REGISTERED NUMBER: SC459114

THOMSON PETTIE LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page

Strategic Report

1

Report of the Directors

2

Report of the Independent Auditors

4

Profit and Loss Account

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

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

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties that we face.

Our key performance indicators are those that communicate the financial performance and strength of the company as a whole. They are turnover, gross profit margin, operating profit and net assets.

Turnover amounted to £12,616,122 (2024: £15,388,013), 95% of which is UK based.

The company achieved a gross profit margin of 25.09% (2024: 30.16%) and an operating profit of £22,286 (2024: £662,358).

Net assets decreased during the year from £3,785,277 to £3,857,564.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company are as follows:

The market for metal components, fabrications and assemblies remains broadly positive, but not without its challenges.

External factors outside our control such as global conflicts, political uncertainty, and financial rate fluctuations continue to impact growth prospects. Increases in production costs remain a concern. Rising energy, wage, and indirect costs place further pressure on margins and our efforts to identify alternative sourcing methods, pursue automation and drive operational efficiencies will remain critical to sustaining competitiveness.

The directors believe that sufficient banking facilities will be available to the company for the foreseeable future.

ON BEHALF OF THE BOARD:

P C Thomson - Director

12 November 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 the manufacture of steel tube products and associated metal fabrications.

DIVIDENDS

There were £nil dividends for the year ended 31 March 2025.

FUTURE DEVELOPMENTS

Looking ahead, our priority for the coming year and beyond is to strengthen resilience and diversify our customer base further.

Operational efficiency remains a core focus and we will continue to invest in automation, process improvements, and staff training to future-proof our capabilities and offset rising production costs. Our employees remain our greatest asset, and ongoing investment in their skills and development is central to both efficiency and customer satisfaction.

Further business development activities, including refreshed marketing efforts and dedicated personnel will be undertaken to secure new opportunities, strengthen our market position, and mitigate potential impacts from volatility in specific sectors.

FINANCIAL INSTRUMENTS

During the financial year the company used invoice financing agreements in order to manage its liquidity and cashflow risks. The directors do not believe that the company is exposed to any other risks that are sufficient to require the use of financial instruments.

DIRECTORS

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

J C Wilson

P C Thomson

C H Thomson

Mrs G C Laird

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors, the Strategic Report and the financial statements in accordance with applicable laws 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 the affairs of the company and of the profit and 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;

- state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.

ON BEHALF OF THE BOARD:

P C Thomson - Director

12 November 2025

Opinion

We have audited the financial statements of Thomson Pettie Limited (the 'company') for the year ended 31 March 2025 which comprise the Profit and Loss Account, 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 two, 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 misstatements in respect of irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the 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 directors and other management, and from our knowledge and experience of the 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; and

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

To address the risk of fraud through management bias and 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 key accounting estimates set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

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

- reviewing correspondence with HMRC 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.

Duncan MacCaig, CA (Senior Statutory Auditor)

for and on behalf of Armstrong Watson Audit Limited

Chartered Accountants & Statutory Auditors

Caledonia House

89 Seaward Street

Glasgow

G41 1HJ

12 November 2025

TURNOVER

3

12,616,122

15,388,013

Cost of sales

9,450,677

10,747,898

GROSS PROFIT

3,165,445

4,640,115

Administrative expenses

3,223,014

4,052,548

(57,569

)

587,567

Other operating income

4

79,855

74,791

OPERATING PROFIT

6

22,286

662,358

Interest receivable and similar income

74,277

58,889

96,563

721,247

Interest payable and similar expenses

7

21,994

38,004

PROFIT BEFORE TAXATION

74,569

683,243

Tax on profit

8

2,282

171,766

PROFIT FOR THE FINANCIAL YEAR

72,287

511,477

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

72,287

511,477

FIXED ASSETS

Tangible assets

9

2,100,810

2,164,652

CURRENT ASSETS

Stocks

10

1,317,359

1,349,595

Debtors

11

3,354,752

3,507,606

Cash at bank and in hand

117,280

74,141

4,789,391

4,931,342

CREDITORS

Amounts falling due within one year

12

2,272,544

2,268,114

NET CURRENT ASSETS

2,516,847

2,663,228

TOTAL ASSETS LESS CURRENT LIABILITIES

4,617,657

4,827,880

CREDITORS

Amounts falling due after more than one year

13

(275,357

)

(553,511

)

PROVISIONS FOR LIABILITIES

17

(484,736

)

(489,092

)

NET ASSETS

3,857,564

3,785,277

CAPITAL AND RESERVES

Called up share capital

18

512,821

512,821

Share premium

19

3,179

3,179

Retained earnings

19

3,341,564

3,269,277

SHAREHOLDERS' FUNDS

3,857,564

3,785,277

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2025 and were signed on its behalf by:

P C Thomson - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2023

512,821

2,757,800

3,179

3,273,800

Changes in equity

Total comprehensive income

-

511,477

-

511,477

Balance at 31 March 2024

512,821

3,269,277

3,179

3,785,277

Changes in equity

Total comprehensive income

-

72,287

-

72,287

Balance at 31 March 2025

512,821

3,341,564

3,179

3,857,564

Cash flows from operating activities

Cash generated from operations

1

1,077,592

1,356,831

Interest paid

(3,757

)

(18,034

)

Interest element of hire purchase payments paid

(18,237

)

(19,970

)

Tax paid

(11,736

)

(480,790

)

Net cash from operating activities

1,043,862

838,037

Cash flows from investing activities

Purchase of property plant and equipment

(443,269

)

(375,648

)

Sale of tangible fixed assets

10,882

-

Loans from related parties

(291,000

)

(250,000

)

