REGISTERED NUMBER: 00960688 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SPANSET LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

E D I Ehnimb

P J Ward

L N E Ehnimb

SECRETARY:

P J Ward

REGISTERED OFFICE:

Telford Way

Middlewich Business and Industrial Park

Middlewich

Cheshire

CW10 0HX

REGISTERED NUMBER:

00960688 (England and Wales)

AUDITORS:

Christian Douglass Accountants Limited

Chartered Accountants

Statutory Auditor

2 Jordan Street

Knott Mill

Manchester

M15 4PY

BANKERS:

National Westminster Bank Plc

PO Box No 13

10 Great Underbank

Stockport

Cheshire

SK1 1LT

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

REVIEW OF BUSINESS

The implementation of IT systems in late 2023 created opportunities for development of the business in general, but realising the benefits has been demanding on resources and in some cases required extended timescales.

The acquisition of Morsafe Limited was completed during the year. The acquisition required senior management attention and resources, but the consultancy and training business is complementary to SpanSet Limited.

The effects of the IT developments and the acquisition of Morsafe can be seen in the results for the year.

Trading in 2024 continued the growth trend of recent years with turnover increasing to £11,063,646 (2023: £10,382,496).

Stocks increased in the period to £3,512,146 (2024: £2,792,457) due in part to our continued commitment to reducing lead times, but also delays in realising IT benefits to refine stocks which have now started to come through in 2025.

Increased turnover was reflected in the Gross Profit £3,284,321 (2023: £3,174,412), but the Gross Margin reduced to 29.6% (2023: 30.6%) with increases in purchases, energy and staff costs.

The management commitment to modernisation, facilitated by the new IT system, has required resources, with benefits only starting to come through in the last quarter and continuing into 2025.

Energy usage in the year continued to be reduced, but changes from long term contracts resulted in higher actual costs of £152,487 (2023: £63,094). The increased costs have further focused our attention to reduce future energy usage.

Additional costs were also incurred during the Morsafe Limited acquisition.

This has resulted in a decrease in the net profit for the year to £370,519 (2023: £508,239).

PRINCIPAL RISKS AND UNCERTAINTIES

Material costs remain a concern, but we are now able to determine overall production costs more accurately and are utilising the new systems to more clearly quantify demand and improve procurement.

Stocks have remained high and we aim to reduce them in future whilst maintaining the improved service levels, but understand there may be a period of re adjustment.

The UK economy continues to struggle providing a challenging business environment with many customers experiencing difficulties. With the initiatives we have implemented this is likely to slow our rate of growth rather than prevent it.

Increases in staff costs due to National Insurance changes and ongoing increases in the UK minimum wage are affecting all UK businesses. We expect our export business to be most at risk from the impact of this and as a result have implemented a strategy to expedite planned automation projects.

The acquisition of Morsafe brings many synergies, but will require investment of resources to realise benefits of both cross trading and development of the core business.

The IT implementation in 2023 provided future opportunities for improved business information and automation. Whilst much has been achieved, the potential is still significant limited only by prioritisation of resources, and expectations of timescales.

ON BEHALF OF THE BOARD:

P J Ward - Director

25 September 2025

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

DIVIDENDS

No interim dividends were paid during either year. The directors do not recommend the payment of a final dividend.

RESEARCH AND DEVELOPMENT

The company continued to focus on innovation and established a clear project pipeline. The major objectives brought about additional opportunities for smaller spin off development projects, which has resulted in more product releases.

FUTURE DEVELOPMENTS

The digitalisation programme provided opportunity to assess and improve processes throughout the business. This approach will continue for the foreseeable future.

Our focus on careful use of resources extends across all aspects of our operation including automation to maximise the potential from our labour, reductions in energy usage for heat, light and travel plus increased recycling within our operation and recycling options for our our products.

Further growth is expected from existing markets and products through improved service and new market areas are also being explored.

Profitability in the last quarter of 2024 was seen to be improving and this trend is expected to continue into 2025.

