REGISTERED NUMBER: 06987598 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2024

for

Stott & May Professional Search Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTOR:

Mr S P Stott

REGISTERED OFFICE:

6th Floor Cannon Green

27 Bush Lane

London

EC4R 0AA

REGISTERED NUMBER:

06987598 (England and Wales)

SENIOR STATUTORY AUDITOR:

Philippa Duckworth BSc FCCA

AUDITORS:

WP Audit Limited

Statutory Auditors

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

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

REVIEW OF BUSINESS

The principal activity of the company was the provision of recruitment services in the technology sector. The company also commenced trading in 2024 in the provision of recruitment services in the clean energy sector under the brand name Evergreen. The company is based in the South East of England with a head office in London and a regional office in Reading, serving the Thames Valley.

The company provides permanent and contract recruitment solutions alongside consultancy services in the technology sector and permanent recruitment solutions in the clean energy sector.

The market for recruitment services in the technology sector continued to decline in 2024. This coupled with a fall in both client and candidate confidence made trading difficult for the company which resulted in further losses. The company has continued to take action to reduce its cost base by cuts in both headcount and discretionary expenditure to mitigate the impact of the downturn. The company is fully prepared to take further action to ensure it is present to take full advantage of any improvements in the economic environment.

PRINCIPAL RISKS AND UNCERTAINTIES

Economic uncertainty and the competitive nature of the marketplace for our own consultants remain risks to the business. We manage this risk through offering a competitive remuneration structure including opportunities to participate in equity incentive schemes. Liquidity and credit risk are also significant considerations for the company. We manage our cash flow using invoice discounting and the diverse range of blue chip clients keeps our risk of bad debts to a minimum. In view of the above the director believes that the company is well placed to manage its business risks, and also take advantage of any improvement in its markets in the future.

KEY PERFORMANCE INDICATORS

The key performance indicators for the company are as follows:

2024

2023

% Change

£   s

£   s

Turnover

21,763

28,613

-23.9%

Gross profit

4,533

5,273

-14.0%

Operating profit / (loss)

(1,270

)

(829

)

-53.2%

Net fee income per consultant

119

112

12.5%

The company provides both permanent and temporary recruitment services. The 2024 split of gross profit was 49% (2023 - 45%) from permanent and 51% (2023 - 55%) from temporary placements.

ON BEHALF OF THE BOARD:

Mr S P Stott - Director

22 August 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of recruitment consultancy.

DIVIDENDS

Dividends totalling £nil were paid in the year (2023: £nil).

DIRECTOR

Mr S P Stott held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr S P Stott - Director

22 August 2025

Opinion

We have audited the financial statements of Stott & May Professional Search Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlines above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud.

-The engagement partners ensured that the engagement team collectively had the appropriate competence, capabilities and skill 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 commercial knowledge and experience of the recruitment sector;

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

-we assessed the extent of compliance with 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 instance 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;

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

-understanding the design of the company's remuneration policies.

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

-performed analytical procedures to identify unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

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

-investigated the rationale behind significant or unusual transactions.

Audit response to risks identified

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

-agreeing financial statement disclosures to underlying supporting documentation;

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

-reviewing correspondence with HMRC, relevant regulators and 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 of 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.

Philippa Duckworth BSc FCCA (Senior Statutory Auditor)

for and on behalf of WP Audit Limited

Statutory Auditors

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

12 September 2025

TURNOVER

3

21,762,688

28,612,746

Cost of sales

(17,209,487

)

(23,339,538

)

GROSS PROFIT

4,553,201

5,273,208

Administrative expenses

(5,823,239

)

(6,102,595

)

OPERATING LOSS

5

(1,270,038

)

(829,387

)

Interest payable and similar expenses

6

(52,027

)

(15,879

)

LOSS BEFORE TAXATION

(1,322,065

)

(845,266

)

Tax on loss

7

6,695

(24,193

)

LOSS FOR THE FINANCIAL YEAR

(1,315,370

)

(869,459

)

LOSS FOR THE YEAR

(1,315,370

)

(869,459

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,315,370

)

(869,459

)

FIXED ASSETS

Intangible assets

8

1,230

2,870

Tangible assets

9

129,195

181,583

130,425

184,453

CURRENT ASSETS

Debtors

10

5,640,772

6,177,482

Cash at bank

88,579

394,667

5,729,351

6,572,149

CREDITORS

Amounts falling due within one year

11

(7,545,909

)

(7,102,979

)

NET CURRENT LIABILITIES

(1,816,558

)

(530,830

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,686,133

)

(346,377

)

CREDITORS

Amounts falling due after more than one year

12

(63,743

)

(81,434

)

PROVISIONS FOR LIABILITIES

17

(2,269

)

(8,964

)

NET LIABILITIES

(1,752,145

)

(436,775

)

CAPITAL AND RESERVES

Called up share capital

18

260,850

260,850

Share premium

19

21,800

21,800

Capital redemption reserve

19

900

900

Retained earnings

19

(2,035,695

)

(720,325

)

SHAREHOLDERS' FUNDS

(1,752,145

)

(436,775

)

The financial statements were approved by the director and authorised for issue on 22 August 2025 and were signed by:

Mr S P Stott - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

260,850

149,134

21,800

900

432,684

Changes in equity

Total comprehensive income

-

(869,459

)

-

-

(869,459

)

Balance at 31 December 2023

260,850

(720,325

)

21,800

900

(436,775

)

Changes in equity

Total comprehensive income

-

(1,315,370

)

-

-

(1,315,370

)

Balance at 31 December 2024

260,850

(2,035,695

)

21,800

900

(1,752,145

)

1.	STATUTORY INFORMATION

Stott & May Professional Search 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.

