REGISTERED NUMBER: 09796905 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

H2 Radnor Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

J J D Cryer

S H Greenwood

T J A Huddart

REGISTERED OFFICE:

68 King William Street

London

EC4N 7HR

REGISTERED NUMBER:

09796905 (England and Wales)

AUDITORS:

Anstey Bond LLP

Statutory Auditors &

Chartered Accountants

1-2 Charterhouse Mews

London

EC1M 6BB

The directors present their Strategic Report and the audited financial statements for the year ended 31 December 2024.

H2 Radnor Limited, with its registered office in the UK, is an FCA authorised company.

REVIEW OF BUSINESS

H2 Radnor Limited operates as a consultancy business, specialising in investor relations and capital markets advisory services. The company, formerly Radnor Capital Partners, acquired the business of h2glenfern, combining expertise in equity research, private equity and management advisory to serve both public and private sector clients.

The acquisition and integration of the h2glenfern business led to:

- A 119% increase in turnover to £3.2 million and an enhancement of the Company's offerings to its clients;

- A broadening of the employee skill base; and

- The establishment of greater resilience to changes in market conditions.

Sustainability

The Company's commitment to sustainability is a responsibility we embrace wholeheartedly. We are dedicated to reducing our carbon footprint by implementing energy-efficient practices. The Company is continuously seeking ways to operate in the most environmentally efficient manner possible.

Talent Development and Culture

Our team is our greatest asset and investing in their growth and well-being is paramount. We have rolled out comprehensive training programs to equip our employees with the skills needed to excel in an ever-changing landscape. We are committed to fostering an environment where unique perspectives are valued and celebrated. Through these initiatives, we aim to cultivate a workplace culture that inspires innovation and fosters long-lasting professional relationships.

Mergers and Acquisitions

In line with our strategic vision, we are exploring potential mergers, acquisitions, and partnerships that align with our growth objectives. These opportunities offer synergistic benefits, expanded market reach, and the chance to combine expertise for mutual success.

Regulatory and Compliance Considerations

Adapting to changing regulations and compliance standards is an integral part of our commitment to ethical business practices. We are proactively investing in resources to ensure our operations remain in full compliance, safeguarding our reputation and mitigating potential risks. Through transparent communication and rigorous adherence to industry standards, we remain steadfast in our dedication to operating responsibly.

Financial Goals and Performance

As we navigate these exciting developments, our financial goals remain focused on sustainable growth and value creation. We are setting ambitious but achievable targets, and a strategic allocation of resources. Key performance indicators will be closely monitored to gauge the success of our initiatives and to ensure alignment with our overarching corporate objectives.

PRINCIPAL RISKS AND UNCERTAINTIES

The company faces several risks and uncertainties, including:

- Market Risk: Changes in consumer preferences and increased competition could impact market share.

- Operational Risk: Supply chain disruptions may affect the timely delivery of products.

- Regulatory Risk: Changes in environmental regulations could require modifications to existing products.

The board regularly reviews these risks and implements mitigation strategies as necessary.

Long-term Success

Directors play a crucial role in shaping the destiny of their organisations by prioritising long-term success over short-term gains. A strategic approach that goes beyond immediate profitability, which directors assess the potential consequences of decisions on the company's growth trajectory, market positioning, and sustainability. By aligning actions with a forward-looking vision, directors not only ensure the company's stability but also its ability to adapt and thrive in a rapidly changing business landscape.

Ethical Considerations

Ethics form the moral compass that guides directors in their decision-making. Upholding ethical considerations entails more than just compliance with laws and regulations; it means adhering to a higher standard of integrity and accountability. Directors must evaluate potential actions through an ethical lens, assessing whether their choices are aligned with the company's values and principles. By demonstrating ethical leadership, directors not only set a positive example but also build a reputation of trustworthiness and credibility for the organisation.

Good Faith

Directors are entrusted with the responsibility to act in good faith, demonstrating diligence and honesty in their decision-making. This involves diligently seeking information, asking probing questions, and engaging in robust discussions. Good faith decision-making requires directors to set aside personal biases and opinions, focusing on what is in the best interest of the company and its stakeholders. By adhering to the principle of good faith, directors instil confidence that their decisions are well-considered and driven by a genuine commitment to the organization's success.

Duty of Care

Directors owe a duty of care to the company, which encompasses their obligation to make informed decisions based on a thorough understanding of the company's operations, finances, and industry dynamics. This involves staying informed about market trends, regulatory changes, and emerging risks that could impact the company's performance. By fulfilling their duty of care, directors contribute to well-informed, prudent decision-making that safeguards the company's interests.

SECTION 172(1) STATEMENT

The directors believe they have acted in the way most likely to promote the success of the Company for the benefit of its members as a whole, as required by s172 of the Companies Act 2006.

The requirements of s172 are for the directors to:

- consider the likely consequences of any decision in the long term;

- act fairly between the members of the company;

- maintain a reputation for high standards of business conduct;

- consider the interests of the company's employees;

- foster the company's relationships with suppliers, customers and others; and

- consider the impact of the company's operations on the community and the environment.

