Registered number: 05277708
FOR THE PERIOD ENDED 31 DECEMBER 2025
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The directors present their Strategic Report for the period ended 31 December 2025.
These accounts are for the 18 month period from 1 July 2024 to 31 December 2025. The comparatives represent the year ended 30 June 2024.
With over 25 years of experience, our Bathgate location in Scotland, UK is an integral part of Catalent’s European clinical supply services network. The company has a comprehensive range of capabilities to support sponsors’ studies throughout the United Kingdom, Europe and beyond, including clinical supply management, FastChain® demand-led supply, clinical-scale commercial packaging, and Qualified Person (QP) release services. We offer packaging design services on site, as well as secondary packaging and clinical labelling services. In addition to end-to-end clinical supply services, our Bathgate location also works closely with our sister facility in Nottingham to provide integrated development solutions, to help reduce project complexity and risk, and accelerate products to clinic and market.
Catalent, Inc., the intermediate parent company, was acquired by Novo Nordisk Fonden in an all-cash transaction on 18 December 2024. This transaction has had no effect on the future developments of the company, nor is this expected to change in the future.
The directors are pleased with the company's performance in relation to its Clinical Supply Service operations which returned an operating profit of £9,477,431 (year ended 30 June 2024: £5,334,809) for the period on turnover of £68,698,390 (year ended 30 June 2024: £36,729,690). The extended period of 18 months for the current fiscal year was due to the acquisition of the ultimate parent, Catalent Inc., by Novo Holdings A/S, ultimately controlled by Novo Nordisk Fonden, on 18 December 2024, thus aligning to their fiscal year end.
The company's key financial and other performance indicators during the eighteen months were as follows.
The current period represents 18 months to 31 December 2025, compared to a 12-month prior year, and therefore direct comparison of reported results is not like-for-like. Revenue and operating profit increased to £68.7m and £9.5m respectively (2024: £36.7m and £5.3m); however, on an annualised basis growth is more moderate, with profitability impacted by one-off items and changes in revenue mix. Profit after tax increased to £17.8m (2024: £10.3m), supported by strong cash balances and interest income. The company maintains a strong financial position and liquidity, with a positive outlook supported by a healthy order book.
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STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
Business review and key performance indicators ("KPI") (continued)
Employees
Employee engagement refers to how connected an employee feels to their work, their colleagues, and the wider business. Employee Engagement score is an increase of 5% on the prior year survey. Overall participation remained consistent at 73% of employees taking part.
Net promoter score (NPS)
There has been a 40% improvement in NPS score demonstrating sustained momentum in client satisfaction improvement.
Performance Monitoring
The company’s financial performance is reviewed monthly, quarterly, and annually by senior leadership, comparing actual results against forecasts and budgets. The profit margin was below expectations. The business also tracks its contribution margin before corporate costs, which was also lower than anticipated.
The directors have assessed the impact of global instabilities, such as the ongoing situation in the Middle East and the impact of Tariffs being applied by the US and any resulting response by other countries. The strategic outlook remains unchanged with a healthy order book and the expectancy to generate revenues and profits into next twelve months and beyond.
Competitive risks
Customer strategies and market trends: As a contract manufacturer and provider of outsourced services to the global pharmaceutical market, the drug delivery market is dependent on customers' outsourcing strategies and global partnerships with key clients and acquiring niche capabilities.
Competition: Within the current competitive global market, the company may encounter competition from existing or new entrants in the market. The risk of losing market position is minimised (but not eliminated) through strategic focus on competitive advantage through the company's key capabilities in terms of technology and knowledge, service and efficiency.
Legislative/regulatory risks
Currently the company is regulated by various national regulatory bodies, with the main one being Medicines and Healthcare products Regulatory Agency (MHRA) in the UK. Regulatory changes may raise risks as to the company's ability to service these markets, either impacting its capabilities or impacting the company indirectly through changes to customers' product requirements. The company is upgrading its capabilities and systems continuously to ensure it meets all current and reasonably foreseen regulatory changes. Furthermore, the company have a Global Regulatory Affairs Network who monitor all regulatory changes closely and are a member of the Scottish Life Science Association (SLA) and work with SLA, Scottish Enterprise and other organisations to promote the clinical trials business to ensure we are involved in changes to our regulatory environment.
