REGISTERED NUMBER: 02547741 (England and Wales)

Strategic Report, Director's Report and

Financial Statements for the Year Ended 31 March 2024

for

Ant Marketing Limited

Page

Company Information

1

Strategic Report

2

Director's Report

6

Report of the Independent Auditors

8

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTOR:

Mr A W Hinchliffe

REGISTERED OFFICE:

The Chambers

14 Church Street

Sheffield

South Yorkshire

S1 2GN

REGISTERED NUMBER:

02547741 (England and Wales)

INDEPENDENT AUDITORS:

Landin Wilcock & Co

Statutory Auditor

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

BANKERS:

HSBC

Sheffield & Rotherham Business Centre

South Yorkshire Commercial Centre

Unit 4 Europa Park

Sheffield

South Yorkshire

S9 1XE

The director presents his strategic report for the year ended 31 March 2024.

Review of the Business

The financial year ending 31 March 2024 was a pivotal period of recovery and stabilization for Ant Marketing Limited. After navigating an exceptionally challenging FY2023, the company focused on rebuilding its core contact centre business and streamlining operations. Market conditions remained tough - rising cost pressures and changes in client demand required adaptive strategies - but the business demonstrated resilience. By concentrating on higher-value services and strengthening client relationships, Ant Marketing stabilized its revenue base at a sustainable level and significantly improved profitability. The company emerges from FY2024 as a leaner, more efficient organization with a solid platform for renewed growth.

Financial Performance

Ant Marketing's financial performance improved markedly in FY2024, reflecting both strategic management actions and the reduction of exceptional losses. Turnover was £8.50 million, indicating that revenues have now stabilized after the prior year's pandemic-related contraction (FY2023 turnover: £12.28 million). Despite the lower top-line, gross profit increased to £2.28 million (up from £1.98 million in FY2023) and the gross profit margin strengthened to 26.8% (versus 16.1% in the prior year). This substantial margin improvement was driven by a more efficient cost of sales - direct wages and delivery costs were rightsized in line with current activity levels - and a focus on higher-margin contracts. Other operating income also contributed positively, including rental income of £122k from the company's property assets (up from £75k).

Key financial highlights:

The company significantly reduced its losses, reporting a pre-tax loss of £0.75 million - a dramatic improvement from the £2.55 million loss before tax in 2023.

Stable Revenue Base: Annual turnover of £8.49 million provided a stable foundation, following the prior year's steep decline as large COVID-related projects ended. Management's efforts in client retention and new business development helped arrest the revenue decline, positioning the company for a return to growth.

Gross Profit Growth: Gross profit increased to £2.28 million (FY2023: £1.98 million) and margin improved by over 10 percentage points year-on-year. This was achieved through better project mix and improved productivity, indicating that the company can generate healthy gross profits even on a smaller revenue base.

Strong Net Assets: The balance sheet remains robust. Net assets stood at £6.71 million as of 31 March 2024, slightly down from £7.42 million in 2023, underscoring a strong capital base. This solid equity position reflects the company's substantial asset investments (including property holdings) and provides confidence and stability for stakeholders.

Overall, FY2024's financial results mark a significant turnaround. The combination of stabilized sales, improved margins, and disciplined cost control significantly reduced losses. With a healthy balance sheet and improved cash flow management, Ant Marketing is financially prepared to support future growth initiatives.

Cost Management

A major achievement in 2024 was the comprehensive reduction of operating costs across virtually all expense categories. Management implemented aggressive cost-saving measures and efficiency improvements, which yielded a dramatically leaner cost structure without compromising service quality. Key areas of cost management success included:

Staff Costs: The company optimized its workforce and improved productivity, leading to a sharp reduction in administrative wages and salaries. Overhead wages fell from £1.07 million in 2023 to £0.6 million in 2024, a near 50% cut, with corresponding savings in employer national insurance (£116k, down from £148k) and pensions (£77k, down from £124k). Direct labour costs in cost of sales were also significantly lower (reflecting the downsized operations post-COVID). These savings were achieved through natural attrition and strategic restructuring, while retaining key talent to maintain operational capability.