Interest received

74,277

58,889

Net cash from investing activities

(649,110

)

(566,759

)

Cash flows from financing activities

Loan repayments in year

(148,148

)

(111,111

)

Capital repayments in year

(203,465

)

(209,814

)

Net cash from financing activities

(351,613

)

(320,925

)

Increase/(decrease) in cash and cash equivalents

43,139

(49,647

)

Cash and cash equivalents at beginning of year

2

74,141

123,788

Cash and cash equivalents at end of year

2

117,280

74,141

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

2025

2024

£

£

Profit before taxation

74,569

683,243

Depreciation charges

507,111

581,151

Profit on disposal of fixed assets

(10,882

)

-

Government grants

(79,855

)

(74,791

)

Finance costs

21,994

38,004

Finance income

(74,277

)

(58,889

)

438,660

1,168,718

Decrease/(increase) in stocks

32,236

(60,290

)

Decrease in trade and other debtors

443,854

860,148

Increase/(decrease) in trade and other creditors

162,842

(611,745

)

Cash generated from operations

1,077,592

1,356,831

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

117,280

74,141

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

74,141

123,788

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

74,141

43,139

117,280

74,141

43,139

117,280

Debt

Finance leases

(533,716

)

203,465

(330,251

)

Debts falling due within 1 year

(111,111

)

111,111

-

Debts falling due after 1 year

(37,037

)

37,037

-

(681,864

)

351,613

(330,251

)

Total

(607,723

)

394,752

(212,971

)

1.	STATUTORY INFORMATION

Thomson Pettie Limited is a private company, limited by shares, registered in Scotland. The registered office is Whiteshaw Works, Carluke, Lanarkshire, ML8 5EJ.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The 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. There were no material departures from this standard. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Critical accounting judgements

The company considers on an annual basis the judgements that are made by directors when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. In preparing these financial statements, the directors have the following judgements:

- Determination of the stage of stock - work in progress and finished goods at the balance sheet date. In making their judgement, management consider the agreed basis of the level of costs included which are product cost and the level of labour and attributable overheads.

- Determination of whether leases entered into by the company as a lessee are operating leases or hire purchase agreements. These decisions depend on the assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The directors consider the key sources of estimation uncertainty to be as follows: -

- Tangible fixed assets (note 9) are depreciated over their estimated useful lives. The actual lives of the assets are assessed annually and may vary depending on several factors. In re-assessing asset lives, factors such as usage and maintenance programmes are taken into account. The directors assessed that no changes were required to the estimated useful lives of the tangible fixed assets and therefore, determined that the stated depreciation policies applied in prior years remain appropriate.

- At the balance sheet date, the directors consider whether there are any indicators that the trade debtor balances relating to goods supplied and services rendered will not be recoverable, to ensure an adequate provision is made for any potentially irrecoverable amounts. Based on their knowledge of the customers concerned, the directors consider that no provision is required against these balances.

Turnover

Turnover represents the total amount receivable by the company for goods and services supplied during the year, excluding VAT and trade discounts. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services provided have been passed to the buyer.

Tangible fixed assets

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

Plant and machinery

-

Straight line over 5 years

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Fixed assets are included in the financial statements at cost less accumulated depreciation and impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Government grants

Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Grants related to the purchase of assets are recognised on a systematic basis over the useful economic life of the underlying assets that was acquired with the grant.

Stocks

Stocks are stated at the lower of cost and estimated selling price.

In the case of raw materials, cost means purchase price including transport and handling costs, less trade discounts, calculated on a first in first out basis. Replacement cost would not be materially different.

Estimated selling price is net of trade discounts less all further costs to completion and all costs to be incurred in marketing, selling and distribution.

Work in progress and finished goods are valued on the basis of direct costs plus attributable overheads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to/from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

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 commitments

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates defined contribution pension schemes for the directors and staff. The assets of the schemes are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

2025

2024

£

£

Sale of goods

12,616,122

15,388,013

12,616,122

15,388,013

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

11,967,495

14,739,387

Europe

490,149

490,149

United States of America

98,712

98,712

South America

35,729

35,729

Asia

24,037

24,036

12,616,122

15,388,013

4.	OTHER OPERATING INCOME

2025

2024

£

£

Grants released on capital

purchases

79,855

74,791

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,281,053

4,607,856

Social security costs

390,370

359,558

Other pension costs

107,091

96,382

4,778,514

5,063,796

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

2025

2024

Production

130

124

Administrative

20

20

150

144

2025

2024

£

£

Directors' remuneration

72,877

70,383

Directors' pension contributions to money purchase schemes

6,105

6,105

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):

2025

2024

£

£

Hire of plant and machinery

72,954

83,044

Other operating leases

574,613

561,777

Depreciation - owned assets

387,644

547,363

Depreciation - assets on hire purchase contracts

119,467

33,788

Profit on disposal of fixed assets

(10,882

)

-

Auditors' remuneration

13,500

12,500

Auditors' remuneration for non audit work

1,500

1,500

Government grants

(79,855

)

(74,791

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

3,757

18,034

Hire purchase interest

18,237

19,970

21,994

38,004

8.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

6,638

211,711

Deferred tax

(4,356

)

(39,945

)

Tax on profit

2,282

171,766

UK corporation tax was charged at 25%) in 2024.

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:

2025

2024

£

£

Profit before tax

74,569

683,243

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

18,642

170,811

Effects of:

Expenses not deductible for tax purposes

(18,571

)

(15,050

)

Depreciation in excess of capital allowances

7,076

55,950

losses

Deferred tax movement

(4,356

)

(39,945

)

Marginal relief

(509

)

-

Total tax charge

2,282

171,766