REGISTERED NUMBER: 01845643 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

for

TFI Lodestar Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Profit & Loss Account

12

Statement of Financial Position

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTORS:

Mr K M Kumar

Mr J Worsley

SECRETARY:

Mr K M Kumar

REGISTERED OFFICE:

24 Patcham Terrace

Battersea Exchange

London

SW8 4EY

REGISTERED NUMBER:

01845643 (England and Wales)

INDEPENDENT AUDITORS:

Schiavi Pole Brett Ltd

15a Walm Lane

London

NW2 5SJ

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

Executive Summary

TFI Lodestar is an award-winning Events Agency and PCO (Professional Conference Organiser) based in London. With a 40-year track record and a specialism across multiple market sectors, we have built a strong, stable business and earned a trusted reputation as one of the UK's leading event specialists. We operate on a global scale, with approximately 40% of our activities taking place outside the UK.

Over the past four years, TFI Lodestar has experienced strong, sustainable growth, underpinned by a clear strategic vision, a resilient business model, and a commitment to excellence. With an average gross profit increase of 39% year-on-year from 2021 to 2023, we have exceeded pre-pandemic expectations and maintained our position in a competitive 2024 marketplace. Our outlook for 2025 remains positive, supported by a strong cash position, a diversified client portfolio, and long-term contracts across key sectors.

We continue to invest in our people, technology, and sustainability. Initiatives such as our Pathways learning curriculum, the launch of an EMI (Enterprise Management Incentive) scheme, and the integration of AI tools reflect our focus on innovation and talent development. Our proprietary carbon measurement tool, Cora, and our People & Planet policy demonstrate our commitment to Diversity and Inclusion and to embedding sustainability into every aspect of our operations.

Strategic partnerships, expanding our service offerings, and a growing international portfolio of events, all position us well for future growth. As we navigate a competitive and evolving industry landscape, we remain focused on delivering exceptional value to our clients, fostering a culture of creativity and inclusion, and leading with purpose.

REVIEW OF BUSINESS

Business Overview

TFI Lodestar specialises in creating innovative, multi-channel live events and experiences that connect businesses and organisations to their most important audiences, generate growth and build communities. We offer highly specialised skills and services in event management, creative production, revenue generation and marketing, event technology, film and content creation. We operate across all market sectors, with specialist expertise in Associations, Healthcare, and Automotive & Mobility.It is our diversified client base that makes us unique.

As an accredited Professional Conference Organiser, we work with many of the world's leading professional and academic associations, organising international congresses and exhibitions attended by thousands. Our work also involves strategic development and communications, ensuring our clients' vision is delivered with consistency and quality, increasing their effectiveness and reach, and generating revenues through sponsorship acquisition and the creation of events.

For the corporate market, we design engaging experiences that convey our clients' messages creatively and effectively, giving organisations better opportunities to improve performance, grow, innovate, and strengthen their networks with new customers and partnerships. Whatever the sector, our belief and vision statement remains: believe in the power of communication and connection.

Our approach to our work - the way we think about it and the way we do it - is influenced by our brand and our values

BRIGHT: smart, creative, innovative people speaking clearly and plainly

GUIDING: leaders, enablers; confident and straightforward

FRIENDLY: safe, caring, useful; good to work with, easy to understand

Our team comprises 30 media professionals, including payroll employees and contractors. Additionally, we collaborate with a pool of freelancers who support our core team on an ad hoc basis, enabling us to scale up as needed throughout the year. We are privately owned, independent, and financially stable with published pre-tax profits c. £800K for two consecutive years. Our strategy is to continue our growth journey and strengthen our position as a 'go-to brand' in live events and business communications for associations and corporations.

Business Model

We operate primarily as a fee-based business, underpinned by a robust client portfolio. Our competitive edge stems from a proven track record of excellence, a comprehensive suite of services, and a highly experienced team. This integrated approach enables us to deliver consistent value and build enduring client relationships.

Our diverse and solid client base forms a robust foundation for future growth. With revenues evenly split between the association sector and the corporate market, we are well-positioned to support both our long-term and short-term growth strategies. This balanced revenue stream mitigates risks associated with external factors and market fluctuations.

Association clients ensure a stable revenue stream through secured long-term contracts, facilitating growth over the next four to five years. Additionally, our Master Service Agreements with blue-chip brands and corporations unlock new opportunities annually, sustaining short-term growth and driving continuous expansion. Our team has a wide range of experience from a variety of sectors. They're creative, commercially minded, and skilled in delivering large and small-scale events for leading brands and organisations. With 90% of our staff employed full-time-many of whom have been with us for years-we ensure consistency, compliance, and efficiency. This stable and experienced team, combined with our strong results, helps us build long-term, strategic partnerships with our clients.

