REGISTERED NUMBER: SC136445 (Scotland)

Strategic Report, Report of the Directors and

Audited Financial Statements For The Year Ended 31 December 2024

for

Thomas Johnstone Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

6

Income Statement

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

T Green

D S Haddow

R Young

G Cameron

D Campbell

C Buttar

K Pick

C Ross

SECRETARY:

C Buttar

REGISTERED OFFICE:

Cartside Avenue

Inchinnan Business Park

Inchinnan

Renfrewshire

PA4 9RU

REGISTERED NUMBER:

SC136445 (Scotland)

INDEPENDENT AUDITORS:

Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

BANKERS:

Santander UK Plc

12-13 St Andrew Square

Edinburgh

EH2 2AF

SOLICITORS:

Morton Fraser MacRoberts

Capella

60 York Street

Glasgow

G2 8JX

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

REVIEW OF BUSINESS

2024 commenced with a strong performance in Q1. This momentum continued through the remainder of the year

leading to Annual sales of £84.3m which exceeded our budget expectations. We continue to focus on our customers within our existing market sectors. Our dedication to deliver "what the customer wants" through our highly skilled site and manufacturing teams continues to be our unique selling point.

Our performance has allowed the business to deliver a healthy operating profit, despite the ongoing "World Problems" affecting investor confidence. We continue to negotiate, and risk manage projects which allow us to agree favourable terms with our clients, giving them value for money with realistic risks.

We continue to invest heavily in IT systems to improve our overall performance.

Since Covid, we still see a lack of skilled trades persons and skilled management teams available within the industry. We continue to be proactive in training and retaining recruits, providing apprenticeships for trades persons of all ages and sponsor undergraduates training to be professionals in the construction sector.

We are an equal opportunities employer, putting equality, diversity and inclusion at the forefront of our company policies. We also take our corporate social responsibility role very seriously by employing local people where suitable. This provides a direct link to the local community and helps reduce our carbon footprint by cutting down on commuter travel.

We continue to put our people first and this is reflected in our excellent staff retention levels. We aim to make their place of work an enjoyable experience and encourage a good work-life balance.

The Directors believe that our approach to delivering projects will continue to add to an already healthy order book and increase our customer base. This, combined with constant improvement in our practices and procedures will provide solid grounds for confidence that we will continue to grow the business and reduce our effective cost base through innovation and efficiencies.

Therefore, we are optimistic about the future and are in good shape to seek out and take advantage of opportunities as they arise in 2025.

ON BEHALF OF THE BOARD:

R Young - Director

4 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of fit-out contractor with associated support divisions.

DIVIDENDS

Interim dividends per share on the Ordinary £1 shares were paid as follows:

0.98

- 31 January 2024

0.33

- 8 April 2024

1.23

- 6 December 2024

2.55

The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2024 will be £ 1,035,208 .

DIRECTORS

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

T Green

D S Haddow

R Young

G Cameron

D Campbell

C Buttar

K Pick

C Ross

Other changes in directors holding office are as follows:

N Crighton ceased to be a director after 31 December 2024 but prior to the date of this report.

STREAMLINED ENERGY AND CARBON REPORTING

Energy and Carbon Report

In accordance with the Companies (Directors Report) and the Energy and Carbon Report Regulations 2018, the company, having met the thresholds of large unquoted company status in the UK, is now required to report their UK energy use and associated GHG emissions relating to electricity, gas and transport fuel.

The requirement also calls for an intensity ratio.

For company reporting purposes the methods adopted in the calculations of the total greenhouse gas emissions incorporate the GHG Protocol Corporate Standard, the 2019 HM Government Environmental Reporting Guidelines and the 2023 UK Government Conversion Factors.

Information surrounding Business travel and power consumption have been sourced internally from invoices and receipts and converted accordingly to tCO2e utilising UK Government GHG Conversion Factors.

Our adopted intensity metric has been defined as tonnes of CO2e per £1million of Sales Revenue.

The energy reduction in kWh during 2024 was as a direct result of the installation in the latter part of 2023 of solar panels and energy efficient boilers within our Manufacturing Facility at Inchinnan.

There has also been a significant shift within our car fleet towards electric cars.

