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

The Company designs and manufactures innovative and premium quality fluid systems, including water pressure booster sets, combined pump and tank systems, pressurisation units, electromagnetic water conditioners and other prefabricated mechanical and electrical systems. It also is a national distributor of pumps and pump systems, supplying all brands and spare parts to the UK market. In the prior year, the packaged utility room sector of the business was transferred out of Dutypoint Limited to a new group company, Resipoint Limited.

The Company historically has succeeded in growing its turnover year on year by improved market penetration of its traditional markets, new innovative products and development of opportunities to supply products into different sectors. Dutypoint is constantly researching innovative initiatives to develop products and services that are efficient, user-friendly, energy efficient and reduce wastage and on-site time. As in previous years the company introduced a number of new products to the market in 2024, and continued to make ongoing improvements to existing ranges. This places the company in an advantageous position to capitalise on the investment in people and facilities to maintain growth levels at similar rates to previous years.

The group grew in the year through organic growth, development of new products and improving margins by way of manufacturing and procurement efficiencies in the group.

The business risks and uncertainties are similar to those borne by other businesses in the sectors we operate in and the directors do not believe that there are any risks peculiar to this business. It continues to be a time of economic uncertainty, with huge increases in costs and continued disruption in the supply chain caused by the impact of Brexit, high market demand following COVID 19, and many other factors. The company sources many of its products from major European manufacturers and as such the impact of a weaker currency has also had a negative effect on profitability. The impact of these risks and uncertainties have been carefully monitored and mitigated where possible with increased stockholding and benchmarking of product pricing.

The directors remain of the opinion that the business operates in a professional manner and closely monitor its performance using critical measures included within the monthly management accounts. Further to this, Key Performance Indicators are monitored on a daily, weekly and monthly basis by senior management and resulting actions are taken in an appropriate timescale and method. KPI’s used by directors include the following:

Turnover has decreased from £39.9m in 2023 to £39.8m (-0.3%) in 2024.

Gross profit has increased from 37% in 2023 to 40.6% in 2024.

Net profit has increased from 13% in 2023 to 13.9% in 2024.

Debtor days have increased from 56 days in 2023 to 67 days in 2024.

Current ratio has increased from 2.74 in 2023 to 3.78 in 2024.

The Board of Directors of Dutypoint Limited consider, both individually and together, that 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 (having regard to the stakeholders and matters set out in s172(1)(a f) of the Act) in the decisions taken during the year ended 31 December 2024 and in doing so have regard (amongst other matters) to:

1. the likely consequences of any decision in the long term,

2. the interests of the Company's employees,

3. the need to foster the Company's business relationships with suppliers, customers and others,

4. d the impact of the Company's operations on the community and the environment,

5. 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.

Set out below are the stakeholders identified and engaged with by the directors during the year.

The Company’s greatest assets are its employees, and the long-term success of the business is predicated on the commitment and delivery of the company's employees to the company's strategy and their consistent demonstration of company values. To maintain the company's competitive advantage and to meet the growing demands of the environment in which it operates, it needs employees to be adaptive and constantly evolve their skills through in-house and external training. The company believes that investment in training helps to retain employees and reduce turnover rates. The company values employees with long term practical experience as well as formal qualifications. It has strict selection standards and procedures in place to ensure a non-discriminatory employment policy. The directors continually strive to improve employee health and safety and actively encourages employees to be involved in enhancing and monitoring health and safety practices throughout the business.

The Company obtains shareholder buy-in into its strategic objectives and how it achieves them. The directors create value for the shareholders by the generation of sustainable results that can be re-invested in the business. We seek to promote an investor base that is interested in a long-term holding in the company.

In a highly competitive environment success depends on meeting customer needs and requirements more effectively and efficiently than the company's competitors. Engaging with the company's customers is vital to ensure that both our current products and those in development meet their needs in the longer-term.

On behalf of the board

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

The principal activity of the company during the year was that of the national distribution of pumps and the provision of expert technical advice.

The results for the year are set out on page 14.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

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

Dutypoint specialise in the design, manufacture, servicing, commissioning and distribution of pumping systems, and the design and manufacture of modular pre-fabricated systems.

