REGISTERED NUMBER: 03354916 (England and Wales)

APC (GB) Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

A Gibert Perez

G M Frankl

Ms D Kucera

B O Jeewooth

T B Versterre

R Poskitt

SECRETARY:

B O Jeewooth

REGISTERED OFFICE:

Ings Road

Doncaster

South Yorkshire

DN5 9TL

REGISTERED NUMBER:

03354916 (England and Wales)

SENIOR STATUTORY AUDITOR:

Ian Parsons FCA

AUDITORS:

Parsons Accountants Ltd

Statutory Auditor

Unit 2 Silkwood Park

Fryers Way

Ossett

West Yorkshire

WF5 9TJ

BANKERS:

HSBC plc

City Office

33 Park Row

Leeds

West Yorkshire

LS1 1LD

Business Overview and Business Model

APC (GB) Limited (APC GB) is a joint venture owned equally by SARIA Limited and APC Europe Inc. The Company manufactures functional blood-based protein products for use in animal nutrition and the pet food sector. Operations are carried out at the manufacturing facility located at SARIA's Doncaster site, with raw materials sourced from across the UK primary meat production sector.

The Company creates value by converting regulated animal by-products into high-quality, functional protein ingredients through specialist processing, quality control, and technical expertise. Key resources include its manufacturing plant, skilled workforce, long-term supply relationships, and the technical support of its joint venture partners. Sales are made to customers in the UK and overseas export markets.

Review of Performance and Position

For the year ended 31 December 2025, the Company reported a profit after tax of £2.6m (2024: £1.7m). This reflects demand in finished product markets and continued focus on operational efficiency and cost control. The operating environment remained competitive throughout the year, with ongoing cost pressures across the business.

At the year end, shareholders' funds were £5.8m (2024: £5.7m). The movement primarily reflects the profit for the year and distributions made to shareholders.

The Directors consider the Company's overall financial position to remain stable, supported by profitable operations, established customer relationships, and ongoing support from its joint venture partners.

Key Performance Indicators

The Directors monitor the performance of the Company using the following principal financial key performance indicators: profit after tax; shareholders' funds; and operating cash flow.

In addition, the Directors monitor several non-financial indicators relevant to the business, including operational performance, product quality, health and safety performance, energy usage, environmental impact, and customer and supplier relationships.

Although the above KPI's are monitored closely, disclosure of any numerical information has been omitted where management believe this would be prejudicial to the company.

Principal Risks and Uncertainties

The principal risks and uncertainties facing the Company are summarised below:

Supply chain and disease risk

Outbreaks of disease affecting livestock could reduce the availability or suitability of raw materials or impact demand in certain markets. This risk is mitigated through diversified sourcing, strict quality controls, and access to alternative disposal and processing routes within the wider Group.

Market and pricing risk

Demand for the Company's products may be affected by market conditions, customer requirements, and export restrictions. The Company mitigates this risk through diversification of sales across multiple territories and industries, and close collaboration with its joint venture partners.

Energy and operating cost risk

Rising energy prices could increase operating costs. The Company benefits from Group level energy strategies, including on-site generation from renewable sources, to help offset market volatility.

Regulatory and compliance risk

The Company operates in a highly regulated environment. Failure to comply with animal by-product, environmental, or export regulations could disrupt operations. This risk is mitigated through established compliance procedures, training, and oversight.

Financial Risks

Liquidity and cash flow risk

The Company manages liquidity risk through strict management controls, regular cash flow forecasting, disciplined control of capital expenditure, and careful consideration of the timing and level of dividend distributions.

Credit risk

The Company's exposure to credit risk is limited due to the nature of its customer base.

Foreign exchange risk

A proportion of the Company's sales and purchases are denominated in foreign currencies, which exposes it to fluctuations in exchange rates. The Company mitigates this risk through natural hedging, pricing strategies, and Group treasury policies where applicable.

Cost inflation risk

The Company is exposed to inflationary pressures affecting raw materials, labour, and other operating costs. The impact of this risk is mitigated through pricing reviews, efficiency initiatives, and ongoing cost control measures.

Capital and funding risk

The Company requires ongoing investment in plant and equipment to maintain operational efficiency and compliance. The Directors mitigate this risk through capital planning, close monitoring of asset performance, and support from its joint venture shareholders where appropriate.

Risk Management

The Directors consider that the risks outlined above are actively monitored and managed through established governance arrangements, regular performance review, and close collaboration with the Company's joint venture partners. While no system of risk management can eliminate all risk, the Directors believe that appropriate mitigation strategies are in place.

