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APPLIED INSPECTION LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






APPLIED INSPECTION LIMITED (REGISTERED NUMBER: 01792147)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 9

Balance Sheet 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


APPLIED INSPECTION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: T B Pizzey
Ms F E Sutherland
J H Morgan
Ms K B Schultes



REGISTERED OFFICE: Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS



REGISTERED NUMBER: 01792147 (England and Wales)



SENIOR STATUTORY AUDITOR: Hari Vasdev MEng FCA



AUDITORS: Sibbalds Limited
Chartered Accountants and Statutory Auditor
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

APPLIED INSPECTION LIMITED (REGISTERED NUMBER: 01792147)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their strategic report for the year ended December 31, 2024.

BUSINESS REVIEW
The Directors look at turnover, margins and profitability when monitoring business performance.
The turnover has seen a decrease of 23.6% from £11.81 million in 2023 to £9.02 million in 2024. This is largely in line with expectations due to the end of some long standing customer relationships during the year that will be looked to be replaced in the following year, this is still however a rise of 7% in turnover from the 2022 year end from prior to the large contract awarded throughout 2023 and so this reflects the comprehensive service offerings, knowledgeable technical workforce and operational excellence which is driving growth over time.

Considering the changes in the year, gross profit margins have increased from 48.94% in 2023 to 49.98% in 2024 demonstrating enhanced profitability and operational efficiency.
The Board also considers key statement of financial position areas to understand the financial position of the group, and this shows a net asset position of £9 million at the year end, an increase of 18.9% on last year.

Applied Inspection Limited
Overall business performance was largely in line with expectations. Applied focused on strategic initiatives to drive growth and profitability. Key efforts included market expansion and operational efficiency enhancements, resulting in improved financial performance and market competitiveness.

PRINCIPAL RISKS AND UNCERTAINTIES
Applied remains aware of potential risks and uncertainties, including, but not limited to, market volatility, regulatory changes, and competitive pressures. The company continues to implement risk management strategies to mitigate these challenges and sustain long-term growth.

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
The company's financial assets and liabilities consist of trade debtors and creditors, cash balances, and intercompany loans. The directors manage the company's exposure to financial risk by:

- Financial Planning and Budgeting: Creating detailed financial plans and budgets to forecast business performance and identifying potential future risks, enabling proactive measures to address them.

- Monitoring and Reporting: Regularly monitoring financial performance against established benchmarks and promptly reporting any deviations enabling timely intervention and corrective actions.

- Maintaining Adequate Liquidity: Having sufficient cash reserves or access to credit lines to ensure the company can meet its financial obligations.

- Strategic Partnerships and Contracts: Collaborating with reliable partners and suppliers and negotiating favourable contract terms to minimize risks associated with supply chain disruptions, price fluctuations, or contractual disputes.

- Continuous Improvement: Adopting a culture of continuous improvement and learning from past experiences in refining risk management strategies and adapting to evolving market conditions.

ON BEHALF OF THE BOARD:





Ms F E Sutherland - Director


18 July 2025

APPLIED INSPECTION LIMITED (REGISTERED NUMBER: 01792147)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

T B Pizzey
Ms F E Sutherland
J H Morgan

Other changes in directors holding office are as follows:

M J Grigsby - resigned 3 December 2024
Ms K B Schultes - appointed 3 December 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 these financial statements, the directors are required to:

-select suitable accounting policies and then 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 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.

APPLIED INSPECTION LIMITED (REGISTERED NUMBER: 01792147)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Ms F E Sutherland - Director


18 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
APPLIED INSPECTION LIMITED


Opinion
We have audited the financial statements of Applied Inspection Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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:
-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 Auditors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
APPLIED INSPECTION LIMITED


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 Report of the Directors.

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 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 Statement of Directors' Responsibilities set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
APPLIED INSPECTION LIMITED


Auditors' 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 a Report of the Auditors 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:

As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102 and Companies Act 2006.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
-Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Testing key revenue lines, in particular cut-off, for evidence of management bias.
- Obtaining third-party confirmation of material bank balances.
- Documenting and verifying all significant related party and consolidated balances and transactions.
-Reviewing sensitive expense accounts for evidence of non-compliance with laws and regulations or fraud.

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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
APPLIED INSPECTION LIMITED

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 a Report of the Auditors 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.




