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Registered number: 10527684
RPM Event Logistics Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—8
Statement of Income and Retained Earnings 9
Balance Sheet 10—11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14—25
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Principal Activity
The company's principal activity continues to be the provision of logistics and event services to the motorsports industry.
Review of the Business
Fair review of the business and key performance indicators
After three previous years during which the Covid pandemic put the brakes on businesses worldwide the year ended 31st December 2023 has seen a gradual return to normality, albeit with lingering challenges relating to supply chains and staffing.
As a services organisation we consider our primary key performance indicators to be turnover and profit before tax. We also monitor closely financial key performance indicators in respect of debtors and cash, and profitability of each customer contract.
The Board is conscious that sound economic performance is not the sole measure of a company’s success. The Board recognises that the logistics industry is a net contributor to global carbon emissions and seeks where possible to choose low-carbon and energy-efficient alternatives in its purchasing.
The company has continued to thrive and to take advantage of its specialist skills in the sector, with turnover up by 30% to £17,750,635 (2022 - £13,593,331) and profit before tax up from £334,474 in 2022 to £563,583. After dividend distributions of £100,000 this left a considerably stronger Balance Sheet at the year-end with net assets of £421,161 compared with £94,965 at 31st December 2022.
The Company has continued to invest in its most important asset, our team, growing both our direct support teams and our inhouse operational support team and this has shown positive results both in increased revenue and in maintaining our excellent service levels.
The Directors are confident that this trend of growth will continue into 2024 and beyond.
Event logistics is a competitive business environment, and the Board ensures a focus on maintaining excellent client service levels in order to ensure and develop our ongoing relationships with our clients.
The company’s increased turnover is a direct result of supporting an increased number of events in 2023.
Principal Risks and Uncertainties
Foreign exchange risk - Much of the company's trading is in US dollars and this can affect net margins. although where possible both sales and purchases are carried out in the same currency which creates an element of protection through natural hedging.  The bulk of the company's cash balances are held in US Dollars, which are revalued for reporting purposes at the financial year-end.  During 2023 the dollar weakened against UK Sterling, and this contributed to the reported exchange loss of £73,463.
Operational risk - This highly competitive industry demands exceptional efficiency, cost management and reliability to secure client satisfaction and loyalty. We therefore proactively address this risk in our daily operations through our skilled and trusted workforce.
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Page 2
Future Developments
In 2024, the company made the decision to establish an in-house fleet department to reduce reliance on external third party providers and enhance support for events across the UK and Europe. By mid 2024 a fleet of 8 trucks was fully operational, accompanied by the appointment of a dedicated  fleet manager. This strategic move has allowed the company to maintain excellent service levels for clients while optimising operational efficiency and actively managing direct costs. 
Furthermore, the company  is committed to minimising its carbon footprint through the introduction of localised storage facilities for events through careful planning. This initiative has resulted in reduced  shipping and transport logistics, reflecting the company's dedication to sustainability. 
Directors
The directors who held office during the year were as follows:
Mr Richard Perry
Mr Stephen Byng
On behalf of the board
Mr Richard Perry
Director
5 February 2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 the financial statements the directors are required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
  • 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
The auditors, Bracey’s Accountants (Audit) Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Richard Perry
Director
5 February 2025
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Independent Auditor's Report
Opinion
We have audited the financial statements of RPM Event Logistics Limited for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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/(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 Auditor's 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.
Other matters
This year is the first year that the company has been subject to a statutory audit. As such, the comparative figures have not been audited.
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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.
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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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report 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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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 or 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 Directors' Responsibilities Statement set out on page 3—4, 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 is 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.
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Auditor's 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 an auditor's report 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;
Irregularities including fraud
Irregularities, including fraud, are instances of non-compliance; acts of omission or commission by the entity, either intentional or unintentional, which are contrary to the prevailing laws and regulations.
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Financial Reporting Standard applicable in the UK and Ireland (FRS 102). In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the company’s ability to operate for example, employment and taxation legislation. 
Based on our understanding of the entity, the industry it operates in, and external environment we identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
Our audit procedures to respond to these risks included, but were not limited to, the following:
• review of the financial statements and disclosures to underlying supporting documentation
• obtained an understanding of laws and regulations that affect the company both directly and indirectly in the financial statements and its operations
• review and enquiry into journal entries processed during the period under review
• evaluation and consideration of areas where the potential for management bias exists
• enquiries of management about their own identification and assessment of the risks of irregularities
• assessing significant judgements and review of accounting estimates
• performance of analytical review and reviewing the findings of testing
• overall considering the consistency of discussions had with the findings and evidence obtained throughout the audit
Owing to the inherent limitations of an audit there is an unavoidable risk that we may not have detected some material misstatements within the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Inherent limitations in the audit procedures described above, as irregularities in relation to fraud, are by nature difficult to detect as it would likely have occurred through deliberate concealment and could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. 
