The director presents the strategic report for the year ended 31 December 2024.
The corporate group includes 2 companies.
Giri Holdings Limited is the parent company to Didax, Incorporated (“Didax”). Didax, is a wholly owned trading subsidiary, operating in the United States of America. Didax has for over 45 years, specialised in helping educators to address individual learning styles and diverse student needs. Specifically, Didax is a supplementary publisher and distributor of materials for K-12 educators primarily in the United States in the areas of maths, literacy, and character education. Didax publishes a wide variety of books, games and hands on manipulators, to provide teachers with classroom-tested materials to support their instruction.
There have not been any significant changes to the group's principal activities during the year under review. The directors are not aware, at the date of this report, of any likely changes to the principal activities in the next year.
The financial performance of the group in 2024 is as expected, with group turnover for the year of £12.1m (2023: £18.3m). The reduction has been short-term and for a number of reasons. Post year end, demand for current curriculum materials has increased and it is forecast that group turnover will exceed historic levels.
Gross profit margins have increased from 57.4% to 59.0% due to effective management of suppliers used, supply chain matters and costs.
The decrease in administrative costs principally relates to a reduction in wages and royalties.
Due to effective management of costs despite challenging economic pressures, the directors are pleased that the group has reported a profit before tax of £0.8m (2023: £2.9m).
The directors continue to focus on both turnover growth and profitability levels and are confident that growth will be achieved from continually seeking to increase market share, maintaining existing customers and securing new opportunities with new customers.
During the year, the group commenced the planned investment in new warehousing space and systems to facilitate strategic growth and to address customer demand. This investment will benefit future years.
The group’s net asset position is extremely strong at £10.1m (2023: £10.3m). The directors are of the opinion that this places the group in a good financial position and are confident that they will continue to build on the group’s resources to further strengthen this position.
Principal risks and uncertainties
The group uses various financial instruments including bank loans plus various other items, such as debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group’s operations.
The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail below. The directors review and agree policies for managing these risks. These policies have remained unchanged from previous years.
Liquidity risk
The group seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Interest rate risk
The group finances its operations through a combination of retained profits and bank loans. The group exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.
Foreign currency risk
The group principal foreign currency exposures arose from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in a specific currency.
The principal credit risk arises from the group's trade debtors.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
The directors will continue to monitor profit margins, cost control and sales growth in the forthcoming year. The group's growth strategy is based around strong customer partnership and continued development of sustainable products.
The group reviews and monitors its performance against a number of key performance indicators both financial and non-financial. The principal measures include revenue growth, maintaining service levels, improvement of gross margins, profit before tax (“PBT”). These are reviewed by the management team and reported to the board on a monthly basis.
The directors have and will continue to monitor all of the KPI’s and daily operating controls and maintain a strong focus on increasing performance in all aspects of the business.
The main KPI’s and corresponding results are as follows:
| 2024 | 2023 |
Turnover | £12.1m | £18.3m |
Gross profit % | 59.0% | 57.40% |
Profit before tax | £0.8m | £2.9m |
Net current assets | £9.4m | £9.6m |
Net assets | £10.1m | £10.3m |
The reduction in group turnover was as expected, for various reasons, some being short-term. Post year end a growth in turnover beyond historic levels is expected.
Gross margin improvements reflect effective management of suppliers, supply chain and costs.
The fall in profit before tax is a direct result of decreased sales offset by the effective monitoring and control of costs.
The group continues to maintain significant net current assets, which illustrates the group's liquidity and effective working capital management.
The group continues to maintain significant net assets, which illustrates the group's significant financial strength.
On behalf of the board
The director presents his annual report and financial statements for the year ended 31 December 2024.
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £824,000. The director does not recommend payment of a further dividend.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
The directors will continue to develop the main trading subsidiary as a market leader in the provision of educational learning materials, providing to both educators and home learners, whilst expanding the existing customer base and seeking new opportunities.
The group has sufficient financial resources in place to execute its strategy and continue to develop for the future.
The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of Giri Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 group's and parent 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 director with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the director's report have been prepared in accordance with applicable legal requirements.
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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the director (as required by auditing standards) and discussed with the director the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: laws related to health and safety, employment and data protection.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:
Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud
Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud
Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £592,181 (2023 - £699,821 profit).
Giri Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Fourth Floor, Unit 5B, The Parklands, Bolton, BL6 4SD.
The group consists of Giri Holdings Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Giri Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
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.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 a 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 only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
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. Amounts 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 group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
US Income Taxes
Income taxes are accounted for in accordance with U.S. generally accepted accounting principles. In determining the recognition of uncertain tax positions, the group applies a more-likely-than-not recognition threshold and determines the measurement of uncertain tax positions considering the amounts and probabilities of the outcomes that could be realised upon ultimate settlement with taxing authorities. At the year end, the group has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements. The group is generally subject to potential examination by taxing jurisdiction for the prior three years.
The provision for deferred income tax expense or benefit represents the net change during the year in the group’s deferred income tax assets or liabilities. Deferred income tax assets or liabilities represent the amount of income taxes recoverable or payable in future years resulting from future net tax deductions or taxable income arising from temporary differences in the reporting of certain types of income and expense items for financial statement and for income tax purposes. Deferred tax assets or liabilities are measured using current tax laws and computed pursuant to generally accepted accounting principals for uncertainty in income taxes.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 to be 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The useful economic life of tangible fixed assets and an assessment of any residual value has to be estimated by the directors of the company. This estimation is made to ensure that an appropriate depreciation charge, writing down the carrying value of fixed assets over the correct period. During the year a depreciation charge of £185,362 (2023: £84,407) was calculated based on accounting policies applied.