Economic risks
Through the normal course of its activities, the company has exposure to foreign exchange fluctuations due to the global nature of the revenues. The company is exposed due to its USD and Euro denominated revenues. There are no currency hedges or other financial instruments in place at company level to protect against exchange rates variations, the mix of GBP, EURO and USD reduces the impact of foreign exchange fluctuations. The macroeconomic outlook has become more uncertain as the impact of higher inflation on the cost of living has increased. Such risks are managed by the group's treasury function at corporate level by Catalent, Inc.
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STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
Principal risks and uncertainties (continued)
Other risks
Product and services price risks are limited through structured contracts which are based on firm pricing, usually with mechanisms for annual price increases relating to component and/or index-linked increases. The majority of the revenues are through long term contracts with large pharmaceutical companies that have a high quality credit score.
Financial Risk
The companies activities expose it to a number of risks including cash flow and liquidity risk.
Cash Flow Risk
The company's activities expose it mainly to the financial risk to changes in foreign currency exchange rates, the company makes sales in US Dollars and Euro's. Where possible purchases are made in the same currency as the contracted currency.
Credit Risk
The company's principal financial risk is from trade debtors and amounts owed from group under takings. The amounts presented on the Balance Sheet are net of provisions for doubtful debts. Amounts from group undertakings are settled on a monthly basis.
Introduction
The directors, in line with their duties under section 172 (“s172”) of the Companies Act 2006, act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard to a range of matters when making decisions for the long-term. Key decisions and matters that are of strategic importance to the company are appropriately informed by s172 factors.
Board training and support on 172 duties
Directors are supported in the discharge of their duties by the office of the company secretary. All directors receive guidance on their statutory duties including s172 and were briefed on the governance and reporting requirements introduced by the Companies (Miscellaneous Reporting) Regulations 2018.
Stakeholders
The company board’s responsibility to promote the long-term success of the company, relies on inputs from, and positive relationships with, a wide range of stakeholders.
Employees
The company's policy is to consult and discuss with employees matters likely to affect employee's interests. Information on matters of concern to employees is given through employee daily, monthly and quarterly meetings and involves all levels of staff. These meetings seek to achieve a common awareness of the financial and economic factors affecting the company's performance. Our vision is to speed the process to better health for patients globally by providing the most reliable, sought after clinical supply services and solutions for the company.
We continue to build strong values based on Patient First, Customer Dedication, People, and Service.
During the period we have engaged with our employees in the following ways:
We continue to build strong values based on Patient First, Customer Dedication, People, and Service.
During the period we have engaged with our employees in the following ways:
∙Monthly Town Hall meetings to update the employees.
∙Quarterly Global Town Hall meetings
∙Employee engagement surveys.
∙Promoting Disability and Inclusion through employee resource groups.
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STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
Section 172 statement (continued)
∙Health & Safety Committee.
Customers
One of Catalent’s main values is Patient First. Patient First is knowing and following the procedures, taking the time to do it right the first time, asking when you’re not sure what to do, advising and correcting others if needed, questioning when things don’t appear to be right, thinking about the impact your actions and decision will on the patient’s and clients. Catalent’s directors are actively involved with customers ensuring that they receive the best care and make a difference to clients and patients’ lives.
Local Communities
Catalent directors recognise the importance to supporting the communities in which we operate. We also see the opportunity for employee career and personal growth through community involvement. We have STEM Ambassadors who attend local schools career events and support learning interview practice and guidance to young people. We also host regular charity events such as coffee morning and raise funds or donate to charities e.g. local food bank or Cancer charities.
Suppliers
Catalent has a number of large international suppliers who are critical to our Supply Chain, in addition we have local relationships with a number of businesses. We monitor our supplier payment practices in line with the UK Payment Practices Act. We also report regulatory bi-annual information regarding out payment practices and performance relating to businesses within the UK, for the Department for Business, Energy and Industrial Strategy.
Other Stakeholders
Additional details on the group board approach to stakeholder engagement, which applies to the company and all group companies, can be found within the group Annual Report and on the Corporate Social Responsibility and Corporate Governance sections of our public website.
Principal Decisions
When making decisions, the directors have regard to the longer-term impact of such decisions and any possible impact on all stakeholders. During the period, the directors demonstrated their duties regarding section 172 of the Companies Act 2006 considering the interests of key stakeholders. Firstly, the board carefully navigated the change of control following the acquisition of Catalent, Inc. by Novo Holdings A/S on 18 December 2024. A cross-functional transition team was set-up to manage the changes required e.g. fiscal reporting period and communication with clients. This ensured continuity of operations and minimal disruption to employees, customers, and suppliers, while maintaining confidence in the company’s long-term strategy. Secondly, the directors committed to ongoing capital investment in maintaining the facility and investing in new equipment at the Bathgate site. In both decisions, the board balanced the long-term success of the company with the need to maintain strong stakeholder relationships, including employees, customers, and the wider community, consistent with the spirit of the s172 requirements.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the period ended 31 December 2025.
