REGISTERED NUMBER: 06969725 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

RIGHT FORMULA LTD

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

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

DIRECTOR:

Mr R B Fenwick

REGISTERED OFFICE:

5 Riverlight Quay

Nine Elms Lane

London

SW11 8DX

REGISTERED NUMBER:

06969725 (England and Wales)

SENIOR STATUTORY AUDITOR:

Thurairatnam Sudarshan FCCA

AUDITORS:

Xeinadin Audit Limited, Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

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

REVIEW OF BUSINESS

Right Formula is a sports marketing agency with industry leading expertise in motorsports.

In 2024, the turnover grew by 28% resulting from a strong industry reputation and a growth in awareness of the business. This is a result of continuously striving to be best in the industry and keeping good relationships with its existing clients and key stakeholders in global commercially attractive sports which has led expanded scope of works and significant new business wins.

Whilst attracting talent in the industry remains competitive, the company has retained key staff and obtaining a market share which has been a factor in company's growth.

This has led to Right Formula's best year on year growth in it's history which equated to 65% EBITDA growth on last year.

The company is financially strong which is evidenced by a strong balance sheet position at the year-end which grew by 24%.

The key financial performance indicators for the company are as follows:

2024

2023

Measure

Gross profit margin

30%

32%

Gross profit/sales

Profit before tax

29%

21%

Profit before tax

PRINCIPAL RISKS AND UNCERTAINTIES

The company is exposed to a variety of financial risks which are mitigated by the Board, Executive Management team and the company's finance department.

The principal risks and uncertainties affecting the company include:

- Retention of customers - the company maintains strong relationships with each of its key customers and has established procedures for monitoring performance and service levels through quarterly business reviews.

- Liquidity risk - company has sufficient available funds for operations and planned expansions and actively managing cash flow through effective working capital management.

- Competition risk - the company remains one of the leading experts in sports with many years of industry knowledge. Its diversity helps to mitigate the possible effect of action by any one single competitor.

The director believes that the company has adequate resources in place to meet its forecast trading requirements and all risks and uncertainties are managed appropriately.

EMPLOYEES

The company operates an equal opportunities policy. This policy aims to ensure that there should be equal opportunity for all, and this applies to external recruitment, internal appointments, terms of employment, conditions of service and opportunity for training and promotion regardless of gender, ethnic origin or disability.

The company maintains its own health, safety and environmental policies covering all aspect of its operations. Regular meetings and inspections take place to ensure all legal requirements are adhered to and that the company is responsive to the needs of the employees and the environment.

FUTURE DEVELOPMENTS

The company is committed to its US expansion as well as other markets by widening our service delivery to American sports.

The M&A strategy is likely to find complimentary businesses to build on the already existing foundation.

Digital products are a key diversification for RF as such this will be an area of greater investment focus which will transform Right Formula's product offering in the future.

GENERAL OVERVIEW

The future looks extremely bright for the company from having secured many contacts in 2024 which will take effect from 2025. Growth looks set to continue in future years.

ON BEHALF OF THE BOARD:

Mr R B Fenwick - Director

31 July 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company is of marketing services.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 amounted to £188,365 (2023: £469,250).

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.

DIRECTOR

The Founder, Mr. R. B. Fenwick held the office as Chief Executive Officer of Right Formula for the entire period from 1 January 2024 through to the date of this report.

The year 2024 was a landmark period for Right Formula, delivering exceptional growth and performance. Turnover increased by 28%, while gross profit rose by 20% compared to the prior year. This success was driven by securing multiple new global clients across a diverse range of industries, underscoring the strength of our market proposition and the adaptability of our approach.

Expansion into the United States has allowed us to recruit experts in both motorsports as well as other U.S. major league sports to ensure we can provide strategic and operational support to clients who see the U.S. as key market.

During the year, Right Formula made strong senior hires and expanded its service offering. The business is now recognised as a fully integrated, 360-degree sports marketing agency - capable of delivering every aspect of modern sports marketing solutions. The Digital and Communications division was a standout performer, growing significantly on the back of key client wins. This included driving forward a range of innovative digital products designed to enhance the impact of our clients' partnerships.

This commercial and operational progress translated into a 65% increase in EBITDA versus 2023, reflecting both strong top-line growth and operational efficiency.

Right Formula continues to be one of the leading global sports marketing agencies, maintaining a particular specialism in motorsport.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and 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.

ON BEHALF OF THE BOARD:

Mr R B Fenwick - Director

31 July 2025

Opinion

We have audited the financial statements of Right Formula Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 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 Report of the Director, 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 Director 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 Director 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 Director.

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 four, 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the company's sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, health and safety legislation.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected transactions;

- tested the appropriateness of journal entries;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud:

- we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;

- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;

- tested a sample of revenue transactions to supporting evidence; and

- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

Thurairatnam Sudarshan FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited, Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

31 July 2025

TURNOVER

3

29,294,670

22,831,637

Cost of sales

(20,577,432

)

(15,543,233

)

GROSS PROFIT

8,717,238

7,288,404

Administrative expenses

(6,473,061

)

(5,958,164

)

OPERATING PROFIT

5

2,244,177

1,330,240

Income from shares in group undertakings

78,700

21,500

Income from participating interests

90,000

146,815

Interest receivable and similar income

81,430

60,456

PROFIT BEFORE TAXATION

2,494,307

1,559,011

Tax on profit

6

(496,356

)

