REGISTERED NUMBER: 09395933 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GEMEC LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

V Thomas

G Kafiris

REGISTERED OFFICE:

Unit 6 Devonshire Business Park

Chester Road

Borehamwood

WD6 1NA

REGISTERED NUMBER:

09395933 (England and Wales)

INDEPENDENT AUDITORS:

AC Partners LLP

Chartered Accountants & Statutory Auditors

869 High Road

London

N12 8QA

INTRODUCTION

The directors are pleased to present the strategic report for the year ended 31 December 2024. This report highlights the company's achievements, ongoing strategics, and future prospects, continuing our journey as a leading Engineering, Procurement and Construction (EPC) Contractor in the Renewable Energy industry.

REVIEW OF BUSINESS

During the year, Gemec Ltd. reinforced its position as a trusted partner in the UK renewable energy sector. Our core focus remained on delivering high-quality EPC services, with a particular emphasis on the expansion of our Battery Energy Storage System (BESS) capabilities and ongoing Operations & Maintenance (O&M) activities. We negotiated and secured additional EPC solar contracts to support this growth.

Most notably, we continued to operate without any external borrowing, strengthening our financial resilience and independence.

FUTURE DEVELOPMENTS

We enter the new financial year with strong momentum, an expanding project pipeline, and a potentially growing BESS portfolio. With continued commitment to disciplined financial management and project execution, we are well-placed to deliver further growth while remaining debt-free and agile.

MARKET POSITION AND COMPETITIVE LANDSCAPE

Industry trends in the UK include a surge in demand for grid-scale BESS projects as the UK accelerates its transition to net zero. Government incentives continue to drive solar and wind development. Investor appetite for sustainable infrastructure is increasing. At the same time, project timelines, grid constraints, and energy trading flexibility are under rising scrutiny.

Opportunities exist in the expansion of BESS and hybrid solar-storage solutions. There is also potential for long-term O&M partnerships with asset owners and investors, as well as participation in balancing services and flexibility markets.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company is exposed to credit risk, liquidity risk, and currency risk. The risk management policies employed by the Company to manage these risks are discussed below:

Credit risk

It is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimizing such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures.

The Company has a low concentration of credit risk.

Liquidity risk

The company aims to mitigate liquidity risk by managing cash generated by its operations, applying cash collection targets and monitoring cash flow on a contract by contract basis. The company has successfully maintained sufficient cash balances to meet their current liabilities and keep liquidity risks to a minimum.

Currency risk

Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk for our company arises from the purchase of goods and services from the EU, China and Turkey. The Company is exposed to foreign exchange risk arising from currency exposure with respect to the Euro. The Company's management monitors the exchange rate fluctuations on a continuous basis and acts accordingly. Also, the EPC prices are partially agreed in GBP and partially in EUR so that the cash flow is always balanced.

The other commercial risks faced by the company are controlled by suitable internal control procedures and frequent monitoring of management accounts.

KEY PERFORMANCE INDICATORS

2024

2023

Turnover (£)

27,859,200

12,895,986

Gross Profit (£)

8,618,638

2,941,080

Gross Margin

30.94%

22.81%

Profit before tax (£)

6,418,882

1,528,911

Net Assets (£)

8,972,179

4,658,219

Quick Asset Ratio

3.1

2.4

EBITDA Margin

23.33%

11.98%

CONCLUSION

The results for the period and the financial position at the period end were considered satisfactory by the director who expects controlled growth and profitability to continue in the foreseeable future.

The directors are confident that the company will be able to strengthen its financial position by building on its current portfolio of contracts and grow the business with both existing and new clients in the future.

ON BEHALF OF THE BOARD:

V Thomas - Director

19 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of an engineering, procurement and construction contractor in the renewable energy industry.

DIVIDENDS

An interim dividend of £5,000 per share was paid on 8 October 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 500,000 .

DIRECTORS

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

V Thomas

G Kafiris

POLITICAL DONATIONS AND EXPENDITURE

There were no political donations and expenditure made during the year.

