Registration number: 00645405

T L Dallas & Co Limited

Contents

Strategic Report	1 to 2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 7
Profit and Loss Account and Statement of Retained Earnings	8
Balance Sheet	9
Notes to the Financial Statements	10 to 20

T L Dallas & Co Limited

Strategic Report for the Year Ended 31 December 2024

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

Principal activity

The principal activity of the company is insurance broking.

Fair review of the business

The insurance market has been less volatile in the early part of 2024, with rates starting to soften for all but Motor and very specialist / non-standard risks in Q4 2024. This, with a continuing low rate of index linking on building costs, has resulted in lower premium increases for clients and some reductions meaning downward pressure on our income. As always, our teams work very hard to smooth the impact of the insurance cycle for clients and in this market that means negotiating long term agreements and other incentives while rates are lower.

To address pressure on income and therefore profitability we have introduced a number of measures since year end to bolster income and / or achieve operational efficiencies, which should bear fruit through 2025 and into 2026.

Acquisitions, private equity investment and consolidation in our sector continues apace and we would now be one of the largest truly independent brokers in the UK. We continue to try and take advantage of this by attracting quality individuals and clients to our business who wish to work with an independent company.

The Company continues its growth trajectory with Turnover up nearly 16% to £12,699,000 due to continuing growth of new branches opened in the last couple of years, an acquisition of three new branches in August 2024, which added 48 to our headcount and ongoing organic growth across some of our mature offices. Profit before Tax has decreased slightly to £808,000 reflecting investments in the new offices and increases in “non-cash” costs (Depreciation and Amortisation) of £158,000. This was per budget and reflects some “double salaries” at the higher end due to succession planning, as well as high recruitment costs, salary increases and further significant investments in infrastructure and IT to support our growth plans.

The Balance Sheet (shown on page 8 of the Financial Statements) shows continued strong reserves with net assets of £3,468,000 an increase of 10% year on year. Our reserves and significant cash balances make us well placed to capitalise on any opportunities as they arise.

T L Dallas & Co Limited

Strategic Report for the Year Ended 31 December 2024

Principal risks and uncertainties

Distribution channels for insurance continue to change and we constantly monitor and adapt to ensure that the Group can retain a strong position in the industry.

We also have the challenge of utilising AI, robotics and / or automation to achieve operational efficiencies while ensuring we retain our customer centric ethos.

Our greatest asset remains our people, and one of our main challenges is finding and retaining quality individuals who have the correct technical ability and share our customer focussed ethos. Recruitment across our industry is highly competitive and we try to offer our colleagues an excellent place to work, good training and competitive packages across pay & working benefits

Approved and authorised by the Board on 8 August 2025 and signed on its behalf by:
 

......................................... P E O Staveley Director

T L Dallas & Co Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

M P Martin

P E O Staveley

J Hollowood

S Hyde (resigned 25 September 2024)

M Dallas

B Dunn (resigned 31 March 2024)

T Mortimer

Information included in the Strategic Report

All items required under Sch. 7 of Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors’ report are set out in the strategic report in accordance with s.414C(11) CA 2006.

Financial instruments

Objectives and policies

The company's objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, minimise the company's exposure to fluctuating interest rates, and manage the future cash flows expected to arise from the company's trading activities.

Price risk, credit risk, liquidity risk and cash flow risk

The company's principal financial instruments comprise bank balances, client debtors and insurer creditors. The main purposes of these instruments are to finance the company’s operations.

Its exposure to price risk, credit risk, liquidity risk and cash flow is minimised by retaining sufficient liquid funds to enable it to meet its day to day requirements.

Future developments

Since year end we have invested in a book of business domiciled across 3 offices in the Highlands & Islands of Scotland. This has come on stream as at 5 August 2024 as 3 new “branch offices” of TL Dallas & Co Limited and complements our footprint in Scotland connecting our existing offices in the central belt and Shetland.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 8 August 2025 and signed on its behalf by:
 

......................................... P E O Staveley Director

T L Dallas & Co Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

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

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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.

T L Dallas & Co Limited

Independent Auditor's Report to the Members of T L Dallas & Co Limited

Opinion

We have audited the financial statements of T L Dallas & Co Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

T L Dallas & Co Limited

Independent Auditor's Report to the Members of T L Dallas & Co Limited

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 4], 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 is 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.

Auditor 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 an auditor’s report 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 planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

Following this assessment we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud to be sales completeness and cut off.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including FCA, Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

T L Dallas & Co Limited

Independent Auditor's Report to the Members of T L Dallas & Co Limited

We then performed audit procedures after consideration of the above risks which included the following:

•	reviewing insurance policies to gain assurance that income is allocated in the correct period;
•	reviewing post year end activity and external documentation to gain assurance over year end insurance debtors and creditors;
•	performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
•	enquiring of management concerning actual and potential litigation and claims;
•	reviewing correspondence with HMRC, FCA and the company’s legal advisors;
•	reading minutes of meetings of those charged with governance; and
•	in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

......................................
Gillian McLoughlin FCA (Senior Statutory Auditor)
For and on behalf of Watson Buckle Limited,
Statutory Auditors & Chartered Accountants
 Bradford
 

