Registered number: 11172232
For the year ended 31 December 2024
Company Information
Contents
Group strategic report
For the year ended 31 December 2024
The principal activity of the Company in the year continued to be that of a holding company.
The principal activity of the Group in the year continued to be that of multi-disciplined engineering.
The Group's key performance indicators are considered to be those that communicate the financial performance and strength of the Group, these being turnover, operating profit and net asset position.
Turnover has decreased to £130,070,852 (2023 - £143,318,572). The directors have managed and controlled the Group's overheads, which has contributed to an operating profit of £15,776 (2023 - operating loss of £1,636,504). The net asset position of the Group has decreased to £27,432,221 (2023 - £29,055,981).
As for many businesses of this size, the business environment in which the Group operates continues to be challenging. The directors have reviewed the activity of the Building & Refurbishment subsidiary and determined that, moving forward, it should exit the commercial sector and move its focus back to the manufacturing sector.
The principal activity of the Group in the year continued to be that of multi-disciplined engineering.
The Group's key performance indicators are considered to be those that communicate the financial performance and strength of the Group, these being turnover, operating profit and net asset position.
Turnover has decreased to £130,070,852 (2023 - £143,318,572). The directors have managed and controlled the Group's overheads, which has contributed to an operating profit of £15,776 (2023 - operating loss of £1,636,504). The net asset position of the Group has decreased to £27,432,221 (2023 - £29,055,981).
As for many businesses of this size, the business environment in which the Group operates continues to be challenging. The directors have reviewed the activity of the Building & Refurbishment subsidiary and determined that, moving forward, it should exit the commercial sector and move its focus back to the manufacturing sector.
The primary risks facing the business are that of financial and cash flow risks due to inherent uncertainties within the industry.
Financial risks include rising prices of both labour and materials, coupled with increasing competition for turnover, which puts pressure on gross margin. The director believes that the group works well with suppliers to help mitigate these risks whilst ensuring ability to maintain an excellent reputation within the market place.
The director is carefully managing working capital.
Cash flow risks are mitigated by maintaining close relationships with customers and applying good credit control policies.
Financial risks include rising prices of both labour and materials, coupled with increasing competition for turnover, which puts pressure on gross margin. The director believes that the group works well with suppliers to help mitigate these risks whilst ensuring ability to maintain an excellent reputation within the market place.
The director is carefully managing working capital.
Cash flow risks are mitigated by maintaining close relationships with customers and applying good credit control policies.
The director of the company, as those of all UK companies, must act in accordance with a set of general duties.
These duties are detailed in section 172 of the UK Companies Act 2006 which is summarized as follows:
“A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and in doing so, have regard to the likely consequences of any decisions in the long term on; the interests of the company’s employees; the need to foster the company’s business relationships with suppliers, customers and others; the impact of the company’s operations on the community and environment; the desirability of the company maintaining a reputation for high standards of business conduct; and the need to act fairly as between shareholders and the company”.
Details of how the director has fulfilled these duties when dealing with strategic decisions are covered in the Strategic and Directors’ Reports.
These duties are detailed in section 172 of the UK Companies Act 2006 which is summarized as follows:
“A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and in doing so, have regard to the likely consequences of any decisions in the long term on; the interests of the company’s employees; the need to foster the company’s business relationships with suppliers, customers and others; the impact of the company’s operations on the community and environment; the desirability of the company maintaining a reputation for high standards of business conduct; and the need to act fairly as between shareholders and the company”.
Details of how the director has fulfilled these duties when dealing with strategic decisions are covered in the Strategic and Directors’ Reports.
Page 1
Group strategic report (continued)
For the year ended 31 December 2024
This report was approved by the board on 1 October 2025 and signed on its behalf.
Page 2
Directors' report
For the year ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The loss for the year, after taxation and minority interests, amounted to £2,221,004 (2023 - £3,885,008).
Dividends amounting to £Nil (2023 - £693,000) were proposed to non-controlling interests by group companies in the financial year.
Dividends amounting to £Nil (2023 - £229,680) were proposed to controlling interests by group companies in the financial year. Dividends amounting to £Nil (2023 - £2,249,676) were waived by controlling interests in the financial year.
