REGISTERED NUMBER: 00043694 (England and Wales)

ROBERTS METAL PACKAGING LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

17

DIRECTORS:

C A Saunders

V Kadiyska

N K Pearch

J E Seal

SECRETARY:

V Kadiyska

REGISTERED OFFICE:

Unit 1 Birchmere Business Park

Nathan Way

Thamesmead

London

SE28 0AF

REGISTERED NUMBER:

00043694 (England and Wales)

AUDITORS:

Hakim Fry

Chartered Accountants

Statutory Auditor

69-71 East Street

Epsom

Surrey

KT17 1BP

The directors present their strategic report together with the audited financial statements for the year ended 31 March 2025

RESULTS AND DIVIDENDS

Turnover decreased by £1.4 Million mainly due to deteriorating economic conditions in the UK and our traditional overseas markets

The income statement is set out on page 10 and shows a post-tax loss of £89,337. The directors have not recommended a dividend for the year.

PRINCIPAL ACTIVITIES AND BUSINESS REVIEW

The principal activity of the company was the design, manufacture and supply of metal packaging components for toiletries, food and other markets. Continuing investment in manufacturing plant and equipment will facilitate future sales growth.

KEY PERFORMANCE INDICATORS

The Company monitors a range of KPI's in order to effectively manage the business through changing economic climate and market conditions. Particular attention is paid to monthly and quarterly KPI's for enquiry levels, order intake, sales, profitability and customer satisfaction.

2025

2024

£

£

Turnover

7,840,582

9,258,914

(Loss)/Profit (before tax)

(140,245

)

261,683

The sales and profit reflect a general decline in economic conditions following the COVID 19 epidemic, BREXIT, the imposition of US Tariffs and the cost of living crisis being felt in the UK and other markets.

PRINCIPAL RISKS AND UNCERTAINTIES

The business continued its strategy of reducing its high level of raw material inventory resulting in a further £420k reduction in the year. Since the balance sheet date, further positive steps have been taken in this regard. Entry into new market sectors remains a priority but trading is expected to remain slow for 2025/26.The significant increase in national living wage and employers' national insurance contributions will impact on our costs moving forward.

Currency risk

The company trades in Sterling, Euros and US Dollars and is exposed to transaction foreign exchange risk. Currently, sales and purchases to and from the Euro zone approximately equate and therefore Euro exchange exposure is low. Currency exchange rates are monitored monthly and the sales quotation basis is adjusted accordingly.

Liquidity risk

The company finances its operations primarily through cash-in-hand generated from retained profits and seeks to manage liquidity risk through cash-flow forecasting. Further flexibility is available through an Invoice Discounting Facility which is in place but currently not being utilized.

Interest rate risk

The company will continue to monitor interest rate risk and its strategy to mitigate any such exposure in the medium term.

Credit risk

In order to manage credit risk arising from trade debtors, the company insures debts and sets credit limits in conjunction with its debt insurance provider

GOING CONCERN

The Company's business activities together with the factors likely to affect its future development, performance and position have been set out in this document.

The financial position of the Company has remained stable during the year despite the challenging market conditions.

The main financial risks arising from the activities of the company have been set out in this document together with the Company's policies and processes for managing these risks.

The directors have a reasonable expectation that the company has adequate resources and on-going bank support to continue in operational existence for the foreseeable future. The Directors therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements for the company.

FUTURE DEVELOPMENTS

The directors anticipate the business environment will remain challenging. They believe that the company is in good financial position and that the risks that have been identified are being well managed. With careful focus on appropriate diversification and development of new products and markets, as well as continued review of the state of the market and the activities of competitors, the directors are confident in the company's ability to maintain and build on this position, albeit with cautious growth expectations.

ON BEHALF OF THE BOARD:

C A Saunders - Director

20 October 2025

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

DIVIDENDS

The total distribution of dividends in the year ended 31 March 2025 related to the final dividends for year ended 31 March 2024 £78,867 (2024: £434,523).