We are active members of ABPCO (Association of British Professional Conference Organisers), IAPCO (International Association of Professional Congress Organisers), and EVCOM (Events & Visual Communication Association). These memberships and collaborations enhance our market visibility, reinforce our commitment to project excellence, and serve as recognised quality assurance to current and future clients.

Our strategic partnerships with venues, supplier networks, and Convention Bureaux - both in the UK and internationally - are a key part of our success. These relationships provide valuable industry insights and open up new opportunities. For example, we actively support Convention Bureaux in bidding to host international congresses and business events. This mutually beneficial collaboration allows us to provide our expertise during the bidding process, and, if successful, deliver our services once the event is confirmed. In recent years, we've expanded and enhanced our service portfolio to better serve our clients. This has led to broader scopes of work and deeper engagement across projects.

Our company has experienced rapid growth, achieving an average gross profit increase of approximately 39% year-on-year from 2021 to 2023, exceeding pre-pandemic expectations. We sustained this strong performance in 2024 and anticipate modest growth in 2025, despite ongoing market uncertainty. With a solid cash position and net assets retained at £800k plus, we are well-positioned to trade with confidence and continue investing in the business for long-term success.

PRINCIPAL RISKS AND UNCERTAINTIES

Market Volatility

The business is exposed to external macroeconomic factors such as economic downturns, political instability, and fluctuations in client budgets. These variables can significantly impact client spending patterns in marketing and events. To mitigate this, the company maintains a diversified client portfolio, has secured long-term contracts, and benefits from a dual-sector revenue stream across both Associations and Corporate. This approach ensures resilience and financial stability even during turbulent market conditions.

Client Concentration

Dependency on a limited number of large contracts poses a risk to revenue stability should any of these clients be lost. To address this, the company is actively pursuing new business development initiatives and increasing investment in marketing efforts. These strategies aim to broaden the client base and reduce reliance on a few key accounts, thereby enhancing long-term sustainability.

Event Cancellations or Disruptions

Unforeseen disruptions such as pandemics, geopolitical conflicts, or environmental events can lead to event cancellations, directly affecting revenue and operations. The company has adopted flexible delivery models, including hybrid and digital event formats, to ensure continuity. Additionally, robust contractual protections are in place to safeguard against financial losses in such scenarios. We also help mitigate our clients' risk by requesting specific event insurance that will protect them and us in case of cancellation.

Talent Retention

The departure of key personnel could disrupt project delivery and weaken client relationships. To retain top talent, the company offers a comprehensive package that includes an EMI (Enterprise Management Incentive) scheme to senior members of the team, a structured career development through the Pathways training programme, flexible working arrangements, and competitive compensation. These measures foster employee engagement and loyalty.

Technology Risk

Reliance on outdated systems or exposure to cybersecurity threats can hinder operational efficiency and compromise data security. The company is proactively investing in modern project and finance systems, has achieved Cyber Essentials Plus certification, and is exploring the integration of AI technologies. These initiatives aim to future-proof the business and enhance technological resilience.

Sustainability/ESG Non-compliance

Failure to meet ESG (Environmental, Social, and Governance) standards could damage the company's reputation and affect client acquisition and retention. To mitigate this, the company employs the Cora platform, adheres to a comprehensive People & Planet policy, and conducts regular ESG audits. These efforts ensure alignment with stakeholder expectations and regulatory requirements.

Reputation Damage

Reputational risk arising from event execution errors or ethical breaches can erode client trust and brand value. The company enforces a strict Code of Conduct, which extends to contractors, and provides regular staff training. Additionally, internal review frameworks are in place to ensure high standards of professionalism and ethical behaviour are consistently upheld.

FUTURE OUTLOOKS

The events industry is a high value, fast growing global sector. In 2023, the UK events industry contributed £61.65 billion to the national economy, with corporate and business events-including conferences, trade shows, exhibitions, and product launches-accounting for £33.6 billion of that total. With both UK and global markets projected to continue expanding, we are committed to evolving our strategies to ensure we capture a growing share of this dynamic sector. These are the key areas for us:

Continuous investment in technology:

The integration of technology, particularly AI, presents opportunities for increased productivity and personalised event experiences. We are embracing the potential of AI and new interactive technologies. Our current use of AI includes chatbots for attendee inquiries, real-time translation, and transcription tools that enhance accessibility and inclusivity. We will continue to expand the use of these technologies, always balancing innovation with our team's creative expertise.

