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Registered number: 11100782
Alchemy Technology Services Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—7
Profit and Loss Account 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—20
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Principal Activity
Founded in 2018 and headquartered in Derry / Londonderry, Alchemy Technology Services has grown to become a key provider of technology and consulting services to the global insurance sector. 
We are a Consulting Partner of Guidewire Software Inc and have derived most of our revenue since formation through collaborating closely with Guidewire, its clients and other system integrators to deliver high-quality projects on time and within budget, leveraging our deep understanding of the insurance domain and proficiency in all Guidewire products and tools.
Following the strategic acquisition of r10 Consulting in July 2023, we have provided consultancy services and delivery teams to a range of prominent (re)insurers, syndicates, brokers, MGAs, insurtechs and service and software providers.  In particular, we have supplied resources to work on the Blueprint 2 programme, whose purpose is to deliver profound changes in the Lloyd’s insurance market through digitalisation.
The company deploys over 200 skilled professionals across its two locations. 70% of our resources are based in our Head Office in Derry / Londonderry where we continue to make a substantial contribution to the socio-economic development of the region.
Fair review of the business
The year ended 31 December 2024 saw the business return to growth.
Turnover grew by 35% compared to last year, with significant new business wins and increased spend from our existing customers. Combining this revenue growth with reasonable cost control measures, we were able to improve our profitability, from a loss last year to a profit before tax of £1.3m.
Many of our customers are based outside of the UK and Northern Ireland and in May 2024, we were honoured to receive the prestigious King’s Award for Enterprise in the category of International Trade.  Alchemy was one of only four recipients from Northern Ireland and among 252 organisations nationally recognised this year, highlighting the company’s continuous commitment to excellence. 
In September 2024, we announced a strategic partnership with NTT DATA, a global leader in digital business and IT services. Our collaboration aims to transform P&C insurance platforms and services, supporting the full insurance lifecycle for insurers grappling with legacy systems and complex cloud migrations. NTT DATA brings its global reach, extensive knowledge, and comprehensive services, including end-to-end data modernisation, cloud integration, and application management, to the partnership.
In October 2024, we signed a lease to move our head office to Ebrington Plaza in Derry/Londonderry. As the first tenants of this prestigious new office location, we are thrilled to have chosen a location that will support our ongoing expansion and provide an outstanding work environment for our team. The move completed in March 2025.
Key performance indicators
The key performance indicators used by the Board to monitor progress are listed below:
Turnover:  £20.30m (2023: £15.02m)
Gross Profit: £5.54m (2023: £2.79m)
Operating Profit: £1.28m (2023: Operating Loss £0.42m)
The Board also closely monitors Staff Utilisation, in particular the percentage of time billed to customers, but has chosen not to publish this information as it is deemed commercially sensitive.
Prinicipal risks and uncertainties
The financial risks identified are liquidity, cashflow and credit risk. Liquidity risk and cashflow are managed by ensuring that the Company has sufficient liquid resources to meet the operating needs of the business. Formal credit control procedures are in place and trade debtors are reviewed on a regular basis.
The current principal trading risks include the recruitment and retention of talent; leadership development and succession; competition from both local technology service providers and global system integrators; and the general economic environment.
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Future Developments
Outlook
The Board believes that the outlook for 2025 is positive.  
As we look to expand our capabilities further, our strategy will continue to focus on establishing long-lasting relationships with our clients and software partners and attracting new clients by consistently living by our culture and standards.  We will continue to invest in our people and support their education in both current technological trends and the insurance industry.
We are already engaged in several growing implementation projects and our sales pipeline continues to strengthen both with new and existing customers and from our widening partner network.  We are also realising benefits from the wider range of services that the company can now offer.
On behalf of the board
John Harkin
Director
15/04/2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Dividends
The value of dividends paid amounted to £NIL (2023: £262,500)
Directors
The directors who held office during the year were as follows: 
Nathan Bolton
Edward Charlton
John Colwell
John Harkin
Mimi Munchetty-Chendriah
John Taylor
Amechi Peirce-Howe Appointed 02/01/2025
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.