DIRECTORS

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

C A Saunders

V Kadiyska

N K Pearch

J E Seal

GOING CONCERN

The directors believe the use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

ENGAGEMENT WITH EMPLOYEES

The Company provides information to employees on a regular basis through staff meetings, which include information concerning the financial and economic factors affecting the Company and developments within the Company.

The Company completes regular consultations with employees where they can express their views and make suggestions which the Company will consider.

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, Hakim Fry, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C A Saunders - Director

20 October 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss 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:

We obtained an understanding of the entity's environment and the industry in which they operate. It was determined that the Companies Act 2006, UK taxation laws and Health and safety were the most significant regulations to the entity.

We obtained an understanding of how the entity is complying with these legal and regulatory frameworks through making inquiries with management, results of which were substantiated through our review of supporting documentation.

To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions; assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

Our audit has been carried out on a substantive testing basis. We have calculated materiality and performance materiality for each area of the Financial Statements. All items above performance materiality have been tested and items below are tested on a sample basis. We consider this approach to be capable of detecting material irregularities and fraud

Identify and assess the risk of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and the related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to event or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosure in the financial statements or, if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation..

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.

Nilesh Patel FCA (Senior Statutory Auditor)

for and on behalf of Hakim Fry

Chartered Accountants

Statutory Auditor

69-71 East Street

Epsom

Surrey

KT17 1BP

20 December 2025

TURNOVER

4

7,840,582

9,258,914

Cost of sales

5,482,510

6,385,144

GROSS PROFIT

2,358,072

2,873,770

Administrative expenses

2,497,016

2,589,710

(138,944

)

284,060

Other operating income

-

(1,091

)

OPERATING (LOSS)/PROFIT

7

(138,944

)

282,969

Interest receivable and similar income

8

26,053

1,215

(112,891

)

284,184

Interest payable and similar expenses

9

27,354

22,501

(LOSS)/PROFIT BEFORE TAXATION

(140,245

)

261,683

Tax on (loss)/profit

10

(50,908

)

64,254

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(89,337

)

197,429

(LOSS)/PROFIT FOR THE YEAR

(89,337

)

197,429

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(89,337

)

197,429

FIXED ASSETS

Tangible assets

12

1,909,084

2,271,378

Investments

13

2

2

1,909,086

2,271,380

CURRENT ASSETS

Stocks

14

2,494,356

3,027,486

Debtors

15

1,861,478

2,025,627

Cash at bank and in hand

2,341,841

1,795,315

6,697,675

6,848,428

CREDITORS

Amounts falling due within one year

16

2,181,026

2,234,251

NET CURRENT ASSETS

4,516,649

4,614,177

TOTAL ASSETS LESS CURRENT LIABILITIES

6,425,735

6,885,557

CREDITORS

Amounts falling due after more than one year

17

(109,101

)

(308,359

)

PROVISIONS FOR LIABILITIES

21

(397,292

)

(489,652

)

NET ASSETS

5,919,342

6,087,546

CAPITAL AND RESERVES

Called up share capital

22

37,556

37,556

Share premium

23

9,000

9,000

Capital redemption reserve

23

49,446

49,446

Other reserves

23

1,000

1,000

Retained earnings

23

5,822,340

5,990,544

SHAREHOLDERS' FUNDS

5,919,342

6,087,546

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2025 and were signed on its behalf by:

C A Saunders - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 April 2023

37,556

6,227,638

9,000

Changes in equity

Dividends

-

(434,523

)

-

Total comprehensive income

-

197,429

-

Balance at 31 March 2024

37,556

5,990,544

9,000

Changes in equity

Dividends

-

(78,867

)

-

Total comprehensive income

-

(89,337

)

-

Balance at 31 March 2025

37,556

5,822,340

9,000

Capital

redemption

Other

Total

reserve

reserves

equity

£

£

£

Balance at 1 April 2023

49,446

1,000

6,324,640

Changes in equity

Dividends

-

-

(434,523

)

Total comprehensive income

-

-

197,429

Balance at 31 March 2024

49,446

1,000

6,087,546

Changes in equity

Dividends

-

-

(78,867

)

Total comprehensive income

-

-

(89,337

)

Balance at 31 March 2025

49,446

1,000

5,919,342

Cash flows from operating activities

Cash generated from operations

1

1,044,355

1,960,580

Interest paid

(27,349

)