The accounts are prepared on a going concern basis as in the opinion of the directors the company has sufficient finance available to it to meet its obligations as they fall due for the foreseeable future, that is at least 12 months from the date of approval of the accounts.

Going concern

At 31 December 2024 the company had net liabilities of £1,730,679 (2023 net liabilities of £436,775) and cash balances of £88,579 (2023: £394,667).

Within liabilities are creditors totalling £2.3m owed to group undertakings which are not expected to be repaid in the short term and for which ongoing support is expected to continue.

The directors have reviewed the cash flow requirements of the company and consider that the company has adequate resources to continue to meet its liabilities as they fall due.

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 requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Recoverability of related party balances - The Company assesses these balances for recoverability. When assessing for impairment, management considers factors including historical experience, knowledge of performance and future forecasts.

Recoverability of trade debtors - Trade debtors are stated net of a provision for doubtful debtors. The Company maintains a provision for doubtful debtors, based on the financial condition of the customer and aging of the trade receivable after considering historical experience and communications with the debtor and the current economic environment.

Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycle and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

The directors have included a rent free accrual within the financial statements. This is spread over the lease term and charged to the profit or loss over the relevant period.

Turnover

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

Revenue 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 revenue 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.

Revenue is recognised as and when services are provided in respect of temporary staff placements and when a candidate starts their new employment in respect of permanent placements.

Intangible assets

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

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

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

Plant and machinery

-

33% on cost

Fixtures and fittings

-

33% on cost, 20% on cost and Over the lease term

Motor vehicles

-

25% on cost

Financial instruments

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

(i) Financial assets and liabilities

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

(ii) Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the company balance sheet, investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

(iii) Equity instruments

Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

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

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

Pension costs and other post-retirement benefits

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

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

17,780,204

23,703,496

Europe

3,107,334

4,422,982

Rest of the world

875,150

486,268

21,762,688

28,612,746

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

3,659,382

4,083,351

Social security costs

442,941

543,859

Other pension costs

80,605

122,904

4,182,928

4,750,114

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

31.12.24

31.12.23

Directors

1

1

Administrative

18

23

Sales

38

47

57

71

The directors are the key management of the company and disclosure of remuneration details are set out below.

31.12.24

31.12.23

£

£

Director's remuneration

13,831

57,581

Director's pension contributions to money purchase schemes

-

1,376

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

Money purchase schemes

1

1

5.	OPERATING LOSS

The operating loss is stated after charging:

31.12.24

31.12.23

£

£

Other operating leases

312,350

314,819

Depreciation - owned assets

40,566

47,580

Depreciation - assets on hire purchase contracts

18,986

18,987

Computer software amortisation

1,640

1,640

Auditors' remuneration

10,000

9,555

Foreign exchange differences

22,990

33,981

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Invoice finance interest

45,725

7,961

Hire purchase

6,302

7,918

52,027

15,879

7.

TAXATION

Analysis of the tax (credit)/charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

-

30,213

Deferred tax

(6,695

)

(6,020

)

Tax on loss

(6,695

)

24,193

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

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

31.12.24

31.12.23

£

£

Loss before tax

(1,322,065

)

(845,266

)

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

(330,516

)

(160,601

)

Effects of:

Expenses not deductible for tax purposes

8,418

8,295

Adjustments to tax charge in respect of previous periods

-

30,213

tax losses

Tax rate timing differences

-

(1,445

)

Tax losses not recognised as a deferred tax asset

315,403

147,731

Total tax (credit)/charge

(6,695

)

24,193

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2024. No tax losses were utilised for the year end 31 December 2023.

The company has tax losses of £2,334,723 (2023: £1,073,110) available to offset against future profits.

8.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2024

and 31 December 2024

43,028

AMORTISATION

At 1 January 2024

40,158

Amortisation for year

1,640

At 31 December 2024

41,798

NET BOOK VALUE

At 31 December 2024

1,230

At 31 December 2023

2,870

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

249,097

498,087

151,895

899,079

Additions

7,164

-

-

7,164

Disposals

(28,820

)

-

-

(28,820

)

At 31 December 2024

227,441

498,087

151,895

877,423

DEPRECIATION

At 1 January 2024

206,696

474,408

36,392

717,496

Charge for year

33,201

7,365

18,986

59,552

Eliminated on disposal

(28,820

)

-

-

(28,820

)

At 31 December 2024

211,077

481,773

55,378

748,228

NET BOOK VALUE

At 31 December 2024

16,364

16,314

96,517

129,195

At 31 December 2023

42,401

23,679

115,503

181,583

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2024

and 31 December 2024

151,895

DEPRECIATION

At 1 January 2024

36,392

Charge for year

18,986

At 31 December 2024

55,378

NET BOOK VALUE

At 31 December 2024

96,517

At 31 December 2023

115,503