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REGISTERED NUMBER: 02091108 (England and Wales)




STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

EPM BUS SOLUTIONS LIMITED

EPM BUS SOLUTIONS LIMITED (REGISTERED NUMBER: 02091108)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


EPM BUS SOLUTIONS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr M L Hanlon
Mr N J Brookes
Mr J N Anton
Mr G D Hyman
Mr J Darragh
Mr J Hewitt
C A Wilson





REGISTERED OFFICE: 20 Harris Business Park
Hanbury Road
Bromsgrove
Worcestershire
B60 4DJ





REGISTERED NUMBER: 02091108 (England and Wales)





AUDITORS: Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

EPM BUS SOLUTIONS LIMITED (REGISTERED NUMBER: 02091108)

STRATEGIC REPORT
for the year ended 31 December 2023

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

REVIEW OF BUSINESS
The principal activities of the company continues to be the development of software and provision of consultancy services for the public transport industry in the United Kingdom and worldwide markets.

EPM Bus Solution's turnover for the year increased by 13.6% against 2022, driven by the sale of new products to existing customers in the software business and the return of specific consultancy assignments post-Covid.

PRINCIPAL RISKS AND UNCERTAINTIES
The key risk facing the company is a fundamental change to the operating environment of the bus market and the removal of industry specific Government grants. To mitigate against this risk, the company is developing complementary consultancy offerings and continues to broaden its software capabilities, ensuring it is fit for all operating environments.

KEY PERFORMANCE INDICATORS
We consider the key performance indicators of EPM Bus Solutions to be that of turnover and adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA).

The overall increase in turnover of 10.0% was in part due to existing customers adding new modules to their software suite and the expansion of consultancy services.

EBITDA increased to £522,478 (2022 - £285,051) due to the increase in revenue and careful cost control.

DEVELOPMENT AND PERFORMANCE
The company continues to maintain a leading position in the UK market for its software and consultancy services. The company continues to invest in new and existing software to build on its position in the market and to ensure it is well placed for future opportunities that will arise from changes to the operating environment.

The directors fully expect the success and growth of EPM Bus Solutions Limited to continue throughout 2024 and beyond.

ON BEHALF OF THE BOARD:





Mr J N Anton - Director


19 September 2024

EPM BUS SOLUTIONS LIMITED (REGISTERED NUMBER: 02091108)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023

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

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

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

Mr M L Hanlon
Mr N J Brookes
Mr J N Anton
Mr G D Hyman

Other changes in directors holding office are as follows:

Mr J Darragh , Mr J Hewitt and C A Wilson were appointed as directors after 31 December 2023 but prior to the date of this report.

Mr I Churchill and Mr J Darragh ceased to be directors after 31 December 2023 but prior to the date of this report.

DONATIONS AND EXPENDITURE
Other donations of £1,200 have been made in the year.

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.

EPM BUS SOLUTIONS LIMITED (REGISTERED NUMBER: 02091108)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023


AUDITORS
The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J N Anton - Director


19 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EPM BUS SOLUTIONS LIMITED

Opinion
We have audited the financial statements of EPM Bus Solutions Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EPM BUS SOLUTIONS LIMITED


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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EPM BUS SOLUTIONS LIMITED


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

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

Our approach to designing audit procedures by tailoring and directing testing to aid and support the determined level of risk.In response, the procedures we perform to determine the level of risk include:
- reference to history and experience of the Entity; and
- enquiry of management, including obtaining and reviewing supporting documentation concerning the
Entity's procedures relating to:

- identifying and complying with laws and regulations and whether they were aware of any instances
of non-compliance; and

- detection and response to risk of fraud and whether they were aware of any actual or suspected
instances of fraud; and
- assessment of the controls and processes that the Entity has in place to mitigate risk.

Our assessments included the identification of the following potential areas for fraud:
- management override of control; and
- revenue recognition, particularly in respect of rendering of services

These procedures, and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:
- critically assessed the appropriateness and testing the application of the revenue and cost recognition
policies; and
- testing the appropriateness of accounting estimates, journals and other adjustments made in the
preparation of the financial statements; and
- reviewing the Entity's accounting policies for non-compliance with relevant standards; and
- making enquiries of management and reviewing correspondence with the relevant authorities to
identify any irregularities or instances of non-compliance with laws and regulations.

