REGISTERED NUMBER: 14707202 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

EUROTEK HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

Richard Catchpole

Leszek Richard Litwinowicz

Jennifer Louise Crystal-Black

REGISTERED OFFICE:

c/o Eurotek Foundry Products Limited

Wistons Lane

ELLAND

West Yorkshire

HX5 9DT

REGISTERED NUMBER:

14707202 (England and Wales)

AUDITORS:

Walter Dawson & Son

Chartered Accountants

First Floor Offices, Unit A4

Old Power Way

Lowfields Business Park

Elland

HX5 9DE

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The main business activity remains unchanged and continues to be the production and supply of foundry binder systems and ancillary products. This accounts for over 95 percent of the business.

The general softening in the UK and EU markets from Q2 onwards led to a reduction in demand for Eurotek products, which fell by just over 12% in 2024. This overall economic slowdown, together with high energy costs, created particularly difficult conditions for the foundry industry and led to a higher level of competitive intensity bringing both cost and price pressure. Export sales, which accounted for around 57% of sales in 2024, fell in line with the market, although there were a several bright spots as sales into the Indian market remained healthy and demand in Ukraine continued on its steady pathway to recovery, this growth being linked to more reliable energy availability and to foundries re-establishing themselves away from the war zones.

Turnover in 2024 decreased by 17% to £10.9m compared to prior year, partly driven by reduced pricing on lower raw materials but mainly by the lower market demand. Operating Profit fell by 55% to £0.55m, arising from a combination of reduced demand and higher overheads from increased COMAH costs together with a a full year of management charges and loan interest repayments (established after the company was acquired in May 2023).

Safety is fundamental to all activities of Eurotek and we remain committed to the well-being of our employees, our neighbours and the environment. In 2025 there were zero lost time injuries on site, which is always our target. In line with our aim to consistently achieve zero injuries to our workforce, we continue to reinforce safety awareness throughout the organisation together with the implementation of behavioural, procedural and risk reduction improvements wherever possible.

PRINCIPAL RISKS AND UNCERTAINTIES

Escalation of the Russia - Ukraine war is a constant threat to market stability, although there is cautious optimism that the recovery in the Ukraine will continue through 2025. There are no signs that any recovery from the market slowdown which started in Q2 2024 will take place in 2025. Political events and trade wars could destabilise the global business and significantly alter the supply-demand dynamics.

FUTURE DEVELOPMENTS

The business in 2024 is built upon a strong platform of quality products and excellent service which has provided a solid foundation to support future growth, which will come from geographic expansion into new targeted territories, product range diversification and new product innovations.

The Joint Venture with a key partner in India began trading in 2024 and will commence manufacturing in 2025. This is expected to deliver strong growth in the coming years.

Until the economy recovers and stronger demand returns, 2025 is expected to be a year of consolidation in the home markets of UK and EU. In parallel, growth in new territories and growth with new products are both expected to boost the business to higher levels.

RESEARCH AND DEVELOPMENT

Eurotek has a continued focus on sustainability and the environment throughout the manufacturing process, starting from raw materials, through production to the final products. Raw materials are constantly assessed and replaced with more environmentally friendly alternatives, resulting in new products with an improved sustainability profile. In 2024 Eurotek rolled out a new technology which significantly improves the working conditions in many foundries by reducing odours and removing hazardous airborne particles.

ON BEHALF OF THE BOARD:

Jennifer Louise Crystal-Black - Director

19 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a holding company and management consultancy.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

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

Richard Catchpole

Leszek Richard Litwinowicz

Other changes in directors holding office are as follows:

Jennifer Louise Crystal-Black - appointed 24 April 2024

POLITICAL DONATIONS AND EXPENDITURE

No donations have been made to political parties during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Walter Dawson & Son, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Jennifer Louise Crystal-Black - Director

19 September 2025

Qualified opinion

We have audited the financial statements of Eurotek Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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).