Employee Involvement

The Directors are committed to ensuring genuine and effective employee involvement in the company's activities. The company believes that by providing regular updates to staff as to the company's progress, taking cognisance of staff feedback and by involving staff where possible in decisions, the overall effectiveness of the business through this teamwork is enhanced and that the morale of the work force is positively impacted.

The health, safety, and wellbeing of employees and contractors are a priority for the Company. Manufacturing operations involve inherent risks, which are managed through training, risk assessments, and established safety systems. The Company seeks to maintain a strong safety culture and continually improve performance.

Employee numbers are disclosed in note 4 to the financial statements. The Company participates in Group policies relating to health and safety, pensions, and employee benefits.

Future Developments and Outlook

The Company will continue to focus on maintaining operational efficiency, product quality, and regulatory compliance. Opportunities to develop enhanced products for animal nutrition and pet food applications and to access new or developing markets will continue to be explored. While market conditions remain subject to uncertainty, the Directors believe the Company is well positioned to continue operating profitably.

Going Concern

The financial statements have been prepared on a going concern basis. In making this assessment, the Directors have reviewed forecasts and cash flow projections and believe that the Company is appropriately resourced to continue trading for the foreseeable future.

The Directors consider that this Strategic Report, when taken together with the financial statements, provides a fair, balanced, and comprehensive review of the Company's development, performance, position, and principal risks and uncertainties.

ON BEHALF OF THE BOARD:

B O Jeewooth - Director

18 May 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of collection and processing of animal blood, for the manufacturing and sales of functional proteins, largely to the aquaculture and Petfood industries.

DIVIDENDS

Interim dividends per share were paid as follows:

2.5

- 25 March 2025

2.5

- 19 June 2025

5.0

- 23 September 2025

2.5

- 22 December 2025

12.50

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 2,500,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

A Gibert Perez

G M Frankl

Ms D Kucera

B O Jeewooth

T B Versterre

Other changes in directors holding office are as follows:

R Poskitt was appointed as a director after 31 December 2025 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

B O Jeewooth - Director

18 May 2026

Opinion

We have audited the financial statements of APC (GB) Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2025 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 five, 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 Auditor's that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach to identifying and assessing the risks of material misstatements 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;

- 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, data protection, anti-bribery,

employment 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; and

- We remained alert to instances of non-compliance throughout the audit.

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 and 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 the 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 identified procedures which included, but were not limited to:

- Agreeing financial statements disclosures to underlying supporting documentation;

- Reading the minutes of meetings of those charged with governance;

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

- Reviewing correspondence with HMRC, relevant regulators and the Company's legal advisors.

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 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.

Ian Parsons FCA (Senior Statutory Auditor)

for and on behalf of Parsons Accountants Ltd

Statutory Auditor

Unit 2 Silkwood Park

Fryers Way

Ossett

West Yorkshire

WF5 9TJ

18 May 2026

TURNOVER

3

15,931,722

17,059,637

Changes in stocks of finished goods and work in progress

78,061

(2,525,086

)

16,009,783

14,534,551

Other operating income

343,210

326,745

16,352,993

14,861,296

Raw materials and consumables

(5,498,752

)

(5,575,636

)

Other external expenses

(114,964

)

(75,619

)

10,739,277

9,210,041

Staff costs

4

(1,488,699

)

(1,393,317

)

Depreciation

(400,284

)

(434,187

)

Other operating expenses

(5,398,136

)

(5,129,331

)

OPERATING PROFIT

5

3,452,158

2,253,206

Interest receivable and similar income

7

18,871

57,558

PROFIT BEFORE TAXATION

3,471,029

2,310,764

Tax on profit

8

(867,882

)

(577,575

)

PROFIT FOR THE FINANCIAL YEAR

2,603,147

1,733,189

PROFIT FOR THE YEAR

2,603,147

1,733,189

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,603,147

1,733,189

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

2,345,372

2,284,231

2,345,372

2,284,231

CURRENT ASSETS

Stocks

12

2,132,738

2,259,147

Debtors

13

2,734,993

2,496,051

Cash at bank

1,205,791

816,090

6,073,522

5,571,288

CREDITORS

Amounts falling due within one year

14

2,145,990

1,666,510

NET CURRENT ASSETS

3,927,532

3,904,778

TOTAL ASSETS LESS CURRENT LIABILITIES

6,272,904

6,189,009

PROVISIONS FOR LIABILITIES

17

464,438

483,690

NET ASSETS

5,808,466

5,705,319

CAPITAL AND RESERVES

Called up share capital

18

200,000

200,000

Retained earnings

19

5,608,466

5,505,319

SHAREHOLDERS' FUNDS

5,808,466

5,705,319

The financial statements were approved by the Board of Directors and authorised for issue on 18 May 2026 and were signed on its behalf by:

B O Jeewooth - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

200,000

8,272,130

8,472,130

Changes in equity

Dividends

-

(4,500,000

)

(4,500,000

)

Total comprehensive income

-

1,733,189

1,733,189

Balance at 31 December 2024

200,000

5,505,319

5,705,319

Changes in equity

Dividends

-

(2,500,000

)

(2,500,000

)

Total comprehensive income

-

2,603,147

2,603,147

Balance at 31 December 2025

200,000

5,608,466

5,808,466

Cash flows from operating activities

Cash generated from operations

1

4,019,254

5,085,673

Tax paid

(686,999

)

(477,533

)

Net cash from operating activities

3,332,255

4,608,140

Cash flows from investing activities

Purchase of tangible fixed assets

(477,675

)

(487,639

)

Sale of tangible fixed assets

16,250

3,150

Interest received

18,871

57,558

Net cash from investing activities

(442,554

)

(426,931

)

Cash flows from financing activities

Equity dividends paid

(2,500,000

)

(4,500,000

)

Net cash from financing activities

(2,500,000

)

(4,500,000

)

Increase/(decrease) in cash and cash equivalents

389,701

(318,791

)

Cash and cash equivalents at beginning of year

2

816,090

1,134,881

Cash and cash equivalents at end of year

2

1,205,791

816,090

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

2025

2024

£

£

Profit before taxation

3,471,029

2,310,764

Depreciation charges

399,515

432,935

Loss on disposal of fixed assets

769

1,252

Finance income

(18,871

)

(57,558

)

3,852,442

2,687,393

Decrease in stocks

126,409

3,167,666

Increase in trade and other debtors

(238,942

)

(689,048

)

Increase/(decrease) in trade and other creditors

279,345

(80,338

)

Cash generated from operations

4,019,254

5,085,673

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 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

1,205,791

816,090

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

816,090

1,134,881

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

816,090

389,701

1,205,791

816,090

389,701

1,205,791

Total

816,090

389,701

1,205,791

1.	STATUTORY INFORMATION

APC (GB) 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.

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. The presentational currency is GBP and the financial statements are rounded to the nearest pound.

Going concern

The entity is profit making and has positive reserves. It is cash generative and generated significant cashflows from operational activities of £4,019,254 and £5,085,673 in the last two years' respectively. Therefore the going concern basis of preparation is deemed appropriate by management.

Significant judgements and estimates

In respect of depreciation, management apply rates across asset classes, that are reflective of the average economic consumption of the asset type.

Debtor ageing is reviewed regularly by management to assess the requirement for a bad debt provision, however any such provision is not currently deemed necessary.

Stock ageing is reviewed regularly by management to assess the requirement for a slow moving / obsolescence provision, however any such provision is not currently deemed necessary.

Turnover

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

Turnover is recognised on the sale of goods, on despatch of those goods from our sites when the significant risks and rewards of ownership are transferred to our customers.

Turnover is recognised on the performance of services, as and when those services are carried out.

Other income

Other income arises where applicable from the sale of non core products, and the recharge of operating costs incurred by an entity, where the facility of that entity is used by other group companies.

Straight recharge of costs that can be allocated directly to another group company are treated as recharges only, and the cost is passed directly to the other entity. No income is recognised in this instance.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery - 10% on cost

Fixtures and fittings - 10% on cost and 5% on cost

Motor vehicles - 25% reducing balance

Computer equipment - 33.3% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

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

For manufactured goods, the absorption cost method of valuation is used incorporating all production overheads.

If this results in a value higher than net realisable value for any stock item, then the selling price of that item is applied.

Financial instruments

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

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

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 Income Statement.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforecable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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 posting the transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company has members in the SARIA Group Pension Schemes, funded defined benefit schemes.

Since the above schemes were closed to new members the group has opened a defined contribution scheme to provide retirement benefits to employees.

The pension charge represents contributions payable to the defined contribution fund in respect of the accounting period.

3.

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:

2025

2024

£

£

United Kingdom

3,738,202

3,778,797

Europe

8,092,014

7,341,477

South America

2,996,260

2,953,606

Asia

311,303

-

Turkey

793,943

2,985,757

15,931,722

17,059,637

As sales of finished products are all made via an APC group entity, to show turnover split by location of the customer would not be representative of where goods have actually been shipped.

The turnover split by geographical markets has therefore been based on delivery locations of the sales and not location of our invoiced customer.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,201,971

1,149,338

Social security costs

139,211

115,195

Other pension costs

147,517

128,784

1,488,699

1,393,317

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

2025

2024

Office & administration

9

9

Collection & processing

25

25

34

34

2025

2024

£

£

Directors' remuneration

-

-