In performing an audit in accordance with UK GAAP, we exercise professional judgement and maintain professional scepticism throughout the audit process.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion or override of internal controls. There are inherent limitations in the audit procedures performed.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EPM BUS SOLUTIONS LIMITED


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 Spafford (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

26 September 2024

EPM BUS SOLUTIONS LIMITED (REGISTERED NUMBER: 02091108)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 5,740,716 5,088,994

Cost of sales 330,378 230,945
GROSS PROFIT 5,410,338 4,858,049

Administrative expenses 5,076,569 4,677,239
333,769 180,810

Other operating income 41,680 -
OPERATING PROFIT and
PROFIT BEFORE TAXATION 375,449 180,810

Tax on profit 5 78,654 2,187
PROFIT FOR THE FINANCIAL YEAR 296,795 178,623

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

296,795

178,623

EPM BUS SOLUTIONS LIMITED (REGISTERED NUMBER: 02091108)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 676,200 553,293

CURRENT ASSETS
Debtors 7 9,725,728 8,349,295
Cash at bank and in hand 351,955 269,316
10,077,683 8,618,611
CREDITORS
Amounts falling due within one year 8 6,604,826 5,344,239
NET CURRENT ASSETS 3,472,857 3,274,372
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,149,057

3,827,665

PROVISIONS FOR LIABILITIES 9 24,597 -
NET ASSETS 4,124,460 3,827,665

CAPITAL AND RESERVES
Called up share capital 10 377 377
Share premium 11 62,529 62,529
Capital redemption reserve 11 458 458
Retained earnings 11 4,061,096 3,764,301
4,124,460 3,827,665

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





Mr J N Anton - Director


EPM BUS SOLUTIONS LIMITED (REGISTERED NUMBER: 02091108)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 377 3,585,678 62,529 458 3,649,042

Changes in equity
Total comprehensive income - 178,623 - - 178,623
Balance at 31 December 2022 377 3,764,301 62,529 458 3,827,665

Changes in equity
Total comprehensive income - 296,795 - - 296,795
Balance at 31 December 2023 377 4,061,096 62,529 458 4,124,460

EPM BUS SOLUTIONS LIMITED (REGISTERED NUMBER: 02091108)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

EPM Bus Solutions 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 as modified by the revaluation of certain assets.

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

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration in line with the provisions of FRS 102 section 23.14.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Hosting equipment - 20% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost
Computer equipment - 50% on cost

The Company follows a revaluation policy in respect of freehold property in line with FRS 102.

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.

EPM BUS SOLUTIONS LIMITED (REGISTERED NUMBER: 02091108)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

Employee benefit trust
In accordance with FRS 102 section 9.35, the assets and liabilities of the Employee Benefit Trust are treated as assets and liabilities of the Company. However, where the Employee Benefit Trust holds the Company's own shares these are excluded from the Company balance sheet.

Investments
Investments are stated at their fair value in accordance with FRS 102 section 11.14.

Amounts recoverable on contracts
A debtor will be recognised in the financial statements for chargeable work undertaken during the year which has not been billed as at the year end.

Deferred income
Contracted Bus Service Operator Grant (BSOG) income is recognised based on the contract value and number of contract days 'used' within the financial year. An accounting adjustment is made at the year end to defer the value of 'unused' contract days for which the income will be recognised in the next financial year.

Systems support income is recognised at the point of invoice. Where the period of systems support straddles the year end, an appropriate proportion of the income will be deferred to the next financial year.

IT development costs
IT development costs are recognised in the profit and loss account when incurred.

Share based payments
The company provides equity settled share based payments to employees where it receives services from the employees in exchange for its own equity instruments by way of share options.