These accounts are for the 18 month period from 1 July 2024 to 31 December 2025. The comparatives represent the year ended 30 June 2024.
These accounts are for the 18 month period from 1 July 2024 to 31 December 2025. The comparatives represent the year ended 30 June 2024.
The profit for the period, after taxation, amounted to £17,835,268 (year ended 30 June 2024: £10,306,991).
The directors who served during the period, and up to the date of signing this report, were:
None of the directors in office during the period held any beneficiary interests in the share capital of the company during the period.
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CATALENT CTS (EDINBURGH) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
The company's business activities, together with the factors likely to affect its future development and position, are set out in the Strategic and Directors Report.
The directors have assessed the impact on the current trading environment for the company. The company trades in clinical supply services offering a comprehensive range of capabilities to support sponsors' studies throughout the UK, Europe and beyond, including clinical supply management, FastChain® demand-led supply, clinical-scale commercial packaging, and QP release services along with Packaging and label design services which can be tailored to client needs. Market demand for Clinical Supply services remains healthy and continues to grow year on year.
The company has contracts in place with its customers that allow for increases in selling prices to offset the impact of high inflation on input costs. The company continues to trade profitably and has a healthy order book; it expects to grow revenues and profits into next year and beyond.
The company's Balance Sheet is strong with cash reserves in the bank that can easily cover any short-term funding required. The directors are continuing to commit to and execute long term investment in upgrading facilities and equipment, and the strategic outlook remains positive.
To assess the company's ability to continue as a going concern, a thorough review was conducted of the company's financial position, ensuring that projected revenue, costs, and cash flow remain sustainable in the short term. Additionally, the company evaluates its existing cash reserves to determine whether they are sufficient to meet operational and financial obligations. The parent company has provided a letter of support. Notwithstanding this, the company's own cash reserves of £153.9m and forecast cash generation are sufficient to meet its obligations as they fall due for at least 12 months from the date of approval of these financial statements.
As a result, the directors conclude that the adoption of the going concern basis of accounting remains appropriate in preparing the company financial statements.
As permitted under s414C(11) of the Companies Act 2006, the directors have included information in the Strategic Report that otherwise would be required under s416(4) to be disclosed in the Director's Report, including information in respect of principal activity, financial risks and policies and engagement with suppliers, customers and others.
The directors anticipate future growth from a combination of driving improvement in our integrated offerings, implement new capabilities and improve our speed of execution and flexibility. The company’s business performance and principal risks have been addressed in the Strategic and Directors Report.
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CATALENT CTS (EDINBURGH) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
The company's policy is to consult and discuss with employees matters likely to affect employee's interests. Information on matters of concern to employees is given through employee quarterly meetings and monthly team briefings and involves all levels of staff. These meetings seek to achieve a common awareness of the financial and economic factors affecting the company's performance.
It is the company's policy to recruit the person best suited to the role including disabled workers for those vacancies that they are able to fill and all necessary assistance with initial training courses given. Once employed, a career plan is developed so as to ensure suitable opportunities for all employees.
Details of engagement with suppliers, customers and others is included within the Section 172 statement.
The company is BSI ISO 14001 certified which is the international standard for environmental management systems, which allows measuring and reporting of its greenhouse gas emissions.
Estimations
The electricity use was compiled from invoices and meter readings.
Intensity ratio
The chosen primary intensity ratio is total gross emissions in metric tonnes C0e (mandatory emissions) per employee. For the 18 months period this is 8.81 TCO2/Employee. Over an equivalent 12 month period this is 5.87 per employee.
The intensity ratios have been pro rated for 12 months for 2025 and are therefore comparable to 2024.
Reporting Methodology
The 2019 UK Government Environmental Reporting Guidelines and the GHG Protocol Corporate Accounting and Reporting Standard (revised edition) were followed to ensure the Streamlined Energy and Carbon Reporting ("SECR") requirements were met.
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CATALENT CTS (EDINBURGH) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
Environmental matters (continued)
The energy data was collected from meters at the Bathgate site in the United Kingdom, these automatically record the consumption of Electricity and Gas which is then extracted and complied for reporting purposes. The Bathgate site is where the majority of the employees work. A small number of employees work remotely and travel to the site on an ad hoc basis for client meetings. These have been considered on the business travel in cars above.
