ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: SC141564

M.S.P (SCOTLAND) LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

M.S.P (SCOTLAND) LIMITED

COMPANY INFORMATION

Directors	B Brown (appointed 1 July 2025)
	W Hague (appointed 14 March 2024)
	B Jayes (appointed 18 October 2024)
	C Matson
	A Thomas
	J Butler (resigned 7 February 2024)
	D Costas (resigned 28 February 2024)
	T Irons (resigned 30 January 2025)
	A McEwan (resigned 18 October 2024)


Registered number	SC141564


Registered office	1-9 Telford Road
	Lenziemill
	Cumbernauld
	G67 2AX


Independent auditors	James Cowper Kreston Audit
	Chartered Accountants and Statutory Auditor
	Apex
	Forbury Road
	Reading
	Berkshire
	RG1 1AX


Bankers	The Royal Bank of Scotland
	27 Park Row
	Leeds
	LS1 5QB

M.S.P (SCOTLAND) LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 5
Statement of Comprehensive Income	6
Balance Sheet	7
Statement of Changes in Equity	8
Notes to the Financial Statements	9 - 16

M.S.P (SCOTLAND) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors

The directors who served during the year were:

W Hague (appointed 14 March 2024)

B Jayes (appointed 18 October 2024)

C Matson

A Thomas

J Butler (resigned 7 February 2024)

D Costas (resigned 28 February 2024)

T Irons (resigned 30 January 2025)

A McEwan (resigned 18 October 2024)

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments 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 to 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,943 (2023 - £253,643).

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

M.S.P (SCOTLAND) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors

The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

B Jayes

Director

Date: 9 December 2025

Page 2

M.S.P (SCOTLAND) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M.S.P (SCOTLAND) LIMITED

Opinion

We have audited the financial statements of M.S.P (Scotland) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Page 3

M.S.P (SCOTLAND) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M.S.P (SCOTLAND) LIMITED (CONTINUED)

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has 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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 is 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 an Auditors' Report 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.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 4

M.S.P (SCOTLAND) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M.S.P (SCOTLAND) LIMITED (CONTINUED)

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

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 Auditors' Report.

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 an Auditors' Report 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.

Alan Poole BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of

James Cowper Kreston Audit

Chartered Accountants and Statutory Auditor

Apex

Forbury Road

Reading

Berkshire

RG1 1AX

Date:9 December 2025

Page 5

M.S.P (SCOTLAND) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
	£	£


Turnover	4	4,571,800	5,612,631
Cost of sales		(2,274,073)	(2,904,351)
Gross profit		2,297,727	2,708,280
Administrative expenses		(2,289,267)	(2,373,694)
Operating profit	5	8,460	334,586
Interest payable and similar expenses		-	(1,697)
Profit before tax		8,460	332,889
Tax on profit	8	(6,517)	(79,246)
Profit for the financial year		1,943	253,643

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 9 to 16 form part of these financial statements.

Page 6

M.S.P (SCOTLAND) LIMITED

REGISTERED NUMBER: SC141564

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	9		236,755		307,796
Current assets
Stocks	10	218,481		216,393
Debtors: amounts falling due within one year	11	2,059,685		1,592,919
Cash at bank and in hand	12	431,171		245,040
		2,709,337		2,054,352
Creditors: amounts falling due within one year	13	(1,494,756)		(893,910)
Net current assets			1,214,581		1,160,442
Total assets less current liabilities			1,451,336		1,468,238
Provisions for liabilities
Deferred tax	14		(34,717)		(53,562)
Net assets			1,416,619		1,414,676

Capital and reserves
Called up share capital	15	72,000	72,000
Share premium account		118,333	118,333
Capital redemption reserve		40,000	40,000
Profit and loss account		1,186,286	1,184,343
		1,416,619	1,414,676

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

B Jayes

Director

Date: 9 December 2025

The notes on pages 9 to 16 form part of these financial statements.

Page 7

M.S.P (SCOTLAND) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2024	72,000	118,333	40,000	1,184,343	1,414,676

Profit for the year	-	-	-	1,943	1,943
At 31 December 2024	72,000	118,333	40,000	1,186,286	1,416,619

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023	72,000	118,333	40,000	930,700	1,161,033

Profit for the year	-	-	-	253,643	253,643
At 31 December 2023	72,000	118,333	40,000	1,184,343	1,414,676

The notes on pages 9 to 16 form part of these financial statements.