We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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/auditorresponsibilties. This description forms part of our auditor’s report. 
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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 that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Emma Fraser FCA (Senior Statutory Auditor)
for and on behalf of Bracey’s Accountants (Audit) Limited , Statutory Auditor
7 February 2025
Bracey’s Accountants (Audit) Limited
Unit 1, The Cam Centre
Wilbury Way
Hitchin
SG4 0TW
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Page 9
Statement of Income and Retained Earnings
2023 2022
Notes £ £
TURNOVER 3 17,750,635 13,593,331
Cost of sales (16,653,184 ) (12,838,968 )
GROSS PROFIT 1,097,451 754,363
Administrative expenses (531,096 ) (421,520 )
OPERATING PROFIT 4 566,355 332,843
Other interest receivable and similar income 9 738 2,356
Interest payable and similar charges 10 (3,510 ) (725 )
PROFIT BEFORE TAXATION 563,583 334,474
Tax on Profit 11 (137,387 ) (25,734 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 426,196 308,740
RETAINED EARNINGS
As at 1 January 2023 94,865 (213,875 )
Dividends paid (100,000) -
As at 31 December 2023 421,061 94,865
as
restated
The notes on pages 13 to 25 form part of these financial statements.
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Balance Sheet
Registered number: 10527684
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 43,348 29,821
43,348 29,821
CURRENT ASSETS
Debtors 13 5,347,727 3,768,785
Cash at bank and in hand 2,293,455 2,044,422
7,641,182 5,813,207
Creditors: Amounts Falling Due Within One Year 14 (7,226,695 ) (5,720,205 )
NET CURRENT ASSETS (LIABILITIES) 414,487 93,002
TOTAL ASSETS LESS CURRENT LIABILITIES 457,835 122,823
Creditors: Amounts Falling Due After More Than One Year 15 (29,348 ) (23,205 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 18 (7,326 ) (4,653 )
NET ASSETS 421,161 94,965
CAPITAL AND RESERVES
Called up share capital 19 100 100
Profit and Loss Account 421,061 94,865
SHAREHOLDERS' FUNDS 421,161 94,965
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The financial statements were approved by the board of directors on 5 February 2025 and were signed on its behalf by:
Mr Richard Perry
Director
5 February 2025
The notes on pages 13 to 25 form part of these financial statements.
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Cash Flow Statement
2023 2022
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 308,171 956,564
Interest paid (3,510 ) (725 )
Tax refunded 1 -
Net cash generated from operating activities 304,662 955,839
Cash flows from investing activities
Purchase of tangible assets (35,454 ) (46,101 )
Interest received 738 2,356
Net cash used in investing activities (34,716 ) (43,745 )
Cash flows from financing activities
Equity dividends paid (100,000 ) -
Repayment of bank borrowings (9,778 ) (21,005 )
Proceeds from new other loans - 10,740
Repayment of finance leases 22,421 -
Amount introduced by directors 96,600 -
Amount withdrawn by directors (30,156) (155,700)
Net cash used in financing activities (20,913 ) (165,965 )
Increase in cash and cash equivalents 249,033 746,129
Cash and cash equivalents at beginning of year 2 2,044,422 1,298,293
Cash and cash equivalents at end of year 2 2,293,455 2,044,422
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Notes to the Cash Flow Statement
1. Reconciliation of profit for the financial year to cash generated from operations
2023 2022
£ £
Profit for the financial year 426,196 308,740
Adjustments for:
Tax on profit 137,387 25,734
Interest expense 3,510 725
Interest income (738 ) (2,356 )
Depreciation of tangible assets 21,927 25,031
Movements in working capital:
Increase in trade and other debtors (1,635,209 ) (1,199,264 )
Increase in trade and other creditors 1,355,098 1,797,954
Net cash generated from operations 308,171 956,564
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 2,293,455 2,044,422
3. Analysis of changes in net funds
As at 1 January 2023 Cash flows As at 31 December 2023
£ £ £
Cash at bank and in hand 2,044,422 249,033 2,293,455
Finance leases - (22,421) (22,421)
Debts falling due within one year (10,740 ) - (10,740 )
Debts falling due after more than one year (23,205) 9,778 (13,427)
2,010,477 236,390 2,246,867
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Notes to the Financial Statements
1. General Information
RPM Event Logistics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10527684 . The registered office is Suite 4 Unit A1, Tectonic Place Holyport Road, Maidenhead, SL6 2YE.
These financial statements were authorised for issue by the board on  5 February 2025.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. 
These policies have been consistently applied to all  years presented, unless otherwise stated. 
