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Registered number: 01186938
Boccard UK Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Bennett Verby Limited
7 St Petersgate
Stockport
Cheshire
SK1 1EB
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—7
Statement of Comprehensive Income 8
Balance Sheet 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13—21
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Review of the Business
• Company Overview
The principal activity of Boccard UK Ltd is Engineering, Manufacturing, Construction and Maintenance Services associated within Nuclear New Build contracts in the UK. In addition to this we offer Total Fluid Management services within our Boclube business portfolio. Boccard UK Ltd have diversified into to the Food and Ingredients market in the UK working in partnership with our sister company Boccard SA in France, for the full EPC of a new Mozzarella cheese production facility in Devon.
Operational Highlights
Our backlog in 2024 was secured with a major order in December 2023 for the continued supply of supports to a customer in the nuclear UK market at Hinkley Point C.
We delivered acceleration requests on the same contract during 2024 to maximise painting delivery capacity.
Our new venture into the Food and Ingredients market secured a substantial order.
Our targeted approach allowed us to secure a “Professional Services Contract” for the supply of technical support to Sizewell C
Market Conditions
The Nuclear market in the UK continues to progress aligned to our business predictions and supported by the UK governments focus towards carbon neutrality. This with recent announcements from the Department of Energy Security and Net Zero (DEZNZ) have additionally confirmed the UK Governments support for Sizewell C and the ensuing SMR program in the UK which is being competed via Great British Nuclear (GBN).
Additionally, our expansion into the food and ingredients market in the UK has seen increased tendering activity.
Financial Performance
Revenue and Profit - Turnover has increased by 49% on 2023, and Gross margin by 26% on 2023.
Financial Statements - Net assets have increased by 30% mainly due to the cash flow management of secured contracts.
Analysis - 2024 has been an excellent year for growth fully aligned with our business forecasts and we expect this to be maintained moving forward.
Risk Management
Key Risks: the risks we need to monitor within the business, are predominantly, Foreign Exchange risk, our customer base outsourcing to the far east, and a restricted client base
Mitigation Strategies: these risks are managed by accurate forecasting based on economic market trends, having a diverse supplier base and having an outstanding production, safety and quality performance meaning contract work continues to be promoted in the UK. We are an agile company who can readily react to our customer’s needs.  Throughout this we maintain strong business relationships, and regularly evaluate supplier creditworthiness. 
Future Outlook
Strategic Goals: Our future strategy is underpinned by the Nuclear New Build Program in the UK, where we will continue to deliver our high integrity products for the next 2 years to Hinkley Point C, thereafter we will transition to Sizewell C, having already secured the enabling contracts. Our business portfolio has now expanded from support manufacture to include pipework, Tier 1 site construction activities, tanks and modules. Again, the Module scope being underpinned by the MOU’s we now have in place with the key UK OEM SMR vendors. The positive outlook has allowed us to requisition A new manufacturing site in Deeside (North Wales) which will be fully operational in June 2025.
Plans and Prospects
As covered in the previous sections of this report our primary targets include
o BOP Pipework manufacture for a customer in the nuclear UK market
o T1 construction activities for a customer in the nuclear UK market
o A customer in the Food and Dairy market Lockerbie
o Tank Manufacture Sizewell C
o Support manufacture continuity for Sizewell C 
On behalf of the board
Mr Bruno Boccard
Director
31 March 2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal Activity
The company's principal activity continues to be Engineering, Manufacturing, Construction and Maintenance Services associated within Nuclear New Build contracts in the UK. In addition to this we offer Total Fluid Management services within our Boclube business portfolio.
Directors
The directors who held office during the year were as follows:
Mr Bruno Boccard
Mr Philippe Lazare
Mr Patrick Boccard
Mr Douglas McQueen
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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 United Kingdom Accounting Standards, comprising FRS102, 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.
Page 2
Page 3
Independent Auditors
The auditors, Bennett Verby 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 Bruno Boccard
Director
31 March 2025
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Boccard UK Limited for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, 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 2024 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.
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.
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.
Page 4
Page 5
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 2—3, 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.
Page 5
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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: 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the floor cleaning machines sector;
- we focussed on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data
protection, anti-bribery, employment, environmental and health and safety legislation;
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit;
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining
an understanding of how fraud might occur, by:
- making enquiries of management as to whether they considered there was susceptibility to fraud, their knowledge
of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify and unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias;
- investigated the rationale behind significant or unusual transactions
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to
enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may
involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters 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.
