REGISTERED NUMBER: 04094597 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 January 2025

for

Simply Thank You Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

C W Eglington

K Iceton

M Eglington

M C Eglington

C Hartley

E Maltby

E L Malton

SECRETARY:

K Iceton

REGISTERED OFFICE:

Richmond Court

Morton Road

DARLINGTON

County Durham

DL1 4PT

REGISTERED NUMBER:

04094597 (England and Wales)

SENIOR STATUTORY AUDITOR:

Martin Hobson FCCA

AUDITORS:

Clive Owen LLP

Chartered Accountants

& Statutory Auditors

140 Coniscliffe Road

Darlington

County Durham

DL3 7RT

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

REVIEW OF BUSINESS

The company's principal activity during the year continued to be that of the sale and delivery of physical and digital gifts in the business to business reward, incentive and service recovery markets.

Simply Thank You are Customer and Employee Engagement specialists who have traded for over 30 years. We operate from a modern 32,000 sq ft warehouse in Darlington which is our central hub for all storage, production and administrative activities.

The five pillars of the organisation are Acquisition, Retention, Reward, Recovery and large-scale Fulfilment utilising the very latest technology for reporting and management information. The Core Values of the business truly reflect the type of business we are, namely, being Trusted, Innovative, Friendly, Flexible, Inclusive and Sustainable. It also helps to explain the strength and longevity of our client relationships, in the instance of Natwest, a relationship that has lasted for 30 years.

Simply Thank You has a broad base of high quality business clients covering many different business sectors including Banking, Insurance, Airlines, Rail, Automotive, Utilities and Retail.

KEY PERFORMANCE INDICATORS

The directors consider turnover, gross profit margin and EBITDA's (earnings before interest, tax, depreciation and amortisation) to be key measures of the company's performance.

2025

2024

Turnover

£16,737,373

£16,469,625

1.6%

Gross profit

£3,966,932

£3,961,525

0.14%

Gross profit margin

23.7%

24.1%

(1.66%

)

EBITDA

£623,048

£730,708

(14.7%

)

REVIEW OF 2024/2025

The business still performed strongly during the year due to a number of key factors. Key existing clients in the banking sector in particular continued to carry out a number of customer acquisition and loyalty campaigns that utilised Simply Thank You's digital reward and fulfilment capabilities. In addition, 'Onecode', our own digital reward currency has grown from strength to strength during the year with billings and redemption's (classed as turnover) also increasing.

As a result of new business wins we increased our client base by around 20% in the year and the anticipation is that this improvement will continue into 2025/26. New clients typically take some time to reach full potential so the opportunity for continued growth is real. One of Simply Thank You's USP's is that it is able to source virtually anything that a client requires for its employee or customer engagement program, whether that be digital or physical rewards, fully branded to the recipient. This flexibility continues to be a significant plus for the organisation in retaining and attracting clients and is in line with our Vision of 'Empowering businesses to seamlessly gift almost anything to employees and customers, more cost effectively and memorably than anyone else'.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to be the general economic climate. The company mitigates the risk by using a proactive approach to all business activities. This allows the company to react swiftly to any changes in the market thus mitigating the risk.

The challenges of the current economic situation in the UK did see price increases from suppliers, however we were able to manage these increases whilst still maintaining a reasonable gross margin without impacting on the quality of the goods that we send out.

In addition, a key risk was identified in that all of our digital e-gift codes were purchased through one main provider. Moving forward we will now purchase our digital codes from two providers which gives us commercial benefit and increased security in the unlikely event of the failure of one of these providers.

ON BEHALF OF THE BOARD:

C W Eglington - Director

30 October 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31 January 2025 will be £107,928.

DIRECTORS

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

C W Eglington

K Iceton

M Eglington

M C Eglington

C Hartley

E Maltby

Other changes in directors holding office are as follows:

E L Malton was appointed as a director after 31 January 2025 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

The following information, which would otherwise be disclosed in the directors' report, is instead disclosed in the strategic report, as permitted by s414C(11) of the Companies Act 2006:

- principal risks and uncertainties;

- future developments;

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, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

C W Eglington - Director

30 October 2025

Opinion

We have audited the financial statements of Simply Thank You Limited (the 'company') for the year ended 31 January 2025 which comprise the Statement of 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 January 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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this.

