REGISTERED NUMBER: 07286694 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

JEAVE 2 LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Statement of Income and Retained Earnings

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Cash Flow Statement

11

Notes to the Consolidated Cash Flow Statement

12

Notes to the Consolidated Financial Statements

13

DIRECTORS:

Ms. S. L. Lane

Mrs. J. Wood

REGISTERED OFFICE:

Bolckow Street

North Skelton

Saltburn-by-the Sea

TS12 2AP

REGISTERED NUMBER:

07286694 (England and Wales)

SENIOR STATUTORY AUDITOR:

Donald Adams FCA

AUDITORS:

Baines Jewitt Limited

Spitfire House

19 Falcon Court

Stockton-on-Tees

TS18 3TU

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

INTRODUCTION

The group consists of Jeave 2 Limited, Tees Components (Holdings) Limited and Tees Components Limited.

The trading company, Tees Components Limited, was established in 1963, and now with over 60 years of experience it has become one of the leading independent precision engineering subcontractors in the UK. Our head office and factory is based in Teesside, and we trade globally.

We provide machining, measurement, blasting, painting, balancing and testing of large-scale components for key industries, including defence, renewable power generation, new nuclear and decommissioning, and marine.

Our aim is to consistently deliver a supply chain that delivers engineering excellence from concept to completion. We can accommodate anything from multi-million pound defence projects and offshore power generation, to quick turnaround local projects and one-off pressure testing.

We are OEM for Tees White Gill, a 360 degrees waterjet thruster which is particularly suited to oceanographic research vessels. We design, manufacture and assemble this product from our Teesside facility, and this is exported worldwide.

REVIEW OF BUSINESS

The results for the year and the financial position of the group are as shown in the annexed financial statements.

The consolidated statement of income and retained earnings is set out on page 8 and shows turnover decreased by 12.6% to £4,382,205 as compared to £5,011,842 in the previous year. Underlying business remained strong in both the UK and overseas.

The consolidated balance sheet is set out on page 9 and shows net assets of £5,244,907 as at 31 December 2024 compared to £5,376,864 as 31 December 2023.

Throughout the year we continued to invest in new machinery, including a boring and milling machine to further support our operations. Our heavy investment in skills, with record levels of apprentices in 2023 and 2024, is reaping rewards at the time of writing as trainees move from learning to operational.

Tees Components Limited is profitable in the current year and is showing a healthy profit margin.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors do not consider there to be any immediate risks likely to have a significant impact on the short- or long-term value of the business. Risks identified by the Board are summarised below, along with their respective controls in place.

Market risks are managed by ensuring that subcontract work is carried out for a range of clients and sectors. Whilst the company undertakes contracts for others in the supply chain, such as fabricators and foundries, it also supplies direct to OEMs, and these are operating across various sectors including rail, water processing, marine defence, renewable energy, traditional power generation, and nuclear decommissioning.

Operational risks are predominantly those of health, safety and environmental performance. These are managed through the ISO 14001 environmental management system, and the in-house systems for health and safety. These continue to be led and managed in a top-down approach. Skills shortages and a tight labour market are a challenge across the manufacturing sector, and the strong apprentice training provision mitigates this.

Financial risk included those of defaulting creditors, fraud and exchange rate losses. There is an effective credit control system in place which limits exposure and identifies problems early, and the company's IT system, staff training and input from banking professionals reduces the risk of loss through fraud. Delayed and defaulted payments from creditors were and continue to be risks which the business works to mitigate with its systems.

ON BEHALF OF THE BOARD:

Ms. S. L. Lane - Director

24 September 2025

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

DIVIDENDS

Total dividends paid from Jeave 2 Limited amounted to £7,128.

Total dividends paid by the group amounted to £67,528.

The directors do not recommend payment of a further 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.

Ms. S. L. Lane

Mrs. J. Wood

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Ms. S. L. Lane - Director

24 September 2025

Opinion

We have audited the financial statements of Jeave 2 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2024 and of the group's loss 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 group's and the parent 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 group or the parent 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:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Health & Safety and Employment law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also 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 opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:

-

discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

-

evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;

-

challenging assumptions and judgements made by management in their significant accounting estimates; and

-

identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.

There are inherent limitations in the audit procedures described above and the further removed noncompliance 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.

Donald Adams FCA (Senior Statutory Auditor)

for and on behalf of Baines Jewitt Limited

Spitfire House

19 Falcon Court

Stockton-on-Tees

TS18 3TU

24 September 2025

TURNOVER

4

4,381,955

5,011,842

Cost of sales

2,892,112

3,139,732

GROSS PROFIT

1,489,843

1,872,110

Administrative expenses

1,649,866

1,413,104

(160,023

)

459,006

Other operating income

38,407

33,302

OPERATING (LOSS)/PROFIT

6

(121,616

)

492,308

Interest receivable and similar income

10,591

7,280

(111,025

)

499,588

Interest payable and similar expenses

7

19,997

4,268

(LOSS)/PROFIT BEFORE TAXATION

(131,022

)

495,320

Tax on (loss)/profit

8

(66,593

)

130,689

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(64,429

)

364,631

Retained earnings at beginning of year

1,188,648

891,587

Dividends

10

(67,528

)

(67,570

)

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR

1,056,691

1,188,648

(Loss)/profit attributable to:

Owners of the parent

(64,429

)

364,631

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

4,698,549

4,318,519

Investments

13

-

-

Investment property

14

63,860

63,860

4,762,409

4,382,379

CURRENT ASSETS

Debtors

15

743,855

1,212,058

Cash at bank and in hand

785,727

1,505,102

1,529,582

2,717,160

CREDITORS

Amounts falling due within one year

16

721,411

1,422,557

NET CURRENT ASSETS

808,171

1,294,603

TOTAL ASSETS LESS CURRENT LIABILITIES

5,570,580

5,676,982

CREDITORS

Amounts falling due after more than one year

17

(199,044

)

