REGISTERED NUMBER: 07756008 (England and Wales)

Boston Energy Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

J Cattermole

J Godber

M N Parkes

REGISTERED OFFICE:

Westcott House

Hesslewood Office Park

Ferriby Road

Hessle

East Yorkshire

HU13 0LH

REGISTERED NUMBER:

07756008 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

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

REVIEW OF BUSINESS

The company's key activities are the supply of technical services, manpower and training to the wind industry. Services are provided in the UK, Europe and Asia.

The Directors have continued to invest in and enhance the capabilities of the business to allow support of customers as the wind energy industry continues to increase in size and reach.

The key performance indicators of the business are Turnover and Operating Profit. Turnover for the period ended 31 December 2024 was £45.2m (2023 £33.2m). Operating Profit for the same period was £7.4m (2023 £5.2m).

The Directors are pleased with the results for the year and are confident that the company is well positioned to continue providing high quality services to the wind industry.

PRINCIPAL RISKS AND UNCERTAINTIES

The company has a risk management structure to identify, manage and mitigate significant risks.

Operational risks

The company has seen a high level of growth in recent years including significant growth in headcount. This increases the risk of recruitment of the right quality of individual. The company continues investing in increased training of its technicians to deliver against contracts, with accredited training capability in-house. A high level of focus on health and safety is encouraged and monitored across the business.

Cyber risk

The company recognises the growing threat of cyber related fraud and attack and has put in place measures to protect its systems and information from attack. These continue to be reviewed and upgraded as the threat evolves.

Liquidity risk

The company has established working capital facilities to support the anticipated level of growth and seasonal nature of its business. Management manage customer payment times closely and forecasts cashflow on a regular basis.

Market risk

The company operates in a market which is seeing significant growth across a relatively small number of major customers, including OEMs and wind farm operators. The company has expanded its customer base to reduce reliance on any single customer.

ON BEHALF OF THE BOARD:

Director

15th July 2025

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

DIVIDENDS

A final dividend of £10m was paid after the year end.

DIRECTORS

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

J Cattermole

J Godber

M N Parkes

Other changes in directors holding office are as follows:

A W Sumner - resigned 8th April 2024

ENGAGEMENT WITH EMPLOYEES

The directors make use of senior management throughout the company to ensure that all employees are kept upto date with key and relevant information. The company consults its employees as necessary when making material decisions which may affect them. Employees are encouraged to have an interest in the performance of the company and a general awareness of the company's performance.

EMPLOYEE INVOLVEMENT

The directors believe that all employees should be kept informed about the development and performance of the business. This has been achieved through internal media methods and regular meetings which are held between local management and employees to allow a free flow of information and ideas.

DISABLED EMPLOYEES

The company gives full consideration to applications for employment from disabled persons where the

requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J Godber - Director

15th July 2025

Opinion

We have audited the financial statements of Boston Energy Limited (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 31st 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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was 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 the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed

procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with relevant regulators and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances 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.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

Matthew Fox FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

16th July 2025

TURNOVER

3

45,172,782

33,173,731

Cost of sales

32,694,504

25,649,615

GROSS PROFIT

12,478,278

7,524,116

Administrative expenses

5,098,133

2,363,368

OPERATING PROFIT

5

7,380,145

5,160,748

Exceptional costs

6

84,656

62,500

7,295,489

5,098,248

Interest receivable and similar income

12,555

67,268

7,308,044

5,165,516

Interest payable and similar expenses

7

275,606

(8,337

)