Expansion of our service portfolio:

As audiences seek more personalised, engaging, and interactive experiences, we are evolving our offerings to meet these expectations. We're investing in creative and strategic talent to design experience-led events that cater to diverse audiences. Our focus is also on strengthening capabilities in communication strategy, data insights, and media integration to drive engagement and measurable ROI.

Growing our partnerships and collaborations:

Our collaborations with Convention Bureaux, partner agencies, and industry bodies have deepened in recent years, delivering mutual value. We will continue to invest in these relationships, sharing knowledge and resources to expand our global reach and influence.

Sustainability and legacy:

Sustainability and long-term impact remain central to our strategy. We're enhancing our sustainability reporting to guide clients toward better practices and encouraging them to embed legacy goals into their events. Our next step is to capture and analyse data to measure the long-term impact of these initiatives.

Continuous investment in talent:

We remain committed to attracting, developing, and retaining top talent to futureproof our business. This includes ongoing investment in learning, leadership development, and flexible working practices that support a diverse and engaged workforce.

Exploring Growth Opportunities:

As competition intensifies and M&A activity increases across the sector, our strong financial position will allow us to explore strategic acquisitions and review opportunities on a case-by-case basis.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)

At TFI Lodestar we firmly believe that matters of equality, diversity, and inclusion are all inextricably linked to the commitments we need to make towards our planet. Our People & Planet policy reflects this belief. Sustainability. TFI Lodestar is committed to achieving Carbon Net Zero and embedding sustainability across all operations. Key initiatives include the use of Cora, a proprietary carbon tracking tool, and a mandatory Sustainable Production Checklist for all projects. Staff receive ongoing sustainability training, and clients are supported in adopting eco-friendly practices.

Equality, Diversity, and Inclusion (EDI)

The company integrates EDI into its core operations through a range of initiatives, including annual pay audits, equal-access learning and development programmes, a bias-free recruitment process, flexible working policies, caregiver leave, and regular employee reviews.

Governance

TFI Lodestar's People & Planet strategy is led by the Head of Strategy, ensuring executive-level accountability. Progress is reported monthly to the Board and shared with staff biannually. All policies are reviewed annually at Board level.

The company enforces a strong Code of Conduct, extended to all event participants and contractors in line with the Worker Protection Act (2024). ESG considerations are embedded in risk management processes, and data protection is upheld through GDPR compliance and Cyber Essentials Plus certification since 2022.

With a strong foundation, a committed team, and a clear vision for the future, we are confident in our ability to deliver lasting value and grow our business.

ON BEHALF OF THE BOARD:

Mr K M Kumar - Director

18 August 2025

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

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of 10.3908 per share.

The total distribution of dividends for the year ended 31 December 2024 will be £ 311,724 .

DIRECTORS

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

Mr K M Kumar

Mr J Worsley

Other changes in directors holding office are as follows:

Mr P Watton - resigned 12 June 2024

FINANCIAL INSTRUMENTS

The group’s principal financial instruments include bank balances, bank loans, trade creditors, and trade debtors. These instruments are primarily used to support the group’s operations by facilitating the raising of funds and managing financial obligations.

Risk Management and Financial Instruments

The group does not engage in speculative trading of financial instruments and is not exposed to price risk. The group’s risk management framework focuses on mitigating the following key financial risks:

Liquidity Risk: The group’s liquidity is supported through long-term loans and overdraft facilities provided by its bankers. The directors believe that these facilities will continue to be made available as required to support operational needs.

Currency Risk: The group actively manages foreign exchange risk by reviewing its currency requirements and pricing its products accordingly to hedge against significant currency fluctuations.

Interest Rate Risk: The group assesses the potential impact of interest rate changes on its future borrowings and financial position. While no interest rate hedging instruments were in place at the balance sheet date, the group continues to monitor this exposure regularly.

Credit Risk: Credit risk is managed by reviewing credit facilities extended to customers. The group monitors customer creditworthiness and implements control measures to minimise potential losses.

EMPLOYMENT POLICY

Employment Practices and Workforce Inclusion

The directors are committed to ensuring that all employees, including those with disabilities, are provided with appropriate training and support to carry out their responsibilities effectively. The group promotes a workplace culture that values inclusivity, fairness, and the development of all staff.