Mr Bernard Verby (Senior Statutory Auditor)
for and on behalf of Bennett Verby Limited , Statutory Auditor
31 March 2025
...CONTINUED
Page 6
Page 7
Bennett Verby Limited
Chartered Certified Accountants
7 St Petersgate
Stockport
Cheshire
SK1 1EB
Page 7
Page 8
Statement of Comprehensive Income
2024 2023
Notes £ £
TURNOVER 3 23,230,829 15,579,361
Cost of sales (17,944,891 ) (11,393,015 )
GROSS PROFIT 5,285,938 4,186,346
Administrative expenses (4,672,133 ) (3,720,460 )
Other operating expenses - (33,493 )
OPERATING PROFIT 4 613,805 432,393
Other interest receivable and similar income 9 3 674
Interest payable and similar charges 10 - (16,449 )
PROFIT BEFORE TAXATION 613,808 416,618
Tax on Profit 11 (163,230 ) (46,397 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 450,578 370,221
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 450,578 370,221
The notes on pages 12 to 21 form part of these financial statements.
Page 8
Page 9
Balance Sheet
Registered number: 01186938
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 466,652 647,257
Investments 14 25 25
466,677 647,282
CURRENT ASSETS
Stocks 15 70,295 58,954
Debtors 16 2,038,041 3,722,276
Cash at bank and in hand 4,924,651 463,829
7,032,987 4,245,059
Creditors: Amounts Falling Due Within One Year 17 (5,440,544 ) (3,298,367 )
NET CURRENT ASSETS (LIABILITIES) 1,592,443 946,692
TOTAL ASSETS LESS CURRENT LIABILITIES 2,059,120 1,593,974
PROVISIONS FOR LIABILITIES
Deferred Taxation 18 (116,662 ) (102,094 )
NET ASSETS 1,942,458 1,491,880
CAPITAL AND RESERVES
Called up share capital 20 200 200
Profit and Loss Account 1,942,258 1,491,680
SHAREHOLDERS' FUNDS 1,942,458 1,491,880
On behalf of the board
Mr Bruno Boccard
Director
31 March 2025
The notes on pages 12 to 21 form part of these financial statements.
Page 9
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2023 200 1,121,459 1,121,659
Profit for the year and total comprehensive income - 370,221 370,221
As at 31 December 2023 and 1 January 2024 200 1,491,680 1,491,880
Profit for the year and total comprehensive income - 450,578 450,578
As at 31 December 2024 200 1,942,258 1,942,458
Page 10
Page 11
Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 4,496,685 187,570
Interest paid - (16,449 )
Tax (paid)/refunded (3 ) 80,544
Net cash generated from operating activities 4,496,682 251,665
Cash flows from investing activities
Purchase of tangible assets (71,850 ) (116,653 )
Interest received 3 674
Net cash used in investing activities (71,847 ) (115,979 )
Increase in cash and cash equivalents 4,424,835 135,686
Cash and cash equivalents at beginning of year 2 463,829 328,143
Foreign exchange gains on cash and cash equivalents 35,987 -
Cash and cash equivalents at end of year 2 4,924,651 463,829
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 450,578 370,221
Adjustments for:
Tax on profit 163,230 46,397
Interest expense - 16,449
Interest income (3 ) (674 )
Depreciation of tangible assets 252,455 236,617
Foreign exchange gains (35,987) -
Movements in working capital:
(Increase)/decrease in stocks (11,341 ) 7,219
Decrease/(increase) in trade and other debtors 1,684,181 (1,568,214 )
Increase in trade and other creditors 1,993,572 1,079,555
Net cash generated from operations 4,496,685 187,570
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:
2024 2023
£ £
Cash at bank and in hand 4,924,651 463,829
3. Analysis of changes in net funds
As at 1 January 2024 Cash flows As at 31 December 2024
£ £ £
Cash at bank and in hand 463,829 4,460,822 4,924,651
Page 12
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Notes to the Financial Statements
1. General Information
Boccard UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01186938 . The registered office is Prospect House, Brindley Avenue, Sale, Cheshire, M33 7BE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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 company. Monetary amounts
in these financial statements are rounded to the nearest £.
2.2. Significant judgements and estimations
In the application of the company’s accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.
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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 15 years.
2.5. 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:
Plant & Machinery 25% straight line
Fixtures & Fittings 25% straight line
2.6. Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and
subsequently measured at cost less any accumulated impairment losses. The investments are assessed for
impairment at each reporting date and any impairment losses or reversals of impairment losses are
recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating
policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a longterm
interest and where the company has significant influence. The company considers that it has significant
influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement
are classified as jointly controlled entities.
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2.7. Leasing and Hire Purchase Contracts
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.
2.8. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.9. 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.