PROFIT BEFORE TAXATION

7,032,438

5,173,853

Tax on profit

8

1,765,886

1,244,932

PROFIT FOR THE FINANCIAL YEAR

5,266,552

3,928,921

PROFIT FOR THE YEAR

5,266,552

3,928,921

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

5,266,552

3,928,921

FIXED ASSETS

Tangible assets

10

689,164

485,233

Investments

11

164

167

689,328

485,400

CURRENT ASSETS

Stocks

12

-

7,923

Debtors

13

15,229,687

14,146,412

Cash at bank

6,664,390

2,721,817

21,894,077

16,876,152

CREDITORS

Amounts falling due within one year

14

9,534,572

9,643,527

NET CURRENT ASSETS

12,359,505

7,232,625

TOTAL ASSETS LESS CURRENT LIABILITIES

13,048,833

7,718,025

PROVISIONS FOR LIABILITIES

16

162,050

97,794

NET ASSETS

12,886,783

7,620,231

CAPITAL AND RESERVES

Called up share capital

17

1,093

1,093

Share premium

18

1,549

1,549

Retained earnings

18

12,884,141

7,617,589

SHAREHOLDERS' FUNDS

12,886,783

7,620,231

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

J Godber - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st January 2023

1,093

6,173,678

1,549

6,176,320

Changes in equity

Dividends

-

(2,485,010

)

-

(2,485,010

)

Total comprehensive income

-

3,928,921

-

3,928,921

Balance at 31st December 2023

1,093

7,617,589

1,549

7,620,231

Changes in equity

Total comprehensive income

-

5,266,552

-

5,266,552

Balance at 31st December 2024

1,093

12,884,141

1,549

12,886,783

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Boston Energy Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Wind Bidco Limited, Westcott House, Hesslewood Office Park, Ferriby Road, Hessle, East Yorkshire, HU13 0LH.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements involves, in certain areas, the use of accounting estimates and management judgements. The key areas involving estimates and judgements are as follows:

- Recoverability of debtors

Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.

Dependant on the contract with the customer, turnover is either recognised on the basis of hours

worked on customer contracts by the employees of the company, or it is recognised on the basis of

fixed price agreed in the contract plus any additional billing as allowed by the contract.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Leases in which the entity assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases. Leased assets acquired by way of finance lease are stated on initial recognition at an amount equal to the lower of their fair value and the present value of minimum lease payments at inception of the lease, including any incremental cots directly attributable to negotiating and arranging the lease. At initial recognition a finance lease liability is recognised equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payments. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. Lease payment are accounted for as described below.

The company assesses at each reporting date whether tangible fixed assets (including those leased under a finance lease) are impaired.

Depreciation is charged to the profit and loss account over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives. Land is not depreciated. The estimated useful lives are as follows:

- Long leasehold 10 years

- Plant and machinery 2 - 5 years

- Fixtures and fittings 2 - 5 years

- Motor vehicles 25% reducing balance

Depreciation methods, useful lives and residual values are reviewed, if there is an indication, of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

Defined contribution plans and other long term employee benefits

A defined contribution plan is a post-employment benefit plan under which the company pays fixed

contributions into a separate entity and will have no legal or constructive obligation to pay further

amounts. Obligations for contributions to defined contribution pension plans are recognised as an

expense in the profit and loss account in the periods during which services are rendered by

employees.

Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expenses in the period in which the service is received.

Trade and other debtors/creditors

Trade and other debtors/creditors are recognised initially at transaction price less attributable

transaction costs. Subsequent to initial recognition they are measured at amortised cost using the

effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Investments in preference and ordinary shares

Investments in equity instruments are measured initially at fair value, which is normally the transaction price. Transaction costs are excluded if the investments are subsequently measured at fair value through profit and loss. Subsequent to initial recognition investments that can be measured reliably are measured at fair value with changes recognised in profit and loss. Other investments are measured at cost less impairment in profit and loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and all deposits. Bank overdrafts that are

repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

Going concern

The company's business activities, together with factors likely to affect its future development, performance and position are set out in the Director's Report on page 3.

The company has considerable financial resources together with long-term contracts with a number of customers and suppliers across different geographic areas and industries. As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current economic outlook.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Provisions

A provision is recognised in the balance sheet when the entity has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation at the reporting date.

