REGISTERED NUMBER: 08110758 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MDE CONSULTANTS LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

S M Bjustveit

J A Wathne

V L Bartlett

REGISTERED OFFICE:

61 Queen Square

Bristol

BS1 4JZ

REGISTERED NUMBER:

08110758 (England and Wales)

AUDITORS:

Burnside

Chartered Accountants

and Statutory Auditor

61 Queen Square

Bristol

BS1 4JZ

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

BUSINESS REVIEW

The principal activity of the company is the provision of manpower and project support services to the global oil and gas industry.

The company is based in Bristol, UK with branch offices in Mozambique and Denmark. MDE Group AS also have entities in Norway, Dubai and Singapore, which are utilised by MDE Consultants Ltd in delivering services to clients.

PRINCIPAL RISKS AND UNCERTAINTIES

The company continues to trade in a challenging market. However, proactive risk management strategies, including diversifying revenue streams, securing long-term client contracts, and optimising cash flow, are being implemented to mitigate financial risks. The parent entity remains committed to supporting the UK business, ensuring liquidity and business continuity.

Looking ahead to 2025, the combination of expanded sector focus and expected contract growth in Renewables and Manufacturing & Engineering will significantly strengthen MDE's financial position. By broadening our industry exposure, we reduce dependence on any single sector and create multiple revenue streams, ensuring sustainable growth.

The company is committed to leveraging its expertise and market reputation to secure new client contracts across all divisions. With renewed confidence in strategic execution and continued support from the parent group, MDE Consultants Ltd is well-positioned to achieve long-term profitability.

Future outlook

The company is confident that its strategic direction will yield positive results in 2025. The combination of the newly established Industrial sector division, the continued support from the parent group, and the expected increase in Oil & Gas contracts, Renewables and M&E positions the company for a turnaround in financial performance. The directors remain optimistic about the company's ability to return to profitability in the coming year.

FINANCIAL REVIEW

The results of the company, as set out on pages 10 to 24 which show a loss on ordinary activities before taxation of £475k in 2024, this has increased from a loss of £337k before taxation in 2023.

The company has increased its turnover in the year by approximately £2.9m from £13.6m in 2023 to £16.5m in 2024.

The recruitment market in 2024 proved to be particularly challenging, mirroring difficulties experienced across the industry. Economic uncertainty, fluctuating demand, and cautious client hiring behaviors all contributed to a downturn in recruitment activities. MDE Consultants Ltd faced the same challenges as other agencies, with longer hiring cycles, increased competition, and companies exercising more restraint in workforce expansion.

The company recorded a loss of £475k in 2024. This was primarily due to reduced project activity within the Oil & Gas sector and increased investment in expanding operations. Despite these financial challenges, the company remains well-supported by its parent group and is taking proactive steps to restore profitability.

In addition to the newly established Industrial sector division, MDE Consultants Ltd has been actively diversifying into the Renewables and Manufacturing & Engineering (M&E) sectors. These divisions, which were established in previous years, are now a core part of the company's strategic growth plan.

Historically, the focus in Renewables and M&E has been on permanent placements, but moving into 2025, we expect contract recruitment in these sectors to expand significantly. This shift is driven by increased demand for skilled personnel in these industries, aligning with global trends in energy transition and advanced manufacturing. The anticipated rise in contract revenue within these divisions will contribute to MDE's overall financial recovery and long-term stability.

With this diversified presence in multiple industries - Oil & Gas, Renewables, Manufacturing & Engineering, and now Industrial recruitment - MDE is in a strong position to capitalise on sector-specific growth trends. The combination of these strategic developments will enable the company to mitigate risk, enhance resilience, and return to profitability in 2025.

Business environment

MDE Consultants Ltd continues to operate within the highly competitive recruitment sector, primarily serving the Oil & Gas industry. The global market conditions have remained challenging, with fluctuating demand impacting recruitment activities. However, with the strategic diversification into the Industrial sector and continued engagement in emerging markets, we are positioning ourselves for long-term growth and stability.

Strategy

A significant milestone in 2024 was the appointment of a new Managing Director, who has led the company's expansion into the Industrial recruitment sector. This new division is expected to provide diversification, reducing reliance on the volatile Oil & Gas market. Additionally, the company anticipates securing more contracts in the Oil & Gas sector in 2025, further strengthening financial performance.