We have audited the financial statements of Eurotek Holdings Limited (the 'parent company') and its

subsidiaries (the 'group') for the period ended 31 December 2024 which comprise the Consolidated

Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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, except for the possible effects of the matter described in the Basis for Qualified Opinion

section of our report, the accompanying consolidated financial statements:

- give a true and fair view of the state of the group's affairs as at 31 December 2024 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Qualified 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 group 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. The Group’s investment in Eurotek Polska SP. Z O.O., a wholly-owned subsidiary registered in Poland, is carried at £466,879 on the consolidated statement of financial position as at 31 December 2024, and Eurotek Holdings Ltd's share of Eurotek Polska SP. Z O.O’s net expenditure of £122,599 is included in Eurotek Holdings Ltd's income for the year then ended. We were unable to obtain sufficient appropriate audit evidence about the carrying amount of Eurotek Holdings Ltd’s investment in Eurotek Polska SP. Z O.O. as at 31 December 2024 and Eurotek Holdings Ltd’s share of Eurotek Polska SP. Z O.O’s net income for the year because the financial information has not been audited at the date of this report. Consequently, we were unable to determine whether any adjustments to these amounts were necessary.

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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent 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 risk 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 the 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

other management, and form our commercial knowledge and experience of the sector;

- we focussed on specific laws and regulations which considered 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, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making

enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team

remained alert to instances of non-compliance throughout 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 enquiries of management as to where they considered there was a 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 overide of controls, we:

- performed analytical procedures 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 set out in

note 2 and where indicative of potential bias; and

- 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:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and

the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and

regulations are from financial transactions, the less likely it is that we would become aware of

non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance

with laws and regulations to enquiry of the directors and other management and the inspection of

regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as

they may involve deliberate concealment or collusion.

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.

J Richard Hall (Senior Statutory Auditor)

for and on behalf of Walter Dawson & Son

Chartered Accountants

First Floor Offices, Unit A4

Old Power Way

Lowfields Business Park

Elland

HX5 9DE

19 September 2025

TURNOVER

12,200,293

15,622,796

Cost of sales

8,344,522

11,300,911

GROSS PROFIT

3,855,771

4,321,885

Distribution costs

759,053

684,270

Administrative expenses

2,829,161

2,471,999

3,588,214

3,156,269

OPERATING PROFIT

4

267,557

1,165,616

Interest receivable and similar income

648

2,411

268,205

1,168,027

Interest payable and similar expenses

5

116,000

-

PROFIT BEFORE TAXATION

152,205

1,168,027

Tax on profit

6

92,577

260,852

PROFIT FOR THE FINANCIAL YEAR

59,628

907,175

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

59,628

907,175

Profit attributable to:

Owners of the parent

59,628

907,175

Total comprehensive income attributable to:

Owners of the parent

59,628

907,175

FIXED ASSETS

Intangible assets

8

634,874

711,862

Tangible assets

9

102,679

124,228

Investments

10

200,000

200,000

937,553

1,036,090

CURRENT ASSETS

Stocks

11

1,085,538

1,094,693

Debtors

12

3,390,577

3,371,517

Cash at bank and in hand

562,840

993,217

5,038,955

5,459,427

CREDITORS

Amounts falling due within one year

14

4,599,107

5,179,862

NET CURRENT ASSETS

439,848

279,565

TOTAL ASSETS LESS CURRENT LIABILITIES

1,377,401

1,315,655

PROVISIONS FOR LIABILITIES

16

10,598

8,480

NET ASSETS

1,366,803

1,307,175

CAPITAL AND RESERVES

Called up share capital

17

400,000

400,000

Profit and loss account

18

966,803

907,175

SHAREHOLDERS' FUNDS

1,366,803

1,307,175

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

Jennifer Louise Crystal-Black - Director

CURRENT ASSETS

Debtors

12

9,770

20,971

Investments

13

5,237,431

5,237,431

Cash at bank

24,550

-

5,271,751

5,258,402

CREDITORS

Amounts falling due within one year

14

5,279,874

5,048,048

NET CURRENT (LIABILITIES)/ASSETS

(8,123

)

210,354

TOTAL ASSETS LESS CURRENT LIABILITIES

(8,123

)

210,354

CAPITAL AND RESERVES

Called up share capital

17

400,000

400,000

Profit and loss account

18

(408,123

)

(189,646

)