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Independent Auditors
The auditors, SJK Chartered Accountants, 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
John Harkin
Director
15/04/2025
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Independent Auditor's Report
Opinion
We have audited the financial statements of Alchemy Technology Services Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, 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.
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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.
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, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below Audit procedures performed by the engagement team included:
  • Obtained an understanding of the legal and regulatory framework applicable to the company and how the company are complying with that framework;
  • Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
  • Identifying and testing journal entires, in particualr any journal entries posyted with unsual account combinations, including unusual revenue journal entires; and
  • Challenging assumptions and jusgements made by management in their significant accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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Stephen Kennedy (Senior Statutory Auditor)
for and on behalf of SJK Chartered Accountants , Statutory Auditor
15/04/2025
SJK Chartered Accountants
8 Bridge Road
Moira
Co. Armagh
BT67 0PF
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Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 4 20,301,189 15,022,513
Cost of sales (14,762,543 ) (12,224,120 )
GROSS PROFIT 5,538,646 2,798,393
Administrative expenses (4,272,530 ) (3,367,888 )
Other operating income 12,230 153,430
OPERATING PROFIT/(LOSS) 6 1,278,346 (416,065 )
Other interest receivable and similar income 12,005 3,005
Interest payable and similar charges (8,942 ) (7,847 )
PROFIT/(LOSS) BEFORE TAXATION 1,281,409 (420,907 )
Tax on Profit/(loss) 11 (331,505 ) 51,031
PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR 949,904 (369,876 )
The notes on pages 12 to 20 form part of these financial statements.
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Balance Sheet
Registered number: 11100782
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 220,776 228,961
Tangible Assets 13 207,739 228,339
428,515 457,300
CURRENT ASSETS
Debtors 14 2,835,102 1,833,393
Cash at bank and in hand 3,695,025 2,070,017
6,530,127 3,903,410
Creditors: Amounts Falling Due Within One Year 15 (3,785,190 ) (2,184,649 )
NET CURRENT ASSETS (LIABILITIES) 2,744,937 1,718,761
TOTAL ASSETS LESS CURRENT LIABILITIES 3,173,452 2,176,061
PROVISIONS FOR LIABILITIES
Deferred Taxation 17 (47,487 ) -
NET ASSETS 3,125,965 2,176,061
CAPITAL AND RESERVES
Called up share capital 18 210 210
Share premium account 349,930 349,930
Profit and Loss Account 2,775,825 1,825,921
SHAREHOLDERS' FUNDS 3,125,965 2,176,061
On behalf of the board
John Colwell
Director
15/04/2025
The notes on pages 12 to 20 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Share Premium Profit and Loss Account Total
£ £ £ £
As at 1 January 2023 210 349,930 2,458,297 2,808,437
Loss for the year and total comprehensive income - - (369,876 ) (369,876)
Dividends paid - - (262,500) (262,500)
As at 31 December 2023 and 1 January 2024 210 349,930 1,825,921 2,176,061
Profit for the year and total comprehensive income - - 949,904 949,904
Dividends paid - - - -
As at 31 December 2024 210 349,930 2,775,825 3,125,965
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Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from/(used in) operations 1 1,816,881 (457,183 )
Interest paid (8,942 ) (7,847 )
Tax paid (63,100 ) (102,101 )
Net cash generated from/(used in) operating activities 1,744,839 (567,131 )
Cash flows from investing activities
Purchase of intangible assets (51,234 ) (254,401 )
Purchase of tangible assets (76,768 ) (44,920 )
Grants received 850 141,734
Interest received 12,005 3,005
Net cash used in investing activities (115,147 ) (154,582 )
Cash flows from financing activities
Equity dividends paid - (262,500 )
Repayment of finance leases (4,684 ) (18,231 )
Net cash used in financing activities (4,684 ) (280,731 )
Increase/(decrease) in cash and cash equivalents 1,625,008 (1,002,444 )
Cash and cash equivalents at beginning of year 2 2,070,017 3,072,461
Cash and cash equivalents at end of year 2 3,695,025 2,070,017
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Notes to the Statement of Cash Flows
1. Reconciliation of profit/(loss) for the financial year to cash generated from/(used in) operations
2024 2023
£ £
Profit/(loss) for the financial year 949,904 (369,876 )
Adjustments for:
Tax on profit/(loss) 331,505 (51,031 )
Interest expense 8,942 7,847
Interest income (12,005 ) (3,005 )
Amortisation of intangible assets 59,419 25,440
Depreciation of tangible assets 97,368 96,377
Grant income (850) (141,734)
Movements in working capital:
Increase in trade and other debtors (1,052,740 ) (498,204 )
Increase in trade and other creditors 1,435,338 477,003
Net cash generated from/(used in) operations 1,816,881 (457,183 )
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 3,695,025 2,070,017
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 2,070,017 1,625,008 3,695,025
Finance leases (4,684) 4,684 -
2,065,333 1,629,692 3,695,025
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Notes to the Financial Statements
1. General Information
Alchemy Technology Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11100782 . The registered office is Gallery 8, Room 824, The Lloyd's Building, One Lime Street, London, EC3M 7HA.
