Contenur (UK) Limited - Limited company accounts 23.2

REGISTERED NUMBER: 03892289 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

CONTENUR (UK) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

I Querejeta

N A Kavanagh

Mrs E D V Mejía

SECRETARY:

C J Graham

REGISTERED OFFICE:

Image Business Park

Acornfield Road

Knowsley Industrial Estate

Knowsley

Merseyside

L33 7UF

REGISTERED NUMBER:

03892289 (England and Wales)

AUDITORS:

Ainsworths Limited

Chartered Accountants

and Statutory Auditors

Charter House

Stansfield Street

Nelson

Lancashire

BB9 9XY

The directors present their strategic report for the year ended 31st December 2023.

The company is part of the worldwide Contenur group which was established in 1984. For 23 years, Contenur UK has been at the forefront of the UK waste industry and is now the leading supplier of commercial waste & recycling containers to a diverse range of markets. Since our inception in December 1999, Contenur has consistently made significant contributions to the UK waste container sector. Working closely with our partners we have led the way with innovative and creative product solutions in a fast-moving industry.

Our mission is to design, manufacture, commercialise and maintain urban waste containers, that improve the quality of life, sustainability and the appearance of towns and cities.

REVIEW OF BUSINESS

The principal activity of the company in the year of review was that of the manufacture and sales of waste containers.

Key performance indicators

Metric

2023

2022

Turnover

£'000

16,887

11,984

Gross profit

£'000

1,240

144

The business strategy continues with its development of its first UK manufacturing hub which officially opened September 2021 and since opening there has been a sharp increase in trading activity, not only in the municipal segment but also with respect to private collections.

The directors are pleased with the results of the year as the company continues its growth phase within the UK market, experiencing an increase in revenue of £4,903k (40.9%) to £16,887k with £10,272k being reported in the second half of the year alone. The aim is to continue this upward trajectory in revenues. Gross profit has increased by £1,096k during the year to £1,240k and overall the net loss for the year had reduced by £800k to £1,296k.

The following factors were are the reason behind the improvement in performance:

-

Growth in the segment of local authorities in the UK with increase in m/s

-

Good activity in the commercial segment with increase of the number of customers.

-

Good behaviour of the exports market in Ireland, France, Nordics and South America.

-

Reorganisation and enhancement of the commercial team in the UK

-

Reorganisation and enhancement of the Administration and Human Resources areas.

-

Improvement in the utilisation rate of the industrial unit.

-

Incorporation of new tools to increase product portfolio in the UK.

-

Transition to 24/7 manufacturing from quarter two.

-

Slight decrease in the second half of the year of materials and energy costs.

-

Slight appreciation of the GBP from the second half of the year which made our imports of materials slightly cheaper but within a narrow range.

PRINCIPAL RISKS AND UNCERTAINTIES

The commercial risks and uncertainties faced by the company include the general decline in the economic climate leading to a decrease in commercial waste sector activity, government policies on municipal expenditure, competition, increases in the cost of raw materials due to geopolitical uncertainties, volatility of energy and transport prices. The directors and wider management team monitors these risks in order to respond and react to changes in the marketplace.

The company finances their operations through a mixture of working capital and inter-group loans.

FINANCIAL RISK MANAGEMENT

The company operations expose it to a variety of financial risks that include the effects of credit, currency, interest rate and liquidity risk. The directors actively manage these risks by monitoring levels of risk and related costs of mitigating these.

EMPLOYEES

The directors continue to develop employees using both external and in house resources. The company continues to appraise all systems to actively promote equality, well-being at the workplace, integration of people with different capacities, employee training, professional development and the prevention of occupational risks.

FUTURE DEVELOPMENTS

Innovation is at the forefront of our ideology, we aim to achieve this through the investment into our products and manufacturing facilities, our current development aims are:

-

Develop products with lower waste collection costs;

-

Develop products that help its clients improve recycling rates and the quality of recoverable material;

-

Develop products that are gradually more environmentally-friendly, from manufacturing to client supply, reusing them at the end of their life-cycle;

-

Improving energy efficiency within the manufacturing process; and

-

Progress in utilising materials coming from containers at the end of their working life to manufacture new products.