Dividends amounting to £Nil (2023 - £229,680) were proposed to controlling interests by group companies in the financial year. Dividends amounting to £Nil (2023 - £2,249,676) were waived by controlling interests in the financial year.
The director who served during the year was:
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to 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.
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Directors' report (continued)
For the year ended 31 December 2024
The directors have reviewed the activity of the Building & Refurbishment subsidiary and determined that, moving forward, it should exit the commercial sector and move its focus back to the manufacturing sector.
The Group is committed to an ongoing programme of expenditure on research and development projects. Some of the subsidiary undertakings of Systems ADI Group Holdings Limited participate in research and development activities on bespoke customer engineering products.
During the year, the policy of providing employees with information about the Group has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the Group performance. Regular meetings are held between management and employees to allow a free flow of information and ideas.
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2024 UK Government's Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee. For the year ended 31 December 2024, this intensity ratio was 0.31 (2023 - 0.28).
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee. For the year ended 31 December 2024, this intensity ratio was 0.31 (2023 - 0.28).
Page 4
Directors' report (continued)
For the year ended 31 December 2024
Measures taken to improve energy efficiency
The Group was the first business in the UK to offset its fleet's carbon emissions through the BP Plus Fuel Card. The Group also mitigates its carbon footprint across several independently audited and verified carbon mitigation projects around the world, which deliver social and economic benefits and help improve livelihoods in the communities where they are based.
The Group was the first business in the UK to offset its fleet's carbon emissions through the BP Plus Fuel Card. The Group also mitigates its carbon footprint across several independently audited and verified carbon mitigation projects around the world, which deliver social and economic benefits and help improve livelihoods in the communities where they are based.
The auditor, Dains Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 1 October 2025 and signed on its behalf.
Page 5
Independent Auditor's Report to the Members of Systems ADI Group Holdings Limited
We have audited the financial statements of Systems ADI Group Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Profit and loss account, the Consolidated Statement of comprehensive income, the Consolidated and Company Balance sheets, the Consolidated Statement of cash flows, the Consolidated and Company Statement of changes in equity and the related notes, 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 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 or 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.
Page 6
Independent Auditor's Report to the Members of Systems ADI Group Holdings Limited (continued)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
Page 7
Independent Auditor's Report to the Members of Systems ADI Group Holdings Limited (continued)
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 Group financial statements.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the senior statutory auditor 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 group through discussions with directors and other management, and from our commercial knowledge and experience of the engineering sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and 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 group’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 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.
Page 8
Independent Auditor's Report to the Members of Systems ADI Group Holdings Limited (continued)
Auditor's responsibilities for the audit of the financial statements (continued)
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were 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;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC, relevant regulators and the group’s legal advisors.
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 Auditor's 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.
for and on behalf of
Statutory Auditor Chartered Accountants
Birmingham
Page 9
Consolidated profit and loss account
For the year ended 31 December 2024
Page 10
Consolidated statement of comprehensive income
For the year ended 31 December 2024
Page 11
Consolidated balance sheet
As at 31 December 2024
Page 12
Consolidated balance sheet (continued)
As at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 October 2025.
The notes on pages 22 to 43 form part of these financial statements.
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Company balance sheet
As at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 October 2025 .
The notes on pages 22 to 43 form part of these financial statements.
Page 14
Consolidated statement of changes in equity
For the year ended 31 December 2024
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Page 15
Consolidated statement of changes in equity
For the year ended 31 December 2023
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Page 16
Company statement of changes in equity
For the year ended 31 December 2024
Page 17
Company statement of changes in equity
For the year ended 31 December 2023
Page 18
Consolidated statement of cash flows
For the year ended 31 December 2024
Page 19
Consolidated statement of cash flows (continued)
For the year ended 31 December 2024
Page 20
For the year ended 31 December 2024
Page 21
Notes to the financial statements
For the year ended 31 December 2024
Systems ADI Group Holdings Limited is a private company, limited by shares and registered in England and Wales. The address of the registered office is 66 Melchett Road, Kings Norton Business Centre, Kings Norton, Birmingham, West Midlands, B30 3HX. Information on the Company and Group's principal activities are included within the Strategic Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
Also included within the consolidation are the results of Automation Design and Installation (Ireland) Limited and its 100% subsidiary Candle Data Limited. Automation Design and Installation (Ireland) Limited is not directly owned by Systems ADI Group Holdings Limited. However, this company is considered to be controlled by Systems ADI Group Holdings Limited.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
Also included within the consolidation are the results of Automation Design and Installation (Ireland) Limited and its 100% subsidiary Candle Data Limited. Automation Design and Installation (Ireland) Limited is not directly owned by Systems ADI Group Holdings Limited. However, this company is considered to be controlled by Systems ADI Group Holdings Limited.