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). 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, AC Partners LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

V Thomas - Director

19 September 2025

Opinion

We have audited the financial statements of Gemec 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 profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Our tests included agreeing the financial statement disclosures to underlying supporting documentation where relevant, review of board meeting minutes, enquiries with management as to the risks of non-compliance and any instances thereof, challenging assumptions and judgments made by management, and identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. Our audit procedures also focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misinterpretations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statement, the less likely we are to become aware of it.

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.

Dimitris Christoforou (Senior Statutory Auditor)

for and on behalf of AC Partners LLP

Chartered Accountants & Statutory Auditors

869 High Road

London

N12 8QA

19 September 2025

TURNOVER

3

27,859,200

12,895,986

Cost of sales

19,240,562

9,954,906

GROSS PROFIT

8,618,638

2,941,080

Administrative expenses

2,192,349

1,419,221

OPERATING PROFIT

6

6,426,289

1,521,859

Interest receivable and similar income

10,473

7,052

6,436,762

1,528,911

Interest payable and similar expenses

7

17,880

-

PROFIT BEFORE TAXATION

6,418,882

1,528,911

Tax on profit

8

1,604,922

368,356

PROFIT FOR THE FINANCIAL YEAR

4,813,960

1,160,555

PROFIT FOR THE YEAR

4,813,960

1,160,555

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,813,960

Prior year adjustment

803,152

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

1,963,707

FIXED ASSETS

Tangible assets

10

259,435

157,720

CURRENT ASSETS

Debtors

11

8,042,392

4,094,192

Cash at bank

4,743,043

3,581,350

12,785,435

7,675,542

CREDITORS

Amounts falling due within one year

12

4,060,563

3,168,876

NET CURRENT ASSETS

8,724,872

4,506,666

TOTAL ASSETS LESS CURRENT LIABILITIES

8,984,307

4,664,386

PROVISIONS FOR LIABILITIES

14

12,128

6,167

NET ASSETS

8,972,179

4,658,219

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

8,972,079

4,658,119

SHAREHOLDERS' FUNDS

8,972,179

4,658,219

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

V Thomas - Director

G Kafiris - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

3,132,412

3,132,512

Prior year adjustment

-

803,152

803,152

As restated

100

3,935,564

3,935,664

Changes in equity

Dividends

-

(438,000

)

(438,000

)

Total comprehensive income

-

1,160,555

1,160,555

Balance at 31 December 2023

100

4,658,119

4,658,219

Changes in equity

Dividends

-

(500,000

)

(500,000

)

Total comprehensive income

-

4,813,960

4,813,960

Balance at 31 December 2024

100

8,972,079

8,972,179

1.	STATUTORY INFORMATION

Gemec 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.

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 financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.

The financial statements are presented in Pound Sterling (£), which is also the functional currency of the company.

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

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

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

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 factor that are 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 where the revision affects only that period, or in the period of the revision and future period where the revision affects both current and future periods.

The areas requiring a high degree of judgement or where assumptions and estimates are significant to the accounts are outlined below.

Construction contracts

Recognition of turnover and profit on construction contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes internal reviews in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.

The value of work completed at the balance sheet date is calculated by internal assessment and management review of the costs incurred compared with the total forecast costs of each contract.

The estimation of the final contract value includes assessment of the recovery of variations which have yet to be agreed with the customer, compensation events and claims that are probable to be agreed.

Procedures, internal finance standards and management tools are in place to ensure that estimates are applied and results determined on a consistent basis.

As at 31 December 2024 the company's contract assets and contract liabilities amounted to £5,465,339 and £nil (2023: £1,025,298 and £1,515,352) respectively.

TURNOVER

Turnover is the amount derived from the provision of goods and services and is stated after trade discounts, other sales taxes, and net of VAT. Turnover is reduced for customer rebates and other similar allowances.

Turnover from construction contracts is measured at the fair value of consideration receivable and ascertained in a manner appropriate to the stage of completion of the contract.

Turnover from operation and maintenance contracts is measured at the fair value of consideration receivable and recognised evenly over the period of the contract.

Turnover from the supply of operation and maintenance services represents the value of services provided under contracts to the extent that there is a right to consideration and is measured at the fair value of consideration received or receivable.

