REGISTERED NUMBER: 02823576 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

UNIPET INTERNATIONAL LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

A L Ball Esq

L Rouse Esq

REGISTERED OFFICE:

Unipet, Trinity Trading Estate

Tribune Drive

Trinity Trading Estate

Sittingbourne

Kent

ME10 2PG

REGISTERED NUMBER:

02823576 (England and Wales)

AUDITORS:

McCabe Ford Williams

Statutory Auditors and Chartered Accountants

Invicta Business Centre

Monument Way

Orbital Park

Ashford

Kent

TN24 0HB

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company's principal activities during the year continued to be the manufacture, distribution and selling of wild bird food products.

The business appointed Luke Rouse as a director on 1st January 2025 to further strengthen the depth of the management and leadership team.

BUSINESS REVIEW AND KEY FINANCIAL PERFORMANCE INDICATORS

The company's turnover dropped by 14% between 2023 and 2024 from £14.7m to £12.7m. This drop in turnover was largely due to the loss of the Wilko account, a leading retailer in wild bird food which entered administration in August 2023. Despite continuing to supply this core brand into the new Wilko owners, the volume has not been at the levels it was prior to 2023.

The key business indicator which reflects the company's improved trading position is the gross profit percentage which has grown for a second year from 21.42% to 25.15%, a rise of over 3.5%. Competition within the market remained aggressive and a number of our main competitors continues to sell inferior products at keen prices to deflate the premium market. The company continues to work hard on maintaining strong relationships with its core business partnerships to build better business opportunities.

Commodity prices were more consistent in 2024 and the volatility seen in 2022 into 2023 seems to have passed although global political and environmental factors can threaten to create uncertainty within the markets, a challenge which is common across the globe.

Limited price increases were negotiated as a result of market pressures and a need to retain key accounts. Margins have not improved in 2025. As a result, the need to continue to review and manage administrative costs is crucial. The business moved premises in December 2024 into a new factory, a move which sets the business in good stead for the next phase of its development. There were, as expected, numerous challenges to overcome because of the move but the business overcame them with the least disruption possible. Delays in production caused by the move have been rectified but have impacted the figures for 2025.

Profit before tax percentage fell from 6.3% to 3.8% but it is important to note that the percentage would have been much more comparable at 6.1% without £280,000 of dilapidation costs relating to the year, as a result of the move.

2024

2023

Change

Turnover

£12,685,854

£14,754,213

-14.00%

Gross profit %

25.15%

21.42%

+3.73%

Operating profit

£606,348

£1,066,481

-43.10%

ROCE

0.69

1.26

-0.57%

Current ratio

0.94

0.88

+0.06%

Although disappointed with the drop in turnover the management team are pleased with the positive results reported in 2024. The company have invested in infrastructure into 2025 to try to drive sales, improve product portfolio and expand its customer base. In addition the operations team continue to evolve the production process within the new and existing buildings to try to improve margins through production efficiencies and compositions. The business will continue to monitor margins and will make strategic business decisions based on the ongoing business performance.

PRINCIPAL RISKS AND UNCERTAINTIES

The management have not identified any specific risks facing the company although there are general business risks that they are aware of. These principal risks and uncertainties facing the company are broadly grouped as; operational, financial and credit and interest risk.

Operational Risks

In the UK the company competes against a relatively small number of key competitors. The company is required to compete for business across several key areas including, price, quality and service. The company has invested heavily in infrastructure and personnel in previous years which it believes gives it the resources it needs to meet these operational challenges. This investment is continually reviewed and adopted to enable the business to effectively compete in this market.

The company's primary raw materials are commodities which can be impacted by global market forces and trading, with the business exposed to volatility in prices as a result of these influences as well as exposure to a shortage of key products. These exposures can impact turnover and the profit margins achieved by the company which in turn can impact cash flow, debt serviceability and general key business performance indicators. These include the strengthening of supply chains, the sourcing of raw materials and the continued communication with customers to ease the impact of any strategic changes in business practices such as price increases or product shortages which may occur.

Financial Risks

The company has established a risk and financial management process whose primary objective is to protect the company from events that hinder the achievement of the company's performance objectives.

Credit and Interest Risk

The company hedges exchange rate risk where deemed prudent and deals with Sterling wherever possible. Its exposure to Euro exchange rate fluctuations is not deemed material to the business.

The company is also exposed to interest risk on any borrowing which is at floating interest rates. The company has a policy of actively managing its interest rate exposure by having borrowings of cash and cash equivalents as low as possible.

In November 2024 the company entered into a loan agreement negotiated at a variable rate for a period of 12 months. Interest rates have remained stable since that loan was executed and have since fallen. The company's general expectation is that they will continue to fall at a steady rate.