2. Statement of Compliance
The 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.
3. Accounting Policies
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention.
3.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
3.3. Significant judgements and estimations
In preparing the financial statements, the directors are required to make significant judgements and estimates. The principal areas of the financial statements where judgements and estimates have been made are:
Impairment of fixed assets
At each reporting date, fixed assets, including intangible assets and goodwill and tangible assets, are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. In determining whether there is an indication of impairment a number of judgemental factors must be considered, including an estimate of the future economic benefits that can be derived from the assets and current market conditions.
Income tax
The current income tax provision directly relates to the actual tax payable on the company's profits. Assumptions and judgements are made in applying tax laws to the taxable profits in any given period in order to calculate the tax charge for that year, including any deferred income tax element. Where the eventual tax paid or reclaimed is different to the amounts originally estimated, or where deferred tax estimates are revised, the difference will be charged or credited to the income statement in the period in which it is determined.
Useful economic lives of fixed assets
Fixed assets including goodwill and tangible assets are amortised over their useful economic lives. Useful lives are based on management’s estimates of the period over which the assets will generate income. Useful lives are periodically reviewed for their continued appropriateness. Changes to estimates can result in changes in the carrying values and hence change the amounts charged to the income statement in particular periods which could be significant. More details, including carrying values, are included in notes 11 and 12.
Carrying value of financial assets and liabilities
At the end of each reporting period, the directors assess the carrying value of financial assets for objective evidence of impairment. In addition, where financial assets or liabilities constitute a financing arrangement, the value of the asset or liability is measured by reference to the present value of the estimated future cash flows. Both of these estimates require the future cash flows arising from the financial assets or liabilities to be estimated and an appropriate discount rate to be selected.
3.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates 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.
Rendering of services
Turnover from consultancy services and project work sold on a time and materials basis is normally recognised as services are performed.  When such work is sold on a fixed price basis, turnover is normally recognised as milestones are achieved.
3.5. 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 5 years.
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3.6. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are capitalised development costs.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. 
The capitalised development costs are subsequently amortised to the profit and loss account on a straight line basis over their expected useful economic lives, which is estimated as 3 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
3.7. 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 20% straight line
Office Equipment 20% straight line
Fixtures & Fittings 50% straight line
Computer Equipment 20% straight line
3.8. 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.
3.9. 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.
3.10. 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.
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3.11. Provisions and Contingencies
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.
Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.
3.12. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
3.13. 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.
3.14. Government Grant
Government grants consists of support funds received in relation to employment and training costs. Such grants are included within 'Other Operating Income' in the Income Statement when the grant is received.
4. Turnover
Analysis of turnover by class of business is as follows:
2024 2023
£ £
Sales 20,301,189 15,022,513
In accordance with UKSI 2008/410, schedule 1, paragraph 68, the company has not disclosed an analysis of turnover by geographical market as the directors are of the opinion it would be seriously prejudicial to the interests of the company.