We undertake the following procedures to identify and respond to these risks of non-compliance:

- Understanding the key legal and regulatory frameworks that are applicable to the Company. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be financial reporting legislation, taxation legislation, health & safety, FCA regulations, alcohol licensing, GDPR, employment law, ISO9001 and ISO14001.

- Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance.

- Review of board minutes and correspondence with regulators.

- Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed.

- Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements, the most significant of these are disclosed in the accounting policies.

- Identifying and testing unusual journal entries, with a particular focus on manual journal entries.

Through these procedures, we did not become aware of actual or suspected non-compliance.

We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or 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.

Martin Hobson FCCA (Senior Statutory Auditor)

for and on behalf of Clive Owen LLP

Chartered Accountants

& Statutory Auditors

140 Coniscliffe Road

Darlington

County Durham

DL3 7RT

30 October 2025

TURNOVER

3

16,737,373

16,469,625

Cost of sales

(12,770,441

)

(12,508,100

)

GROSS PROFIT

3,966,932

3,961,525

Distribution costs

(505,284

)

(594,707

)

Administrative expenses

(2,969,781

)

(2,918,323

)

OPERATING PROFIT

5

491,867

448,495

Interest payable and similar expenses

6

(20,593

)

(33,060

)

PROFIT BEFORE TAXATION

471,274

415,435

Tax on profit

7

(119,820

)

(99,200

)

PROFIT FOR THE FINANCIAL YEAR

351,454

316,235

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

351,454

316,235

FIXED ASSETS

Intangible assets

9

293,448

46,278

Tangible assets

10

456,066

539,479

749,514

585,757

CURRENT ASSETS

Stocks

11

702,114

729,886

Debtors

12

6,344,285

4,316,334

Cash at bank and in hand

1,670,532

2,589,562

8,716,931

7,635,782

CREDITORS

Amounts falling due within one year

13

(5,462,096

)

(4,489,099

)

NET CURRENT ASSETS

3,254,835

3,146,683

TOTAL ASSETS LESS CURRENT LIABILITIES

4,004,349

3,732,440

CREDITORS

Amounts falling due after more than one year

14

(65,526

)

(89,695

)

PROVISIONS FOR LIABILITIES

17

(197,229

)

(144,677

)

NET ASSETS

3,741,594

3,498,068

CAPITAL AND RESERVES

Called up share capital

18

1,198

1,198

Share premium

19

391,339

391,339

Capital redemption reserve

19

23

23

Retained earnings

19

3,349,034

3,105,508

SHAREHOLDERS' FUNDS

3,741,594

3,498,068

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

C W Eglington - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 February 2023

1,206

3,033,797

391,339

15

3,426,357

Changes in equity

Reduction in share capital

(8

)

(7,500

)

-

8

(7,500

)

Dividends

-

(237,024

)

-

-

(237,024

)

Total comprehensive income

-

316,235

-

-

316,235

Balance at 31 January 2024

1,198

3,105,508

391,339

23

3,498,068

Changes in equity

Dividends

-

(107,928

)

-

-

(107,928

)

Total comprehensive income

-

351,454

-

-

351,454

Balance at 31 January 2025

1,198

3,349,034

391,339

23

3,741,594

Cash flows from operating activities

Cash generated from operations

1

(338,166

)

2,169,982

Interest paid

(15,175

)

(30,542

)

Interest element of hire purchase payments paid

(5,418

)

(6,167

)

Tax paid

(133,700

)

(353,171

)

Net cash from operating activities

(492,459

)

1,780,102

Cash flows from investing activities

Purchase of intangible fixed assets

(254,961

)

(47,886

)

Purchase of tangible fixed assets

(39,977

)

(85,398

)

Sale of tangible fixed assets

-

12,500

Share buy back

-

(7,492

)

Net cash from investing activities

(294,938

)

(128,276

)

Cash flows from financing activities

Loan repayments in year

-

(260,000

)

Capital repayments in year

(25,214

)

(35,675

)

Share buyback

-

(8

)

Repayment of invoice financing facility

1,509

(133,433

)

Equity dividends paid

(107,928

)

(237,024

)

Net cash from financing activities

(131,633

)

(666,140

)

(Decrease)/increase in cash and cash equivalents

(919,030

)