Equal Opportunity and Employee Support

The group upholds a policy of equal opportunity, treating all employees with dignity and respect regardless of any individual characteristics. In cases where employees become disabled during their employment, the group endeavours to maintain their employment by providing reasonable adjustments and retraining opportunities to support continued contribution.

Training and Development

The group recognises the importance of skill development and provides training to ensure employees are competent and confident in their roles. This commitment extends to retraining initiatives where necessary to accommodate changing employee circumstances.

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.

AUDITORS

The auditors, Schiavi Pole Brett Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr K M Kumar - Director

18 August 2025

Qualified opinion

We have audited the financial statements of TFI Lodestar Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit & Loss Account, 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, except for the possible effects of the matter described in the Basis for qualified Opinion section, 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/loss for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified 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.

However, the financial statements for the year ended 31 December 2023 were not audited. As a result, we were unable to obtain sufficient appropriate audit evidence concerning the opening balances as at 1 January 2024, including opening work in progress, receivables, and payables. Since opening balances affect the determination of financial performance, we were unable to determine whether adjustments might have been necessary in respect of profit or loss for the year ended 31 December 2024.

Our audit opinion on the current period’s financial statements is therefore qualified in respect of this matter.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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.

Our audit procedures are designed to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. However, our audit is not designed to detect all irregularities, including fraud In identifying and assessing the risks of material misstatement in the financial statements due to irregularities, including fraud, we considered the potential for non-compliance with laws and regulations, as well as the risk of fraud. Our procedures included:

-Understanding the entity and its environment, including the entity’s internal controls and governance structure.

-Assessing the risk of material misstatement due to fraud or non-compliance by considering incentives, pressures,

opportunities, and rationalizations for fraudulent activity.

-Inquiring with management, those charged with governance, and others within the entity about known or suspected

fraud or non-compliance with laws and regulations.

-Evaluating the design and implementation of controls relevant to the prevention and detection of fraud.

-Performing substantive testing, including journal entry testing, review of significant accounting estimates, and

assessment of unusual or complex transactions.

-Considering the appropriateness of the entity’s accounting policies and their consistent application.

-We also remained alert to indicators of potential fraud throughout the audit and considered whether there was any

evidence of bias that represented a risk of material misstatement due to fraud.

It is important to note that the primary responsibility for the prevention and detection of irregularities and fraud rests with management and those charged with governance.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Charles Brett (Senior Statutory Auditor)

for and on behalf of Schiavi Pole Brett Ltd

15a Walm Lane

London

NW2 5SJ

18 August 2025

TURNOVER

3

15,117,466

19,543,653

Cost of sales

12,272,995

16,671,856

GROSS PROFIT

2,844,471

2,871,797

Administrative expenses

2,159,424

2,200,060

685,047

671,737

Other operating income

46,944

74,695

OPERATING PROFIT

5

731,991

746,432

Interest receivable and similar income

97,555

78,479

829,546

824,911

Interest payable and similar expenses

6

-

1,991

PROFIT BEFORE TAXATION

829,546

822,920

Tax on profit

7

198,209

199,280

PROFIT FOR THE FINANCIAL YEAR

631,337

623,640

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

631,337

623,640

FIXED ASSETS

Tangible assets

9

230,517

240,462

CURRENT ASSETS

Stocks

10

344,100

566,237

Debtors

11

2,167,323

1,465,253

Cash and cash equivalents

3,130,435

3,035,705

5,641,858

5,067,195

CREDITORS

Amounts falling due within one year

12

5,005,112

4,748,706

NET CURRENT ASSETS

636,746

318,489

TOTAL ASSETS LESS CURRENT LIABILITIES

867,263

558,951

PROVISIONS FOR LIABILITIES

14

13,401

24,702

NET ASSETS

853,862

534,249

CAPITAL AND RESERVES

Called up share capital

15

30,000

30,000

Profit and loss account

16

823,862

504,249

SHAREHOLDERS' FUNDS

853,862

534,249

The financial statements were approved by the Board of Directors and authorised for issue on 18 August 2025 and were signed on its behalf by:

Mr K M Kumar - Director

Mr J Worsley - Director

Called up

Profit

share

and loss

Total

capital

account

equity

£

£

£

Balance at 1 January 2023

30,000

278,909

308,909

Changes in equity

Dividends

-

(398,300

)

(398,300

)

Total comprehensive income

-

623,640

623,640

Balance at 31 December 2023

30,000

504,249

534,249

Changes in equity

Dividends

-

(311,724

)

(311,724

)

Total comprehensive income

-

631,337

631,337

Balance at 31 December 2024

30,000

823,862

853,862

1.	STATUTORY INFORMATION

TFI Lodestar Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows.