DIRECTORS

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

E D I Ehnimb

P J Ward

L N E Ehnimb

BRANCHES

At no time during the year did the company operate any branches outside of the United Kingdom.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial instruments and financial risk management.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Christian Douglass Accountants Limited, are deemed to be re-appointed in accordance with Section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

P J Ward - Director

25 September 2025

Opinion

We have audited the financial statements of Spanset Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

The audit, conducted in accordance with the ISAs (UK), required the exercise of professional judgment and the application of professional skepticism throughout. The audit was planned so as to identify and assess the risks of material misstatement of the financial statements, howsoever arising, and we subsequently designed and performed audit procedures responsive to those risks. We obtained an understanding of the company's systems of internal control, which management have established as described above, and undertook walkthrough testing to confirm their operation, solely to assist with designing audit procedures that are appropriate in the circumstances. We evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates used by management. We audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business, if any. Further, we reviewed and concluded on the appropriateness of management's use of the going concern basis of accounting.

As a general commercial business, the company does not operate in a heavily regulated environment, however we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, through discussion with the directors and other management (as required by auditing standards), and from inspection of the company's regulatory and legal correspondence and we discussed with the directors and other management, the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our audit team and remained alert for any indications of non-compliance throughout the audit.

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, taxation legislation and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with the auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of fraud based irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities 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.

Mrs Deborah Burton FCA (Senior Statutory Auditor)

for and on behalf of Christian Douglass Accountants Limited

Chartered Accountants

Statutory Auditor

2 Jordan Street

Knott Mill

Manchester

M15 4PY

30 September 2025

REVENUE

3

11,063,646

10,382,496

Cost of sales

7,779,325

7,208,084

GROSS PROFIT

3,284,321

3,174,412

Distribution costs

1,627,434

1,619,517

Administrative expenses

1,424,971

1,126,329

3,052,405

2,745,846

231,916

428,566

Other operating income

4

86,849

86,329

OPERATING PROFIT

6

318,765

514,895

Income from shares in group undertakings

7

116,683

50,003

Interest receivable and similar income

8

67

2,156

116,750

52,159

435,515

567,054

Interest payable and similar expenses

9

64,996

58,815

PROFIT BEFORE TAXATION

370,519

508,239

Tax on profit

10

70,314

92,937

PROFIT FOR THE FINANCIAL YEAR

300,205

415,302

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

300,205

415,302

FIXED ASSETS

Intangible assets

11

-

-

Property, plant and equipment

12

1,664,076

1,767,322

Investments

13

2,263,654

708,867

3,927,730

2,476,189

CURRENT ASSETS

Inventories

14

3,512,146

2,792,457

Debtors

15

1,922,421

1,754,502

Cash at bank and in hand

21,612

2,399

5,456,179

4,549,358

CREDITORS

Amounts falling due within one year

16

4,270,092

2,202,622

NET CURRENT ASSETS

1,186,087

2,346,736

TOTAL ASSETS LESS CURRENT LIABILITIES

5,113,817

4,822,925

CREDITORS

Amounts falling due after more than one year

17

(52,009

)

(50,737

)

PROVISIONS FOR LIABILITIES

21

(117,603

)

(128,188

)

NET ASSETS

4,944,205

4,644,000

CAPITAL AND RESERVES

Called up share capital

22

500,000

500,000

Retained earnings

23

4,444,205

4,144,000

SHAREHOLDERS' FUNDS

4,944,205

4,644,000

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

P J Ward - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

500,000

3,728,698

4,228,698

Changes in equity

Total comprehensive income

-

415,302

415,302

Balance at 31 December 2023

500,000

4,144,000

4,644,000

Changes in equity

Total comprehensive income

-

300,205

300,205

Balance at 31 December 2024

500,000

4,444,205

4,944,205

1.	STATUTORY INFORMATION

Spanset Limited is a private company, limited by shares, registered in England & Wales. The company's registered number is 00960688 and the registered office is at Telford Way, Middlewich Business and Industrial Park, Middlewich, Cheshire, CW10 0HX.