The energy data was converted to carbon emissions using the 2021 UK Government GHG Conversion Factors for Company Reporting (in consideration of the 2024 rate there was no material difference in the reporting). The associated emissions are divided into the combustion of fuels and the operation of facilities (scope 1), purchased electricity, heating and cooling (scope 2) and indirect emissions that occur as a consequence of company activities (scope 3). During the year the group only had emissions relating to scope 1 and 2.
Energy Efficiency
The company continues to work on reducing energy consumption and carbon emissions and employ a third party company to advise on opportunities for improvements.
We are replacing standard lighting with Light Emitting Diode (LED) and automatic sensors with 85% of the site covered. The company has also offered an employee benefit to incentivise purchase or electric vehicles.
There have been no material events after the end of the reporting period that require disclosure or adjustment to the financial statements
The auditor, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CATALENT CTS (EDINBURGH) LIMITED
We are responsible for concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.
In our evaluation of the directors' conclusions, we considered the inherent risks associated with the company's business model including effects arising from macro-economic uncertainties such as inflationary pressures, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CATALENT CTS (EDINBURGH) LIMITED (CONTINUED)
Conclusions relating to going concern (continued)
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.
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CATALENT CTS (EDINBURGH) LIMITED (CONTINUED)
Matters on which we are required to report by exception
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CATALENT CTS (EDINBURGH) LIMITED (CONTINUED)
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CATALENT CTS (EDINBURGH) LIMITED (CONTINUED)
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 Auditor's Report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2025
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BALANCE SHEET
AS AT 31 DECEMBER 2025
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 35 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Catalent CTS (Edinburgh) Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 05277708, and its registered head office is located at Frankland Road, Blagrove, Swindon, Wiltshire, SN5 8YG.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
-results.
The company's business activities, together with the factors likely to affect its future development and position, are set out in the Strategic and Directors Report.
The directors have assessed the impact on the current trading environment for the company. The company trades in clinical supply services offering a comprehensive range of capabilities to support sponsors' studies throughout the UK, Europe and beyond, including clinical supply management, FastChain® demand-led supply, clinical-scale commercial packaging, and QP release services along with Packaging and label design services which can be tailored to client needs. Market demand for Clinical Supply services remains healthy and continues to grow year on year.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The company has contracts in place with its customers that allow for increases in selling prices to offset the impact of high inflation on input costs. The company continues to trade profitably and has a healthy order book; it expects to grow revenues and profits into next year and beyond.
The company's Balance Sheet is strong with cash reserves in the bank that can easily cover any short-term funding required. The directors are continuing to commit to and execute long term investment in upgrading facilities and equipment, and the strategic outlook remains positive.
To assess the company's ability to continue as a going concern, a thorough review was conducted of the company's financial position, ensuring that projected revenue, costs, and cash flow remain sustainable in the short term. Additionally, the company evaluates its existing cash reserves to determine whether they are sufficient to meet operational and financial obligations. The parent company has provided a letter of support. Notwithstanding this, the company's own cash reserves of £153.9m and forecast cash generation are sufficient to meet its obligations as they fall due for at least 12 months from the date of approval of these financial statements.
As a result, the directors conclude that the adoption of the going concern basis of accounting remains appropriate in preparing the company financial statements.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue is recognised when the company obtains the right to consideration in exchange for its performance and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, VAT, and other sales taxes or duties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
3.Judgements in applying accounting policies (continued)
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
7.Employees (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
11.Taxation (continued)
Deferred tax balances have been measured at 25%, being the enacted UK corporation tax rate applicable to future periods at the Balance Sheet date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Page 32
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Page 33
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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The company's capital and reserves are as follows:
Capital contribution reserve
Retained earnings
Page 34
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
The prior year adjustment in the Balance Sheet is in respect of a reclassification of deferred tax liability to provisions for liabilities, as opposed to within creditors due within one year as had been previously reported.
This adjustment has increased net current assets by £6,499. It has had no impact on total net assets or profit for the year.
The presentation of items classified as "Non-operating exceptional items" in the prior year and presented after Operating profit on the face of the profit and loss account, has been changed in the current period. The charge related to redundancy costs.
This adjustment has reduced Operating profit in the year ended 30 June 2024 by £365,137. It has no impact on profit for the financial year or net assets.
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