The financial statements have been prepared under the historical cost convention and 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 are prepared in Sterling, which is the functional currency of the entity. Amounts are rounded to the nearest £1.
Prior Year Restatement 
During the year, the company identified a misclassification of certain items in the prior year's financial statements. This restatement has resulted in adjustments to the presentation of items within the profit and loss account but does not affect the total reported profit for the year ended 31 December 2022. 
The total amount reclassified from administrative expenses to cost of sales was £818,337 in the prior period. 
Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis in preparing the financial statements.
2.2. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. There are no significant or key areas to note that require individual disclosure. 
Management regularly reviews and updates these judgements and estimates to reflect current conditions and available information.
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2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from freight and logistics services
Revenue is recognised when the significant risks and rewards of ownership of the goods have been transferred to the customer, which typically occurs at the point of dispatch or per contractual obligations. This aligns with the point at which the company has fulfilled its performance obligations under the contract with the customer, and the revenue can be measured reliably.
Where services include multiple performance obligations, such as freight and logistics services bundled together, the transaction price is allocated to each performance obligation based on their standalone selling prices. Revenue is then recognised as each obligation is satisfied.
Ancillary services
Revenue from ancillary services, such as warehousing, customs clearance, or value-added logistics services, are recognised as the services are performed, in line with the stage of completion of the service being provided.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 33.33% straight line basis
Plant & Machinery 25% straight line basis
Motor Vehicles 33.33% straight line basis
Fixtures & Fittings 25% straight line basis
Computer Equipment 25% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Impairment of fixed assets
At each reporting period end date,the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 
An impariment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount,  in which case the impariment loss is treated as a revaluation decrease. 
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Amounts held in foreign currency are translated during each month at XE.com rates.
At the year end the company applies XE rates for closing balances.
2.7. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include debtors, cash bank balances and loans to fellow group companies are initially recognised at the transactions price including transactions costs and are subsequently carried at amortised cost. Basic financial liabilities, which include creditors are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where it is recognised as the present value of the future payments discounted at a market rate of interest for debt instruments.
Debt instruments are subsequently measured at amortised cost. 
2.8. Foreign Currencies
Transactions in foreign currencies are initially recorded at the functional currency rate. The rate is updated using XE.com daily rates. 
Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured. 
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. 
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2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.10. Pensions
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the the company has no legal or constructive obigation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. 
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
2.11. Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all the amounts due according to the original terms of the receivables.
Amounts invoiced in a foreign currency are translated during each month using XE.com rates. At the year end the company applies the XE.com rates for closing balances.
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2.12. Trade Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.  Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at  least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price. They are subsequently measured at amortised cost using the effective interest method.
Amounts invoiced in a foreign currency are translated during each month using XE.com rates. At the year end the company applies the XE.com rates for closing balances.
2.13. Share Capital
Ordinary shares are classified as equity. 
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
3. Turnover
Analysis of turnover by geographical market is as follows:
All turnover of the company is derived from the rendering of services.
2023 2022
£ £
United Kingdom 16,037,183 12,100,511
Europe 1,371,212 928,935
Rest of the world 342,240 563,885
17,750,635 13,593,331
4. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Operating lease rentals 13,000 13,000
Exchange differences 73,463 (53,289 )
Depreciation of tangible fixed assets - owned 11,384 14,488
Depreciation of tangible fixed assets - finance leases and hire purchase contracts 10,543 10,543
image
image
Operating lease payments for a vehicle                                                                                       
16,478   
image
16,688  
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5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 20,000 -
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 600,772 528,337
Social security costs 57,113 57,079
Other pension costs 5,626 5,027
663,511 590,443
7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2023 2022
Office and administration 4 4
Sales, marketing and distribution 15 7
19 11
8. Directors' remuneration
2023 2022
£ £
Emoluments 171,475 170,000
No pension contribution were made for the directors, as both opted out of the company's pension scheme in 2021.
9. Interest Receivable and Similar Income
2023 2022
£ £
Other interest receivable 738 2,356
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10. Interest Payable and Similar Charges
2023 2022
£ £
Interest payable on Bank loans 961 725
Other finance charges 2,549 -
3,510 725
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 134,714 24,736
Deferred Tax
Deferred taxation 2,673 998
Total tax charge for the period 137,387 25,734
2023 2022
£ £
Profit before tax 563,583 334,474
Tax on profit at 25% (UK standard rate) 140,896 63,550
Goodwill/depreciation not allowed for tax 5,482 4,756
Expenses not deductible for tax purposes 3,464 2,936
Tax losses utilised - (35,119 )
Capital allowances (6,654 ) (11,387 )
Difference in tax rates (3,128 ) -
Deferred tax relating to changes in tax rates or laws (2,673 ) 998
Total tax charge for the period 137,387 25,734
Due to changes in UK tax legislation on 1 April 2023 the main rate of corporation tax changed from 19% to 25%.