Page 22
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
The Group recognises Research and Development Expenditure Credits in other operating income when it is probable that the economic benefits will flow to the Group and the amount can be measured reliably. This will typically align with the period in which the qualifying R&D expenditure is incurred, provided there is sufficient assurance regarding the expected receipt of the credit. Where such assurance is not available, the income is recognised upon receipt of funds.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated profit and loss account over its useful economic life.
Negative goodwill
Negative goodwill is calculated as the amount by which the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition exceeds the cost of the business combination and is amortised on a straight line basis to the Consolidated profit and loss account in line with the use of the assets to which it relates.
Other intangible assets
Other intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Patents - 20 years straight line
Goodwill - 3 years, 10 years and 20 years straight line
Negative goodwill - 20 years straight line
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated profit and loss account over its useful economic life.
Negative goodwill
Negative goodwill is calculated as the amount by which the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition exceeds the cost of the business combination and is amortised on a straight line basis to the Consolidated profit and loss account in line with the use of the assets to which it relates.
Other intangible assets
Other intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Patents - 20 years straight line
Goodwill - 3 years, 10 years and 20 years straight line
Negative goodwill - 20 years straight line
Page 24
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method and reducing balance method.
Depreciation is provided on the following bases:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks and work in progress are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost include all direct contract costs.
Page 25
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Profit and Loss Account when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Profit and Loss Account when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
Page 26
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Page 27
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Page 28
Notes to the financial statements
For the year ended 31 December 2024
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values.
Intangible fixed assets are amortised over their useful lives. The estimated useful lives of the assets are assessed annually.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
The directors are required to exercise an element of judgement in estimating the profit to be recognised on long-term contracts. Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the period end, by recording turnover and related costs as contract activity progresses, and by estimating total costs to be incurred on a contract and assessing future performance.
Actual results could differ from those estimated. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.
Analysis of turnover by country of destination:
Page 29
Notes to the financial statements
For the year ended 31 December 2024
Page 30
Notes to the financial statements
For the year ended 31 December 2024
Page 31
Notes to the financial statements
For the year ended 31 December 2024
Page 32
Notes to the financial statements
For the year ended 31 December 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
Page 33
Notes to the financial statements
For the year ended 31 December 2024
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. The profit after tax of the parent Company for the year was £Nil (2023 -£229,680 ).
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Page 34
Notes to the financial statements
For the year ended 31 December 2024
15.Intangible assets (continued)
Page 35
Notes to the financial statements
For the year ended 31 December 2024
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Page 36
Notes to the financial statements
For the year ended 31 December 2024
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Page 37
Notes to the financial statements
For the year ended 31 December 2024
Page 38
Notes to the financial statements
For the year ended 31 December 2024
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The 2024 valuations were made by the director, on an open market value for existing use basis.
Page 39
Notes to the financial statements
For the year ended 31 December 2024
Page 40
Notes to the financial statements
For the year ended 31 December 2024
Page 41
Notes to the financial statements
For the year ended 31 December 2024
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Page 42
Notes to the financial statements
For the year ended 31 December 2024
Share premium account
Foreign exchange reserve
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £951,972 (2023 - £906,448). Contributions totalling £222,038 (2023 - £194,330) were payable to the fund at the balance sheet date and are included within creditors.
At 31 December 2024, the Director considered the ultimate controlling party to be A Lusty.
Page 43