KEY PERFORMANCE INDICATORS

To monitor performance and drive strategic decisions, the company tracks the following KPIs:

- Revenue Growth: Achieved a 119% increase in revenue year-over-year.

- Custom Retention Rate: Achieved a strong retention rate of existing customers, indicating strong customer satisfaction.

The goal remains to retain an attractive margin in line with specialist, boutique consultancy businesses.

Outlook

Looking ahead, H2 Radnor Limited plans to continue to invest strategically into the business in both personnel, as well as attractive new growth markets. The company remains committed to sustainable growth and delivering value to its stakeholders.

Going concern

An assessment of the Company's ability to continue as a going concern was executed, taking into account all available information about the future, which is at least, but not limited to, twelve months from the end of the reporting period. No events have been identified nor conditions were found which may cast significant doubt upon the company's ability to continue as a going concern. The financial statements have been prepared on the basis of going concern.

We would like to thank all our people for their input and dedication and our customers, shareholders, partners and suppliers for their trust.

ON BEHALF OF THE BOARD:

J J D Cryer - Director

24 April 2025

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

CHANGE OF NAME

The company passed a special resolution on 4 January 2024 changing its name from Radnor Capital Partners Limited to H2 Radnor Limited.

PRINCIPAL ACTIVITY

The principle activity of the company in the year under review was that of the prevision of management consultancy services.

DIVIDENDS

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

DIRECTORS

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

J J D Cryer

S H Greenwood

Other changes in directors holding office are as follows:

T J A Huddart - appointed 4 January 2024

I L Daly ceased to be a director after 31 December 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Entity-Specific Risk

In our continuous pursuit of excellence, we acknowledge the importance of addressing entity-specific risks that may impact our operations. These risks, inherent to our industry and organization, require diligent management. Our commitment to effective governance, strategic decision-making, and operational efficiency remains unwavering. Through a comprehensive risk assessment framework, we aim to identify, mitigate, and monitor entity-specific risks, ensuring that our business remains resilient and adaptive in the face of internal challenges.

Credit Risk

As stewards of responsible corporate practices, we are dedicated to managing credit risk prudently. Our rigorous credit assessment procedures allow us to extend credit only to trustworthy counterparties whose financial capabilities align with their obligations. By emphasizing transparency and risk-mitigation mechanisms, such as collateral requirements, we safeguard our financial stability. This approach ensures that we maintain a healthy balance between risk and reward, minimising the potential impact of defaulting borrowers on our financial performance.

Liquidity Risk

In the pursuit of sustainable growth, we recognise the significance of maintaining robust liquidity. Our commitment to managing liquidity risk entails prudent cash flow management, optimizing working capital, and establishing contingency plans. This ensures our ability to meet short-term financial commitments even in the face of unexpected challenges. By conducting regular cash flow projections and having access to credit facilities, we build a safety net that enables us to navigate potential disruptions without compromising our operational efficiency.

Cash Flow Risk

Our dedication to prudent financial management extends to addressing cash flow risk, a critical element of our strategic vision. By conducting comprehensive financial planning and scenario analysis, we identify potential gaps in cash flow and develop proactive strategies to bridge them. Through diversification of revenue streams, optimizing cost structures, and aligning our expenditure with our strategic objectives, we minimize the impact of unforeseen changes on our ability to generate sufficient cash to meet obligations and fuel growth.

POLITICAL DONATIONS AND EXPENDITURE

There were no political donations or expenditures.

POST BALANCE SHEET EVENTS

There were not material post balance sheet events.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

During the financial year, the directors have prioritised fostering and nurturing the company's business relationships with suppliers, customers, and other stakeholders. This regard for strong business relationships has had a significant impact on the principal decisions taken by the company.

Overall, the directors' regard for fostering strong business relationships has been instrumental in shaping the company's decisions during the financial year. By prioritising these relationships, the company has achieved improved operational efficiency, enhanced customer experiences, and positioned itself for sustainable growth in the long term.

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, Anstey Bond LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J J D Cryer - Director

24 April 2025

Opinion

We have audited the financial statements of H2 Radnor Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk 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 or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relation to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

Michael Whyke FCA CF (Senior Statutory Auditor)

for and on behalf of Anstey Bond LLP

Statutory Auditors &

Chartered Accountants

1-2 Charterhouse Mews

London

EC1M 6BB

24 April 2025

TURNOVER

3,185,452

1,453,103

Cost of sales

(175,643

)

-

GROSS PROFIT

3,009,809

1,453,103

Administrative expenses

(2,731,744

)

(1,414,489

)

OPERATING PROFIT

4

278,065

38,614

Interest receivable and similar income

119

-

278,184

38,614

Interest payable and similar expenses

5

(611

)

(779

)

PROFIT BEFORE TAXATION

277,573

37,835

Tax on profit

6

(80,326

)

(13,109

)