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12. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 8,260 746 31,630 28,396
Additions - 3,198 10,000 6,749
Disposals (8,260 ) - - -
As at 31 December 2023 - 3,944 41,630 35,145
Depreciation
As at 1 January 2023 8,260 748 10,543 21,907
Provided during the period - 807 17,266 3,433
Disposals (8,260 ) - - -
As at 31 December 2023 - 1,555 27,809 25,340
Net Book Value
As at 31 December 2023 - 2,389 13,821 9,805
As at 1 January 2023 - (2 ) 21,087 6,489
Computer Equipment Total
£ £
Cost
As at 1 January 2023 28,807 97,839
Additions 15,507 35,454
Disposals - (8,260 )
As at 31 December 2023 44,314 125,033
Depreciation
As at 1 January 2023 26,560 68,018
Provided during the period 421 21,927
Disposals - (8,260 )
As at 31 December 2023 26,981 81,685
Net Book Value
As at 31 December 2023 17,333 43,348
As at 1 January 2023 2,247 29,821
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13. Debtors
2023 2022
£ £
Due within one year
Trade debtors 3,352,831 2,847,357
Prepayments and accrued income 1,902,209 744,481
Other debtors 52,354 80,347
Corporation tax recoverable assets 10,177 -
Directors' loan accounts 30,156 96,600
5,347,727 3,768,785
14. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 6,500 -
Trade creditors 1,869,221 3,762,936
Bank loans 10,740 10,740
Corporation tax 169,628 24,736
Other taxes and social security 29,650 64,749
Other creditors 4,721 3,137
Accruals and deferred income 5,136,235 1,853,907
7,226,695 5,720,205
15. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 15,921 -
Bank loans 13,427 23,205
29,348 23,205
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16. Loans
An analysis of the maturity of loans is given below:
2023 2022
£ £
Amounts falling due within one year or on demand:
Other loans 10,740 10,740
2023 2022
£ £
Amounts falling due between one and five years:
Bank loans 13,427 23,205
Bounce Back Loan
During the financial year ending 31st December 2021, the company received a Bounce Back Loan of £50,000 under the government's Bounce Back Loan Scheme to support business operations during the COVID-19 pandemic. The key terms of the loan are as follows:
Loan Amount: £50,000
Annual Interest Rate: 2.5% 
The loan is repayable over 4 years, with payments starting 12 months after the loan was received.
The loan was used for the development of the business.
The loan is 100% guaranteed by the government.
17. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,500 -
Later than one year and not later than five years 15,921 -
22,421 -
22,421 -
Motor Van - HP Agreement
During the financial year 2022, the company entered into a Hire Purchase (HP) agreement to acquire a Motor Van with a total cost of £37,887.23. Initial Instalments: 36 monthly instalments of £541.70 each, commencing on 28-07-2022. Final Optional Payment: £12,129, due on 28-07-2025.
The asset remains the property of the lessor until all instalments, including the final optional payment, are fully paid. In the event of default, the lessor has the right to repossess the asset.
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18. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Accelerated capital allowances 4,653 3,655
Other timing differences 2,673 998
7,326 4,653
Other timing differences comprise increase in existing provision for accelerated capital allowances
19. Share Capital
2023 2022
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
20. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £5,626 (2022: £5,027).
At the balance sheet date contributions of £1,509 (2022: £1,370) were due to the fund and are included in creditors.
21. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Richard Perry 69,078 18,287 60,000 - 27,365
Mr Stephen Byng 27,521 15,268 40,000 - 2,789
The loans provided to the directors bear an interest rate of 2.5% per annum and are repayable on demand.
22. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 100,000 -
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23. Post Balance Sheet Events
Post year end, the company invested £193,000 in commercial equipment and entered into a fleet hire agreement. Although nothing was contractually committed at the year-end, this investment aligns with the company's long-term strategy of growth through infrastructure investment.
24. Related Party Disclosures
Key management personnel (including Directors) received compensation of £171,475 (2022: £170,000).
171,475 170,000
Key management of the group is considered to be the Directors of the company only, in the current and prior year.
During the year a vehicle was purchased by the company from R Perry, a Director. This was sold at its open market value. 
25. Controlling Parties
The company's ultimate controlling party is Mr Richard Perry by virtue of his majority interest in the share capital of the company.
26. Operating lease commitment
The total of future minimum lease payments is as follows;
2023
2022
£
£
Not later than one year
21,237     
21,237    
Later than one year and not later than five years
22,039     
29,527    
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image
43,276     
image
50,764    
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