Discretionary Expenditure: Non-essential spending was tightly controlled. For example, advertising and marketing expenses were reduced by over 70%, down to £40k from £135k in 2023, as the company focused on more cost-effective client acquisition strategies. Travel and entertaining costs were also minimized (travel expenses fell ~76%, and entertainment remained low at £8k). Office expenses such as telephone, postage, and training were similarly streamlined, reflecting a culture of frugality and efficiency.

Professional & Exceptional Costs: Significant one-off costs that burdened last year's results were not repeated. Legal and professional fees, which were unusually high in 2023 (legal fees £402k in 2023), dropped substantially to £189k in 2024 as legacy matters were resolved and fewer external consultancies were needed. Importantly, there was a significant reduction in exceptional costs, with a £444k impairment loss being reported in the year, whereas the prior year included a £241k impairment and £304k loss on asset sales.

As a result of these measures, total administrative and operating expenses (before finance costs) fell to £2.93 million, nearly half of the prior year's £4.52 million. Throughout the process, management carefully balanced cost cuts with the need to maintain operational capacity and customer service standards, ensuring the company emerged more efficient and still reliable to clients.

Operational Resilience

Despite the downsizing and cost-cutting, Ant Marketing maintained a high level of operational resilience in FY2024. The company continued to deliver dependable contact centre services to its clients and invested in capabilities that will support future performance:

Service Delivery and Client Focus: During the year, the company honoured all client commitments and upheld its reputation for quality service. By prioritizing key accounts and focusing on core service excellence, Ant Marketing retained its blue-chip customer base and even won extensions on certain contracts. This consistent service performance - achieved with a leaner team - demonstrates the resilience of our operational model. It also differentiates the company from competitors who have resorted to offshoring; Ant Marketing's UK-based operations and skilled workforce remain a selling point for clients valuing quality and compliance.

Talent Retention and Culture: In navigating the challenges of 2024, management recognized that retaining experienced staff was vital. The company emphasized talent retention initiatives to bolster its competitive edge, even as overall headcount was optimized. Key team members were cross-trained and incentivized to stay, preserving institutional knowledge. This approach ensured that as volumes pick up, Ant Marketing will not be constrained by a talent gap. Morale was supported through clear communication of the turnaround plan and by fostering a positive, inclusive workplace culture that values each employee's contribution.

Investment in Infrastructure and Technology: The company continued to invest prudently in its long-term assets and technological infrastructure, seeing these as crucial to resilience. During the year, Ant Marketing fully occupied and utilized its flagship premises at 14 Church Street, Sheffield, which had been acquired in the prior year. This modern freehold property provides a stable operational hub and underscores the company's commitment to a long-term presence. Additionally, we maintained and upgraded our IT and telecommunications systems to improve efficiency and service delivery. The company's investment in computer systems and software is reflected in its intangible and tangible assets (with over £5.1 million of fixed assets including technology, property, and equipment). Notably, computer systems and equipment were kept up to date, supported by ongoing capital expenditure (modest additions were made in FY2024) and by fully utilizing existing assets. These investments ensure that our contact centre technology - from dialling systems to data management tools - remains robust and capable of handling clients' evolving needs.

Working Capital and Liquidity: Ant Marketing also reinforced its operational resilience through active working capital management. The company effectively managed its receivables and leveraged invoice financing facilities to smooth cash flow, as evidenced by an increase in invoice financing utilization (outstanding balance £505k at year-end). This ensured adequate liquidity throughout the year. Current assets exceeded current liabilities by approximately £3.69 million, and the company had access to group resources if needed, providing additional financial cushion. The strong net asset base and careful cash management meant that even in a year of minimal profit, the company met all obligations and maintained the capacity to invest in critical areas.

In summary, FY2024 proved the resilience of Ant Marketing's operations and finances. The company emerged from the year stronger and more agile, having protected its client service capabilities and core assets through the downturn. This resilience gives confidence that Ant Marketing can withstand external challenges and rapidly capitalize on new opportunities.

PRINCIPAL RISKS AND UNCERTAINTIES

Operating risk - associated with the delivery of contract centre services; this is mitigated via the clear definition of services and service level criteria when contracting with clients and regular reporting, review and action on operational key performance indicators.

Financial risk - extending credit to end-clients; this is mitigated by credit assessment of prospective clients on engagement, on-going credit checks of all clients, aged debtor reporting and review, and the restriction of credit terms and advance funding where deemed necessary.