PROFIT FOR THE FINANCIAL YEAR

197,247

24,726

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

197,247

24,726

FIXED ASSETS

Intangible assets

7

145,250

-

Tangible assets

8

27,391

41,451

172,641

41,451

CURRENT ASSETS

Debtors

9

411,718

195,624

Cash at bank

570,866

182,609

982,584

378,233

CREDITORS

Amounts falling due within one year

10

(659,073

)

(266,070

)

NET CURRENT ASSETS

323,511

112,163

TOTAL ASSETS LESS CURRENT LIABILITIES

496,152

153,614

CREDITORS

Amounts falling due after more than one year

11

(5,834

)

(15,755

)

NET ASSETS

490,318

137,859

CAPITAL AND RESERVES

Called up share capital

13

107,321

81,357

Share premium

14

129,248

-

Retained earnings

14

253,749

56,502

SHAREHOLDERS' FUNDS

490,318

137,859

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2025 and were signed on its behalf by:

J J D Cryer - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

73,857

31,776

-

105,633

Changes in equity

Issue of share capital

7,500

-

-

7,500

Total comprehensive income

-

24,726

-

24,726

Balance at 31 December 2023

81,357

56,502

-

137,859

Changes in equity

Issue of share capital

25,964

-

129,248

155,212

Total comprehensive income

-

197,247

-

197,247

Balance at 31 December 2024

107,321

253,749

129,248

490,318

Cash flows from operating activities

Cash generated from operations

1

397,978

(50,621

)

Interest paid

(611

)

(779

)

Tax paid

(12,927

)

(46,117

)

Net cash from operating activities

384,440

(97,517

)

Cash flows from investing activities

Purchase of intangible fixed assets

(147,712

)

-

Purchase of tangible fixed assets

(3,802

)

(28,012

)

Sale of tangible fixed assets

-

(2,442

)

Interest received

119

-

Net cash from investing activities

(151,395

)

(30,454

)

Cash flows from financing activities

Share issue

155,212

(66,357

)

Equity dividends paid

-

192,143

Net cash from financing activities

155,212

125,786

Increase/(decrease) in cash and cash equivalents

388,257

(2,185

)

Cash and cash equivalents at beginning of year

2

182,609

184,794

Cash and cash equivalents at end of year

2

570,866

182,609

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

31.12.24

31.12.23

£

£

Profit before taxation

277,573

37,835

Depreciation charges

17,889

11,432

Loss on disposal of fixed assets

2,435

2,442

Finance costs

611

779

Finance income

(119

)

-

298,389

52,488

(Increase)/decrease in trade and other debtors

(216,094

)

115,652

Increase/(decrease) in trade and other creditors

315,683

(218,761

)

Cash generated from operations

397,978

(50,621

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

570,866

182,609

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

182,609

184,794

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

182,609

388,257

570,866

182,609

388,257

570,866

Debt

Debts falling due within 1 year

(10,000

)

-

(10,000

)

Debts falling due after 1 year

(15,755

)

9,921

(5,834

)

(25,755

)

9,921

(15,834

)

Total

156,854

398,178

555,032

1.	STATUTORY INFORMATION

H2 Radnor 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 in sterling, which is the functional currency of the company. Monetary amounts of these financial statements are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax and rebates or allowances. The company recognises revenue evenly over the period to which the services relate.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

33% Straight Line

Building works

10% Straight Line

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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.

Going concern

The financial statements have been prepared on the going concern basis. The Directors have produced financial projections for the company for the next twelve months and beyond. These projections take into account a sufficient level of working capital in order for the Company to cover its cost base.

Trade and other debtors

Trade and other debtors are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less any impairment losses.

Trade and other creditors

Trade and other creditors payables are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method.

Cash and cash equivalents

Cash and cash equivalents are included in the balance sheet at cost. These balances are comprised of cash within bank, cash within hand and short term deposits with a maturity of three months or less.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

1,873,342

918,404

Social security costs

224,069

103,189

Other pension costs

50,318

28,977

2,147,729

1,050,570

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

31.12.24

31.12.23

Directors

4

3

Employees

21

12

25

15

31.12.24

31.12.23

£

£

Directors' remuneration

579,999

264,826

Directors' pension contributions to money purchase schemes

16,200

-

Information regarding the highest paid director is as follows:

31.12.24

31.12.23

£

£

Emoluments etc

265,000

264,826

Pension contributions to money purchase schemes

6,400

-

4.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Other operating leases

271,196

150,700

Depreciation - owned assets

15,427

11,358

Loss on disposal of fixed assets

2,435

2,442

Patents and licences amortisation

2,462

-

Auditors' remuneration

7,000

-

Foreign exchange differences

3,517

(46

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank loan interest

611

779

6.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

80,326

13,109

Tax on profit

80,326

13,109

7.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

Additions

147,712

At 31 December 2024

147,712

AMORTISATION

Amortisation for year

2,462

At 31 December 2024

2,462

NET BOOK VALUE

At 31 December 2024

145,250