(22,496

)

Finance costs paid

(5

)

(5

)

Tax paid

(7,497

)

(207,425

)

Net cash from operating activities

1,009,504

1,730,654

Cash flows from investing activities

Purchase of tangible fixed assets

(148,844

)

(596,638

)

Interest received

26,053

1,215

Net cash from investing activities

(122,791

)

(595,423

)

Cash flows from financing activities

Loan repayments in year

-

(20,833

)

Hire Purchase loan

-

358,546

Capital repayments in year

(261,320

)

(177,758

)

Equity dividends paid

(78,867

)

(434,523

)

Net cash from financing activities

(340,187

)

(274,568

)

Increase in cash and cash equivalents

546,526

860,663

Cash and cash equivalents at beginning of year

2

1,795,315

934,652

Cash and cash equivalents at end of year

2

2,341,841

1,795,315

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.25

31.3.24

£

£

(Loss)/profit before taxation

(140,245

)

261,683

Depreciation charges

511,138

477,118

Loss on disposal of fixed assets

-

1,091

Finance costs

27,354

22,501

Finance income

(26,053

)

(1,215

)

372,194

761,178

Decrease in stocks

533,130

769,951

Decrease in trade and other debtors

164,149

721,339

Decrease in trade and other creditors

(25,118

)

(291,888

)

Cash generated from operations

1,044,355

1,960,580

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

2,341,841

1,795,315

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,795,315

934,652

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

1,795,315

546,526

2,341,841

1,795,315

546,526

2,341,841

Debt

Finance leases

(569,678

)

261,320

(308,358

)

Debts falling due within 1 year

(165

)

-

(165

)

(569,843

)

261,320

(308,523

)

Total

1,225,472

807,846

2,033,318

1.	STATUTORY INFORMATION

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

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical judgements in applying the entity's accounting policies

Exemptions on transition to FRS 102.

The company has elected to use the previous UK GAAP valuation of certain items of short leasehold as the deemed cost on transition to FRS 102. The items are being depreciated from the date of transition (1 May 2014) in accordance with the company's accounting policies.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

a) Useful economic lives of tangible assets. The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property, plant and equipment, and note 3 for the lives for each class of assets.

b) Stock provisioning. The company design, manufacture and supply of metal packaging materials for toiletries, food and other markets. It is necessary to consider the recoverability of the cost of the stock and the associated provisioning required. When calculating the inventory provision, managements consider the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials and labour. See note 14 for the net carrying amount of the inventory.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold property

- over the period of the related lease.

Plant & machinery

- 10% on cost and 33% on cost in respect of tooling costs capitalised.

Office equipment

- 10% and 20% on cost.

Computer equipment

- 20% and 25% on cost.

The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying values may not be recoverable.

Stocks

Stock and work in progress is valued at the lower of cost (incorporating direct labour and overhead recovery) and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

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.

Finance leases - sale and leaseback arrangements that result in the company retaining the majority of the risks and rewards of ownership of assets are accounted for as finance leases.

Operating leases - sale and leaseback transactions that result in substantially all of the risks and rewards of ownership of assets being transferred to the lessor are accounted for as operating leases.

Pension costs and other post-retirement benefits

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Investments in associates

An associate is an entity over which the company has significant influence. Significant influence is the power to participate in, but not to control or jointly control, the financial and operating policy decisions of the investee. The company has an investment in an associate.

Investments in associates are recognised initially in the statement of financial position at cost (including transaction costs). Subsequently, the company measure investments in associates at cost less impairment.

Cash and cash equivalent

Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of the FRS102 in respect of financial instruments.

a) Financial assets.

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. Where the arrangement constitutes a financing transaction, the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party who has the practical ability to unilaterally sell the assets to an unrelated third party without imposing additional restrictions.

b) Financial liabilities

Basic financial liabilities, including trade and other creditors are classified as liability, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

c) Offsetting

Financial assets and liabilities are offset, and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

4.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

Of the period's turnover 54.0% (2024 - 60.4%) is attributable to markets outside of the United Kingdom.