The principal activity of the company is the manufacture and supply of safe lifting, lashing and height safety products, systems and services.

The financial statements are presented in Sterling, which is also the functional currency of the company.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about Spanset Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Spanset Inter AG, 1 Samstagernstrasse 45, CH-8832 Wollerau, Switzerland.

Significant judgements and estimates

In applying the company's accounting policies, the directors are required to make judgments, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgments, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgments, estimates and assumptions, the actual results and outcomes may differ.

In preparing these financial statements the directors have made judgments and estimates:

- in determining whether there are any indicators of impairment of the company's tangible fixed assets. Factors taken into account in reaching such a decision include the economic viability and expected future financial performance of the assets;

- in determining the residual values and useful economic lives of tangible fixed assets. The company depreciates tangible fixed assets over their expected useful lives. The estimation of the useful lives of assets is based upon historic performance as well as expectations about future use. Assumptions are necessary regarding possible technological changes and maintenance programmes which can affect the actual lives of the assets; and

- in determining the recoverability of debtors and stocks. The company establishes a provision for debtors that are estimated to be irrecoverable and for stocks which are not expected to realise at least cost. When assessing recoverability the directors consider factors such as the ageing of items, past experience of recovery and current information regarding the asset.

Turnover

Turnover represents the value of goods sold, less returns received, together with training and other services provided during the period, at selling price less trade discounts and net of value added tax. Sales are recognised when the company considers that it has fulfilled its obligations to the customer which in respect of the sale of goods is deemed to be either on despatch of goods where the company despatches to customer premises; or on making goods available for collection where the client is responsible for collecting.

Where training or other services are rendered, sales are recognised when that service is complete.

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.

Patents and licences are being amortised evenly over their estimated useful life of twelve years.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure directly attributable to bringing the asset to the location and condition necessary for operation by the company. Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset, other than freehold land which is not depreciated, over its estimated useful life.

Buildings

4% per annum straight line basis

Plant and machinery

12.5% & 20% per annum straight line basis

Motor vehicles

25% per annum straight line basis

Computer equipment

33.33% per annum straight line basis

Office equipment

10% & 33% per annum straight line basis

Computer software

20% to33% per annum straight line basis

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value.

In general, cost, as recorded from purchase invoices, is determined on a first in first out basis and includes transport and handling costs. In the case of manufactured products, cost includes all direct expenditure and production overheads based on the normal level of activity.

Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the cost of realisation and, where appropriate, the cost of conversion from their existing state to a finished condition.

Provisions, assessed judgementally by management, are made where necessary for obsolete, slow-moving and defective stocks.

Financial instruments

The company only enters into basic financial instruments which include bank balances, bank loans, trade and other debtors and trade and other creditors.

Bank overdrafts are repayable on demand and are stated at amortised cost. Trade and other debtors, trade and other creditors and credit bank balances are included on a non-discounted basis, at transaction price less any necessary impairment. A review for impairment is carried out at each balance sheet date.

Debt instruments including bank loans and loans receivable are considered basic financial instruments and are initially measured at transaction price, adjusted for transaction costs as appropriate. The debt instruments are subsequently remeasured at each balance sheet date at amortised cost using the effective interest method.

Income and expenditure generated in respect of these financial instruments, including interest receivable and payable and foreign exchange gains or losses, are recognised in the income statement as they accrue.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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

Pension costs and other post-retirement benefits

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

Leasing

Rentals paid under operating lease are charged to the profit and loss account on a straight line basis over the period of the lease.

3.

REVENUE

The revenue and profit before taxation are attributable to the principal activities of the company.

An analysis of revenue by geographical market is given below:

31.12.24

31.12.23

£

£

Overseas

2,823,221

2,579,746

United Kingdom

8,240,425

7,802,750

11,063,646

10,382,496

Turnover can be categorised as arising from the sale of goods and the provision of services. Turnover from the sale of goods amounted to £9,248,040 (2023: £8,875,473) and from the provision of services £1,815,606 (2023: £1,507,023).

