REGISTERED NUMBER: 10802176 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31st December 2024

for

TISSOT INDUSTRY UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Statement of Directors' Responsibilities

5

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTORS:

M. G Tissot

M. D Tissot

REGISTERED OFFICE:

Suffolk House

George Street

Croydon

Surrey

CR0 0YN

REGISTERED NUMBER:

10802176 (England and Wales)

AUDITORS:

TC Group

Statutory Auditor

Office: Croydon - TC SWP

3rd Floor, Suffolk House

George Street

Croydon

CR0 0YN

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

REVIEW OF BUSINESS

The company reports revenues of £37,374,887 (2023 - £33,738,099) and a gross profit of 15.3% (2023 - 17.0%) resulting in an operating profit before tax of £3,625,640 for the year (2023 - £3,974,536). The increases in revenue and reduction in gross profit margin is due to new projects progressing during the year, and these results are in line with the directors' expectations.

As at the balance sheet date, the company reports a net asset position of £12,460,07 (2023 - £9,740,847). The directors consider that the company is well positioned for the future and retains the full support of its parent company.

The company continues to operate in a challenging market, impacted by foreign currency fluctuation risk, and the fluctuating price of materials.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's principal risks are highlighted below. These risks are reviewed and managed through the company's business performance and risk management process.

Financial risks

There is minimal price risk for the company's turnover as the majority fof the company's income has been agreed contractually.Expenditure costs are sensitive to currency fluctuations and the fluctuating price of materials which the directors monitor closely.

Compliance risk

The company continues to adhere to industry requirements for health and safety. These regulatory requirements are essential for the company to achieve its objectives. The risks are mitigated by obtaining accreditation and certificates from relevant industry bodies and continual oversight of controls and procedures to ensure all operations are conducted in line with relevant licence conditions and restraints.

Operational and market risk

The regular availability of technical expertise is essential to ensure objectives are achieved. Regular investment in training and certification are carried out to maintain standards within the industry. The response to operational risks also mitigate market risks, as the ability to complete stages of the project on time are directly linked to performance, which in turn helps to maintain the company's strong reputation within the market.

Liquidity and cash flow risk

The directors consider the company to have sufficient available funds for operations and review the requirements for cash flow on a regular basis.

Exchange rate risk

The company trades in both Sterling and Euros, and as such is exposed to changes in foreign currency exchange rates. It is the company's policy to continually monitor movements in the exchange rates and take appropriate action as necessary.

KEY PERFORMANCE INDICATORS

The directors constantly monitor a number of key performance indicators to ensure optimal business performance.

Turnover, gross and net profit are the main financial performance indicators used by the business and these are reviewed on a monthly basis.

ON BEHALF OF THE BOARD:

M. D Tissot - Director

5th September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of undertaking niche building and assembling projects in the building industry.

DIVIDENDS

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

The directors recommend that no final dividend be paid.

FUTURE DEVELOPMENTS

The directors are focused on continuing to grow the business and expect to see an increase in turnover and profit arising from its ongoing principal activity.

DIRECTORS

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

M. G Tissot

M. D Tissot

DISCLOSURE IN THE STRATEGIC REPORT

The principal risks and uncertainties facing the company and key performance indicators have been considered in the Strategic Report.

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.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting. On 29th October 2024 the company's auditors changed their name from Simpson Wreford & Partners to TC Group.

ON BEHALF OF THE BOARD:

M. D Tissot - Director

5th September 2025

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;

-

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-

and 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.

Opinion

We have audited the financial statements of Tissot Industry UK Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 31st 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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:

-

We obtained an understanding of the legal and regulatory framework applicable to the entity and the sector in which it operates, through discussions with management and those charged with governance. We identified the financial reporting framework including but not limited to United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006, Data Protection Act 2018, Bribery Act 2010, tax legislation, Health and Safety regulations and CESA regulations as being of significance in the context of the company and its ongoing activities.

