Company registration number 04190648 (England and Wales)
SWIFTLINE ENGINEERING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
SWIFTLINE ENGINEERING LIMITED
COMPANY INFORMATION
Director
Mr K McLoughlin
Company number
04190648
Registered office
28-30 Theobalds Road
London
WC1X 8NX
Auditor
Taylor Associates
1st Floor Gallery Court
28 Arcadia Avenue
London
N3 2FG
SWIFTLINE ENGINEERING LIMITED
CONTENTS
Page
Director's report
1 - 2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 17
SWIFTLINE ENGINEERING LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

The principal activity of the company continued to be that of mechanical and electrical contractors.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr K McLoughlin
Auditor

Taylor Associates were appointed auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of director's responsibilities

The director is responsible 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:

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 them 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

SWIFTLINE ENGINEERING LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
On behalf of the board
Mr K McLoughlin
Director
17 June 2025
SWIFTLINE ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SWIFTLINE ENGINEERING LIMITED
- 3 -
Opinion

We have audited the financial statements of Swiftline Engineering Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 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 financial statements are 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. The director is 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. 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 course of 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 our audit:

SWIFTLINE ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SWIFTLINE ENGINEERING LIMITED (CONTINUED)
- 4 -
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 director's 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:

 

Responsibilities of director

As explained more fully in the director's responsibilities statement, 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 has 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.

The objectives of our audit, in respect to detecting irregularities including fraud, are;

to identify and assess the risks of material misstatement of the financial statements due to fraud;

to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses;

and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

SWIFTLINE ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SWIFTLINE ENGINEERING LIMITED (CONTINUED)
- 5 -

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant UK tax compliance regulations and Data Protection Regulation (GDPR).

We understood how the company complies with laws and regulations by making enquiries of management, internal audit, those responsible for legal and compliance procedures. We made enquiries through our review of board minutes and internal controls process documentation and considered the results of our audit procedures.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by meeting with management to discuss areas where we considered there was susceptibility to fraud. We considered the internal controls that the company has implemented to address any risks identified, or to prevent, deter and detect fraud, and how senior management monitor them.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

 

The key audit areas identified at planning included revenue recognition, accounting estimates and testing manual journals. We planned and designed our work to provide reasonable assurance that the financial statements were free from fraud or error. However due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected an irregularity or fraud that could result in a material misstatement in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.

 

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

Paul Winter (Senior Statutory Auditor)
For and on behalf of Taylor Associates, Statutory Auditor
Chartered Accountants
1st Floor Gallery Court
28 Arcadia Avenue
London
N3 2FG
17 June 2025
SWIFTLINE ENGINEERING LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
61,840,369
54,531,325
Cost of sales
(58,569,502)
(52,646,432)
Gross profit
3,270,867
1,884,893
Administrative expenses
(1,328,924)
(917,868)
Operating profit
5
1,941,943
967,025
Interest receivable and similar income
4
74,448
49,373
Profit before taxation
2,016,391
1,016,398
Tax on profit
6
(30,201)
(2,448)
Profit for the financial year
1,986,190
1,013,950

The income statement has been prepared on the basis that all operations are continuing operations.

SWIFTLINE ENGINEERING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
450,907
456,778
Current assets
Stocks
9
1,233,156
1,582,383
Debtors
10
7,425,097
6,499,867
Cash at bank and in hand
8,685,706
2,677,430
17,343,959
10,759,680
Creditors: amounts falling due within one year
11
(9,687,003)
(5,003,552)
Net current assets
7,656,956
5,756,128
Total assets less current liabilities
8,107,863
6,212,906
Provisions for liabilities
Deferred tax liability
12
47,673
38,906
(47,673)
(38,906)
Net assets
8,060,190
6,174,000
Capital and reserves
Called up share capital
15
100
100
Profit and loss reserves
8,060,090
6,173,900
Total equity
8,060,190
6,174,000

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 17 June 2025
Mr K McLoughlin
Director
Company registration number 04190648 (England and Wales)
SWIFTLINE ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
100
5,279,950
5,280,050
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,013,950
1,013,950
Dividends
7
-
(120,000)
(120,000)
Balance at 31 December 2023
100
6,173,900
6,174,000
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,986,190
1,986,190
Dividends
7
-
(100,000)
(100,000)
Balance at 31 December 2024
100
8,060,090
8,060,190
SWIFTLINE ENGINEERING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
18
5,796,369
(842,219)
Income taxes refunded/(paid)
251,841
(1)
Net cash inflow/(outflow) from operating activities
6,048,210
(842,220)
Investing activities
Purchase of tangible fixed assets
(14,402)
(16,951)
Interest received
74,448
49,373
Net cash generated from investing activities
60,046
32,422
Financing activities
Dividends paid
(100,000)
(162,282)
Net cash used in financing activities
(100,000)
(162,282)
Net increase/(decrease) in cash and cash equivalents
6,008,256
(972,080)
Cash and cash equivalents at beginning of year
2,677,430
3,649,510
Cash and cash equivalents at end of year
8,685,686
2,677,430
Relating to:
Cash at bank and in hand
8,685,706
2,677,430
Bank overdrafts included in creditors payable within one year
(20)
-
0
SWIFTLINE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