Going concern

The directors, and their management team identified several factors which impacted the performance of the company in 2024 and continued to impact 2025 as shown by the management accounts for the period to 30 September 2025. New staffing appointments made in the last few months of 2024 have recently been reviewed and changes implemented where these new appointments have not proved to be cost effective. Cost reductions are shown by the budgets and forecasts prepared for the year ending 31 December 2026. Customer price increases have also been communicated to be effective from 1 January 2026. The company continues to adapt and evolve to meet the needs of its customers and the market. The directors remain confident that the company has the necessary experience, resources and funding to continue to build on its 30-year trading history and to meet all its challenges head on. To this end the directors believe that no material uncertainty exists regarding going concern.

ON BEHALF OF THE BOARD:

A L Ball Esq - Director

22 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture, distribution and selling of wild bird and pet food products.

DIVIDENDS

Dividends totalling £250,000 were paid during the year, (2023 - £500,000).

DIRECTOR

A L Ball Esq held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

L Rouse Esq was appointed as a director after 31 December 2024 but prior to the date of this report.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, McCabe Ford Williams, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A L Ball Esq - Director

22 December 2025

Opinion

We have audited the financial statements of Unipet International Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 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 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 gained an understanding of the laws and regulations applicable to the company and the industry in which it operates, and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests include agreeing the financial statement disclosures to underlying supporting documentation, reviewing minutes of meetings and enquiries with management.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also assessed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the director that represented a risk of material misstatement due to fraud.

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.

B W Wright FCA (Senior Statutory Auditor)

for and on behalf of McCabe Ford Williams

Statutory Auditors and Chartered Accountants

Invicta Business Centre

Monument Way

Orbital Park

Ashford

Kent

TN24 0HB

23 December 2025

TURNOVER

4

12,685,854

14,754,213

Cost of sales

9,495,467

11,593,353

GROSS PROFIT

3,190,387

3,160,860

Administrative expenses

2,584,039

2,094,379

OPERATING PROFIT

6

606,348

1,066,481

Interest receivable and similar income

1,597

811

607,945

1,067,292

Interest payable and similar expenses

7

115,481

132,847

PROFIT BEFORE TAXATION

492,464

934,445

Tax on profit

8

105,467

219,746

PROFIT FOR THE FINANCIAL YEAR

386,997

714,699

PROFIT FOR THE YEAR

386,997

714,699

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

386,997

714,699

FIXED ASSETS

Tangible assets

10

1,091,597

1,165,189

CURRENT ASSETS

Stocks

11

656,787

616,227

Debtors

12

2,292,018

1,692,271

Cash at bank and in hand

277,885

35

3,226,690

2,308,533

CREDITORS

Amounts falling due within one year

13

3,443,983

2,626,772

NET CURRENT LIABILITIES

(217,293

)

(318,239

)

TOTAL ASSETS LESS CURRENT LIABILITIES

874,304

846,950

CREDITORS

Amounts falling due after more than one year

14

(16,945

)

(112,325

)

PROVISIONS FOR LIABILITIES

18

(222,729

)

(236,992

)

NET ASSETS

634,630

497,633

CAPITAL AND RESERVES

Called up share capital

19

2,000

2,000

Share premium

20

99,000

99,000

Retained earnings

20

533,630

396,633

SHAREHOLDERS' FUNDS

634,630

497,633

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

A L Ball Esq - Director

L Rouse Esq - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

2,000

181,934

99,000

282,934

Changes in equity

Dividends

-

(500,000

)

-

(500,000

)

Total comprehensive income

-

714,699

-

714,699

Balance at 31 December 2023

2,000

396,633

99,000

497,633

Changes in equity

Dividends

-

(250,000

)

-

(250,000

)

Total comprehensive income

-

386,997

-

386,997

Balance at 31 December 2024

2,000

533,630

99,000

634,630

1.	STATUTORY INFORMATION

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

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.

Going Concern

At the balance sheet date current liabilities exceeded current assets. As noted in the Strategic Report,

the directors and their management team identified several factors that had a negative impact on the performance of the company during the latter part of 2024 and into 2025.The factory and office move in December 2024 had a greater impact than was foreseen with additional downtime and production issues, which carried on into the first half of 2025. In addition the company was hindered by the shortage of a key product during 2025. Changes implemented during the last quarter of 2025, including staffing, product range, pricing and manufacturing performance should result in a return to the financial performance levels expected, as shown by the budgets and projections for the year ending 31 December 2026.

Bank funding has recently been secured on the basis of these projections.

Based upon these financial statements, and the budgets and projections prepared through to 31 December 2026, aided by the bank funding, including the invoice finance facility and the financial support and experience of the directors in this industry, no material uncertainty exists regarding going concern and it is therefore considered appropriate to prepare these financial statements on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Unipet Holdings Limited is the parent of the group in whose consolidated financial statements the financial statements of Unipet International Limited are consolidated. The financial statements of Unipet Holdings Limited are available at Companies House.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Depreciation and residual values

As detailed under the tangible fixed assets policy, the assets residual values, useful lives and depreciation methods are reviewed, and adjusted accordingly if appropriate or if there is an indication of a significant change since the last reporting date.

