REGISTERED NUMBER: 12747384 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

J.J. CHURCHILL (HOLDINGS) LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

R A Alessi Jr.

M Cooper

R Cruz

REGISTERED OFFICE:

Station Road

Market Bosworth

Nuneaton

Warwickshire

CV13 0PF

REGISTERED NUMBER:

12747384 (England and Wales)

AUDITORS:

Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

J.J. Churchill (Holdings) Ltd is the Holding company for a Tier 1, make-to-print, precision engineering supplier. The oldest part of the Group was founded 86 years ago. We specialise in the production of gas-turbine blades for aerospace and industrial power generation, manufacturing in compliance with current AS9100 and appropriate NADCAP and customer certifications.

Throughout 2024 - 2025, aviation has continued its growth trajectory, the Company's main activity relates to the long-term business-jet sector, complemented and balanced by the industrial gas-turbine market. However, expected output was severely restricted throughout the year by delays in new product introduction (NPI) related to business-jet engines.

The Company has been successful in winning a significant new industrial gas-turbine customer in the USA. This has highlighted further opportunity that the business looks forward to developing in 2026/7 supporting IGT power needs for municipalities and data centres, which together provide increasing strategic balance to our aerospace sector.

For 2025 - 2026 the Dassault Falcon 10X should commence flight certification, which will lead to further growth in the company's core turbine work portfolio on the Rolls-Royce Pearl engines. The success in securing new orders with the USA based IGT customer sees demand for the year growing by more than 100%.

ANALYSIS USING FINANCIAL KEY PERFORMANCE INDICATORS

Sales during the year at £25.3m (2024 - £16.1m) have grown by £9.2m or 57%. The sales opportunities outlined above give a strong order bank for forthcoming years, with projected average sales growth for the next two years exceeding 30%. A return to profitability is expected to be achieved in 2026/7.

New capital equipment acquired during the current year at £128k is significantly lower than the depreciation and impairment charge of £1.3m. This reflects resurgence in demand on delayed business-jet contracts now seeing the capital equipment previously procured for these projects come into use to meet customer-demand through 2024 and beyond.

Loss after tax in the year for the trading company at £1.6m (2023 - £4m loss) reflects an improvement of £2.4m year-on-year.

The trading company's liabilities exceed its assets by £5.1m at the year end. The continuing support of the company's shareholders is fundamental to the company's ability to achieve its planned objectives and hence continue to trade. The shareholders have provided a letter of support to 30 April 2027, and the directors have concluded that funding would be available if required. The company is also reliant on the continued support of its largest customer. Based on the company's forecasts and projections for the next two financial years (FY 25/26 & FY 26/27) the directors are satisfied that the company will be able to trade on a going concern basis, whilst reducing working capital and accounts payable.

ON BEHALF OF THE BOARD:

M Cooper - Director

28 April 2026

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

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

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

R A Alessi Jr.

M Cooper

R Cruz

Other changes in directors holding office are as follows:

A.J. Churchill resigned as a director on 02 January 2026.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

M Cooper - Director

28 April 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the 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 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 three, 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 group's and the parent 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 group or the parent 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:

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

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

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

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Vivian Shadbolt BSc FCA (Senior Statutory Auditor)

for and on behalf of Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

29 April 2026

TURNOVER

3

25,263

16,080

Cost of sales

22,859

17,388

GROSS PROFIT/(LOSS)

2,404

(1,308

)

Distribution costs

459

413

Administrative expenses

3,319

2,489

3,778

2,902

OPERATING LOSS

5

(1,374

)

(4,210

)

Interest payable and similar expenses

6

445

485

Other finance costs

21

81

105

526

590

LOSS BEFORE TAXATION

(1,900

)

(4,800

)

Tax on loss

7

(597

)

(1,186

)

LOSS FOR THE FINANCIAL YEAR

(1,303

)

(3,614

)

Loss attributable to:

Owners of the parent

(1,303

)

(3,614

)

LOSS FOR THE YEAR

(1,303

)

(3,614

)

OTHER COMPREHENSIVE INCOME

Actuarial gains/(losses) from assets

(406

)

117

Actuarial gains/(losses) from

a change in financial assumptions

604

(15

)

Actuarial gains/(losses) from

a change in demographic assumptions

27

162

Actuarial gains/(losses) from experience

14

86

Income tax relating to components of other comprehensive income

(158

)

(37

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

81

313

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,222

)

(3,301

)

Total comprehensive income attributable to:

Owners of the parent

(1,222

)

(3,301

)

FIXED ASSETS

Intangible assets

9

(1,360

)

(1,810

)

Tangible assets

10

3,639

4,881

Investments

11

-

-

2,279

3,071

CURRENT ASSETS

Stocks

12

9,641

7,955

Debtors

13

8,170

6,309

Cash at bank

644

929

18,455

15,193

CREDITORS

Amounts falling due within one year

14

18,882

13,763

NET CURRENT (LIABILITIES)/ASSETS

(427

)

1,430

TOTAL ASSETS LESS CURRENT LIABILITIES

1,852

4,501

CREDITORS

Amounts falling due after more than one year

15

(1,484

)

(2,473

)

PENSION LIABILITY

22

(1,397

)

(1,835

)

NET (LIABILITIES)/ASSETS

(1,029

)

193

CAPITAL AND RESERVES

Called up share capital

20

1,552

1,552

Share premium

21

5,541

5,541

Retained earnings

21

(8,122

)

(6,900

)

SHAREHOLDERS' FUNDS

(1,029

)