Construction contracts

Turnover on construction contracts is ascertained in a manner appropriate to the stage of completion of the contract. The company uses an input method to measure progress for construction contracts where turnover is recognised over time. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to estimated total contract costs.

Profit on contracts is only recognised when the company is satisfied that the risks on a contract have been mitigated to a suitable level so that the outcome of work under the contract can be assessed with reasonable certainty. When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately and an associated liability recorded.

Variations and claims are recognised once there is sufficient certainty over the probability that they will be received, and the amount can be measured reliably.

Amounts recoverable on contracts represents the excess of the value of work completed over amounts invoiced or certified at the balance sheet date. Where amounts invoiced or certified at the balance sheet date exceed the amount of work completed, the excess is included within payments received on account.

TANGIBLE FIXED ASSETS

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

12% on reducing balance

Motor vehicles

-

15% on reducing balance

Computer equipment

-

25% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost of the asset less their residual values over their useful lives on the above bases. The gain or loss on the disposal of an asset is determines as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss.

TAXATION

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

Current or deferred taxation assets and liabilities are not discounted.

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

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.

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

2024

2023

£

£

EPC contracts

25,954,604

9,465,785

Operation and maintenance

1,904,596

3,430,201

27,859,200

12,895,986

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

27,859,200

12,895,986

27,859,200

12,895,986

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,449,031

1,222,488

Social security costs

179,216

113,430

Other pension costs

13,814

11,167

1,642,061

1,347,085

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

2024

2023

Directors

2

2

Administrative

6

5

Operations

24

30

32

37

5.	DIRECTORS' EMOLUMENTS

The aggregate emoluments of the directors, including salaries and benefits in kind, were as follows:

2024

2023

£

£

Aggregate remuneration

344,460

94,291

Total emoluments of all directors

344,460

94,291

The emoluments of the highest paid director were £335,677 (2023: 62,090)

6.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Hire of plant and machinery

354,125

215,109

Other operating leases

416,870

348,478

Depreciation - owned assets

45,023

23,409

Loss on disposal of fixed assets

4,278

14,898

Auditors' remuneration

14,000

20,000

Foreign exchange differences

89,739

4,497

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Interest on tax

17,880

-

8.

TAXATION

Analysis of the tax charge

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

2024

2023

£

£

Current tax:

UK corporation tax

1,598,961

362,189

Deferred tax

5,961

6,167

Tax on profit

1,604,922

368,356

RECONCILIATION OF TOTAL TAX 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:

2024

2023

£

£

Profit before tax

6,418,882

1,528,911

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

1,604,721

359,600

Effects of:

Expenses not deductible for tax purposes

2,642

4,527

Capital allowances in excess of depreciation

(8,402

)

(1,938

)

Unrecognised deferred tax

5,961

6,167

Total tax charge

1,604,922

368,356

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). There has been no change to corporation tax rates for the financial year ended 31 December 2024. For the financial year ended 31 December 2024 the weighted average tax rate is 25% (31 December 2023 weighted average tax rate was 23.52%). Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

9.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Interim

500,000

438,000

10.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

-

7,495

224,268

-

231,763

Additions

48,714

-

98,591

6,366

153,671

Disposals

-

-

(10,199

)

-

(10,199

)

At 31 December 2024

48,714

7,495

312,660

6,366

375,235

DEPRECIATION

At 1 January 2024

-

3,250

70,793

-

74,043

Charge for year

6,735

510

36,771

1,007

45,023

Eliminated on disposal

-

-

(3,266

)

-

(3,266

)

At 31 December 2024

6,735

3,760

104,298

1,007

115,800

NET BOOK VALUE

At 31 December 2024

41,979

3,735

208,362

5,359

259,435

At 31 December 2023

-

4,245

153,475

-

157,720

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,708,149

1,976,751

Amounts owed by group undertakings

-

103,031

Amounts recoverable on contract

5,465,339

1,025,298

Other debtors

367,473

167,177

Payments on account

45,439

555,244

Directors' current accounts

14,629

19,719

Accrued income

189,362

102,614

Prepayments

252,001

144,358

8,042,392

4,094,192