2024

2023

UK Energy Use

kWh

636,424

858,919

Associated Greenhouse Gas Emissions

TCO2e

386

390

Intensity Ratio

TCO2e per £M Sales Revenue

4.5

4.5

Energy Reduction Measures Planned for 2025 are as follows:

- Continual awareness, briefings and training of our employees on CO2 reduction measures.

- Feasibility study for battery storage with regards to our solar generated power.

- Review of the use of Diesel within our sites to a more carbon friendly substitute.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 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:

R Young - Director

4 September 2025

Opinion

We have audited the financial statements of Thomas Johnstone Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Statement of Financial Position, 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 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 pages four and five, 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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 directors and other

management, and from our wider knowledge and experience;

- 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 and FRS 102;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit.

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

Audit response to risks identified

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

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

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

and

- Investigated the rationale behind significant or unusual transactions.

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;

- Reading the minutes of meetings of those charged with governance;

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

- Requesting correspondence with HMRC, Companies House and the company's legal advisors.

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 directors 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.

Janice Alexander CA (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

5 September 2025

TURNOVER

3

84,383,372

86,455,559

Cost of sales

70,694,177

72,937,708

GROSS PROFIT

13,689,195

13,517,851

Administrative expenses

10,515,188

9,780,611

3,174,007

3,737,240

Other operating income

126,477

112,716

OPERATING PROFIT

5

3,300,484

3,849,956

Interest receivable and similar income

338,129

159,460

3,638,613

4,009,416

Interest payable and similar expenses

6

68,249

97,208

PROFIT BEFORE TAXATION

3,570,364

3,912,208

Tax on profit

7

(401,317

)

963,254

PROFIT FOR THE FINANCIAL YEAR

3,971,681

2,948,954

OTHER COMPREHENSIVE INCOME

Revaluation of property

396,188

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

396,188

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,367,869

2,948,954

FIXED ASSETS

Tangible assets

10

2,477,724

2,229,129

CURRENT ASSETS

Stocks

11

38,451

39,269

Debtors

12

19,320,410

18,898,955

Cash at bank and in hand

8,562,959

12,323,894

27,921,820

31,262,118

CREDITORS

Amounts falling due within one year

13

18,869,358

25,262,179

NET CURRENT ASSETS

9,052,462

5,999,939

TOTAL ASSETS LESS CURRENT LIABILITIES

11,530,186

8,229,068

PROVISIONS FOR LIABILITIES

15

74,214

105,757

NET ASSETS

11,455,972

8,123,311

CAPITAL AND RESERVES

Called up share capital

16

406,289

406,289

Revaluation reserve

17

1,180,466

784,278

Capital redemption reserve

17

100,000

100,000

Retained earnings

17

9,769,217

6,832,744

SHAREHOLDERS' FUNDS

11,455,972

8,123,311

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025 and were signed on its behalf by:

R Young - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

406,289

4,042,372

807,015

100,000

5,355,676

Changes in equity

Dividends

-

(181,319

)

-

-

(181,319

)

Total comprehensive income

-

2,971,691

(22,737

)

-

2,948,954

Balance at 31 December 2023

406,289

6,832,744

784,278

100,000

8,123,311

Changes in equity

Dividends

-

(1,035,208

)

-

-

(1,035,208

)

Total comprehensive income

-

3,971,681

396,188

-

4,367,869

Balance at 31 December 2024

406,289

9,769,217

1,180,466

100,000

11,455,972

1.	STATUTORY INFORMATION

Thomas Johnstone Limited is a private company, limited by shares , registered in Scotland. 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 revaluation of certain assets.

The significant accounting policies applied in the preparation of the financial statements are set out below. The policies have been consistently applied to all years presented unless otherwise stated.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions 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;

•

the requirement of paragraph 33.7.

Thomas Johnstone Limited is a qualifying subsidiary and has taken advantage of the reduced disclosure exemptions listed above. The parent company of the group is TJH1868 Limited and the group financial statements are available from TJH1868 Limited, Cartside Avenue, Inchinnan Business Park, Renfrewshire, PA4 9RU.

Significant judgements and estimates

In the application of the group's accounting policies the directors and management are required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the period end date, and the amounts reported for revenues and expenses during the period.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, and in future periods should it affect future periods.