193

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

M Cooper - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

503

503

503

503

CURRENT ASSETS

Debtors

13

7,630

7,630

CREDITORS

Amounts falling due within one year

14

1,365

1,177

NET CURRENT ASSETS

6,265

6,453

TOTAL ASSETS LESS CURRENT LIABILITIES

6,768

6,956

CAPITAL AND RESERVES

Called up share capital

20

1,552

1,552

Share premium

21

5,541

5,541

Retained earnings

21

(325

)

(137

)

SHAREHOLDERS' FUNDS

6,768

6,956

Company's loss for the financial year

(188

)

(137

)

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

M Cooper - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£'000

£'000

£'000

£'000

Balance at 1 April 2023

1,552

(3,599

)

5,541

3,494

Changes in equity

Total comprehensive income

-

(3,301

)

-

(3,301

)

Balance at 31 March 2024

1,552

(6,900

)

5,541

193

Changes in equity

Total comprehensive income

-

(1,222

)

-

(1,222

)

Balance at 31 March 2025

1,552

(8,122

)

5,541

(1,029

)

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£'000

£'000

£'000

£'000

Balance at 1 April 2023

1,552

-

5,541

7,093

Changes in equity

Total comprehensive income

-

(137

)

-

(137

)

Balance at 31 March 2024

1,552

(137

)

5,541

6,956

Changes in equity

Total comprehensive income

-

(188

)

-

(188

)

Balance at 31 March 2025

1,552

(325

)

5,541

6,768

Cash flows from operating activities

Cash generated from operations

1

1,227

(112

)

Interest paid

(445

)

(348

)

Net cash from operating activities

782

(460

)

Cash flows from investing activities

Purchase of intangible fixed assets

-

(836

)

Purchase of tangible fixed assets

(129

)

(151

)

Net cash from investing activities

(129

)

(987

)

Cash flows from financing activities

New loans in year

-

503

Capital repayments in year

(938

)

(668

)

Preference shares issue

-

1,040

Net cash from financing activities

(938

)

875

Decrease in cash and cash equivalents

(285

)

(572

)

Cash and cash equivalents at beginning of year

2

929

1,501

Cash and cash equivalents at end of year

2

644

929

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

2025

2024

£'000

£'000

Loss before taxation

(1,900

)

(4,800

)

Depreciation charges

842

1,002

Pension scheme costs

(81

)

(105

)

Finance costs

526

590

(613

)

(3,313

)

Increase in stocks

(1,686

)

(5,071

)

(Increase)/decrease in trade and other debtors

(1,422

)

1,291

Increase in trade and other creditors

4,948

6,981

Cash generated from operations

1,227

(112

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£'000

£'000

Cash and cash equivalents

644

929

Year ended 31 March 2024

31.3.24

1.4.23

£'000

£'000

Cash and cash equivalents

929

1,501

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£'000

£'000

£'000

Net cash

Cash at bank

929

(285

)

644

929

(285

)

644

Debt

Finance leases

(3,370

)

900

(2,470

)

Debts falling due within 1 year

(1,544

)

(82

)

(1,626

)

(4,914

)

818

(4,096

)

Total

(3,985

)

533

(3,452

)

1.	STATUTORY INFORMATION

J.J. Churchill (Holdings) 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 General Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

The trading company has incurred a net loss before tax of £2.2m during the year to 31 March 2025 and, as of that date, the company's liabilities exceed its assets by £5.1m. The trading company is expected to incur a net loss before tax in the year to 31 March 2026 of approximately £3.3m.

The continuing support of the company's shareholders is fundamental to the company's ability to achieve its planned objectives and hence continue to trade. The shareholders have provided a letter of support to 30 April 2027, and the directors have concluded that funding would be available if required. The trading company is also reliant on the continued support of its largest customer. Based on the trading company's forecasts and projections for the next two financial years (FY 26/27 & FY 27/28) the directors are satisfied that the company will be able to trade on a going concern basis, whilst reducing working capital and accounts payable.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2025. The results of subsidiaries acquired or sold are consolidated for the periods from the date on which control passed.

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the group. All inter-group transactions, balances, income and expenses are eliminated on consolidation.

Under S408 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of seven years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are amortised evenly over their estimated useful life.

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.

Freehold property

-

2.5% on cost

Plant and machinery

-

33.33% on cost, 20% on cost and 12.5% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company previously operated 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.

The company previously operated a defined benefit pension scheme for the benefit of two of the directors and certain key employees of the company, alongside a separate defined contributions pension scheme for other employees. The Company's total obligation in respect of defined benefit plans is calculated by independent, qualified actuaries and updated at least annually. The size of the obligation is sensitive to actuarial assumptions. The key assumptions are the discount rate, the rate of inflations, life expectancy, pension benefits and rate of salary increases. The pension contributions made by the company under these arrangements are shown in the notes to the financial statements. The disclosures required under FRS102 employee benefits are shown in note 22.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2025

2024

£'000

£'000

United Kingdom

1,584

1,731

Europe

22,024

13,621

Rest of world

1,655

728

25,263

16,080

4.	EMPLOYEES AND DIRECTORS

2025

2024

£'000

£'000

Wages and salaries

5,152

3,849

Social security costs

484

396

Other pension costs

163

126

5,799

4,371

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

2025

2024

Production

96

74

Sales

1

2

Administration

21

16

118

92

2025

2024

£

£

Directors' remuneration

395,281

395,281

Directors' pension contributions to money purchase schemes

37,577

37,577