-

We made enquiries with management and those charged with governance to confirm our understanding that the company continued to comply with the applicable legal and regulatory frameworks, and also to confirm our understanding of the specific policies and procedures enlisted by the company to ensure ongoing compliance.

-

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud may occur, and gained an understanding of the company's policies and procedures on fraud risks through discussion with the company's management.

-

We considered the risk of material misstatement due to fraud as a result of possible management override of controls and improper revenue recognition. In addressing this risk of fraud we have tested the appropriateness of journal entries and other adjustments including a sample of manual journals along with testing revenue recognition and confirming that cut-off is appropriate.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

John Millidge (Senior Statutory Auditor)

For and on behalf of TC Group

Statutory Auditor

Office: Croydon - TC SWP

3rd Floor, Suffolk House

George Street

Croydon

CR0 0YN

8th September 2025

REVENUE

4

37,374,887

33,738,099

Cost of sales

(31,664,089

)

(28,019,483

)

GROSS PROFIT

5,710,798

5,718,616

Administrative expenses

(2,261,136

)

(1,733,728

)

OPERATING PROFIT

6

3,449,662

3,984,888

Interest receivable and similar income

175,978

370

3,625,640

3,985,258

Interest payable and similar expenses

7

-

(10,722

)

PROFIT BEFORE TAXATION

3,625,640

3,974,536

Tax on profit

8

(906,410

)

(937,753

)

PROFIT FOR THE FINANCIAL YEAR

2,719,230

3,036,783

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,719,230

3,036,783

FIXED ASSETS

Property, plant and equipment

9

1,415

2,535

Investments

10

4,959,000

-

4,960,415

2,535

CURRENT ASSETS

Debtors

11

5,297,342

3,101,679

Cash at bank and in hand

8,339,777

16,118,594

13,637,119

19,220,273

CREDITORS

Amounts falling due within one year

12

4,725,855

5,344,486

NET CURRENT ASSETS

8,911,264

13,875,787

TOTAL ASSETS LESS CURRENT LIABILITIES

13,871,679

13,878,322

PROVISIONS FOR LIABILITIES

15

1,411,602

4,137,475

NET ASSETS

12,460,077

9,740,847

CAPITAL AND RESERVES

Called up share capital

16

1

1

Retained earnings

12,460,076

9,740,846

SHAREHOLDERS' FUNDS

12,460,077

9,740,847

The financial statements were approved by the Board of Directors and authorised for issue on 5th September 2025 and were signed on its behalf by:

M. D Tissot - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

1

6,704,063

6,704,064

Changes in equity

Total comprehensive income

-

3,036,783

3,036,783

Balance at 31st December 2023

1

9,740,846

9,740,847

Changes in equity

Total comprehensive income

-

2,719,230

2,719,230

Balance at 31st December 2024

1

12,460,076

12,460,077

Cash flows from operating activities

Cash generated from operations

1

(806,522

)

5,802,614

Interest paid

-

(10,722

)

Tax paid

(2,189,273

)

(453,048

)

Net cash from operating activities

(2,995,795

)

5,338,844

Cash flows from investing activities

Purchase of fixed asset investments

(4,959,000

)

-

Interest received

175,978

370

Net cash from investing activities

(4,783,022

)

370

(Decrease)/increase in cash and cash equivalents

(7,778,817

)

5,339,214

Cash and cash equivalents at beginning of year

2

16,118,594

10,779,380

Cash and cash equivalents at end of year

2

8,339,777

16,118,594

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

31.12.24

31.12.23

£

£

Profit before taxation

3,625,640

3,974,536

Depreciation charges

1,120

1,120

Contract provision

(2,725,594

)

4,136,842

Finance costs

-

10,722

Finance income

(175,978

)

(370

)

725,188

8,122,850

Increase in trade and other debtors

(1,874,770

)

(1,273,311

)

Increase/(decrease) in trade and other creditors

343,060

(1,046,925

)

Cash generated from operations

(806,522

)

5,802,614

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

8,339,777

16,118,594

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

16,118,594

10,779,380

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

16,118,594

(7,778,817

)

8,339,777

16,118,594

(7,778,817

)

8,339,777

Total

16,118,594

(7,778,817

)

8,339,777

1.	STATUTORY INFORMATION

Tissot Industry UK 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 company's principal place of business is Hinkley Point C nuclear power station.