(290,524

)

PROFIT FOR THE FINANCIAL YEAR

1,997,951

1,268,487

PROFIT FOR THE YEAR

1,997,951

1,268,487

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,997,951

1,268,487

FIXED ASSETS

Intangible assets

8

215,308

258,370

Tangible assets

9

150,666

220,981

Investments

10

85,000

85,000

450,974

564,351

CURRENT ASSETS

Debtors

11

14,654,983

12,642,786

Cash at bank

7,633,399

5,733,816

22,288,382

18,376,602

CREDITORS

Amounts falling due within one year

12

13,280,866

11,278,884

NET CURRENT ASSETS

9,007,516

7,097,718

TOTAL ASSETS LESS CURRENT LIABILITIES

9,458,490

7,662,069

PROVISIONS FOR LIABILITIES

14

37,667

50,832

NET ASSETS

9,420,823

7,611,237

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

9,420,723

7,611,137

SHAREHOLDERS' FUNDS

9,420,823

7,611,237

The financial statements were approved by the director and authorised for issue on 31 July 2025 and were signed by:

Mr R B Fenwick - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

6,811,900

6,812,000

Changes in equity

Dividends

-

(469,250

)

(469,250

)

Total comprehensive income

-

1,268,487

1,268,487

Balance at 31 December 2023

100

7,611,137

7,611,237

Changes in equity

Dividends

-

(188,365

)

(188,365

)

Total comprehensive income

-

1,997,951

1,997,951

Balance at 31 December 2024

100

9,420,723

9,420,823

Cash flows from operating activities

Cash generated from operations

1

2,491,348

753,252

Tax paid

(183,537

)

(436,834

)

Taxation refund

91,402

-

Net cash from operating activities

2,399,213

316,418

Cash flows from investing activities

Purchase of tangible fixed assets

(40,894

)

(169,762

)

Interest received

64,218

60,456

Dividends received

168,700

168,315

Net cash from investing activities

192,024

59,009

Cash flows from financing activities

Amounts owed by group undertakings

(503,286

)

(259,665

)

Amount introduced by directors

-

1

Equity dividends paid

(188,365

)

(469,250

)

Net cash from financing activities

(691,651

)

(728,914

)

Increase/(decrease) in cash and cash equivalents

1,899,586

(353,487

)

Cash and cash equivalents at beginning of year

2

5,733,813

6,087,300

Cash and cash equivalents at end of year

2

7,633,399

5,733,813

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

2024

2023

£

£

Profit before taxation

2,494,307

1,559,011

Depreciation charges

154,271

119,836

Finance income

(250,130

)

(228,771

)

2,398,448

1,450,076

Increase in trade and other debtors

(1,526,120

)

(4,123,363

)

Increase in trade and other creditors

1,619,020

3,426,539

Cash generated from operations

2,491,348

753,252

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

7,633,399

5,733,816

Bank overdrafts

-

(3

)

7,633,399

5,733,813

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

5,733,816

6,087,300

Bank overdrafts

(3

)

-

5,733,813

6,087,300

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

5,733,816

1,899,583

7,633,399

Bank overdrafts

(3

)

3

-

5,733,813

1,899,586

7,633,399

Total

5,733,813

1,899,586

7,633,399

1.	STATUTORY INFORMATION

Right Formula 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.

Going concern

The financial statements have been prepared on a going concern basis, as described in the Director's Report. This assumes that sufficient funds will be available for the company to continue in operational existence for the foreseeable future.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The items in the financial statements where these judgements and estimates have been made include:

- assessing the useful economic lives attributed to tangible fixed assets used to determine the annual depreciation charge, and

- the provision required for any bad or doubtful debts.

- assessing the recoverability of the intercompany balances.

- assessing any impairment in fixed asset investments.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

Straight line over 5 years

Motor vehicles

-

25% on cost

Computer equipment

-

Straight line over 3 years

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at costs less provision for impairment.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

Related parties

For the purposes of these financial statements, a party is considered to be related to the company if:

- the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company; or

- the company and the party are subject to common control; or

- the party is an associate of the company or a joint venture in which the company is a venturer; or

- the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; or

- the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

- the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company; or

- the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

3.

TURNOVER

The turnover and profit 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

6,312,557

7,682,996

United States of America

12,441,085

8,094,366

Europe, Middle East and Africa

9,820,564

5,964,024

Asia-Pacific

680,614

1,090,251

Latin America

39,850

-

29,294,670

22,831,637

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

4,059,646

3,225,538

Social security costs

439,476

369,493

Other pension costs

280,081

97,296

4,779,203

3,692,327

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

2024

2023

Finance

5

5

Human resources

2

2

Administrative

2

2

Commercial and activation team

61

56

70

65

2024

2023

£

£

Director's remuneration

26,535

25,213

Director's pension contributions to money purchase schemes

103,500

5,000

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

Money purchase schemes

1

1

5.	OPERATING PROFIT

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

2024

2023

£

£

Hire of plant and machinery

479,228

507,990

Depreciation - owned assets

111,209

76,774

Goodwill amortisation

43,062

43,062

Auditors' remuneration

41,770

7,400

Foreign exchange differences

168,327

(98,878

)

6.

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

526,105

271,690

Overprovision of tax in previous years

(16,583

)

-

Total current tax

509,522

271,690

Deferred tax:

Origination and reversal of timing differences

(13,166

)

18,834

Tax on profit

496,356

290,524