REGISTERED NUMBER: 08043633 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Horwich Cohen Coghlan Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTORS:

B T Coghlan

D J Horwich

R J Myer

M James

SECRETARY:

G J Spain

REGISTERED OFFICE:

Suites 10S Trafford House

Chester Road

Stretford

Manchester

M32 0RS

REGISTERED NUMBER:

08043633 (England and Wales)

AUDITORS:

Hardy & Company (Hyde) Ltd

Chartered Certified Accountants

& Statutory Auditors

Onward Chambers

34 Market Street

Hyde

Cheshire

SK14 1AH

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

REVIEW OF BUSINESS

The company's principal activity during the year was the provision of legal services. These legal services are provided to individuals who have personal injury claims.

Turnover has been maintained at £10.5 Million in 2024 compared to 2023, and the resulting pre tax profit in 2023 of £1.2 million also being maintained in 2024.

During the year the Company sold their shareholding in a minority interest, for £1.5m with a positive cashflow in the year of £0.8m. This revenue assisted in covering significant restructuring costs which are included in Administrative expenses. Both these items are included in the Pre-tax profit of £1.2m.

The directors have regard to a number of key performance indicators (KPI) including turnover (fees) and profitability, but work to ensure that their clients, are dealt with in a caring and professional manner, including managing expectations and achieving the best possible outcomes for clients. KPIs such as call response times, length of time to respond to mail, file inactivity, complaints and compliments received are therefore very closely monitored.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company's principal instruments are cash balances. In addition, the Company has various other financial assets and liabilities such as trade debtors and trade creditors arising from its operations.

Liquidity risk:

The Company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk:

The Company is exposed to interest rate risk on Client Account and Office Account deposits.

Credit risk:

The Company is not exposed to a high degree of credit risk as surplus funds are minimised due to working capital

requirements. These are then retained in either a short term current account or call deposit account as agreed by the Board of Directors

FUTURE DEVELOPMENTS

The company continues to look at the future opportunities to expand its range of legal services whilst ensuring the core business is secured.

FINANCIAL INSTRUMENTS

The Company's principal instruments are cash balances. In addition, the Company has various other financial assets and liabilities such as trade debtors and trade creditors arising from its operations.

ON BEHALF OF THE BOARD:

D J Horwich - Director

15 September 2025

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

DIVIDENDS

The following dividends were paid:

A Ordinary shares -

£367,623

B Ordinary shares -

£202,199

C Ordinary shares -

£143,211

The directors do not recommend payment of a final dividend.

DIRECTORS

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

B T Coghlan

D J Horwich

R J Myer

M James

GOING CONCERN

The Company’s business activities, together with the factors likely to affect its future development, performance and

position are set out in the Strategic Report. The Strategic Report and Directors’ Report further describes the financial position of the Company and liquidity risk.

The Company’s forecast and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate at the current level of profitability and liquidity.

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

DIRECTORS' RESPONSIBILITIES STATEMENT

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, Hardy & Company (Hyde) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D J Horwich - Director

15 September 2025

Opinion

We have audited the financial statements of Horwich Cohen Coghlan Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 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 Directors' Responsibilities Statement set out on page three, 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:

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:

Based on our understanding of the Company we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditures, and management bias in accounting estimates and judgemental areas of the financial statements such as revenue recognition.

Audit procedures performed by the engagement team included:

- discussions with management, including consideration of known or suspected instances of non-compliance with

laws and regulations and fraud.

- understanding of management's internal controls designed to prevent and detect irregularities.

- reviewing the litigation records in so far as it related to non-compliance with laws and regulations and fraud.

- reviewing relevant meeting minutes.

- designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.

- testing transactions entered into outside of the normal course of the Company's business; and

- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

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. Also, 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

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.

Paul Campbell (Senior Statutory Auditor)

for and on behalf of Hardy & Company (Hyde) Ltd

Chartered Certified Accountants

& Statutory Auditors

Onward Chambers

34 Market Street

Hyde

Cheshire

SK14 1AH

15 September 2025

TURNOVER

3

10,454,399

10,551,826

Administrative expenses

12,595,139

10,991,892

(2,140,740

)

(440,066

)

Other operating income

1,767,232

1,678,039

OPERATING (LOSS)/PROFIT

5

(373,508

)

1,237,973

Profit/loss on sale of invest

6

1,499,975

-

1,126,467

1,237,973

Interest receivable and similar income

195,315

77,997

1,321,782

1,315,970

Interest payable and similar expenses

7

126,476

139,916

PROFIT BEFORE TAXATION

1,195,306

1,176,054

Tax on profit

8

(53,006

)

(109,946

)

PROFIT FOR THE FINANCIAL YEAR

1,248,312

1,286,000

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,248,312

1,286,000

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

42,081

58,657

Investments

12

50,000

50,025

92,081

108,682

CURRENT ASSETS

Debtors

13

7,178,799

5,749,714

Cash at bank and in hand

1,594,465

503,003

8,773,264

6,252,717

CREDITORS

Amounts falling due within one year

14

5,355,198

3,039,150

NET CURRENT ASSETS

3,418,066

3,213,567

TOTAL ASSETS LESS CURRENT LIABILITIES

3,510,147

3,322,249

ACCRUALS AND DEFERRED INCOME

19

1,458,167

1,805,548

NET ASSETS

2,051,980

1,516,701

CAPITAL AND RESERVES

Called up share capital

20

1,000

1,000

Retained earnings

21

2,050,980

1,515,701

SHAREHOLDERS' FUNDS

2,051,980

1,516,701

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

D J Horwich - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1,000

1,024,256

1,025,256

Changes in equity

Dividends

-

(794,555

)