Swiftline Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is 28-30 Theobalds Road, London, WC1X 8NX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of 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 £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Nil
Plant and machinery
15% reducing balance basis
Fixtures, fittings & equipment
15% reducing balance basis
Motor vehicles
25% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 

SWIFTLINE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.8
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 or 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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SWIFTLINE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Full time employees
16
19

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
971,753
903,164
Social security costs
94,480
101,896
Pension costs
42,792
41,444
1,109,025
1,046,504
3
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
31,200
31,200
Company pension contributions to defined contribution schemes
20,000
18,333
51,200
49,533

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

4
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
70,452
49,373
Other interest income
3,996
-
0
Total income
74,448
49,373
SWIFTLINE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
5
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
20,273
23,016
Operating lease charges
265,896
249,339
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
273,275
-
0
Adjustments in respect of prior periods
(251,840)
-
0
Total current tax
21,435
-
0
Deferred tax
Origination and reversal of timing differences
8,766
2,448
Total tax charge
30,201
2,448

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,016,391
1,016,398
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
504,098
203,280
Tax effect of expenses that are not deductible in determining taxable profit
17,623
11,681
Tax effect of utilisation of tax losses not previously recognised
(249,355)
(215,635)
Adjustments in respect of prior years
(251,840)
-
0
Permanent capital allowances in excess of depreciation
(4,160)
(3,929)
Depreciation on assets not qualifying for tax allowances
5,068
4,603
Deferred tax adjustments in respect of prior years
-
0
2,448
Deferred Tax timing difference
8,767
-
0
Taxation charge for the year
30,201
2,448
7
Dividends
2024
2023
£
£
Final paid
100,000
120,000
SWIFTLINE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
8
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
247,165
84,248
454,308
5,000
790,721
Additions
-
0
-
0
14,402
-
0
14,402
At 31 December 2024
247,165
84,248
468,710
5,000
805,123
Depreciation and impairment
At 1 January 2024
-
0
73,914
259,405
624
333,943
Depreciation charged in the year
-
0
1,527
18,538
208
20,273
At 31 December 2024
-
0
75,441
277,943
832
354,216
Carrying amount
At 31 December 2024
247,165
8,807
190,767
4,168
450,907
At 31 December 2023
247,165
10,334
194,903
4,376
456,778
9
Stocks
2024
2023
£
£
Work in progress
-
349,227
Finished goods and goods for resale
1,233,156
1,233,156
1,233,156
1,582,383
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,351,832
3,087,073
Other debtors
2,968,855
3,324,178
Prepayments and accrued income
104,410
88,616
7,425,097
6,499,867
SWIFTLINE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
20
-
0
Trade creditors
3,228,128
2,174,953
Amounts owed to group undertakings
142,282
42,282
Corporation tax
273,275
-
0
Other taxation and social security
46,771
67,603
Deferred income
13
3,102,430
-
0
Other creditors
1,786,849
2,030,955
Accruals and deferred income
1,107,248
687,759
9,687,003
5,003,552
12
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
47,673
38,906
2024
Movements in the year:
£
Liability at 1 January 2024
38,906
Charge to profit or loss
8,767
Liability at 31 December 2024
47,673

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

13
Deferred income
2024
2023
£
£
Other deferred income
3,102,430
-
SWIFTLINE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,792
41,444

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
16
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Between two and five years
200,000
200,000
17
Ultimate controlling party

The ultimate parent company is Swiftline Group Limited, a company registered in England & Wales.

 

Swiftline Group Limited prepares group financial statements.

SWIFTLINE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
18
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit after taxation
1,986,190
1,013,950
Adjustments for:
Taxation charged
30,201
2,448
Investment income
(74,448)
(49,373)
Depreciation and impairment of tangible fixed assets
20,273
23,016
Movements in working capital:
Decrease/(increase) in stocks
349,227
(1,043,654)
Increase in debtors
(925,230)
(1,612,915)
Increase in creditors
1,307,726
824,309
Increase in deferred income
3,102,430
-
Cash generated from/(absorbed by) operations
5,796,369
(842,219)
19
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
2,677,430
6,008,276
8,685,706
Bank overdrafts
-
0
(20)
(20)
2,677,430
6,008,256
8,685,686
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