Hari Vasdev MEng FCA (Senior Statutory Auditor)
for and on behalf of Sibbalds Limited
Chartered Accountants and Statutory Auditor
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

30 July 2025

APPLIED INSPECTION LIMITED (REGISTERED NUMBER: 01792147)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

TURNOVER 4 9,020,780 11,811,547

Cost of sales 4,512,639 6,030,763
GROSS PROFIT 4,508,141 5,780,784

Administrative expenses 2,657,973 2,480,740
1,850,168 3,300,044

Other operating income - 1,000
OPERATING PROFIT 6 1,850,168 3,301,044

Interest receivable and similar income 33,208 28,533
PROFIT BEFORE TAXATION 1,883,376 3,329,577

Tax on profit 7 471,807 790,235
PROFIT FOR THE FINANCIAL YEAR 1,411,569 2,539,342

Retained earnings at beginning of year 7,448,975 4,909,633

RETAINED EARNINGS AT END OF YEAR 8,860,544 7,448,975

APPLIED INSPECTION LIMITED (REGISTERED NUMBER: 01792147)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 739,185 592,823

CURRENT ASSETS
Stocks 9 67,593 62,723
Debtors 10 2,107,597 3,311,158
Cash at bank and in hand 6,961,646 5,417,532
9,136,836 8,791,413
CREDITORS
Amounts falling due within one year 11 859,155 1,809,404
NET CURRENT ASSETS 8,277,681 6,982,009
TOTAL ASSETS LESS CURRENT LIABILITIES 9,016,866 7,574,832

PROVISIONS FOR LIABILITIES 13 150,322 119,857
NET ASSETS 8,866,544 7,454,975

CAPITAL AND RESERVES
Called up share capital 14 6,000 6,000
Retained earnings 15 8,860,544 7,448,975
SHAREHOLDERS' FUNDS 8,866,544 7,454,975

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 18 July 2025 and were signed on its behalf by:





Ms F E Sutherland - Director


APPLIED INSPECTION LIMITED (REGISTERED NUMBER: 01792147)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,504,648 4,001,813
Tax paid (689,841 ) (544,502 )
Net cash from operating activities 1,814,807 3,457,311

Cash flows from investing activities
Purchase of tangible fixed assets (313,251 ) (225,775 )
Sale of tangible fixed assets 9,350 19,059
Interest received 33,208 28,533
Net cash from investing activities (270,693 ) (178,183 )

Increase in cash and cash equivalents 1,544,114 3,279,128
Cash and cash equivalents at beginning of
year

2

5,417,532

2,138,404

Cash and cash equivalents at end of year 2 6,961,646 5,417,532

APPLIED INSPECTION LIMITED (REGISTERED NUMBER: 01792147)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 1,883,376 3,329,577
Depreciation charges 162,550 131,259
Profit on disposal of fixed assets (5,011 ) (3,717 )
Finance income (33,208 ) (28,533 )
2,007,707 3,428,586
Increase in stocks (4,870 ) (5,109 )
Decrease in trade and other debtors 1,203,561 710,949
Decrease in trade and other creditors (701,750 ) (132,613 )
Cash generated from operations 2,504,648 4,001,813

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 6,961,646 5,417,532
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 5,417,532 2,177,792
Bank overdrafts - (39,388 )
5,417,532 2,138,404


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 5,417,532 1,544,114 6,961,646
5,417,532 1,544,114 6,961,646
Total 5,417,532 1,544,114 6,961,646

APPLIED INSPECTION LIMITED (REGISTERED NUMBER: 01792147)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Applied Inspection Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These 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

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

These 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company is a wholly owned subsidiary. The company has taken advantage of the exemption under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose related party transactions entered into between fellow group members that are also wholly owned within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the amounts derived from the provision of goods and services to customers during the year. Revenue is recognised in the income statement when a right to the consideration has been obtained through performance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land - not provided
Plant and machinery - 20% on cost and 5% on cost
Fixtures and fittings - 33% on cost and 20% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost represents the invoiced cost of materials on a first in first out basis.


APPLIED INSPECTION LIMITED (REGISTERED NUMBER: 01792147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market for the year ended 31 December 2023 is given below:

£   
United Kingdom 11,811,547
11,811,547

This analysis is not considered to be applicable to the year ended 31 December 2024.

APPLIED INSPECTION LIMITED (REGISTERED NUMBER: 01792147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,667,952 6,121,780
Social security costs 412,135 375,595
Other pension costs 78,847 74,342
5,158,934 6,571,717

The average number of employees during the year was as follows:
2024 2023

Direct 58 58
Indirect 27 31
85 89

2024 2023
£    £   
Directors' remuneration 103,214 65,463
Directors' pension contributions to money purchase schemes 1,321 1,167

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 88,980 81,173
Other operating leases 116,909 113,162
Depreciation - owned assets 193,851 131,258
Profit on disposal of fixed assets (5,011 ) (3,717 )
Auditors' remuneration 16,700 16,200
Foreign exchange differences 3,627 1,659
Operating lease payments 56,237 56,237

APPLIED INSPECTION LIMITED (REGISTERED NUMBER: 01792147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 441,342 758,296
Tax prior year - 1,665
Total current tax 441,342 759,961