Refer to note 11 for the carrying values of tangible fixed assets impacted by this key accounting estimate.
Stock provision
The group considers it necessary to evaluate the recoverability of the cost of stock. The stock levels are constantly reviewed and should there be an indication of obsolescence, the stock is written down to its assessed net realisable value. At the year-end, the group has included a stock provision of £197,186 (2023: £179,966), with the provision movement recognised in cost of sales.
Refer to note 14 for the stock values impacted by this key accounting estimate.
Trade debtors
Trade debtors are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of provision required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain. At the year-end, the group has included a bad debt provision of £51,971 (2023: £55,280), with the bad and doubtful debt provision movement recognised in administrative expenses.
Refer to note 15 for the values of trade debtors impacted by this key accounting estimate.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
No remuneration was paid to the director (2023: £Nil).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
In October 2022, the UK government announced an increase in the corporation tax main rate from 19% to 25% for companies with profit over £250,000. There is a small company rate of 19% for taxable profits under £50,000 and marginal relief available for profits falling between £50,000 - £250,000 with effect from 1 April 2023.
Details of the company's subsidiaries at 31 December 2024 are as follows:
Bank loans are secured.
Bank loans are secured.
Bank loans include a property mortgage payable to a bank, secured by land and building located in Rowley, Massachusetts as well as first security charge on all of the subsidiaries assets. The loan is payable at the amount of £2,315 per month until expiry in October 2029. Interest was fixed at the Federal Home Loan Bank five-year Classic Advance Rate plus 2.35% for two periods of 60 months each. Interest is charged at a rate of 4.39% p.a. (2023: 4.39%).
At 31 December 2024, Didax Incorporated has a line of credit agreement with a bank. Maximum borrowings made available under the agreement are £2,395,919 limited to a sum of 80% of eligible accounts receivable plus 50% of eligible inventory with a cap. The inventory is capped at £1,597,280 during the months of January through to June and is capped at £998,300 for the months of July through to December. The agreement provides that borrowings bear interest at the Wall Street Journal prime rate plus 0.5%. The interest rate at 31 December 2024 was 8.00% (2023: 9.00%). The agreement is secured by a charge over all assets of the US subsidiary. The agreement is cross collateralised with the mortgage and instalment notes payable. This line of credit agreement was renewed in July 2021 and expired on 1 August 2023. The outstanding balance on the line of credit must be reduced to £Nil over fifteen consecutive days per calendar year. There were no borrowings outstanding at 31 December 2024 (2023: £Nil). On 19 January 2024, the line of credit agreement was modified in which the maximum borrowings available under this agreement will be £1,597,280 and expire on 19 January 2025. The agreement was subject to certain financial covenants including a minimum current ratio and a maximum debt to net worth ratio. At 31 December 2024 and 2023, management was not aware of any violations of the covenants. Subsequent to the year end, this line of credit agreement was extended to 19 May 2025.
The group has deferred compensation agreements with certain former employees. Under the terms of the agreements, the employees are entitled to receive payments ranging from £799 to £1,597 per month for fifteen years. All the employees are fully vested under these arrangements. Payments are scheduled to commence the month following the later of the employee's normal retirement age or termination of full time employment. Two former employees are currently receiving benefits under the agreements. At 31 December 2024 and 2023, the deferred compensation has been discounted to its present value using a rate of 2.24 (2023: 3.88%). At 31 December 2024 the group's obligation to these employees, net of unamortised present value discount of £24,303, amounted to £243,907 (2023: £247,841), aged as follows:
2024 2023
£ £
Creditors: amounts falling due within one year 31,946 31,588
Creditors: amounts falling due after more than one year 211,961 216,253
243,907 247,841
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax asset recognised in these financial statements arises within the US trading subsidiary, calculated principally from the following temporary differences, specifically applicable to the United States:
The allowance method of estimating uncollectible accounts receivable is utilised for financial statement purposes, whilst the direct write-off method based on tax regulations is utilised for income tax purposes.
Inventory allowances for obsolete, slow moving and unsalable items are expenses for financial statement purposes in the year the allowance is established while a deduction is not recognised for tax purposes until items are physically disposed or sold at a reduced value.
Certain accrued expenses such as holiday pay are deducted when paid for income tax purposes while they are recorded when earned for financial statement purposes.
For financial statement purposes the group has expensed the vested value of the deferred compensation payable to certain former and current employees, while for income tax purposes a deduction is taken for the amount paid to such employees in the year paid.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The company has taken advantage of the exemption available in accordance with Financial Reporting Standard 102 Section 33, not to disclose transactions entered into between two or more members of a group, where any subsidiary party to the transaction is wholly owned.
Dividends totalling £824,000 (2023 - £430000) were paid in the year in respect of shares held by the company's directors.
Advances or credits have been granted by the group to its directors as follows:
The overdrawn directors' loan accounts have been fully repaid on 30 September 2025.
The group has a retirement plan which covers all eligible employees and includes an employee's savings plan established under the provisions of Internal Revenue Code Section 401(k). Under the savings plan, a certain percentage of employee's compensation, as defined in the plan, can de deferred as an employee contribution to the plan. The group may make discretionary profit-sharing contributions equal to a uniform percentage of the employee's deferral. The group's discretionary profit sharing contributions to the plan amounted to £103,823 (2023: £102,662).
While the group expects to continue the plan indefinitely, it has reserved the right to modify, amend or terminate the plan. In the event of termination, the entire amount contributed under the plan must be applied to the payment of benefits to the participator of their beneficiaries.