REGISTERED NUMBER: 07876622 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

Thornton Sugar Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

A Thornton

Miss L I Thornton

Z D Thornton

Miss F Thornton

REGISTERED OFFICE:

Unit 2A, Greenwood Court

Skyliner Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7GY

REGISTERED NUMBER:

07876622 (England and Wales)

AUDITORS:

Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

During the year Thornton Sugar Limited has continued to grow as an independent supplier to clients in both manufacturing and wholesale. Both turnover and EBITDA experienced growth. Turnover was £40.93m in the year to 31/03/2025 a decrease of 10.6%

PRINCIPAL RISKS AND UNCERTAINTIES

Thornton Sugar Limited operating in sugar industry face several principal risks and uncertainties, these

include:

Sugar Prices

Principal risk being volatile commodity prices.

Weather

Poor growing conditions.

Financial/Political Events

Consumer demand being impacted.

Supply Chain Issues

Cost increases due to fuel/driver/vehicle shortages.

KEY PERFORMANCE INDICATORS

This is Thornton Sugar's third year trading as a medium sized company. The director considers the key performance indicators for the business are turnover, gross profit and pre-tax profit.

Turnover amounted to £40.93m (2024: £45.81m)

Gross profit amounted to £4.96m (2024: £4.46m)

Profit / (loss) before tax amounted to £2.27m (2024: £3.29m)

FINANCIAL INSTRUMENTS

The financial instruments used by the company arise wholly and directly from its activities. The financial instruments comprise trade debtors, cash at bank and trade creditors. The company has put in place the following measures to manage financial risks arising from these financial instruments:

1. The company utilises Credit Insurance and also monitors clients via a third-party rating agency; regularly monitoring the level of debtors to ensure that they are kept at reasonable levels within a predetermined strict credit limit.

2. The company carefully manages its cash position by regularly monitoring its cash flow.

3. The company regularly monitors the trade balance and credit terms for all suppliers.

4. Currency risk is managed principally using currency contracts, both on a spot and forward basis.

FUTURE DEVELOPMENT

The directors plan to continue to grow the business by maintaining strong relationships with both clients, suppliers and employees.

ON BEHALF OF THE BOARD:

A Thornton - Director

30 September 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesale of sugar and sugar confectionery.

DIVIDENDS

An interim dividend of £11,905 per share on the shares was paid on 31 March 2025. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 March 2025 will be £ 833,333 .

DIRECTORS

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

A Thornton

Miss L I Thornton

Z D Thornton

Miss F Thornton

DONATIONS AND EXPENDITURE

During the year a chartiable donation of £25,000 was given to Kingdom Way Trust, a registered charity in England and Wales.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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 company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

A Thornton - Director

30 September 2025

Opinion

We have audited the financial statements of Thornton Sugar Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

- 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 discussions with the director and other management, and from our commercial knowledge and experience of the companies operating 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 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 susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

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

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

- 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 were indicative of potential bias;

- 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;

- reviewing correspondence with HMRC, relevant regulators including the Environment Agency 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.

James Knights ACA BSc (Senior Statutory Auditor)

for and on behalf of Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

30 September 2025

TURNOVER

40,934,095

45,806,506

Cost of sales

35,971,336

41,348,735

GROSS PROFIT

4,962,759

4,457,771

Administrative expenses

2,639,228

1,083,130

2,323,531

3,374,641

Other operating income

-

22,047

OPERATING PROFIT

4

2,323,531

3,396,688

Interest receivable and similar income

1,672

8,178

2,325,203

3,404,866

Interest payable and similar expenses

5

50,422

118,527

PROFIT BEFORE TAXATION

2,274,781

3,286,339

Tax on profit

6

578,270

825,980

PROFIT FOR THE FINANCIAL YEAR

1,696,511

2,460,359

PROFIT FOR THE YEAR

1,696,511

2,460,359

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,696,511

2,460,359

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

13,082

10,867

13,082

10,867

CURRENT ASSETS

Stocks

10

130,128

1,389,661

Debtors

11

7,612,413

7,026,700

Cash at bank

1,367,758

1,149,967

9,110,299

9,566,328

CREDITORS

Amounts falling due within one year

12

5,223,189

5,764,423

NET CURRENT ASSETS

3,887,110

3,801,905

TOTAL ASSETS LESS CURRENT LIABILITIES

3,900,192

3,812,772

CAPITAL AND RESERVES

Called up share capital

16

100

116

Share premium

17

1,249,967

1,249,967

Capital redemption reserve

17

33

17

Retained earnings

17

2,650,092

2,562,672

3,900,192

3,812,772

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

A Thornton - Director

Miss F Thornton - Director

Miss L I Thornton - Director

Z D Thornton - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

133

1,759,888

1,249,967

-

3,009,988

Changes in equity

Profit for the year

-

2,460,359

-

-

2,460,359

Total comprehensive income

-

2,460,359

-

-

2,460,359

Dividends

-

(833,333

)