These share options are valued at fair value using a share option valuation methodology such as an option pricing model. This model uses the weighted average share price, the exercise price, expected volatility in the share price, the option life and the risk free interest rate.

The fair value of the share options granted are recognised as a cost from the date of grant of the options over the vesting period of the options granted.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,536,170 3,236,954
Social security costs 439,887 403,896
Other pension costs 196,169 173,369
4,172,226 3,814,219

The average number of employees during the year was as follows:
2023 2022

64 64

EPM BUS SOLUTIONS LIMITED (REGISTERED NUMBER: 02091108)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 651,577 643,889
Directors' pension contributions to money purchase schemes 22,600 22,200

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 208,500 205,855

4. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 27,068 36,896
Profit on disposal of fixed assets (20,513 ) (36,572 )
Auditors' remuneration 17,250 24,168
Foreign exchange differences (941 ) 3,872

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 47,404 -

Deferred tax 31,250 2,187
Tax on profit 78,654 2,187

EPM BUS SOLUTIONS LIMITED (REGISTERED NUMBER: 02091108)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

6. TANGIBLE FIXED ASSETS
Fixtures
Freehold Hosting and
property equipment fittings
£    £    £   
COST OR VALUATION
At 1 January 2023 530,000 141,333 255,815
Additions - - 120,618
At 31 December 2023 530,000 141,333 376,433
DEPRECIATION
At 1 January 2023 - 141,333 250,232
Charge for year - - 3,524
At 31 December 2023 - 141,333 253,756
NET BOOK VALUE
At 31 December 2023 530,000 - 122,677
At 31 December 2022 530,000 - 5,583

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 49,139 167,965 1,144,252
Additions - 29,357 149,975
At 31 December 2023 49,139 197,322 1,294,227
DEPRECIATION
At 1 January 2023 47,175 152,219 590,959
Charge for year 1,268 22,276 27,068
At 31 December 2023 48,443 174,495 618,027
NET BOOK VALUE
At 31 December 2023 696 22,827 676,200
At 31 December 2022 1,964 15,746 553,293

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Freehold Hosting and
property equipment fittings
£    £    £   
Valuation in 2019 (148,168 ) - -
Cost 678,168 141,333 376,433
530,000 141,333 376,433

EPM BUS SOLUTIONS LIMITED (REGISTERED NUMBER: 02091108)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

6. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2019 - - (148,168 )
Cost 49,139 197,322 1,442,395
49,139 197,322 1,294,227

Freehold land and buildings were valued on an open market basis on 22 August 2019 by John Truslove Chartered Surveyors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,338,170 955,357
Amounts owed by group undertakings 8,011,398 7,022,325
Amounts recoverable on contract 167,770 233,915
Other debtors 5,206 163
Tax 41,680 6,653
Prepayments 161,504 130,882
9,725,728 8,349,295

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 112,709 178,089
Amounts owed to group undertakings 4,086,829 2,982,364
Tax 48,803 1,399
Social security and other taxes 377,750 339,044
Other creditors 36,205 78,197
Accrued expenses 1,942,530 1,765,146
6,604,826 5,344,239

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 24,597 -

Deferred
tax
£   
Provided during year 24,597
Balance at 31 December 2023 24,597

EPM BUS SOLUTIONS LIMITED (REGISTERED NUMBER: 02091108)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £ £
1,900 Incentive A shares 1p 19 19
7,600 Incentive B shares 1p 76 76
2,850 Incentive C shares 1p 29 29
3,990 Incentive D shares 1p 40 40
13,200 Founder A shares 1p 132 132
3,780 Founder B shares 1p 38 38
566 Founder C shares 1p 6 6
3,723 Founder D shares 1p 37 37
377 377


11. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 3,764,301 62,529 458 3,827,288
Profit for the year 296,795 296,795
At 31 December 2023 4,061,096 62,529 458 4,124,083

12. RELATED PARTY DISCLOSURES

During the year, the company paid professional and consultancy fees to its non-executive directors of £55,436 (2022: £32,876).

During the year, the company paid professional fees of £66,660 (2022: £60,000) to owners holding a participating interest in the company.