Deferred tax 30,465 30,274
Tax on profit 471,807 790,235

UK corporation tax was charged at 23.50%) in 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,883,376 3,329,577
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.500%)

470,844

782,451

Effects of:
Other permanent differences 963 7,784
Total tax charge 471,807 790,235

In his budget of 3 March 2021. the Chancellor of the Exchequer announced that the UK corporation tax rate will remain at 19% for the years starting 1 April 2021 and 1 April 2022, before increasing to 25% for companies with profits over £250,000 for the year starting 1 April 2023. This has been reflected in the company's financial statements in the current and future years and deferred tax has subsequently been provided at this rate. This will impact the amount of future cash tax payments made by the company.

In the future, the company expects to be able to continue to claim capital allowances in excess of depreciation.

APPLIED INSPECTION LIMITED (REGISTERED NUMBER: 01792147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


8. TANGIBLE FIXED ASSETS
Freehold Long Plant and
land leasehold machinery
£    £    £   
COST
At 1 January 2024 9,519 - 1,401,780
Additions - 31,303 91,339
Disposals - - (2,370 )
At 31 December 2024 9,519 31,303 1,490,749
DEPRECIATION
At 1 January 2024 - - 1,215,235
Charge for year - 31,303 44,187
Eliminated on disposal - - (1,333 )
At 31 December 2024 - 31,303 1,258,089
NET BOOK VALUE
At 31 December 2024 9,519 - 232,660
At 31 December 2023 9,519 - 186,545

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2024 134,808 743,812 2,289,919
Additions - 221,910 344,552
Disposals - (42,453 ) (44,823 )
At 31 December 2024 134,808 923,269 2,589,648
DEPRECIATION
At 1 January 2024 124,863 356,998 1,697,096
Charge for year 6,549 111,812 193,851
Eliminated on disposal - (39,151 ) (40,484 )
At 31 December 2024 131,412 429,659 1,850,463
NET BOOK VALUE
At 31 December 2024 3,396 493,610 739,185
At 31 December 2023 9,945 386,814 592,823

9. STOCKS
2024 2023
£    £   
Stocks 67,593 62,723

APPLIED INSPECTION LIMITED (REGISTERED NUMBER: 01792147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,926,614 2,942,395
Amounts owed by group undertakings 25,927 26,106
Other debtors 44,737 238,846
Prepayments and accrued income 110,319 103,811
2,107,597 3,311,158

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 248,475 620,163
Tax 110,144 358,643
Social security and other taxes 84,808 109,721
VAT 320,715 531,076
Other creditors 95,013 189,801
859,155 1,809,404

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 121,547 56,237
Between one and five years 340,331 73,805
In more than five years 6,578 -
468,456 130,042

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 150,322 119,857

Deferred
tax
£   
Balance at 1 January 2024 119,857
Provided during year 30,465
Balance at 31 December 2024 150,322

APPLIED INSPECTION LIMITED (REGISTERED NUMBER: 01792147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
6,000 Ordinary £1 6,000 6,000

15. RESERVES
Retained
earnings
£   

At 1 January 2024 7,448,975
Profit for the year 1,411,569
At 31 December 2024 8,860,544

16. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for the benefit of its employees. The costs of the scheme are recognised in the year in which contributions are payable are disclosed in the employees and directors note.

17. POST BALANCE SHEET EVENTS

Subsequent to the year end the ultimate controlling party Acuren Corporation has now become a publicly traded company listed on the New York Stock Exchange as of the 19th May 2025.

On 15th May 2025, Acuren Corporation and NV5 Gloval announced that they had entered into a definitive agreement to combine the two companies. Upon closing of the transaction, the current Acuren stockholders owned ~60%, and current NV5 stockholders owned ~40% of the combined company, subject to adjustment based on the price of Acuren shares at closing. The combination created a global TICC and engineering services company with $2 billion+ of combined revenue and a portfolio of recurring, anti-cyclical industrial and engineering tech-enabled services.

18. ULTIMATE CONTROLLING PARTY

As at the balance sheet date the ultimate controlling party is Acuren Corporation. Acuren Corporation became a publicly listed company on the NYSE American as of the 18th February 2025. There are no direct transactions during the year between Applied Inspection Limited and Acuren Corporation. Acuren Corporations Common Stock was not traded publicly on the NYS until after the end of the current financial period.

The consolidated financial statements are prepared by Rockwood Service Corporation, a company incorporated in the United States of America and whose registered office is 30 Main Street, Suite 400, Danbury, Connecticut, 06810, USA. Copies of the consolidated financial statements of the Rockwood Service Corporation are available upon request from Rockwood Service Corporation's registered office.