Considering the purpose and context of the organisation, and the condition of the environment in which the company operates, the management of Dutypoint are committed to the continual improvement of the Environmental Management System, according to compliance obligations, by following the principles and requirements of the ISO 14001:2015 Standard, to which Dutypoint is accredited.

The framework for setting environmental objectives is defined in the Integrated Quality and Environmental Manual.

All employees of Dutypoint are acting to protect the environment by preventing and eliminating environmental pollution through:

• Continual education in order to prevent environmental pollution, preserve natural resources, and improve the Environmental Management System.

• Continual raising of environmental awareness.

• Exploration of new materials with smaller environmental footprints and improvement of hazardous waste management.

• Decrease of non-renewable energy consumption and replacement with renewable energy sources.

• Activities that emerge from the context of the organisation.

• Following environmental procedures in order to decrease environmental pollution, and prevent degradation and damage to the environment.

• Decrease of adverse impact on water, soil, air, and biodiversity.

This Environmental Policy is communicated to all persons working for or on behalf of the organisation and is made available to the public if requested.

This Environmental Policy is endorsed by the Executive Management of Dutypoint.

The total consumption (kWh) for energy usage reportable by Dutypoint are:

• Electricity        310,233kWh

• Gas        84,039m3

• Average CO2 figure for company vehicles is 46.76g/km

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

• 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 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.

We have audited the financial statements of Dutypoint Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Qualified opinion on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion on other matters section of our report below, in our opinion, based on the work undertaken in the course of the audit:

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

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

Basis for qualified opinion on other matters

The directors have not disclosed within their directors’ report all the information required by the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. The directors have omitted certain information required by the Streamlined Energy and Carbon Reporting from their Energy and carbon report within their Directors’ report. Consequently we were unable to determine whether any adjustments to the amounts disclosed were necessary as we have not been provided with sufficient information to be able to verify the accuracy of the disclosures included.

Except for the matter described in the basis for qualified opinion on other matters section of our report, 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 directors’ report.

Arising solely from the limitation on the scope of our work relating to the Streamlined Energy and Carbon Reporting disclosures, referred to above:

• we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

• we were unable to determine whether adequate accounting records have been kept.

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:

• 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.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

1) We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.

2) We focused on specific laws and regulations which we consider may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, health and safety legislation and any other specific compliance measures.

3) We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.

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

5) We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

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

a) performed analytical procedures to identify any unusual or unexpected relationships

b) tested journal entries to identify unusual transactions

c) assessed whether judgement and assumptions made in determining the accounting estimates set out in financial statements were indicative of potential bias

d) investigated the rationale behind significant or unusual transactions

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

a) agreeing financial statement disclosure to underlying supporting documentation

b) enquiring of management as to actual and potential litigation and claims

c) reviewing correspondence with HMRC, relevant regulator and the company's legal advisors as considered

necessary.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Dutypoint Limited (09045694) is a private company limited by shares incorporated in England and Wales. The registered office is Quedgeley West Business Park, Bristol Road, Hardwicke, Gloucester, GL2 4PA.

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Dutypoint Limited is a wholly owned subsidiary of Elmbridge Pump Company Limited and the results of Dutypoint Limited are included in the consolidated financial statements of Elmbridge Pump Company Limited which are available from Quedgeley West Business Park, Bristol Road, Hardwicke, Gloucester, GL2 4PA.

As a wholly owned subsidiary the following FRS 102 (Section 1.12) exemptions have been taken:

i) The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d)

ii) The requirements of Section 11 paragraphs 11.39 to 11.48A and Section 12 paragraphs 12.26 to 12.29 in respect of disclosures on financial instruments.

iii) The requirements of Section 33 Related Party Disclosures paragraph 33.7

Turnover comprises the invoice value of sales of goods, excluding value added tax, and is recognised on the day the goods are dispatched to the customer.

Warranty services are recognised from the date of purchase and deferred in full. Any claims against the warranty contract are recognised as incurred and warranty income released to match against the costs of providing the service. On a periodic basis, management reviews the warranty provision and any unreleased income from the contracts are realised in full as income.

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

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

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

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

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks are stated at the lower of cost and net realisable value, where cost is calculated on a first in first out basis. Cost includes all directly attributable costs incurred in bringing the stock to its current location and condition. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal. Provision is made for obsolete, slow moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans and directors loan accounts, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

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

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

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

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

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

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

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.