Page 8

M.S.P (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

M.S.P. (Scotland) Limited is a company incorporated and domiciled in Scotland and has its registered office and principal place of business at 1-9 Telford Road, Lenziemill, Cumbernauld, G67 2AX. The principal activity of the Company is the distribution of cladding and building boards to the building industry.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements are prepared on a going concern basis. The company is part of a group with a strong balance sheet and substantial financial resources which are expected to be more than adequate to enable the group to continue trading as a going concern for the for the foreseeable future. The directors of the parent company have confirmed that this company will have access to group resources where necessary.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

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

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

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

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

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

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 9

M.S.P (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery	-	10%	straight line
Motor vehicles	-	20%	straight line
Fixtures and fittings	-	20%	straight line
Computer equipment	-	25%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 10

M.S.P (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Pensions

Defined contribution pension plan

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

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

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Depreciation of fixed assets

Tangible fixed assets are depreciated over the useful economic lives of the assets taking into account their residual values, where appropriate. The usedul economic lives are reviewed annually and amended as needed.

Stock Provision

Provision is based on managements best estimate in respect of specific items based on the age and conditions of the items and any known issues.

Bad debt provision

Provisions are estimated by the company in respect of specific bad debts based on the age of the debt and any known recoverability issues.

Page 11

M.S.P (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Turnover

All turnover arose within the United Kingdom.

Depreciation	93,963	91,767
Audit fees	6,200	6,400
Defined contribution pension cost	41,970	39,076

6.	Employees
		2024	2023
		£	£

Wages and salaries	1,120,926	993,920
Social security costs	118,034	103,551
Defined contribution pension cost	41,970	39,076
	1,280,930	1,136,547

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Employees	32	30

7.	Directors' remuneration

The directors of the company are remunerated through other companies within the group.

The directors are considered to be the key management personnel of the company.

Page 12

M.S.P (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	23,635	94,288
Adjustments in respect of previous periods	1,727	-

Total current tax	25,362	94,288

Deferred tax
Origination and reversal of timing differences	(18,845)	(15,042)
Total deferred tax	(18,845)	(15,042)


		6,517	79,246

Profit on ordinary activities before tax

8,460

332,889

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)	2,115	78,297
Effects of:
Fixed asset differences	1,980	1,839
Adjustments to tax charge in respect of previous periods	1,727	-
Adjustments to tax charge in respect of previous periods - deferred tax	695	-
Remeasurement of deferred tax for changes in tax rates	-	(890)
Total tax charge for the year	6,517	79,246

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 13

M.S.P (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	1,248,101	21,012	188,896	15,222	1,473,231
Additions	6,496	-	6,139	10,287	22,922
At 31 December 2024	1,254,597	21,012	195,035	25,509	1,496,153
Depreciation
At 1 January 2024	1,056,347	21,012	76,423	11,653	1,165,435
Charge for the year	55,182	-	36,239	2,542	93,963
At 31 December 2024	1,111,529	21,012	112,662	14,195	1,259,398
Net book value
At 31 December 2024	143,068	-	82,373	11,314	236,755
At 31 December 2023	191,754	-	112,473	3,569	307,796

10.	Stocks
		2024	2023
		£	£

Raw materials	187,553	193,930
Work in progress	17,157	19,263
Finished goods	13,771	3,200
	218,481	216,393

11.

Debtors

					2024	2023
					£	£


Trade debtors	398,262	561,291
Amounts owed by group undertakings	1,630,152	1,016,898
Prepayments and accrued income	31,271	14,730
	2,059,685	1,592,919

Page 14

M.S.P (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	431,171	245,040

13.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	215,635	290,709
Amounts owed to group undertakings	1,150,534	334,717
Corporation tax	49,255	47,893
Other taxation and social security	45,137	159,961
Other creditors	6,031	5,177
Accruals and deferred income	28,164	55,453
	1,494,756	893,910

14.	Deferred taxation

	2024	2023
	£	£

At beginning of year	(53,562)	(68,604)
Credited to profit or loss	18,845	15,042
At end of year	(34,717)	(53,562)

					2024	2023
					£	£

Accelerated capital allowances

(34,717)

(53,562)

Page 15

M.S.P (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

60,000 (2023 - 60,000) Share Class A shares of £1.00 each	60,000	60,000
12,000 (2023 - 12,000) Share Class B shares of £1.00 each	12,000	12,000

	72,000	72,000

16.	Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £41,970 (2023: £39,076). Contributions totalling £5,931 (2023: £5,077) were payable to the fund at the balance sheet date and are included in creditors.

17.	Related party transactions
	The company trades with other group companies on a regular basis. All transactions are conducted on an arms length basis and also consist of the reallocation of administration overheads. Transactions with group companies are not disclosed as permitted by FRS 102.

18.	Controlling party

The immediate and ultimate parent undertaking is Vivalda Group Limited, a company registered in England and Wales, which prepares group financial statements. Copies can be obtained from the registered office. The ultimate controlling party is Mr Peter Johnson.

Page 16