5. Other Operating Income
2024 2023
£ £
Grant income 850 141,734
Other operating income 11,380 11,696
12,230 153,430
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6. Operating Profit/(loss)
The operating profit/(loss) is stated after charging:
2024 2023
£ £
Depreciation of tangible fixed assets 97,368 96,377
Amortisation of intangible fixed assets 59,419 25,440
7. 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 12,000 11,450
8. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 7,526,852 7,474,124
Social security costs 819,185 802,503
Other pension costs 650,251 414,555
8,996,288 8,691,182
9. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Business Support 22 17
Analysts 134 146
156 163
10. Directors' remuneration
2024 2023
£ £
Emoluments 1,298,076 1,324,154
Company contributions to money purchase pension schemes 55,460 48,164
1,353,536 1,372,318
During the year, retirement benefits were accruing to 3 directors (2023: 3) in respect to money purchase schemes.  The directors are considered key management personnel and there are no further key management personnel to disclose.
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11. Tax on Profit
The tax charge/(credit) on the profit/(loss) for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 25.0% 271,987 -
Prior period adjustment - (39,000 )
271,987 (39,000 )
Deferred Tax
Deferred taxation 59,518 (12,031 )
Total tax charge for the period 331,505 (51,031 )
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit/(loss) and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 1,281,409 (420,907)
Tax on profit at 25% (UK standard rate) 320,352 (105,226 )
Expenses not deductible for tax purposes 11,154 47,350
Tax losses utilised (69,115 ) -
Capital allowances (14,746 ) (11,240 )
Short term timing differences 83,860 57,085
Prior period adjustment - (39,000 )
Total tax charge for the period 331,505 (51,031)
12. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 January 2024 254,401 - 254,401
Additions - 51,234 51,234
As at 31 December 2024 254,401 51,234 305,635
Amortisation
As at 1 January 2024 25,440 - 25,440
Provided during the period 50,880 8,539 59,419
As at 31 December 2024 76,320 8,539 84,859
Net Book Value
As at 31 December 2024 178,081 42,695 220,776
As at 1 January 2024 228,961 - 228,961
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13. Tangible Assets
Land & Property
Leasehold Office Equipment Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 - 87,170 3,650 402,101 492,921
Additions 17,784 6,447 - 52,537 76,768
Disposals - - - (8,971 ) (8,971 )
As at 31 December 2024 17,784 93,617 3,650 445,667 560,718
Depreciation
As at 1 January 2024 - 64,290 3,650 196,642 264,582
Provided during the period - 15,759 - 81,609 97,368
Disposals - - - (8,971 ) (8,971 )
As at 31 December 2024 - 80,049 3,650 269,280 352,979
Net Book Value
As at 31 December 2024 17,784 13,568 - 176,387 207,739
As at 1 January 2024 - 22,880 - 205,459 228,339
14. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,410,436 1,415,288
Other debtors 424,666 259,105
2,835,102 1,674,393
Due after more than one year
Other debtors - 159,000
2,835,102 1,833,393
15. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 4,684
Trade creditors 1,366,769 1,254,785
Payments on account 1,420,761 53,520
Other creditors 75,163 51,756
Corporation tax 271,987 102,100
Taxation and social security 412,123 518,056
Accruals and deferred income 238,387 199,748
3,785,190 2,184,649
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16. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 4,684
17. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 47,487 -
18. Share Capital
2024 2023
Allotted, called up and fully paid £ £
210 Ordinary Shares of £ 1.00 each 210 210
19. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
 Land and buildings
2024 2023
£ £
Not later than one year 163,058 100,455
Later than one year and not later than five years 383,952 -
547,010 100,455
Other
2024
2023
£
£
Not later than one year
22,214
14,421
Later than one year and not later than five years
63,279
-
image
image
85,492
image
14,421
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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 £650,251 (2023: £414,555).
At the balance sheet date contributions of £63,019 (2023: £35,918) were due to the fund and are included in creditors.
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21. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid - 262,500
22. Post Balance Sheet Events
Subsequent to the balance sheet date, the company committed to fit-out works amounting to £642,979. This expenditure relates to improvements to new leasehold commercial premises that the company will occupy in 2025.
23. Related Party Disclosures
The company issued a loan of £120,000 to a Director during 2020.  The loan is repayable within 60 months. The amount outstanding at the year end date was £120,000 and is disclosed within other debtors at note 14.  Interest is charged by the company at 2.5% per annum and is being repaid by the director to the company.
24. Controlling Parties
The company has no controlling party.
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