REGISTERED NUMBER: 08512943 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SALTO SYSTEMS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

R Gurdev

M J Handels

G Marco De Juana

F J Ussia

REGISTERED OFFICE:

1 The Court

Holywell Business Park

Southam

Warwickshire

CV47 0FG

REGISTERED NUMBER:

08512943 (England and Wales)

AUDITORS:

Ad Valorem Audit Services Limited

Chartered Certified Accountants

& Statutory Auditors

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

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

REVIEW OF BUSINESS

The company has maintained a stable year with turnover of £18,184,770 compared to £18,165,092 in the previous year, representing an increase of 0.11%. Operating profit for the year was £1,386,036 compared to £1,826,785 in the previous year. The company continues to implement significant measures to reduce stock levels from £1,185,962 in 2023 to £329,541 in the year, representing a significant reduction of 72%.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors continually review and evaluate the risks that the company is facing. The principal risk and uncertainties facing the company are broadly grouped as: Competitive, Legislative, and Financial risks.

Competitive risks.

The personal services business has faced strong competition in recent years. The company puts strong emphasis on service levels, quality of products and competitive pricing to its customer base to maintain its position within the market.

Legislative risks

The departure of the United Kingdom from the European Union has not had any significant effect on the company’s business.

Financial risk management objectives and policies

The company’s activities expose it to several financial risks including price risk, credit risk, cashflow risk, exchange rates fluctuations and liquidity risk.

Cash flow risk

The company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The company does not take any specific action to minimise this risk and recognises any realised or unrealised gains or losses to the income statement in the month it is incurred.

Credit risk

The company’s principal financial assets are bank and cash balances and trade and other receivables.

The company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowance for doubtful receivables. An allowance is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the related cashflows.

The Credit risk on liquid funds is limited because the counter parties are banks with high credit ratings assigned by international credit-rating agencies.

The company has no significant concentration of credit risk with exposure spread over numerous customers, who themselves have high credit ratings.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of long-term and short-term intercompany debt finance.

Price risk

The company has limited exposure to commodity price risk. The company generally purchases goods and services based upon market prices that are established with the vendor as part of the purchase process. The company does not use commodity financial instruments as it deems them unnecessary.

2024

2023

Turnover

£18,184,770

£18,165,092

Depreciation

£40,520

£29,698

Gross profit

£5,275,974

£5,505,102

Operating profit

£1,386,036

£1,826,785

Current assets as % of current liability

164%

184%

Average number of employees

48

45

There have been numerous actions that have been implemented to improve efficiencies and reduce costs. The directors consider that Salto Systems Limited has an excellent future and continued in 2024 to consolidate its position in the marketplace.

ON BEHALF OF THE BOARD:

R Gurdev - Director

23 September 2025

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

DIVIDENDS

The results for the year are set out in page 18.

RESEARCH AND DEVELOPMENT

The company does not undertake any research and development activities.

FUTURE DEVELOPMENTS

The company continues to make efforts to grow its market share.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of supply of access control solutions for businesses.

DIRECTORS

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

R Gurdev

M J Handels

G Marco De Juana

F J Ussia

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 each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

AUDITORS

The auditors, Ad Valorem Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R Gurdev - Director

23 September 2025

Opinion

We have audited the financial statements of Salto Systems Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, 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.

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.

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

In our process of identifying fraud risks we assessed events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud ("fraud risk factors") to determine how fraud risks are relevant to our audit. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls. Based upon our analysis of fraud risk factors, we have not identified any additional fraud risks.

Our audit procedures included an evaluation of the design, implementation as well as the operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures, including detailed testing of high risk journal entries and procedures to satisfy ourselves that revenue has been properly recognised in the financial statements in accordance with financial reporting standards and the Company's accounting policies. Through these procedures, we did not identify any material actual or suspected incidences of fraud.

We have evaluated facts and circumstances in order to assess laws and regulations relevant to the Company. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience, through discussion with the Directors and other management (as required by auditing standards) and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including taxation and financial reporting (including related company legislation) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect:

- Employment legislation, reflecting the Company's workforce

- Health and safety regulation, reflecting the Company's production, distribution and operating processes

- Data privacy, reflecting the Company's management of personal and corporate data.

Auditing standards limit the required audit procedures to identify non-compliance with these regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any.Through these procedures we did not identify any material actual or suspected non-compliance in any of the above areas.

