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Registration number: 11654931

AG UK 2018 Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

AG UK 2018 Limited

Contents

Company Information

1

Director's Report

2

Statement of Director's Responsibilities

3

Independent Auditor's Report

4 to 6

Profit and Loss Account

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10 to 14

iXBRL Detailed Profit and Loss Account

15 to 16

 

AG UK 2018 Limited

Company Information

Director

Mr Christian Paolo Brigliadoro

Registered office

Bst 1st Floor
12 Fouberts Place
London
United Kingdom
W1F 7PG

Auditors

DTL Auditors Ltd 5th floor, North Side
7/10 Chandos Street
London
W1G 9DQ

 

AG UK 2018 Limited

Director's Report for the Year Ended 31 December 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director of the company

The director who held office during the year was as follows:

Mr Christian Paolo Brigliadoro

Principal activity

The principal activity of the company is retail sale of clothing in specialised stores.

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 24 March 2025 and signed on its behalf by:

.........................................
Mr Christian Paolo Brigliadoro
Director

   
     
 

AG UK 2018 Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

 

AG UK 2018 Limited

Independent Auditor's Report to the Members of AG UK 2018 Limited

Opinion

We have audited the financial statements of AG UK 2018 Limited (the 'company') for the year ended 31
December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity,
and Notes to the Financial Statements, including a summary of significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK
and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements :

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

AG UK 2018 Limited

Independent Auditor's Report to the Members of AG UK 2018 Limited

Opinion on other matter 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Director's Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

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

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

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

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 3], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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:

 

AG UK 2018 Limited

Independent Auditor's Report to the Members of AG UK 2018 Limited

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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry
in which it operates and considered the risk of acts by the company that were contrary to applicable laws and
regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not
detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud
may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through
collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial
statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard
applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial
statement disclosures to underlying supporting documentation, enquiries with management and enquiries of
legal counsel. There are inherent limitations in the audit procedures described above and, the further removed
non-compliance with laws and regulations is from the events and transactions reflected in the financial
statements, the less likely we would become aware of it.

As in all our audits, we also addressed the risk of management override of internal controls by testing journal
entries and evaluating whether there was evidence of management bias which represented a risk of material
misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 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.

......................................
John Tiltman (Senior Statutory Auditor)
For and on behalf of DTL Auditors Ltd, Statutory Auditor
 5th floor, North Side
7/10 Chandos Street
London
W1G 9DQ

24 March 2025

 

AG UK 2018 Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

 

14,324,819

7,234,291

Cost of sales

 

(9,591,666)

(4,799,474)

Gross profit

 

4,733,153

2,434,817

Administrative expenses

 

(3,318,675)

(1,969,218)

Other operating income

 

204

1,350

Operating profit

 

1,414,682

466,949

Profit before tax

5

1,414,682

466,949

Tax on profit

 

(378,944)

(131,281)

Profit for the financial year

 

1,035,738

335,668

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

AG UK 2018 Limited

(Registration number: 11654931)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

541,334

82,001

Current assets

 

Stocks

7

483,523

205,852

Debtors

8

629,457

421,894

Cash at bank and in hand

 

5,967,708

1,808,325

 

7,080,688

2,436,071

Creditors: Amounts falling due within one year

9

(6,247,572)

(2,179,360)

Net current assets

 

833,116

256,711

Net assets

 

1,374,450

338,712

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,373,450

337,712

Shareholders' funds

 

1,374,450

338,712

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 24 March 2025
 

.........................................
Mr Christian Paolo Brigliadoro
Director

   
     
 

AG UK 2018 Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

1,000

337,712

338,712

Profit for the year

-

1,035,738

1,035,738

At 31 December 2024

1,000

1,373,450

1,374,450

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1,000

917,044

918,044

Profit for the year

-

335,668

335,668

Dividends

-

(915,000)

(915,000)

At 31 December 2023

1,000

337,712

338,712

 

AG UK 2018 Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bst 1st Floor
12 Fouberts Place
London
United Kingdom
W1F 7PG

These financial statements were authorised for issue by the director on 24 March 2025.

2

Accounting policies

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 the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of Vat and trade discounts.

Revenue for the sale of goods is recognised upon delivery.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

AG UK 2018 Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Over 5 years

Furniture and fittings

20%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially 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 amounts due according to the original terms of the receivables.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the term of the lease.