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The presentational currency of the financial statements is shown in pounds (£) and are rounded to the nearest pound.

Turnover

Turnover represents the net invoice value of sales made during the period.

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

Turnover is recognised in the period in which the services are provided when all of the following conditions can be satisfied:

-

the amount of turnover can be measured reliably;

-

it is probable that the company will receive the consideration due; and

-

the stage of completion of the service at the end of the reporting period can be measured reliably.

The company has a self billing agreement with contractors. The contractors value the stage completed on projects at the end of each month. The management also review the level of stage completion and compare to their own assessment.

Tangible fixed assets

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

Computer equipment

-

25% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost included expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts and are recognised in the Statement of Comprehensive Income.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment is loss is measured at the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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

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.

Foreign currencies

Transactions and balances

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date.

Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In applying the company's accounting policies, the directors are required to make judgements, estimated and assumptions in determining the carrying value of assets and liabilities. The directors' judgement, estimates and assumptions are based on the best and most reliable evidence at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.

In assessing whether there have been any indicators of impairment to assets, the directors consider both external and internal sources of information such as market conditions and experience of recoverability and establishes a provision for receivables that are estimated not to be recoverable.

Provisions for liabilities

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Contract provisions (estimate)

Contract provisions are liabilities of uncertain timing and amounts and include lost at completion provisions and potential liquidation damages.

The directors review ongoing revenue contracts at the year end. Unavoidable costs of meeting obligations under contracts which exceed the economic benefits expected to be received are estimated and provided for in full.

4.

REVENUE

The whole of revenue is attributable to the principal activity of the company. All revenue in the year and in the prior year arose within the United Kingdom.

5.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

13,454,086

3,415,911

Social security costs

1,319,697

347,867

Other pension costs

483,995

162,270

15,257,778

3,926,048

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

31.12.24

31.12.23

Management

4

4

Operations

139

30

143

34

31.12.24

31.12.23

£

£

Directors' remuneration

-

-

6.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Hire of plant and machinery

120,758

104,062

Other operating leases

250,777

262,630

Depreciation - owned assets

1,120

1,119

Auditor remuneration

12,500

9,250

Auditor remuneration for non audit work

29,720

29,808

Foreign exchange differences

545,813

302,757

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Other interest

-

10,722

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

906,690

937,814

Deferred tax

(280

)

(61

)

Tax on profit

906,410

937,753

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

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is the same as the standard rate of corporation tax in the UK.

31.12.24

31.12.23

£

£

Profit before tax

3,625,640

3,974,536

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

906,410

934,811

Effects of:

Expenses not deductible for tax purposes

-

2,740

Depreciation in excess of capital allowances

280

263

Deferred tax

(280

)

(61

)

Total tax charge

906,410

937,753

9.	PROPERTY, PLANT AND EQUIPMENT

Computer

equipment

£

COST

At 1st January 2024

and 31st December 2024

4,478

DEPRECIATION

At 1st January 2024

1,943

Charge for year

1,120

At 31st December 2024

3,063

NET BOOK VALUE

At 31st December 2024

1,415

At 31st December 2023

2,535

10.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

31.12.24

31.12.23

£

£

Long term bank deposits

4,959,000

-

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

687,492

-

Amounts owed by group undertakings

1,776

-

Other debtors

168,674

174,565

Tax

320,893

-

VAT

154,593

411,371

Prepayments and accrued income

3,963,914

2,515,743

5,297,342

3,101,679

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

2,339,825

1,583,462

Amounts owed to group undertakings

563,825

2,307,689

Tax

-

961,690

Social security and other taxes

413,769

214,283

Other creditors

66,549

6,260

Accruals and deferred income

1,341,887

271,102

4,725,855

5,344,486

13.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

23,230

67,895