax charge

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

31/12/24

31/12/23

£

£

Current tax:

UK corporation tax

610,525

187,423

Deferred tax

6,372

10,972

Tax on profit

616,897

198,395

UK corporation tax was charged at 25%) in 2023.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/24

31/12/23

£

£

Profit before tax

2,448,019

841,240

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

612,005

210,310

Effects of:

Expenses not deductible for tax purposes

125

-

Capital allowances in excess of depreciation

(7,009

)

(11,097

)

Transitional rate adjustment

-

(11,789

)

Deferred tax movement

6,372

10,971

Prior year payment

5,404

-

Total tax charge

616,897

198,395

7.

DIVIDENDS

31/12/24

31/12/23

£

£

Ordinary shares of £1 each

Interim

400,000

-

8.	INTANGIBLE FIXED ASSETS

Website

Intellectual

Goodwill

costs

property

Totals

£

£

£

£

COST

At 1 January 2024

950,000

76,755

101,690

1,128,445

Additions

-

7,174

5,064

12,238

Reclassification/transfer

-

55,143

-

55,143

At 31 December 2024

950,000

139,072

106,754

1,195,826

AMORTISATION

At 1 January 2024

950,000

32,215

22,372

1,004,587

Amortisation for year

-

41,715

34,577

76,292

Reclassification/transfer

-

38,991

-

38,991

At 31 December 2024

950,000

112,921

56,949

1,119,870

NET BOOK VALUE

At 31 December 2024

-

26,151

49,805

75,956

At 31 December 2023

-

44,540

79,318

123,858

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

43,207

201,165

79,140

323,512

Additions

37,915

81,957

-

119,872

Reclassification/transfer

-

(55,143

)

-

(55,143

)

At 31 December 2024

81,122

227,979

79,140

388,241

DEPRECIATION

At 1 January 2024

27,399

90,886

22,954

141,239

Charge for year

7,192

31,671

14,047

52,910

Reclassification/transfer

-

(38,991

)

-

(38,991

)

At 31 December 2024

34,591

83,566

37,001

155,158

NET BOOK VALUE

At 31 December 2024

46,531

144,413

42,139

233,083

At 31 December 2023

15,808

110,279

56,186

182,273

10.

STOCKS

31/12/24

31/12/23

£

£

Stocks

5,060,225

2,816,150