Financial performance

Summary of Key Performance Indicators ("KPIs")

Operations

2024

2023

£'000000

£'000000

Turnover

16,519

13,583

Gross Profit

2,271

2,456

Gross Profit Margin

13.75%

18.07%

Operating (Loss)/Profit

(424

)

(284

)

The directors monitor the progress of the company by reference to certain financial and non-financial key performance indicators in the following areas:

Sales targets and margins

Turnover achieved £16.5 million against a target of £25.3 million.

Gross Margin Profit achieved £2.2 million against a target of £3.2 million.

Gross Margin 13.75% against a target of 15%.

Cash collected and debtor book

Cash collected during the year on net sales (excluding VAT) amounted to £19,435 million.

Trade Debtors at the year-end amounted to £1.450 million compared to £1.679 million as at 31 December 2023.

Average Debtor days decreased from approximately 45 days in 2023 to 35 days in 2024.

ON BEHALF OF THE BOARD:

S M Bjustveit - Director

20 March 2025

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.

POST BALANCE SHEET EVENTS

Post year-end, a decision has been made to exit the lease for the offices which has been reflected in the operating leases note.

DIRECTORS

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

S M Bjustveit

J A Wathne

Other changes in directors holding office are as follows:

T C Nixon - resigned 31 May 2024

V L Bartlett - appointed 3 June 2024

GOING CONCERN

Despite the recorded loss in 2024, the directors have carefully reviewed the company's financial position and believe that the company remains a going concern. The company benefits from strong backing by its parent group, ensuring operational continuity and investment support.

The outlook for 2025 is positive, with the expansion into the Industrial sector and expected new contracts within Oil & Gas, Renewables and M&E. These developments are projected to transition the company from a loss-making position to profitability in 2025. The directors have prepared financial forecasts and budgets, which indicate that the company has sufficient resources to continue operating successfully. Measures such as cost optimization, operational efficiencies, and revenue diversification will further support the company's financial resilience.

DISCLOSURE IN THE STRATEGIC REPORT

The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic Report to be prepared. Where mandatory disclosures in the Report of the Directors are considered by the directors to be of strategic importance these have been included within the Strategic Report rather than in the Report of the Directors.

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). 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.

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.

AUDITORS

The auditors, Burnside, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S M Bjustveit - Director

20 March 2025

Opinion

We have audited the financial statements of MDE Consultants Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement, Notes to the Cash Flow Statement 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 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 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 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.

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 six, 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.

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:

An understanding of the legal and regulatory framework applicable to the entity was obtained from management and those charged with governance of the entity, and the audit engagement team was confirmed to have the appropriate competence and capabilities to identify non-compliance with such a framework.

No significant instances of fraud, non-compliance with laws and regulations or other irregularities were communicated to the engagement team by management or those charged with governance, and no particular audit areas or legislation were identified that gave rise to any significant risks of material misstatement in respect of such irregularities.

Due to the size and nature of the entity, its susceptibility to material misstatement resulting from fraud, non-compliance with laws and regulations, or other irregularities is considered to be low, and the audit approach was appropriately planned so as to address this risk.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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.

Steven Coombe FCA (Senior Statutory Auditor)

for and on behalf of Burnside

Chartered Accountants

and Statutory Auditor

61 Queen Square

Bristol

BS1 4JZ

20 March 2025

TURNOVER

3

16,519,338

13,583,315

Cost of sales

14,248,714

11,127,549

GROSS PROFIT

2,270,624

2,455,766

Administrative expenses

2,733,106

2,739,665

OPERATING LOSS

5

(462,482

)

(283,899

)

Interest payable and similar expenses

6

12,999

44,379

LOSS BEFORE TAXATION

(475,481

)

(328,278

)

Tax on loss

7

(110,003

)

9,245

LOSS FOR THE FINANCIAL YEAR

(365,478

)

(337,523

)

LOSS FOR THE YEAR

(365,478

)

(337,523

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(365,478

)

(337,523

)

FIXED ASSETS

Tangible assets

8

15,935

23,253

CURRENT ASSETS

Debtors

9

2,285,595

2,368,109

Cash at bank

630,883

808,762

2,916,478

3,176,871

CREDITORS

Amounts falling due within one year

10

2,483,737

2,385,970

NET CURRENT ASSETS

432,741

790,901

TOTAL ASSETS LESS CURRENT LIABILITIES

448,676

814,154

CAPITAL AND RESERVES

Called up share capital

14

700

700

Share premium

15

9,000

9,000

Capital redemption reserve

15

300

300

Retained earnings

15

438,676

804,154

SHAREHOLDERS' FUNDS

448,676

814,154

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:

S M Bjustveit - Director

V L Bartlett - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

1,000

1,571,677

9,000

-

1,581,677

Changes in equity

Reduction in share capital

(300

)

-

-

300

-

Total comprehensive income

-

(337,523

)

-

-

(337,523

)

Purchase of own shares

-

(430,000

)

-

-

(430,000

)

Balance at 31 December 2023

700

804,154

9,000

300

814,154

Changes in equity

Total comprehensive income

-

(365,478

)

-

-

(365,478

)

Balance at 31 December 2024

700

438,676

9,000

300

448,676

Cash flows from operating activities

Cash generated from operations

1

24,278

339,251

Interest paid

(12,999

)

(44,379

)

Tax paid

(24,622

)

(93,882

)

Net cash from operating activities

(13,343

)

200,990

Cash flows from investing activities

Purchase of tangible fixed assets

(7,491

)

(14,972

)

Net cash from investing activities

(7,491

)

(14,972

)

Cash flows from financing activities

Change in amount owed to/from directors

1,246

4,679

Repurchase of own shares

-

(430,000

)

Movement on invoice discounting facility

(158,291

)

(339,789

)

Net cash from financing activities

(157,045

)

(765,110

)

Decrease in cash and cash equivalents

(177,879

)

(579,092

)

Cash and cash equivalents at beginning of year

2

808,762

1,387,854

Cash and cash equivalents at end of year

2

630,883

808,762

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

2024

2023

£

£

Loss before taxation

(475,481

)

(328,278

)

Depreciation charges

14,809

21,224

Finance costs

12,999

44,379

(447,673

)

(262,675

)

Decrease in trade and other debtors

196,854

1,659,252

Increase/(decrease) in trade and other creditors

275,097

(1,057,326

)

Cash generated from operations

24,278

339,251

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

630,883

808,762

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

808,762

1,387,854

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

808,762

(177,879

)

630,883

808,762

(177,879

)

630,883

Total

808,762

(177,879

)

630,883

1.	STATUTORY INFORMATION

MDE Consultants Ltd 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The directors are of the opinion that there are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

Turnover

Turnover represents income from the supply of recruitment, relocation and in-country project services provision, excluding value added tax. Income is recognised as the contract activity progresses to reflect the company's partial performance of its contractual obligations.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

33% on cost

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

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.

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.

Cash and cash equivalents

Cash and cash equivalents 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.

Going concern

The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows, in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse condition, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

13,779,301

10,892,186

Overseas

2,740,037

2,691,129

16,519,338

13,583,315

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

7,006,250

8,875,177

Social security costs

606,819

845,654

Other pension costs

411,837

619,519

8,024,905

10,340,350

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

2024

2023

Management

3

7

Finance

5

4

Support

2

5

Recruitment

17

13

Direct

162

130

189

159

2024

2023

£

£

Directors' remuneration

121,250

117,469

Directors' pension contributions to money purchase schemes

8,833

10,958

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

The directors are of the opinion that there are no key management personnel other than the directors.

5.	OPERATING LOSS

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

2024

2023

£

£

Depreciation - owned assets

14,809

21,224

Auditors' remuneration

13,500

13,500

Foreign exchange differences

42,901

(107,169

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

5,762

44,379

Other interest

7,237

-

12,999

44,379

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

16,225

72,945

Tax re previous years

(10,642

)

48,539

Total current tax

5,583

121,484

Deferred tax

(115,586

)

(112,239

)

Tax on loss

(110,003

)

9,245

UK corporation tax has been charged at 25% .

Reconciliation of total tax (credit)/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

£

£

Loss before tax

(475,481

)

(328,278

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

(118,870

)

(82,070

)

Effects of:

Expenses not deductible for tax purposes

7,340

905

Capital allowances in excess of depreciation

-

(1,345

)

Adjustments to tax charge in respect of previous periods

(10,642

)

48,539

Deferred tax not previously recognised

-

(12,263

)

Overseas tax payable less relief

12,169

55,479

Total tax (credit)/charge

(110,003

)

9,245

At 31 December 2024 the company had trading tax losses of £860,125 (2023 - £408,791) available for carry forward for offset against future trading profits.