People risk - recruitment of staff, in order to meet ramp up plans for new clients and to resource for the activity peaks in winter for the company's retail clients. Similarly, retaining talent and improving our employee engagement and attrition statistics. The business will act accordingly to mitigate any future impact via continued flexible and home working, enhanced employee benefits and by continuing positive engagement with its range of blue chip customers.

Working capital risk - maintaining adequate working capital and accessing appropriately structured funding is fundamental to operating the business; cash flow is assessed on a monthly basis, and detailed business forecasts are updated monthly, including review of covenants for funding.

FUTURE DEVELOPMENTS

Looking ahead, Ant Marketing Limited enters FY2025 with confidence and optimism. The successful turnaround in 2024 - marked by a stabilized business and vastly improved cost base - has set the stage for a return to growth. Although economic conditions remain uncertain (with inflation, high interest rates, and competitive pricing pressure in the industry), the company is now well-positioned to move from recovery to expansion.

The strategic priorities for the coming year focus on renewed growth, innovation, and market diversification. Central to our outlook is the initiative to diversify our client base while reinforcing our leading position in customer service and sales outsourcing. Building on the specialized expertise that has driven our success in core sectors (such as telecommunications, public services, and retail), we plan to intensify business development efforts in those areas with tailored solutions and demonstrable ROI for clients. The company is targeting new contract wins and partnerships, leveraging our track record of enhancing clients' service levels and sales performance. With a leaner cost structure now in place, incremental revenue will have a stronger impact on profitability, accelerating our return to positive earnings.

Investment will continue in our people and technology as key enablers of growth. We will continue to prioritize talent development and retention, ensuring our teams remain highly skilled and motivated. By nurturing a culture of innovation and excellence, we aim to stay at the forefront of industry trends and deliver superior results for clients. On the technology front, the company plans further upgrades to its contact centre platforms - exploring advanced analytics, automation, and AI tools to improve efficiency and customer engagement. These investments will support scalable growth and help differentiate Ant Marketing's services in a competitive marketplace.

The Board's financial projections for FY2025 are cautiously optimistic. Following the result in 2024, we anticipate a return to profitability in the coming year, underpinned by the cost base improvements and anticipated revenue uptick. The company is targeting a revenue rebound into the double-digit millions and a modest positive bottom line, with a longer-term goal of restoring the high levels of performance seen in years past. While we remain vigilant about external risks, we have adopted a prudent approach in our forecasts and will maintain tight financial discipline.

In conclusion, Ant Marketing Limited moves forward from 2024 with renewed strength. The difficulties of the prior year have been effectively addressed, and the business is now on a solid footing. With a combination of a strong balance sheet, an energized team, and a clear growth strategy, the company is confident in its ability to deliver sustainable growth and value in the years ahead. The director is optimistic about the future and firmly believes that the groundwork laid in 2024 will translate into significant positive outcomes for our clients, employees, and stakeholders as we embrace the opportunities of 2025 and beyond.

ON BEHALF OF THE BOARD:

Mr A W Hinchliffe - Director

4 September 2025

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of telesales and call centre based marketing activities.

DIVIDENDS

Total dividends distributed for the year will be £nil (2023 - £431,279).

DIRECTOR

Mr A W Hinchliffe held office during the whole of the period from 1 April 2023 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

During the year the company made no political donations

EMPLOYMENT OF DISABLED PERSONS

It is the policy of the company that individuals with disabilities, whether registered or not, should receive full and fair consideration for all job vacancies for which they are suitable applicants.

Employees who become disabled during their working life will be retrained in employment wherever possible and will be given help with any necessary rehabilitation or retraining.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Director's 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Landin Wilcock & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A W Hinchliffe - Director

4 September 2025

Opinion

We have audited the financial statements of Ant Marketing Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 March 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 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 director is responsible for the other information. The other information comprises the information in the Strategic Report and the Director's Report, 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Director's Report 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 Director's Report.

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

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

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

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

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page six, 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 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.