(794,555

)

Total comprehensive income

-

1,286,000

1,286,000

Balance at 31 December 2023

1,000

1,515,701

1,516,701

Changes in equity

Dividends

-

(713,033

)

(713,033

)

Total comprehensive income

-

1,248,312

1,248,312

Balance at 31 December 2024

1,000

2,050,980

2,051,980

Cash flows from operating activities

Cash generated from operations

1

35,656

857,671

Interest paid

(126,476

)

(139,916

)

Net cash from operating activities

(90,820

)

717,755

Cash flows from investing activities

Sale of tangible fixed assets

-

5,500

Sale of fixed asset investments

700,000

-

Interest received

195,315

77,997

Dividends received

(1,767,232

)

(1,678,039

)

Profit share from LLP received

1,767,232

1,678,039

Net cash from investing activities

895,315

83,497

Cash flows from financing activities

New loans in year

1,000,000

-

Amount withdrawn by directors

-

(17,000

)

Equity dividends paid

(713,033

)

(794,555

)

Net cash from financing activities

286,967

(811,555

)

Increase/(decrease) in cash and cash equivalents

1,091,462

(10,303

)

Cash and cash equivalents at beginning of year

2

503,003

513,306

Cash and cash equivalents at end of year

2

1,594,465

503,003

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

31.12.24

31.12.23

£

£

Profit before taxation

1,195,306

1,176,054

Depreciation charges

16,576

19,935

Profit on disposal of fixed assets

-

(1,205

)

Accrued expenses/ (income)

(347,381

)

606,536

Profit on sale of investment

(1,499,975

)

-

Finance costs

126,476

139,916

Finance income

(195,315

)

(77,997

)

(704,313

)

1,863,239

Increase in trade and other debtors

(576,079

)

(821,875

)

Increase/(decrease) in trade and other creditors

1,316,048

(183,693

)

Cash generated from operations

35,656

857,671

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,594,465

503,003

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

503,003

513,306

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

503,003

1,091,462

1,594,465

503,003

1,091,462

1,594,465

Debt

Debts falling due within 1 year

(750,000

)

(1,000,000

)

(1,750,000

)

(750,000

)

(1,000,000

)

(1,750,000

)

Total

(246,997

)

91,462

(155,535

)

1.	STATUTORY INFORMATION

Horwich Cohen Coghlan Ltd 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.

Critical accounting judgements and key sources of estimation uncertainty

Management do not feel that there are any judgements (apart from those involving estimations) that have been made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Estimated useful life of intangible assets

Amortisation of intangible assets has been based on the estimated useful lives deemed appropriate by the

directors. Any indicators that there has been a significant change in amortisation rates or useful life of an

intangible asset, the amortisation is revised prospectively to reflect the new estimates based on the values

deemed appropriate by the directors.

Impairment of debtors

The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at 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 finance 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.

Non-current debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) Returns to the holder are (i) a fixed amount; or (ii) a fixed rate of return over the life of the instrument; or (iii) a variable return that, throughout the life of the instrument, is equal to a single referenced quoted or observable interest rate; or (iv) some combination of such fixed rate and variable rates, providing that both rates are positive.

(b) 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.

(c) 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 relevant taxation or law.

(d) There are no conditional returns or repayment provisions except for the variable rate return described in (a) and prepayment provisions described in (c).

Debt instruments that are classified as payable or receivable within one year 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.

Other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

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.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

3.

TURNOVER

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

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

31.12.24

31.12.23

£

£

Rendering of services

10,454,399

10,551,826

10,454,399

10,551,826

Turnover from the rendering of services relates to the company's principal activity of the provision of legal services. These legal services are provided to individuals who have claims after being involved in road traffic accidents.

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

7,834,771

5,884,222

Other pension costs

214,895

182,903

8,049,666

6,067,125

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

31.12.24

31.12.23

Fee earners

106

82

Support staff

42

25

Directors

3

3

151

110

31.12.24

31.12.23

£

£

Directors' remuneration

191,733

41,733

5.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Hire of plant and machinery

29,484

31,684

Depreciation - owned assets

16,576

19,935

Profit on disposal of fixed assets

-

(1,205

)

Auditors' remuneration

16,194

9,500

6.	EXCEPTIONAL ITEMS

31.12.24

31.12.23

£

£

Profit/loss on sale of invest

1,499,975

-

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank loan interest

126,476

139,916

8.

TAXATION

Analysis of the tax credit

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

31.12.24

31.12.23

£

£

Deferred tax

(53,006

)

(109,946

)

Tax on profit

(53,006

)

(109,946

)

Reconciliation of total tax credit included in profit and loss

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

31.12.24

31.12.23

£

£

Profit before tax

1,195,306

1,176,054

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

298,827

276,373

Effects of:

Expenses not deductible for tax purposes

7,177

4,859

Depreciation in excess of capital allowances

3,317

3,453

Utilisation of tax losses

-

(284,685

)

Tax losses carried forward

65,679

-

Deferred taxation

(53,006

)

(109,946

)

Substantial shareholding exemption

(375,000

)

-

Total tax credit

(53,006

)

(109,946

)

9.

DIVIDENDS

31.12.24

31.12.23

£

£

A Ordinary shares of £1 each

Final

367,623

431,076

B Ordinary shares of £1 each

Final

202,199

189,923

C Ordinary shares of £1 each

Final

143,211

173,556

713,033

794,555