2.10. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12
‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to
the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net
basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the effective
interest method unless the arrangement constitutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted at a market rate of interest. Financial assets
classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference
shares that are classified as debt, are initially recognised at transaction price unless the arrangement
constitutes a financing transaction, where the debt instrument is measured at the present value of the future
payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are
not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year
or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
2.11. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.12. 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.13. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Turnover
Analysis of turnover by class of business is as follows:
2024 2023
£ £
Engineering 776,458 1,685,301
Maintenance 1,013,964 1,057,432
Manufacturing 19,514,717 12,111,014
Turnkey 1,925,690 726,614
23,230,829 15,580,361
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 20,344,305 12,964,152
Europe 2,886,524 2,615,209
23,230,829 15,579,361
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4. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Research and Development Costs 13,848 -
Operating lease rentals 550,874 542,739
Exchange differences (35,987 ) (132,330 )
Depreciation of tangible fixed assets 252,455 236,617
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 10,000 10,000
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 7,293,776 5,347,710
Social security costs 823,893 601,115
Other pension costs 341,895 267,589
8,459,564 6,216,414
7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 8 8
Production 99 72
Management 12 10
119 90
8. Directors' remuneration
2024 2023
£ £
Emoluments 247,366 229,762
Company contributions to money purchase pension schemes 30,793 29,803
278,159 259,565
Information regarding the highest paid director was as follows:
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2024 2023
£ £
Emoluments 247,366 229,762
Company contributions to money purchase pension schemes 30,793 29,803
278,159 259,565
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 1). 
9. Interest Receivable and Similar Income
2024 2023
£ £
Interest received from HMRC 3 674
10. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts - 16,062
Interest payable on other loans - 387
- 16,449
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 23.5% 148,662 -
Prior period adjustment - (46,360 )
148,662 (46,360 )
Deferred Tax
Deferred taxation 14,568 92,757
Total tax charge for the period 163,230 46,397
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 613,808 416,618
Tax on profit at 25% (UK standard rate) 153,452 97,883
Goodwill/depreciation not allowed for tax 63,114 59,154
Expenses not deductible for tax purposes 8,582 505
Tax losses utilised (58,523 ) (125,456 )
...CONTINUED
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Capital allowances (17,963 ) (32,086 )
Prior period adjustment - (46,360 )
Deferred tax from unrecognised tax loss or credit 14,568 92,757
Total tax charge for the period 163,230 46,397
Following a change in UK corporation tax rates, up to 31/03/2023 the applicable corporation tax rate was 19% and from 01/04/2023 it was 25%. 
12. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 576,640
As at 31 December 2024 576,640
Amortisation
As at 1 January 2024 576,640
As at 31 December 2024 576,640
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 -
13. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2024 798,516 300,010 1,098,526
Additions 23,664 48,186 71,850
As at 31 December 2024 822,180 348,196 1,170,376
Depreciation
As at 1 January 2024 318,865 132,404 451,269
Provided during the period 190,766 61,689 252,455
As at 31 December 2024 509,631 194,093 703,724
Net Book Value
As at 31 December 2024 312,549 154,103 466,652
As at 1 January 2024 479,651 167,606 647,257
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14. Investments
Associates
£
Cost
As at 1 January 2024 25
As at 31 December 2024 25
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 25
As at 1 January 2024 25
Associates
Details of the company's associates as at 31 December 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Cavendish Boccard Nuclear Limited England & Wales Ordinary 25.00% -
15. Stocks
2024 2023
£ £
Stock 70,295 58,954
16. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,015,015 548,907
Prepayments and accrued income 588,198 3,168,981
Sundry debtors 13,066 4,334
Corporation tax recoverable assets - 54
1,616,279 3,722,276
Due after more than one year
Rent deposit 421,762 -
2,038,041 3,722,276
Included in debtors is a rent deposit of £421,762 which is secured, with the landlord having a fixed charge over the deposit.
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17. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,215,851 2,469,755
Other creditors - 36,559
Corporation tax 148,605 -
Taxation and social security 644,901 469,051
Accruals and deferred income 3,431,187 323,002
5,440,544 3,298,367
18. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Accelerated capital allowances 116,662 122,979
Tax losses carried forward - (20,885 )
116,662 102,094
19. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2024 102,094 102,094
Additions 14,568 14,568
Balance at 31 December 2024 116,662 116,662
20. Share Capital
2024 2023
Allotted, called up and fully paid £ £
20,000 Ordinary Shares of £ 0.01 each 200 200
The shares have full voting rights and are entitled to participate in any distributions or dividends paid. 
21. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 743,947 543,780
Later than one year and not later than five years 2,842,409 363,703
Later than five years 644,305 -
4,230,661 907,483
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22. 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 £341,895 (2023: £267,589).
At the balance sheet date contributions of £0 (2023: £36,559) were due to the fund and are included in creditors.
23. Related Party Disclosures
 During the year the company made sales of £Nil (2023: £Nil) to Cavendish Boccard Nuclear Ltd, in which
it owns 25% of the shares. At the year end £Nil (2023: £Nil) was receivable from this company.
24. Controlling Parties
The company's immediate parent undertaking is H.B.P.S.A. .
The ultimate parent undertaking is H.B.P.S.A. (incorporated in Luxembourg). Its registered office is 4 rue Adolphe, 1116 Luxembourg .
Copies of the group accounts may be obtained from the company's registered office.
The company's ultimate controlling party is H.B.P.S.A. by virtue of their interest in the share capital of the company.
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