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:

- minimal reliance was placed upon the operating effectiveness of internal controls in the design and performance of our substantive procedures;

- discussions were held with management considering known or suspected non-compliance with laws, regulations and fraud;

- journal entries were reviewed for any entries made outside the ordinary reporting processes with particular emphasis on those with unusual account combinations, entries crediting revenue and those without specific descriptions;

- management assumptions in their significant accounting estimates were challenged and scrutinised.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Mr Robert Hampstead (Senior Statutory Auditor)

for and on behalf of Landin Wilcock & Co

Statutory Auditor

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

4 September 2025

TURNOVER

4

8,488,885

12,283,348

Cost of sales

(6,212,931

)

(10,300,732

)

GROSS PROFIT

2,275,954

1,982,616

Administrative expenses

(3,047,759

)

(4,599,181

)

(771,805

)

(2,616,565

)

Other operating income

146,142

88,642

Gain/loss on revaluation of investment property

-

85,557

OPERATING LOSS

6

(625,663

)

(2,442,366

)

Interest receivable and similar income

15,084

46,865

(610,579

)

(2,395,501

)

Interest payable and similar expenses

7

(135,919

)

(151,875

)

LOSS BEFORE TAXATION

(746,498

)

(2,547,376

)

Tax on loss

8

40,547

646,730

LOSS FOR THE FINANCIAL YEAR

(705,951

)

(1,900,646

)

LOSS FOR THE YEAR

(705,951

)

(1,900,646

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(705,951

)

(1,900,646

)

FIXED ASSETS

Intangible assets

10

663,287

766,384

Tangible assets

11

2,609,912

2,946,725

Investments

12

33,375

33,375

Investment property

13

1,815,716

1,795,303

5,122,290

5,541,787

CURRENT ASSETS

Debtors

14

5,982,978

6,190,697

Cash at bank and in hand

13,473

42,300

5,996,451

6,232,997

CREDITORS

Amounts falling due within one year

15

(2,308,192

)

(2,070,923

)

NET CURRENT ASSETS

3,688,259

4,162,074

TOTAL ASSETS LESS CURRENT LIABILITIES

8,810,549

9,703,861

CREDITORS

Amounts falling due after more than one year

16

(1,997,735

)

(2,134,602

)

PROVISIONS FOR LIABILITIES

20

(103,343

)

(153,837

)

NET ASSETS

6,709,471

7,415,422

CAPITAL AND RESERVES

Called up share capital

21

500,000

500,000

Retained earnings

22

6,209,471

6,915,422

SHAREHOLDERS' FUNDS

6,709,471

7,415,422

The financial statements were approved by the director and authorised for issue on 4 September 2025 and were signed by:

Mr A W Hinchliffe - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2022

500,000

9,247,347

9,747,347

Changes in equity

Dividends

-

(431,279

)

(431,279

)

Total comprehensive income

-

(1,900,646

)

(1,900,646

)

Balance at 31 March 2023

500,000

6,915,422

7,415,422

Changes in equity

Total comprehensive income

-

(705,951

)

(705,951

)

Balance at 31 March 2024

500,000

6,209,471

6,709,471

1.	STATUTORY INFORMATION

Ant Marketing 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.	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 as modified by the revaluation of certain assets.

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of 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 with wholly owned subsidiaries 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.

Revenue is recognised in the period which the services were rendered.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period end. Goodwill is amortised over its useful life. Goodwill is subject to annual impairment review by the director and senior management.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Cherished number plates are deemed to have an infinite life. If there is an indication of impairment then the company would carry out an impairment review.

Website development costs are amortised over their estimated useful lives of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Improvements to property

-

10% on cost and 10% on reducing balance

Plant and machinery

-

20% on cost

Fixtures and fittings

-

10% on cost and 10% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Fixed asset investments

Fixed asset investments are measured at fair value and determined annually by internal valuers. Changes in fair value are recognised in profit or loss.

Going concern

To conclude on going concern for the Company, the director has taken due consideration of the following key areas.

Financial support

The ongoing support of the company's bank and other credit providers who together provide a loan, bank overdraft and invoice discounting facilities. These facilities are vital to the company's ability to meet its cashflow and working capital requirements.

The company has addressed this risk through maintaining strong relationships with key finance providers. The company has not breached any financial covenant in place as part of these facilities and has met all obligations as they fall due. In addition, the director has provided a personal guarantee with respect to some of these facilities, demonstrating his personal commitment.