An exemption has been taken from preparing a cash flow statement on the grounds that the parent company includes the results of this company in its published consolidated financial statements, as stated in the ultimate parent company note.

Significant judgements and estimates

Estimates and judgements 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 directors have considered and there are no significant judgement and estimates to report.

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

33% on cost and 25% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost and 25% on cost

Work-in-progress

Work in progress is valued at the lower of cost and net realisable value.

Cost comprises expenditure directly incurred on behalf of clients, together with a proportion of attributable overheads and other direct costs associated with the delivery of incomplete assignments.

Overheads are allocated on a systematic and consistent basis appropriate to the nature of the services provided.

Provision is made where necessary for any irrecoverable costs, or where the net realisable value of the work in progress is lower than its cost.

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 debtors and creditors, loans from banks and other third parties, loans to related parties.

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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Basic financial assets, including trade and other debtors, 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, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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:

31.12.24

31.12.23

(Unaudited)

£

£

Rendering of services

15,117,466

19,543,653

15,117,466

19,543,653

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

(Unaudited)

£

£

United Kingdom

7,750,449

13,963,408

Europe

5,867,344

3,532,676

United States of America

843,538

1,360,492

Rest of the world

656,135

687,077

15,117,466

19,543,653

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

(Unaudited)

£

£

Wages and salaries

1,337,669

1,275,825

Social security costs

133,918

140,612

Other pension costs

43,271

22,913

1,514,858

1,439,350

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

31.12.24

31.12.23

(Unaudited)

Average number of employees

29

26

31.12.24

31.12.23

(Unaudited)

£

£

Directors' remuneration

61,186

75,000

Directors' pension contributions to money purchase schemes

1,274

1,688

5.	OPERATING PROFIT

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

31.12.24

31.12.23

(Unaudited)

£

£

Other operating leases

128,926

149,077

Depreciation - owned assets

45,052

39,573

Profit on disposal of fixed assets

(750

)

-

Auditors' remuneration

3,000

-

Auditors' remuneration for non audit work

5,000

5,000

Foreign exchange differences

(4,300

)

(16,007

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

(Unaudited)

£

£

Bank interest

-

1,991

7.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

(Unaudited)

£

£

Current tax:

UK corporation tax

209,510

194,574

Deferred tax

(11,301

)

4,706

Tax on profit

198,209

199,280

UK corporation tax was charged at 25%) in 2023.

Reconciliation of total tax 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:

31.12.24

31.12.23

(Unaudited)

£

£

Profit before tax

829,546

822,920

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

207,387

205,730

Effects of:

Depreciation in excess of capital allowances

2,123

917

Deferred tax

(11,301

)

4,706

Effect on tax rate changes and marginal relief

-

(12,073

)

Total tax charge

198,209

199,280

8.

DIVIDENDS

31.12.24

31.12.23

(Unaudited)

£

£

Ordinary shares of £1 each

Final

311,724

398,300

9.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

225,161

8,536

2,058

58,976

294,731

Additions

-

1,673

17,300

16,134

35,107

Disposals

-

(339

)

-

(6,006

)

(6,345

)

At 31 December 2024

225,161

9,870

19,358

69,104

323,493

DEPRECIATION

At 1 January 2024

32,279

2,923

653

18,414

54,269

Charge for year

22,516

2,547

1,957

18,032

45,052

Eliminated on disposal

-

(339

)

-

(6,006

)

(6,345

)

At 31 December 2024

54,795

5,131

2,610

30,440

92,976

NET BOOK VALUE

At 31 December 2024

170,366

4,739

16,748

38,664

230,517

At 31 December 2023

192,882

5,613

1,405

40,562

240,462

10.

STOCKS

31.12.24

31.12.23

(Unaudited)

£

£

Work-in-progress

344,100

566,237

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

(Unaudited)

£

£

Trade debtors

1,620,106

951,754

Amounts owed by group undertakings

-

15,142

Prepayments and accrued income

547,217

498,357

2,167,323

1,465,253

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

(Unaudited)

£

£

Trade creditors

2,778,235

2,100,196

Tax

209,510

194,574

Social security and other taxes

85,505

-

VAT

100,902

564,971

Other creditors

1,496

83,660

Directors' current accounts

-

18

Accruals and deferred income

1,829,464

1,805,287

5,005,112

4,748,706