-

-

(833,333

)

Purchase of own shares

(17

)

(824,242

)

-

17

(824,242

)

Balance at 31 March 2024

116

2,562,672

1,249,967

17

3,812,772

Changes in equity

Profit for the year

-

1,696,511

-

-

1,696,511

Total comprehensive income

-

1,696,511

-

-

1,696,511

Dividends

-

(833,333

)

-

-

(833,333

)

Purchase of own shares

(16

)

(775,758

)

-

16

(775,758

)

Balance at 31 March 2025

100

2,650,092

1,249,967

33

3,900,192

Cash flows from operating activities

Cash generated from operations

1

2,844,497

3,277,857

Interest paid

(48,255

)

(114,866

)

Finance costs paid

(2,167

)

(3,661

)

Tax paid

(1,029,407

)

(567,078

)

Net cash from operating activities

1,764,668

2,592,252

Cash flows from investing activities

Purchase of tangible fixed assets

(7,319

)

(5,883

)

Interest received

1,672

8,178

Net cash from investing activities

(5,647

)

2,295

Cash flows from financing activities

New loans in year

-

292,723

Loan repayments in year

(295,212

)

-

Amount introduced by directors

363,073

6,851

Amount withdrawn by directors

-

(1,050,844

)

Share buyback

(775,758

)

(824,242

)

Equity dividends paid

(833,333

)

(833,333

)

Net cash from financing activities

(1,541,230

)

(2,408,845

)

Increase in cash and cash equivalents

217,791

185,702

Cash and cash equivalents at beginning of year

2

1,149,967

964,265

Cash and cash equivalents at end of year

2

1,367,758

1,149,967

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

2025

2024

£

£

Profit before taxation

2,274,781

3,286,339

Depreciation charges

2,266

2,367

Loss on disposal of fixed assets

2,839

855

Finance costs

50,422

118,527

Finance income

(1,672

)

(8,178

)

2,328,636

3,399,910

Decrease in stocks

1,259,533

493,569

Increase in trade and other debtors

(948,786

)

(998,202

)

Increase in trade and other creditors

205,114

382,580

Cash generated from operations

2,844,497

3,277,857

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 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,367,758

1,149,967

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,149,967

971,936

Bank overdrafts

-

(7,671

)

1,149,967

964,265

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

1,149,967

217,791

1,367,758

1,149,967

217,791

1,367,758

Debt

Debts falling due within 1 year

(1,220,965

)

295,211

(925,754

)

(1,220,965

)

295,211

(925,754

)

Total

(70,998

)

513,002

442,004

1.	STATUTORY INFORMATION

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

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

2.	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

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the

Company and the revenue can be reliably measured. Revenue is measured as the fair value of the

consideration received or receivable, excluding discounts, rebates, value added tax and other sales

taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied

- the Company has transferred the significant risks and rewards of ownership to the buyer;

- the Company retains neither continuing managerial involvement to the degree usually

associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less

costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in

progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying

amount is reduced to its selling price less costs to complete and sell. The impairment loss is

recognised immediately in profit or loss.

Financial instruments

The Company enters into basic financial instrument transactions that result in the recognition of

financial assets and liabilities like trade and other debtors and creditors, loans from banks and other

third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans

and other accounts receivable and payable, are initially measured at present value of the future cash

flows and subsequently at amortised cost using the effective interest method. Debt instruments that

are payable or receivable within one year, typically trade debtors and creditors, are measured, initially

and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid

or received. However, if the arrangements of a short-term instrument constitute a financing

transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an

out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially

at the present value of future cash flows discounted at a market rate of interest for a similar debt

instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the

case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an

impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference

between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate

for measuring any impairment loss is the current effective interest rate determined under the

contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the

difference between an asset's carrying amount and best estimate of the recoverable amount, which is

an approximation of the amount that the Company would receive for the asset if it were to be sold at

the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a

net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independent administered funds.

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 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 Statement of Income and Retained Earnings over its useful economic life.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,056,975

1,080,840

Social security costs

137,120

110,516

Other pension costs

309,021

5,827

1,503,116

1,197,183

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

2025

2024

Directors

4

4

Admin

6

6

10

10

2025

2024

£

£

Directors' remuneration

607,667

968,565

Directors' pension contributions to money purchase schemes

304,759

2,642

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

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

250,000

534,565

Pension contributions to money purchase schemes

53,325

1,321

4.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

2,266

2,367

Loss on disposal of fixed assets

2,839

855

Auditors' remuneration

7,085

6,750

Foreign exchange differences

794,958

(416,750

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Factoring charges

32,187

114,697

CT Interest

16,068

-

Interest payable

-

169

Bank charges

2,167

3,661

50,422

118,527