8 August 2025

T L Dallas & Co Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024

	Note	2024 £	2023 £
Turnover	3	12,699,057	10,940,839
Administrative expenses		(12,065,606)	(9,868,980)
Operating profit	4	633,451	1,071,859
Other interest receivable and similar income		175,939	76,223
Interest payable and similar charges		(1,417)	(10,541)
Profit before tax		807,973	1,137,541
Taxation	8	(256,019)	(307,173)
Profit for the financial year		551,954	830,368
Retained earnings brought forward		3,130,623	3,200,255
Dividends paid		(250,000)	(900,000)
Retained earnings carried forward		3,432,577	3,130,623

T L Dallas & Co Limited

(Registration number: 00645405)
Balance Sheet as at 31 December 2024

	Note	2024 £		2023 £
Fixed assets
Intangible assets	9		2,098,267		281,839
Tangible assets	10		337,099		232,021
			2,435,366		513,860
Current assets
Debtors	11	7,015,208		4,364,441
Cash at bank and in hand		15,581,334		16,271,568
		22,596,542		20,636,009
Creditors: Amounts falling due within one year	12	(21,524,331)		(17,950,246)
Net current assets			1,072,211		2,685,763
Total assets less current liabilities			3,507,577		3,199,623
Provisions for liabilities	13		(40,000)		(34,000)
Net assets			3,467,577		3,165,623
Capital and reserves
Called up share capital		35,000		35,000
Retained earnings	16	3,432,577		3,130,623
Shareholders' funds			3,467,577		3,165,623

Approved and authorised by the Board on 8 August 2025 and signed on its behalf by:
 

......................................... P E O Staveley Director

T L Dallas & Co Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dallas House
Low Moor
Bradford
West Yorkshire
BD12 0HF

These financial statements were authorised for issue by the Board on 8 August 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and with Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 33 Related Party Disclosures from disclosing transactions and balances with fellow group undertakings that are wholly owned.

The company has taken advantage of the exemption to disclose certain aspects of financial instruments, transactions with key management personnel and the exemption to prepare Statement of Cash Flows in accordance with Financial Reporting Standard 102 Section 1.12.

Name of parent of group

These financial statements are consolidated in the financial statements of T L Dallas Group Limited .

The financial statements of T L Dallas Group Limited may be obtained from Companies house, Crown Way, Cardiff, CF14 3UZ.

T L Dallas & Co Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The net carrying amount is £337,099 (2023 -£232,021).

Useful economic lives of intangible assets
The annual amortisation charge for intangible assets and their carrying amount is determined by the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates. The net carrying amount is £2,098,267 (2023 -£281,839).

Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The net carrying amount is £6,390,448 (2023 -£3,962,809).

Revenue recognition

Turnover represents commissions and fees, which are taken to revenue in full at the later of the binding contract date and the renewal or commencement date of the policy; risk management fees, which are taken to revenue as they are invoiced; management charges from group companies, which are taken to revenue as they are invoiced; and profit commissions which are recognised on receipt.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

T L Dallas & Co Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet 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
Office equipment	33.33% straight line basis

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5% / 33.33% straight line basis
Software	33.33% straight line basis

Provisions for liabilities

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

T L Dallas & Co Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
 

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

	2024 £	2023 £
Rendering of services	7,903	9,685
Commissions received	12,413,137	10,719,269
Other revenue	278,017	211,885
	12,699,057	10,940,839

T L Dallas & Co Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4	Operating profit

Arrived at after charging/(crediting)

	2024 £	2023 £
Depreciation expense	143,629	72,456
Amortisation expense	172,587	85,393
Foreign exchange losses	3	323

5	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2024 £	2023 £
Wages and salaries	7,076,036	5,971,172
Social security costs	799,641	678,827
Pension costs, defined contribution scheme	1,027,853	823,784
	8,903,530	7,473,783

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

	2024 No.	2023 No.
Administration and support	159	126
	159	126

6	Directors' remuneration

The directors' remuneration for the year was as follows:

	2024 £	2023 £
Remuneration	818,486	877,035
Contributions paid to money purchase schemes	100,478	118,106
	918,964	995,141

During the year the number of directors who were receiving benefits and share incentives was as follows:

	2024 No.	2023 No.
Accruing benefits under money purchase pension scheme	7	7

T L Dallas & Co Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

In respect of the highest paid director:

	2024 £	2023 £
Remuneration	173,204	177,750
Company contributions to money purchase pension schemes	17,182	16,250

7	Auditors' remuneration

	2024 £	2023 £
Audit of the financial statements	25,560	21,300

 

8

Taxation

Tax charged/(credited) in the profit and loss account

	2024 £	2023 £
Current taxation
UK corporation tax	250,000	274,600
UK corporation tax adjustment to prior periods	19	(427)
	250,019	274,173
Deferred taxation
Arising from origination and reversal of timing differences	6,000	33,000
Tax expense in the income statement	256,019	307,173

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

	2024 £	2023 £
Profit before tax	807,973	1,137,541
Corporation tax at standard rate	201,993	284,385
Increase/(decrease) in UK and foreign current tax from adjustment for prior periods	19	(427)
Tax decrease from effect of capital allowances and depreciation	-	(1,315)
Decrease from effect of different UK tax rates on some earnings	-	(17,274)
Effect of expense not deductible in determining taxable profit (tax loss)	54,007	41,804
Total tax charge	256,019	307,173