Cashflow forecasts prepared for the period to September 2026 show that the company will be able to operate within the current facility limits.

Personnel

The ability to attract and retain key management personnel who are vital to the ongoing operations of the Company.

The company has a key management team that has been with the company for several years. These individuals are invested in the vision of the company for the future and are actively supporting the growth of the company and the training of newcoming talent.

Customers

The retention of key customers who provide a significant proportion of the company's turnover.

The company's key customers have been onboard for several years and the relationship with them is as strong as ever, with scope for significant growth in the immediate future.

The likelihood of conversion of leads and prospects into turnover.

The growth of the company is not only contingent upon growth of existing customers but also attracting new customers and retaining them for the long term. Sales forecasts have been prepared on a prudent basis up to September 2026 that show several new customers will contribute materially to revenue.

Intercompany balances

The recoverability of intercompany loan balances. This is important to alleviate potential cash flow concerns that may arise under certain unfavorable scenarios.

The company acknowledges the above risk as the balances are illiquid given the nature of the entities that are debtors. However, a plan is in place to dispose of certain assets as well as refinance existing assets, with the resultant proceeds being remitted to Ant Marketing.

The company acknowledges the various risks identified above but is confident that action has already been taken to mitigate the risks. The company has prepared detailed cashflow and profit forecasts to the end of September 2026. These show a strong financial performance whilst operating within financing facility limits under prudent assumptions. Consequently, the director believes that the company is a going concern for at least 12 months from the date of approval of these financial statements.

3.	KEY SOURCES OF ESTIMATION UNCERTAINTY

Goodwill is a material balance within the financial statements that is subject to estimation uncertainty. The director and senior management review the goodwill valuation on an annual basis. The basis of the review is to examine future earnings of the company over the amortisation period, discounted to a present value. If the discounted earnings are less than the goodwill valuation, an impairment loss is recognised. Goodwill is not revalued in the event that discounted earnings exceed the original valuation.

Determination of the future earnings of the company is based upon detailed forecasts prepared by senior management. The main underlying assumption is that the earnings in the period between the balance sheet date and the date of approval of the financial statements will continue throughout the amortisation period adjusted for any known temporary peaks or troughs in earnings.

Following the review in the current year, the director believes that the goodwill is not impaired.

The carrying value of the goodwill subject to estimation uncertainty is £300,000 (2023 - £400,000).

4.

TURNOVER

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

An analysis of turnover by class of business is given below:

2024

2023

£

£

Rendering of services

8,488,885

12,283,348

8,488,885

12,283,348

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

6,515,078

10,829,874

Social security costs

387,052

586,465

Other pension costs

76,572

123,919

6,978,702

11,540,258

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

2024

2023

Operators and administrative staff

416

1,003

Directors

1

1

417

1,004

2024

2023

£

£

Director's remuneration

120,000

120,000

6.	OPERATING LOSS

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

2024

2023

£

£

Hire of plant and machinery

22,630

18,884

Other operating leases

144,000

13,250

Depreciation - owned assets

215,695

394,272

Depreciation - assets on hire purchase contracts

59,028

74,763

Loss on disposal of fixed assets

9,193

303,980

Goodwill amortisation

100,000

100,000

Computer software amortisation

3,097

3,097

Auditors' remuneration

25,000

86,000

Foreign exchange differences

1,683

(790

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Loan

114,308

94,459

Interest payable

7,386

35,416

Hire purchase

14,225

19,112

Leasing

-

2,888

135,919

151,875

8.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

9,947

(409,522

)

(Over)/under provision in

previous year

-

(65,025

)

Total current tax

9,947

(474,547

)

Deferred tax

(50,494

)

(172,183

)

Tax on loss

(40,547

)

(646,730

)

Reconciliation of total tax credit 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

(746,498

)

(2,547,376

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 19%)

(186,625

)

(484,001

)

Effects of:

Expenses not deductible for tax purposes

114,755

4,688

Depreciation in excess of capital allowances

31,403

10,300

Adjustments to tax charge in respect of previous periods

-

(158,564

)

Change in tax rates

-

(19,153

)

Marginal relief

(80

)

-

Total tax credit

(40,547

)

(646,730

)

9.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Interim

-

431,279