ON BEHALF OF THE BOARD:

N A Kavanagh - Director

21st March 2024

The directors present their report with the financial statements of the company for the year ended 31st December 2023.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2023.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

I Querejeta

N A Kavanagh

Other changes in directors holding office are as follows:

F Ortega - resigned 28th February 2023

Mrs E D V Mejía was appointed as a director after 31st December 2023 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, Ainsworths Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N A Kavanagh - Director

21st March 2024

Opinion

We have audited the financial statements of Contenur (UK) Limited (the 'company') for the year ended 31st December 2023 which comprise the Statement of 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 31st December 2023 and of its 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 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 accounting in the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

We draw attention to the Accounting Policies, which highlight the company's reliance on the support from Contenur SL. The director's have concluded that the company remains a going concern, however these events mean a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and the nature of the sector in which it operates, we have identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006 and tax legislation. We have evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to inappropriate journal entries, improper application of revenue cut-off procedure, management bias in accounting estimates and judgements, inappropriate disclosure of related party transactions and improper use of the going concern basis. Our audit procedures designed to address these risks included, but were not limited to:

-

Enquiries with management, regarding any known or suspected instances of non-compliance with laws and regulations, and fraud;

-

Agreement of the financial statement disclosures to the underlying supporting documentation;

-

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;

-

Challenging assumptions and judgements made by management in particular within their significant accounting estimates and going concern assessments;

-

Revenue year end cut-off procedures;

-

Obtaining an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls;

-

Auditing the risk of management override of controls, including through the testing of journal entries and other adjustments for appropriateness.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment by misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

Mark Sunter (Senior Statutory Auditor)

for and on behalf of Ainsworths Limited

Chartered Accountants

and Statutory Auditors

Charter House

Stansfield Street

Nelson

Lancashire

BB9 9XY

21st March 2024

TURNOVER

3

16,886,591

11,984,428

Cost of sales

15,646,123

11,840,607

GROSS PROFIT

1,240,468

143,821

Administrative expenses

2,647,391

2,470,361

OPERATING LOSS

5

(1,406,923

)

(2,326,540

)

Interest receivable and similar income

-

1,020

(1,406,923

)

(2,325,520

)

Interest payable and similar expenses

6

374,589

171,994

LOSS BEFORE TAXATION

(1,781,512

)

(2,497,514

)

Tax on loss

7

(485,722

)

(402,034

)

LOSS FOR THE FINANCIAL YEAR

(1,295,790

)

(2,095,480

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,295,790

)

(2,095,480

)

FIXED ASSETS

Tangible assets

8

6,539,395

6,847,258

CURRENT ASSETS

Stocks

9

1,043,380

1,155,924

Debtors

10

2,767,622

2,107,134

Cash at bank and in hand

774,510

726,833

4,585,512

3,989,891

CREDITORS

Amounts falling due within one year

11

8,393,940

9,919,330

NET CURRENT LIABILITIES

(3,808,428

)

(5,929,439

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,730,967

917,819

CREDITORS

Amounts falling due after more than one year

12

3,081,953

4,373,015

NET LIABILITIES

(350,986

)

(3,455,196

)

CAPITAL AND RESERVES

Called up share capital

16

4,650,000

250,000

Retained earnings

17

(5,000,986

)

(3,705,196

)

SHAREHOLDERS' FUNDS

(350,986

)

(3,455,196

)

The financial statements were approved by the Board of Directors and authorised for issue on 21st March 2024 and were signed on its behalf by:

N A Kavanagh - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2022

250,000

(1,609,716

)

(1,359,716

)

Changes in equity

Total comprehensive income

-

(2,095,480

)

(2,095,480

)

Balance at 31st December 2022

250,000

(3,705,196

)

(3,455,196

)

Changes in equity

Issue of share capital

4,400,000

-

4,400,000

Total comprehensive income

-

(1,295,790

)

(1,295,790

)

Balance at 31st December 2023

4,650,000

(5,000,986

)

(350,986

)

Cash flows from operating activities

Cash generated from operations

1

387,420

192,778

Interest paid

(374,589

)

(171,994

)

Tax paid

969,005

-

Net cash from operating activities

981,836

20,784

Cash flows from investing activities

Purchase of tangible fixed assets

(208,749

)

(112,215

)

Interest received

-

1,020

Net cash from investing activities

(208,749

)

(111,195

)

Cash flows from financing activities

Loan repayments in year

(725,410

)

-

Net cash from financing activities

(725,410

)

-

Increase/(decrease) in cash and cash equivalents

47,677

(90,411

)