 

AG UK 2018 Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 64 (2023 - 38).

4

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

10,600

10,000


 

5

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

109,417

89,562

Loss / (gain) on foreign currency transactions

10,390

60,922

 

AG UK 2018 Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2024

28,273

421,562

358

450,193

Additions

558,276

-

10,475

568,751

At 31 December 2024

586,549

421,562

10,833

1,018,944

Depreciation

At 1 January 2024

21,690

346,478

24

368,192

Charge for the year

45,882

63,074

462

109,418

At 31 December 2024

67,572

409,552

486

477,610

Carrying amount

At 31 December 2024

518,977

12,010

10,347

541,334

At 31 December 2023

6,583

75,084

334

82,001

Included within the net book value of land and buildings above is £518,977(2023 - £6,583) in respect of long leasehold land and buildings.
 

7

Stocks

2024
£

2023
£

Other inventories

483,523

205,852

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

67,280

99,924

Amounts owed by related parties

38,853

-

Prepayments

 

169,205

56,272

Other debtors

 

354,119

265,698

   

629,457

421,894

 

AG UK 2018 Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

195,922

19,219

Amounts owed to group undertakings and undertakings in which the company has a participating interest

4,748,914

1,588,390

Taxation and social security

 

1,170,367

508,781

Accruals and deferred income

 

80,910

34,203

Other creditors

 

51,459

28,767

 

6,247,572

2,179,360

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

737,986

570,250

Later than one year and not later than five years

1,048,954

750,309

1,786,940

1,320,559

The amount of non-cancellable operating lease payments recognised as an expense during the year was £819,877 (2023 - £502,030).

11

Parent and ultimate parent undertaking

The company's immediate parent is OSIT IMPRESA S.P.A., incorporated in Italy.

 

 

AG UK 2018 Limited

iXBRL Detailed Profit and Loss Account for the Year Ended 31 December 2024

2024
£

2023
£

Turnover/revenue

14,324,819

7,234,291

Cost of sales

Opening raw materials

(205,852)

(427,103)

Purchase of raw materials and consumables

(9,453,453)

(4,295,389)

Closing raw materials

483,523

205,852

Freight and haulage costs

(415,884)

(282,834)

Gross profit

4,733,153

2,434,817

Distribution costs

Administrative expenses

Audit and accountancy audit costs

(10,600)

(10,000)

Audit and accountancy other services

(2,250)

(3,000)

Audit and accountancy costs

(12,850)

(13,000)

Advertising, promotions and marketing costs

(18,933)

(15,886)

Client entertaining costs

(2,151)

(2,000)

Rent, rates and services costs

(1,112,784)

(642,632)

Utilities costs

(39,239)

(45,374)

Other repairs and maintenance costs

(96,858)

(54,906)

Cleaning costs

(14,345)

(10,375)

Depreciation of fixed assets

(109,417)

(89,562)

Wages and salaries excluding directors

(1,419,247)

(704,356)

Social security costs excluding directors

(97,546)

(36,892)

Pension costs defined contribution schemes excluding directors

(9,108)

(3,587)

Staff costs excluding directors

(1,525,901)

(744,835)

Consultancy costs

-

(9,496)

Travel and subsistence

(68,974)

(40,004)

Training

(1,240)

-

Staff entertaining

(900)

-

Legal and professional costs

(34,232)

(33,440)

Royalties, licences and similar expenses

(1,550)

(1,431)

Bank charges

(99,305)

(67,289)

Inter-company management fees

(93,261)

(115,036)

Insurance costs

(14,054)

(10,756)

IT and computing

(2,821)

(159)

Telecommunications

(29,288)

(2,291)

Printing, postage and stationery

(3,109)

(1,569)

Subscriptions

(1,410)

(335)

Other foreign exchange loss

(10,390)

(60,922)

Other operational and administration costs

(25,663)

(7,920)

 

AG UK 2018 Limited

iXBRL Detailed Profit and Loss Account for the Year Ended 31 December 2024

2024
£

2023
£

Other operating income

Other operating income

-

1,350

Other items

Profit on ordinary activities before finance charges and interest

1,414,478

466,949

Non-bank interest and similar income receivable

204

-

Profit on ordinary activities before taxation

1,414,682

466,949

Tax on profit or loss on ordinary activities

(378,944)

(131,281)

Profit for the financial year

1,035,738

335,668