Management consider that the following have the most significant effect on the amounts recognised in the financial statements:

- Financial outcome of individual construction contracts - all long-term contracts are reviewed on a monthly basis, with particular attention to contract stage of completion, costs to date and costs still to be incurred. Movement in margin is recognised when prudent to do so but immediately in the event there is a foreseeable loss.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.

Where it is probable that contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Tangible fixed assets

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

Property and improvements

-

2.5% on cost

Fixed plant and equipment

-

10% on cost

Computer equipment

-

25% on cost

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Loans and borrowings that are classified as payable or receivable within one year on initial recognition are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

3.

TURNOVER

The turnover and profit 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

£

£

Construction contract income

84,383,372

86,455,559

84,383,372

86,455,559

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

11,178,188

10,120,266

Social security costs

748,545

787,979

Other pension costs

707,069

637,159

12,633,802

11,545,404

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

2024

2023

Office and administration

95

89

Production

119

120

214

209

2024

2023

£

£

Directors' remuneration

1,494,455

1,330,261

Directors' pension contributions to money purchase schemes

355,416

254,900

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

207,490

176,185

Pension contributions to money purchase schemes

30,000

40,000

5.	OPERATING PROFIT

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

2024

2023

£

£

Hire of plant and machinery

1,370,037

1,366,961

Operating lease income

(126,477

)

(112,716

)

Depreciation - owned assets

153,878

147,379

Auditors' remuneration

22,580

20,350

Operating lease costs - property

159,295

152,479

Operating lease costs - other

362,279

422,241

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank overdraft & loan interest

68,249

97,208

7.

TAXATION

Analysis of the tax (credit)/charge

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

2024

2023

£

£

Current tax:

UK corporation tax

(369,774

)

905,523

Deferred tax

(31,543

)

57,731

Tax on profit

(401,317

)

963,254

UK corporation tax has been charged at 25% (2023 - 23.50%).

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

3,570,364

3,912,208

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

892,591

919,369

Effects of:

Income & expenses not deductible for tax purposes

41,235

27,981

Timing differences

50,438

(41,827

)

Deferred tax movement

(31,543

)

57,731

Research and development tax relief claims

(1,354,038

)

-

Total tax (credit)/charge

(401,317

)

963,254

Tax effects relating to effects of other comprehensive income

2024

Gross

Tax

Net

£

£

£

Revaluation of property

396,188

-

396,188

8.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Interim

1,035,208

181,319

9.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions payable by the company for the year were £707,069 (2023 - £637,159). Amounts outstanding at the year end 31 December 2024 were £68,237 (2023 - £64,386)

10.	TANGIBLE FIXED ASSETS

Property

Fixed

and

plant and

Computer

improvements

equipment

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2024

1,830,000

1,404,955

611,736

3,846,691

Additions

1,880

14,329

12,762

28,971

Revaluations

213,657

-

-

213,657

Reclassification/transfer

194,463

(194,463

)

-

-

At 31 December 2024

2,240,000

1,224,821

624,498

4,089,319

DEPRECIATION

At 1 January 2024

91,500

970,176

555,886

1,617,562

Charge for year

45,750

77,335

30,793

153,878

Revaluation adjustments

(159,845

)

-

-

(159,845

)

Reclassification/transfer

22,595

(22,595

)

-

-

At 31 December 2024

-

1,024,916

586,679

1,611,595

NET BOOK VALUE

At 31 December 2024

2,240,000

199,905

37,819

2,477,724

At 31 December 2023

1,738,500

434,779

55,850

2,229,129

Cost or valuation at 31 December 2024 is represented by:

Property

Fixed

and

plant and

Computer

improvements

equipment

equipment

Totals

£

£

£

£

Valuation in 2014

1,500,000

-

-

1,500,000

Valuation in 2021

39,803

-

-

39,803

Valuation in 2024

410,000

-

-

410,000

Cost

290,197

1,224,821

624,498

2,139,516

2,240,000

1,224,821

624,498

4,089,319

If the property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

1,624,710

1,622,830

Aggregate depreciation

729,906

689,312

The property was valued on an open market basis in July 2024 by way of a 3rd party valuation. The Directors have reviewed the carrying value at December 2024 and consider it to be a reasonable estimate of valuation at that date.