Cash and cash equivalents at beginning of year

2

726,833

817,244

Cash and cash equivalents at end of year

2

774,510

726,833

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

31.12.23

31.12.22

£

£

Loss before taxation

(1,781,512

)

(2,497,514

)

Depreciation charges

516,612

500,091

Finance costs

374,589

171,994

Finance income

-

(1,020

)

(890,311

)

(1,826,449

)

Decrease/(increase) in stocks

112,544

(42,195

)

(Increase)/decrease in trade and other debtors

(1,143,771

)

412,030

Increase in trade and other creditors

2,308,958

1,649,392

Cash generated from operations

387,420

192,778

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 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

774,510

726,833

Year ended 31st December 2022

31.12.22

1.1.22

£

£

Cash and cash equivalents

726,833

817,244

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23

Cash flow

At 31.12.23

£

£

£

Net cash

Cash at bank and in hand

726,833

47,677

774,510

726,833

47,677

774,510

Debt

Debts falling due within 1 year

(922,188

)

(565,652

)

(1,487,840

)

Debts falling due after 1 year

(4,373,015

)

1,291,062

(3,081,953

)

(5,295,203

)

725,410

(4,569,793

)

Total

(4,568,370

)

773,087

(3,795,283

)

1.	STATUTORY INFORMATION

Contenur (UK) 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 financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the reasons below.

The directors have performed a going concern assessment for the Company for a period of at least 12 months from the date of approval of these financial statements which indicate that the Company will have sufficient funds through funding from its parent company, Contenur SL, to meet its liabilities as they fall due for that period.

The going concern assessment for the Company is dependent on Contenur SL not seeking repayment of the amounts currently due, except in instances where the Company has sufficient liquidity to make such payments, and providing additional financial support during that period, where necessary. The directors have conducted an assessment of the financial position of Contenur SL and concluded that it had both the ability and intent to provide financial support to the company.

Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company's results are included within the consolidated financial statements of its parent company, Contenur SL, whose registered office is 3 Calle Torneros, Poligono Industrial Los Angeles, Getafe, Madrid, Spain, 28906.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The following are the key sources of estimation uncertainty:

Useful life of plant and machinery

The useful economic life of plant and machinery is assessed at the point of purchase using a combination of information, such as manufactures manuals, prior history of similar assets and external market data. The useful life of existing assets are monitored and reassessed where 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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

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

Improvements to property

-

Over the period of the lease

Plant and machinery

-

33% on cost and 6.66% on cost

Fixtures and fittings

-

33% on cost and 6.66% on cost

Stocks

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

Raw materials are valued at their cost price on a first in, first out basis. Finished goods are valued at the manufactured cost price plus attributable overheads, less provision for any known or anticipated losses.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction the financial asset or liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as financial instruments:

Trade debtors, trade creditors and inter group balances.

Trade debtors, trade creditors, and inter group balances (being repayable on demand) are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets 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 profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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

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

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

31.12.23

31.12.22

£

£

Waste containers

16,886,591

11,984,428

16,886,591

11,984,428

An analysis of turnover by geographical market is given below:

31.12.23

31.12.22

£

£

United Kingdom

12,478,708

9,931,556

Europe

3,479,855

1,969,856

South America

893,723

83,016

Asia

34,305

-

16,886,591

11,984,428

4.	EMPLOYEES AND DIRECTORS

31.12.23

31.12.22

£

£

Wages and salaries

2,524,551

2,102,765

Social security costs

214,804

166,742

Other pension costs

58,167

37,005

2,797,522

2,306,512

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

31.12.23

31.12.22

Management

7

3

Sales

5

9

Administration

11

5

Production

25

28

48

45

31.12.23

31.12.22

£

£

Directors' remuneration

109,008

93,583

Directors' pension contributions to money purchase schemes

8,567

7,204

5.	OPERATING LOSS

The operating loss is stated after charging:

31.12.23

31.12.22

£

£

Hire of plant and machinery

501,206

221,436

Other operating leases

46,833

39,637

Depreciation - owned assets

516,612

500,091

Auditors' remuneration

12,850

13,909

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.23

31.12.22

£

£

Group interest payable

374,589

171,994

7.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31.12.23

31.12.22

£

£

Current tax:

Overprovided in prior periods

(485,722

)

(402,034

)

Tax on loss

(485,722

)

(402,034

)