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

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are described below.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

The fixed asset depreciation charge is derived from the estimated useful economic life and residual value of the asset. These are reviewed annually alongside any impairment indicators.

The intangible assets are reviewed for their useful lives and carrying values on an annual basis to ensure these are consistent with expectations of future economic benefits. These reviews include intangible assets arising on business combinations. Directors impair intangible assets when there is evidence that the asset's carrying amount is no longer recoverable, often due to changes in market conditions, reduced future cash flows, or strategic shifts in the business.

The company maintains a stock provision in order to maintain stock at the lower of cost and net realisable value. The provision is reviewed and updated on a regular basis. The company uses specific criteria to calculate stock provisions, but establishing the criteria requires significant judgement. The company estimates the required provision using the following methods:

(a) by reviewing sales data in the accounting system and comparing to expected annual consumption of stock lines against the stock holding. Where slow-moving items are identified, these are provided against based on management judgement.

(b) by providing on a sliding scale of between 50% and 100% for items that have not sold between 12 months and 36 months.

The directors assess the closing debtor balances for recoverability and those not considered probable of recovery are provided for in full. For the current year, the directors have assessed the balances outstanding and consider provisioning recognised within the financial statements is correctly stated.

Warranty provision is estimated based on historic costs incurred on warranty issues and the potential rate of historic claims.  A provision is included based on live warranty agreements, and periodically reviewed by management to realise as income when able

Prepayments are based on actual invoices received and costs allocated across the relevant accounting period on a straight line basis of the time period in which the service relates to.

Accruals for goods or services received but not yet invoiced are estimated based on historic activity with the supplier or quotations received ahead of invoicing.

There were no other key sources of estimation uncertainty.

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

Their aggregate remuneration comprised:

The company made no pension contributions on behalf of the directors in both the current and prior year.

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

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

Impairment losses relate to a Software Programme which the entity has subsequently ceased all phases of development on.

More information on impairment movements in the year is given in note 11.

The brought forward cost and amortisation of certain asset groups have been amended from the prior year to correct historic reclassifications. There is no change to the previously stated net book value of these assets due to this adjustment.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Debtors due in more than one year represents the net present value of an interest free loan to a related party within the group. The loan balance has been discounted to its Net Present Value to reflect a market rate of interest of 5%. The loan is repayable on 30th June 2026.

The hire purchase and finance lease liabilities are secured on the assets to which they relate.

The company is party to a cross guarantee, given in respect of the parent company which is secured by a fixed and floating charge over all assets of the company.

The hire purchase and finance lease liabilities are secured on the assets to which they relate.

Finance lease and hire purchase payments represent rentals payable by the company for certain vehicles and equipment. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All contracts are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The finance leases and hire purchase agreements are secured against the underlying assets that are being leased/purchased.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Key management personnel comprises the directors. Details of remuneration is disclosed within Note 5.

The company has taken advantage of the exemption available under Section 33 of FRS 102 and has not disclosed details of transactions or balances with other wholly-owned group companies.

The previous ultimate controlling party, Inversio Limited, invoiced Dutypoint Limited for management charges totaling £587,482. The balance outstanding at year end is £146,790; there are no formal repayment terms in place, as the amounts are repayable on demand. There are no guarantees given in respect of this balance.

Dutypoint Limited recharged costs relating to light and heat to the previous ultimate controlling party, Inversio Limited totalling £18,325. The amounts owed at year end was £1,101 and is repayable on demand.

The immediate parent company is Elmbridge Pump Company Limited, by virtue of its 100% interest in the issued share capital of the company. Elmbridge Pump Company Limited is the parent company of the smallest group to consolidate these financial statements.

The previous controlling party was the board of Inversio Limited. Effective 10th January 2025 control passed to the new ultimate parent company, Epiris GP Limited, which has its registered office at Aztec Group House, IFC6, The Esplanade, St Helier, Jersey JE4 0QH. Epiris GP Limited is the ultimate parent undertaking as general partner of Epiris Fund II LP, Epiris Fund II (B) LP, Epiris Fund II FFP LP and Epiris TC LP, each of whom has their registed office at Aztec Group House, IFC6, The Esplanade, St Helier, Jersey, JE4 0QH.