SHAREHOLDERS' FUNDS

(8,123

)

210,354

Company's loss for the financial year

(218,477

)

(189,646

)

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

Jennifer Louise Crystal-Black - Director

Called up

Profit

share

and loss

Total

capital

account

equity

£

£

£

Changes in equity

Issue of share capital

400,000

-

400,000

Total comprehensive income

-

907,175

907,175

Balance at 31 December 2023

400,000

907,175

1,307,175

Changes in equity

Total comprehensive income

-

59,628

59,628

Balance at 31 December 2024

400,000

966,803

1,366,803

Called up

Profit

share

and loss

Total

capital

account

equity

£

£

£

Changes in equity

Issue of share capital

400,000

-

400,000

Total comprehensive income

-

(189,646

)

(189,646

)

Balance at 31 December 2023

400,000

(189,646

)

210,354

Changes in equity

Total comprehensive income

-

(218,477

)

(218,477

)

Balance at 31 December 2024

400,000

(408,123

)

(8,123

)

Cash flows from operating activities

Cash generated from operations

1

454,486

(429,436

)

Interest paid

(116,000

)

-

Tax paid

(246,417

)

(11,623

)

Net cash from operating activities

92,069

(441,059

)

Cash flows from investing activities

Purchase of intangible fixed assets

-

(769,882

)

Purchase of tangible fixed assets

(16,665

)

(175,070

)

Purchase of fixed asset investments

-

(200,000

)

Sale of tangible fixed assets

14,863

10,900

Interest received

648

2,411

Net cash from investing activities

(1,154

)

(1,131,641

)

Cash flows from financing activities

New loans in year

116,000

1,202,500

Loan repayments in year

(370,000

)

-

Share issue

-

400,000

Net cash from financing activities

(254,000

)

1,602,500

(Decrease)/increase in cash and cash equivalents

(163,085

)

29,800

Cash and cash equivalents at beginning of year

2

29,800

-

Cash and cash equivalents at end of year

2

(133,285

)

29,800

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

Period

6.3.23

Year Ended

to

31.12.24

31.12.23

£

£

Profit before taxation

152,205

1,168,027

Depreciation charges

105,236

92,475

(Profit)/loss on disposal of fixed assets

(4,897

)

5,487

Finance costs

116,000

-

Finance income

(648

)

(2,411

)

367,896

1,263,578

Decrease/(increase) in stocks

9,155

(1,094,693

)

Increase in trade and other debtors

(13,357

)

(3,371,517

)

Increase in trade and other creditors

90,792

2,773,196

Cash generated from operations

454,486

(429,436

)

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

562,840

993,217

Bank overdrafts

(696,125

)

(963,417

)

(133,285

)

29,800

Period ended 31 December 2023

31.12.23

6.3.23

£

£

Cash and cash equivalents

993,217

-

Bank overdrafts

(963,417

)

-

29,800

-

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

993,217

(430,377

)

562,840

Bank overdrafts

(963,417

)

267,292

(696,125

)

29,800

(163,085

)

(133,285

)

Debt

Debts falling due within 1 year

(1,202,500

)

254,000

(948,500

)

(1,202,500

)

254,000

(948,500

)

Total

(1,172,700

)

90,915

(1,081,785

)

1.	STATUTORY INFORMATION

Eurotek Holdings 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 General 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 2023, is being amortised evenly over its estimated useful life of ten years.

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.

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

Motor vehicles

-

25% on reducing balance

Computer Equipment

-

20% 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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

3.	EMPLOYEES AND DIRECTORS

Period

6.3.23

Year Ended

to

31.12.24

31.12.23

£

£

Wages and salaries

1,119,854

965,160

Social security costs

97,049

87,386

Other pension costs

29,685

41,886

1,246,588

1,094,432

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

Period

6.3.23

Year Ended

to

31.12.24

31.12.23

Average Number of Employees

18

18

The average number of employees by undertakings that were proportionately consolidated during the year was 18 (2023 - 18 ) .

Period

6.3.23

Year Ended

to

31.12.24

31.12.23

£

£

Directors' remuneration

282,873

205,630

Directors' pension contributions to money purchase schemes

8,857

13,227