(106,896

)

PROVISIONS FOR LIABILITIES

19

(126,629

)

(193,222

)

NET ASSETS

5,244,907

5,376,864

CAPITAL AND RESERVES

Called up share capital

20

606

606

Share premium

21

4,187,610

4,187,610

Retained earnings

21

1,056,691

1,188,648

SHAREHOLDERS' FUNDS

5,244,907

5,376,864

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

Ms. S. L. Lane - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

4,025,117

4,025,117

Investment property

14

-

-

4,025,117

4,025,117

CURRENT ASSETS

Debtors

15

199,171

163,099

NET CURRENT ASSETS

199,171

163,099

TOTAL ASSETS LESS CURRENT LIABILITIES

4,224,288

4,188,216

CAPITAL AND RESERVES

Called up share capital

20

606

606

Share premium

21

4,187,610

4,187,610

Retained earnings

21

36,072

-

SHAREHOLDERS' FUNDS

4,224,288

4,188,216

Company's profit for the financial year

43,200

28,170

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

Ms. S. L. Lane - Director

Cash flows from operating activities

Cash generated from operations

1

(88,314

)

2,057,379

Interest paid

(133

)

(70

)

Interest element of hire purchase payments paid

(19,864

)

(4,198

)

Tax paid

-

(26

)

Net cash from operating activities

(108,311

)

2,053,085

Cash flows from investing activities

Purchase of tangible fixed assets

(508,760

)

(1,462,964

)

Purchase of investment property

-

(63,860

)

Sale of tangible fixed assets

250

25,130

Repayment of loans

-

2,819

Interest received

10,591

7,280

Net cash from investing activities

(497,919

)

(1,491,595

)

Cash flows from financing activities

Capital repayments in year

(68,862

)

(40,001

)

Amount introduced by directors

23,245

-

Equity dividends paid

(67,528

)

(67,570

)

Net cash from financing activities

(113,145

)

(107,571

)

(Decrease)/increase in cash and cash equivalents

(719,375

)

453,919

Cash and cash equivalents at beginning of year

2

1,505,102

1,051,183

Cash and cash equivalents at end of year

2

785,727

1,505,102

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

(Loss)/profit before taxation

(131,022

)

495,320

Depreciation charges

315,441

259,683

Loss/(profit) on disposal of fixed assets

13,035

(17,317

)

Finance costs

19,997

4,268

Finance income

(10,591

)

(7,280

)

206,860

734,674

Decrease in trade and other debtors

444,958

630,789

(Decrease)/increase in trade and other creditors

(740,132

)

691,916

Cash generated from operations

(88,314

)

2,057,379

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

785,727

1,505,102

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,505,102

1,051,183

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

and in hand

1,505,102

(719,375

)

785,727

1,505,102

(719,375

)

785,727

Debt

Finance leases

(56,663

)

68,862

(200,000

)

(187,801

)

(56,663

)

68,862

(200,000

)

(187,801

)

Total

1,448,439

(650,513

)

(200,000

)

597,926

1.	STATUTORY INFORMATION

Jeave 2 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold land and buildings

-

2% on cost

Plant and machinery

-

at variable rates on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit or loss.

Pension costs and other post-retirement benefits

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

Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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 asset's 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 the profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

3.	JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and the future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The principal estimation technique used by the company in attributing profit on contracts to a particular period is the preparation of forecasts on a contract-by-contract basis. These focus on revenue and costs to complete and enable an assessment to be made of the final outturn on each contract. Variations during contracts are taken into account where it is highly probable that the related income will not reverse.

4.

TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

3,286,938

3,582,059

Overseas

1,095,017

1,429,783

4,381,955

5,011,842

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,194,996

2,210,308

Social security costs

218,595

222,780

Other pension costs

70,966

89,918

2,484,557

2,523,006

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

2024

2023

Manufacturing

42

42

Office and management

16

16

58

58

The average number of employees by undertakings that were proportionately consolidated during the year was 58 (2023 - 58 ) .

2024

2023

£

£

Directors' remuneration

128,131

130,951

Directors' pension contributions to money purchase schemes

21,300

26,625

6.	OPERATING (LOSS)/PROFIT

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

2024

2023

£

£

Depreciation - owned assets

217,785

230,025

Depreciation - assets on hire purchase contracts

97,660

29,658

Loss/(profit) on disposal of fixed assets

13,035

(17,317

)

Auditors' remuneration

9,230

9,230

Foreign exchange differences

(3,647

)

(1,729

)

Government grants

(38,407

)

(15,071

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank loan interest

133

70

Hire purchase

19,864

4,198

19,997

4,268

8.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2024

2023

£

£

Deferred tax

(66,593

)

130,689

Tax on (loss)/profit

(66,593

)

130,689

Reconciliation of total tax (credit)/charge 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:

2024

2023

£

£

(Loss)/profit before tax

(131,022

)

495,320

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

(32,756

)

116,400

Effects of:

Expenses not deductible for tax purposes

711

260

Adjustments to tax charge in respect of previous periods

(38,467

)

46

Effect of change in corporation tax rate

-

7,835

Permanent capital allowances in excess of depreciation

-

(1,962

)

Depreciation on assets not qualifying for tax allowances

3,919

8,110

Total tax (credit)/charge

(66,593

)

130,689

9.	INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

10.

DIVIDENDS

2024

2023

£

£

Interim paid

67,528

67,570

11.	INTANGIBLE FIXED ASSETS

Group

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

1,600,466

AMORTISATION

At 1 January 2024

and 31 December 2024

1,600,466

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-