Stock valuation

Included within the finished goods stock valuation is a calculated value of attributable overhead.

This calculation is reviewed each year and relates to a proportion of certain fixed and variable production overhead. The labour element of the stock valuation is calculated based on machine speeds and man hours.

Bad debts

These are provided on the basis of specific amounts that in the opinion of the director will not be recovered.

Balances under the invoice finance arrangement are covered, with the company's exposure limited to £500 or £1,000 depending on who the customer is located.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Improvements to property

-

over the term of the lease

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

33% on a straight line basis

Motor vehicles

-

25% on reducing balance

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.

The asset residual values, useful lives and depreciation methods are reviewed, and adjusted accordingly if appropriate, or 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 the statement of comprehensive income.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure, and an appropriate proportion of fixed and variable production overheads in respect of finished goods.

Financial instruments

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

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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 outstanding.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred. Research and development tax credits are accounted for upon receipt.

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 the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Invoice financing

A separate presentation is adopted in respect of trade debtor balances subject to a debt finance arrangement. Finance is raised against certain sales invoices for which charges are made. The amounts advanced are secured against the trade debtors until paid and the total advance outstanding at the year end is included under creditors due within one year. The finance costs are charged as an expense in the statement of comprehensive income.

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.

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.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at the reporting date.

4.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

12,238,504

14,445,660

Europe

447,350

308,553

12,685,854

14,754,213

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,794,853

1,707,842

Social security costs

178,901

163,250

Other pension costs

86,537

79,236

2,060,291

1,950,328

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

2024

2023

Management and administration

12

12

Production

44

45

56

57

2024

2023

£

£

Director's remuneration

20,973

16,443

Director's pension contributions to money purchase schemes

9,450

5,629

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

Money purchase schemes

1

1

6.	OPERATING PROFIT

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

2024

2023

£

£

Hire of plant and machinery

41,806

37,168

Other operating leases

21,630

-

Depreciation - owned assets

216,267

224,536

Depreciation - assets on hire purchase contracts

38,063

48,820

Loss/(profit) on disposal of fixed assets

24,621

(3,900

)

Auditors' remuneration

19,000

18,000

Exchange rate (gains)/losses

4,953

12,082

Operating leases - land and buildings

367,189

339,971

Dilapidation costs

280,000

-

The dilapidation costs of £280,000 are as a result of the factory and office move in December 2024.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

15,208

20,775

Factoring interest

90,326

99,354

Other interest

1,357

-

Hire purchase interest

8,590

12,718

115,481

132,847

8.

TAXATION

Analysis of the tax charge

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

2024

2023

£

£

Current tax:

UK corporation tax

142,006

219,245

Adjustment to previous years'

provision (see below)

(22,276

)

-

Total current tax

119,730

219,245

Deferred tax

(14,263

)

501

Tax on profit

105,467

219,746

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

492,464

934,445

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

123,116

219,781

Effects of:

Capital allowances in excess of depreciation

-

(536

)

Depreciation in excess of capital allowances

18,890

-

Research and Development

(22,276

)

-

credits

Deferred tax (credit) / charge

(14,263

)

501

Total tax charge

105,467

219,746

..

9.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Interim

250,000

500,000

10.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

214,016

4,327,814

72,380

21,724

4,635,934

Additions

152,472

72,443

10,445

-

235,360

Disposals

(122,008

)

(793,438

)

(26,537

)

-

(941,983

)

At 31 December 2024

244,480

3,606,819

56,288

21,724

3,929,311

DEPRECIATION

At 1 January 2024

170,474

3,225,055

71,143

4,073

3,470,745

Charge for year

21,771

227,030

1,116

4,413

254,330

Eliminated on disposal

(118,137

)

(742,687

)

(26,537

)

-

(887,361

)

At 31 December 2024

74,108

2,709,398

45,722

8,486

2,837,714

NET BOOK VALUE

At 31 December 2024

170,372

897,421

10,566

13,238

1,091,597

At 31 December 2023

43,542

1,102,759

1,237

17,651

1,165,189

The net book value of fixed assets includes £142,946 in respect of assets held under hire purchase contracts,. (2023- £191,743).

11.

STOCKS

Closing stock consists of:

2024

2023

£

£

Finished goods

223,120

151,320

Bulk product materials

195,335

231,851

Packaging materials

238,332

233,056

656,787

616,227

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors (incl. financed debtors)

1,485,161

1,277,147

Amounts owed by group undertakings

458,000

283,000

Other debtors

160,690

3,400

Prepayments

188,167

128,724

2,292,018

1,692,271

Of the trade debtor balances, £1,485,161, (2023 - £1,203,298) ,represent balances which are under a debt finance arrangement. The amount advanced against these balances at 31 December 2024 was £1,323,249, (2023 - £1,131,499). This amount is disclosed under creditors falling due within one year.