4.	OTHER OPERATING INCOME

31.12.24

31.12.23

£

£

Expenditure recharged

77,832

82,042

Other income

6,850

-

Government grants

2,167

4,287

86,849

86,329

5.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

3,087,534

2,915,730

Social security costs

303,895

294,840

Other pension costs

200,808

177,752

3,592,237

3,388,322

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

31.12.24

31.12.23

Production

70

68

Distribution

17

18

Administrative

9

8

96

94

Other pension costs represent the company's expense for payments to defined contribution pension schemes. Pensions contributions unpaid at the balance sheet date amounted to £25,266 (2023: £21,725).

Directors' remuneration includes benefits in kind.

31.12.24

31.12.23

£

£

Directors' remuneration

144,972

163,994

Directors' pension contributions to money purchase schemes

34,080

42,544

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

Money purchase schemes

1

1

6.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Depreciation - owned assets

325,346

296,963

Loss/(profit) on disposal of fixed assets

522

(36,888

)

Patents and licences amortisation

-

8,333

Auditors' remuneration

22,000

18,570

Foreign exchange differences

(31,501

)

(4,796

)

Amounts paid to the company's auditors in respect of non-audit, including taxation, services

4,960

4,725

Cost of inventories recognised as an expense

4,854,936

4,928,851

Net loss from trade debt instruments

5,362

-

7.

INCOME FROM SHARES IN GROUP UNDERTAKINGS

31.12.24

31.12.23

£

£

Shares in group undertakings

116,683

50,003

8.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.12.24

31.12.23

£

£

Other interest received

67

328

Interest on corporation tax

-

1,828

67

2,156

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank interest

24,153

32,176

Bank loan interest

33,937

23,750

Other interest

6,906

2,889

64,996

58,815

10.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

80,899

40,000

Adjustment in respect of prior

years

-

(7,063

)

Total current tax

80,899

32,937

Deferred tax

(10,585

)

60,000

Tax on profit

70,314

92,937

Reconciliation of total tax charge included in profit and loss

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

31.12.24

31.12.23

£

£

Profit before tax

370,519

508,239

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

92,630

119,436

Effects of:

Capital allowances in excess of depreciation

-

(6,114

)

Depreciation in excess of capital allowances

21,282

-

Adjustments to tax charge in respect of previous periods

-

(7,063

)

Permanent disallowed expenses

(14,427

)

(1,571

)

Franked investment income

(29,171

)

(11,751

)

Total tax charge

70,314

92,937

11.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2024

and 31 December 2024

20,000

AMORTISATION

At 1 January 2024

and 31 December 2024

20,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

12.	PROPERTY, PLANT AND EQUIPMENT

Long

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

2,588,651

2,128,844

476,189

5,193,684

Additions

19,494

109,618

125,510

254,622

Disposals

-

(214,748

)

(82,279

)

(297,027

)

At 31 December 2024

2,608,145

2,023,714

519,420

5,151,279

DEPRECIATION

At 1 January 2024

1,593,995

1,614,806

217,561

3,426,362

Charge for year

44,100

167,745

113,501

325,346

Eliminated on disposal

-

(214,748

)

(49,757

)

(264,505

)

At 31 December 2024

1,638,095

1,567,803

281,305

3,487,203

NET BOOK VALUE

At 31 December 2024

970,050

455,911

238,115

1,664,076

At 31 December 2023

994,656

514,038

258,628

1,767,322

13.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in

undertakings

associate

Totals

£

£

£

COST

At 1 January 2024

8,867

700,000

708,867

Additions

1,554,787

-

1,554,787

At 31 December 2024

1,563,654

700,000

2,263,654

NET BOOK VALUE

At 31 December 2024

1,563,654

700,000

2,263,654

At 31 December 2023

8,867

700,000

708,867