985,686

Cash and cash equivalents at beginning of year

2

2,589,562

1,603,876

Cash and cash equivalents at end of year

2

1,670,532

2,589,562

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

2025

2024

£

£

Profit before taxation

471,274

415,435

Depreciation charges

131,181

170,549

Profit on disposal of fixed assets

-

(8,112

)

Impairment

-

119,776

Finance costs

20,593

33,060

623,048

730,708

Decrease/(increase) in stocks

27,772

(88,970

)

Increase in trade and other debtors

(2,029,460

)

(492,277

)

Increase in trade and other creditors

1,040,474

2,020,521

Cash generated from operations

(338,166

)

2,169,982

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 January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

1,670,532

2,589,562

Year ended 31 January 2024

31.1.24

1.2.23

£

£

Cash and cash equivalents

2,589,562

1,603,876

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.24

Cash flow

At 31.1.25

£

£

£

Net cash

Cash at bank and in hand

2,589,562

(919,030

)

1,670,532

2,589,562

(919,030

)

1,670,532

Debt

Finance leases

(117,586

)

25,214

(92,372

)

(117,586

)

25,214

(92,372

)

Total

2,471,976

(893,816

)

1,578,160

1.	STATUTORY INFORMATION

Simply Thank You 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.

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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions which have been conducted under normal market conditions.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Stock provisions - Management applies procedures to identify defective, slow moving and obsolete stocks. An estimation is made of the price obtainable in the market in which the goods are expected to be sold and any costs of completion and sale are taken into account. The value of stock is reduced by the deficit between the cost and estimated net realisable value of the stock in the form of a stock provision.

Impairment of intangible assets - Management determines whether there are indicators of impairment of the company's intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Dilapidation provision - Dilapidation provision is based on estimated costs to return leased properties to their original state at the end of the lease term.

Debtor provision - There is an element of estimation and judgement made by management when consideration the bad debt provision included within Trade Debtors. There is no bad debt provision in the financial statements.

Accrued/deferred income - Revenue relating to vouchers for bonus points is recognised when the vouchers are redeemed.

Revenue recognition

Revenue is derived from the sale of goods, third party vouchers, e-codes, service fees and non-redemption revenue on third party vouchers.

The company recognises revenue at the point when control over the goods or services is transferred to the customer. Revenue is recognised net of any VAT, rebates, or discounts.

Revenue on the sale of goods is recognised on dispatch of the goods.

Revenue from vouchers and e-codes is recognised on redemption of the voucher or code.

Revenue from service fees is recognised on redemption of the vouchers or e-codes to which they relate.

Non- redemption revenue is recognised on expiry of the vouchers or e-codes to which it relates.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Online platform development costs had not been brought into use by the year end; therefore, no amortisation has been charged for the period.

The asset was brought into use after the year end and will be amortised on a straight-line basis over its estimated useful life of 10 years, commencing from the date it was first utilised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost and 5% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

20% on cost and 10% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell. Stock is used on a first in first out basis.

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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The 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.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Invoice discounting

The invoice discounting creditor represents amounts received in respect of financed debts. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice discounting are recognised in the profit and loss account over the relevant period.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

All turnover during the current and previous financial year was derived from activities carried out in the UK.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,591,879

1,685,563

Social security costs

302,190

227,147

Other pension costs

90,677

88,555

1,984,746

2,001,265

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

2025

2024

Directors

5

5

Staff

51

49

56

54

2025

2024

£

£

Directors' remuneration

511,980

450,744

Directors' pension contributions to money purchase schemes

69,947

73,048

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

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

148,816

123,649

Pension contributions to money purchase schemes

19,201

35,999

Key management remuneration is not disclosed as the directors are the only employees considered key management and are disclosed separately.

5.	OPERATING PROFIT

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

2025

2024

£

£

Other operating leases

160,885

148,473

Depreciation - owned assets

80,684

68,460

Depreciation - assets on hire purchase contracts

42,706

35,822

Profit on disposal of fixed assets

-

(8,112

)

Computer software amortisation

7,791

66,267

Audit fee

13,500

13,500

Foreign exchange differences

185

(787

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

-

10,783

Invoice discounting charges

15,175

16,110

Hire purchase

5,418

6,167

20,593

33,060