We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Zubair Arshad FCCA ACA (Senior Statutory Auditor)

for and on behalf of Ad Valorem Audit Services Limited

Chartered Certified Accountants

& Statutory Auditors

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

23 September 2025

TURNOVER

3

18,184,770

18,165,092

Cost of sales

12,908,796

12,659,990

GROSS PROFIT

5,275,974

5,505,102

Administrative expenses

3,889,938

3,678,317

OPERATING PROFIT

5

1,386,036

1,826,785

Interest payable and similar expenses

7

-

12,403

PROFIT BEFORE TAXATION

1,386,036

1,814,382

Tax on profit

8

357,016

427,608

PROFIT FOR THE FINANCIAL YEAR

1,029,020

1,386,774

Retained earnings at beginning of year

2,781,438

3,041,662

Dividends

9

(800,000

)

(1,646,998

)

RETAINED EARNINGS AT END OF YEAR

3,010,458

2,781,438

FIXED ASSETS

Tangible assets

10

157,851

36,447

CURRENT ASSETS

Stocks

11

329,541

1,185,962

Debtors

12

3,015,771

3,911,265

Cash at bank

3,954,074

919,045

7,299,386

6,016,272

CREDITORS

Amounts falling due within one year

13

4,436,176

3,271,181

NET CURRENT ASSETS

2,863,210

2,745,091

TOTAL ASSETS LESS CURRENT LIABILITIES

3,021,061

2,781,538

PROVISIONS FOR LIABILITIES

15

10,503

-

NET ASSETS

3,010,558

2,781,538

CAPITAL AND RESERVES

Called up share capital

16

100

100

Retained earnings

17

3,010,458

2,781,438

SHAREHOLDERS' FUNDS

3,010,558

2,781,538

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

R Gurdev - Director

Cash flows from operating activities

Cash generated from operations

1

3,151,839

1,973,952

Interest paid

-

(11,453

)

Interest element of hire purchase or finance lease rental payments paid

-

(950

)

Tax paid

-

(680,294

)

Net cash from operating activities

3,151,839

1,281,255

Cash flows from investing activities

Purchase of tangible fixed assets

(161,924

)

(21,538

)

Net cash from investing activities

(161,924

)

(21,538

)

Cash flows from financing activities

Other

845,114

(1,301,541

)

Equity dividends paid

(800,000

)

(1,646,998

)

Net cash from financing activities

45,114

(2,948,539

)

Increase/(decrease) in cash and cash equivalents

3,035,029

(1,688,822

)

Cash and cash equivalents at beginning of year

2

919,045

2,607,867

Cash and cash equivalents at end of year

2

3,954,074

919,045

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

2024

2023

£

£

Profit before taxation

1,386,036

1,814,382

Depreciation charges

40,518

29,698

Finance costs

-

12,403

1,426,554

1,856,483

Decrease/(increase) in stocks

856,421

(321,042

)

Decrease in trade and other debtors

895,494

867,937

Decrease in trade and other creditors

(26,630

)

(429,426

)

Cash generated from operations

3,151,839

1,973,952

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

3,954,074

919,045

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

919,045

2,607,867

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank

919,045

3,035,029

3,954,074

919,045

3,035,029

3,954,074

Total

919,045

3,035,029

3,954,074

1.	STATUTORY INFORMATION

Salto Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 The Court, Holywell Business Park, Southam, Warwickshire, United Kingdom, CV47 0FG.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

TURNOVER

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

TANGIBLE FIXED ASSETS

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements 10% on cost

Computer equipment 33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

STOCKS

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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, 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.

TAXATION

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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.

LEASES

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount o the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

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

3.

TURNOVER

The turnover and 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

£

£

Sale of goods and services

18,184,770

18,165,092

18,184,770

18,165,092

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

18,184,770

18,165,092

18,184,770

18,165,092

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,011,101

1,924,355

Social security costs

248,060

240,727

Other pension costs

30,257

29,886

2,289,418

2,194,968

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

2024

2023

Employees (including directors)

48

45

2024

2023

£

£

Directors' remuneration

201,946

156,130

Information regarding the highest paid director for the year ended 31 December 2024 is as follows:

2024

£

Emoluments etc

201,946

Total represents remuneration paid to one director.

5.	OPERATING PROFIT

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

2024

2023

£

£

Other operating leases

303,831

276,557

Depreciation - owned assets

40,520

29,699

Foreign exchange differences

(2,605

)

3,279

6.	AUDITORS' REMUNERATION

2024

2023

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

23,100

22,000

Total audit fees

23,100

22,000

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other interest payable

-

11,453

Late payment charges

-

950

-

12,403

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

346,513

427,608

Deferred tax

10,503

-

Tax on profit

357,016

427,608

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

1,386,036

1,814,382

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

346,509

453,596

Effects of:

Depreciation in excess of capital allowances

4

2,040

Adjustments to tax charge in respect of previous periods

-

(1,063

)

Adjustments due to change in main rate of corporation tax from 19 to 25 percent

-

(26,965

)

Deferred tax movement

10,503

-

Total tax charge

357,016

427,608

9.

DIVIDENDS

2024

2023

£

£

Final

800,000

823,499

Interim

-

823,499

800,000

1,646,998

10.	TANGIBLE FIXED ASSETS

Leasehold

Computer

improvements

equipment

Totals

£

£

£

COST

At 1 January 2024

107,044

137,024

244,068

Additions

121,423

40,501

161,924

At 31 December 2024

228,467

177,525

405,992

DEPRECIATION

At 1 January 2024

98,290

109,331

207,621

Charge for year

14,558

25,962

40,520

At 31 December 2024

112,848

135,293

248,141

NET BOOK VALUE

At 31 December 2024

115,619

42,232

157,851

At 31 December 2023

8,754

27,693

36,447