Where the Parent Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its group, the company treats the guarantee contract as a contingent liability in its individual financial statements until such time as it becomes probable that the company will be required to make a payment under the guarantee.

Expenses

Operating lease

Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense.

Interest receivable and interest payable

Interest payable and similar charges include interest payable, finance charges on shares classified as liabilities and finance leases recognised in profit and loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the profit and loss account (see foreign currency accounting policy).

Other interest receivable and similar income include interest receivable on funds invested and net foreign exchange gains.

Interest income and interest payable are recognised in profit and loss as they accrue, using the effective interest method. Dividend income is recognised in the profit and loss account on the date the company's right to receive payments is established. Foreign currency gains and losses are reported on a net basis.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to the Group's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

Related party transactions

The Group discloses transactions with related parties which are not wholly owned within the same Group. Where appropriate, transactions of a similar nature are aggregated unless, in the option of the directors, separate disclosures is necessary to understand the effect of the transactions on the Group financial statements.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

36,668,482

27,598,431

Europe

8,346,200

2,958,300

Rest of world

158,100

2,617,000

45,172,782

33,173,731

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

28,089,225

15,502,373

Social security costs

1,585,242

1,575,314

Other pension costs

247,285

-

29,921,752

17,077,687

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

2024

2023

Administration

54

47

Production

205

208

259

255

Directors' are remunerated by the parent company, Wind Bidco Ltd.

2024

2023

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Other operating leases

70,756

-

Depreciation - owned assets

275,285

157,986

Loss on disposal of fixed assets

14,170

23,939

Foreign exchange differences

91,664

-

6.	EXCEPTIONAL ITEMS

2024

2023

£

£

Exceptional administrative expenses

84,656

62,500

Exceptional administrative expenses in the period include certain professional fees incurred in the restructuring of the company (2023 change in ownership of the company).

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

44,994

-

Bank loan interest

56,932

(8,337

)

Related party interest

173,680

-

275,606

(8,337

)

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

1,705,924

1,104,714

Under provision of tax

in previous years

(12,927

)

-

Foreign tax

8,633

76,000

Total current tax

1,701,630

1,180,714

Deferred tax

64,256

64,218

Tax on profit

1,765,886

1,244,932

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

7,032,438

5,173,853

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

1,758,110

1,216,890

Effects of:

Expenses not deductible for tax purposes

8,332

5,390

Adjustments to tax charge in respect of previous periods

(1,438

)

2,463

Fixed asset differences

882

(206

)

Change in rates

-

20,395

Total tax charge

1,765,886

1,244,932

9.

DIVIDENDS

2024

2023

£

£

Ordinary A shares of £1 each

-

-

Ordinary B shares of £1 each

-

249,719

Ordinary C shares of £1 each

-

2,000,000

Ordinary D shares of £1 each

-

122,601

Ordinary E shares of £1 each

-

17,260

Ordinary F shares of £1 each

-

17,260

Ordinary G shares of £1 each

-

17,260

Ordinary H shares of £1 each

-

51,780

Ordinary I shares of £1 each

-

9,130

-

2,485,010

10.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st January 2024

-

843,052

113,239

44,520

1,000,811

Additions

10,614

275,244

212,333

-

498,191

Disposals

-

(56,874

)

-

(16,750

)

(73,624

)

At 31st December 2024

10,614

1,061,422

325,572

27,770

1,425,378

DEPRECIATION

At 1st January 2024

-

462,341

30,887

22,350

515,578

Charge for year

442

211,171

58,293

5,379

275,285

Eliminated on disposal

-

(43,951

)

-

(10,698

)

(54,649

)

At 31st December 2024

442

629,561

89,180

17,031

736,214

NET BOOK VALUE

At 31st December 2024

10,172

431,861

236,392

10,739

689,164

At 31st December 2023

-

380,711

82,352

22,170

485,233

11.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2024

167

Exchange differences

(3

)

At 31st December 2024

164

NET BOOK VALUE

At 31st December 2024

164

At 31st December 2023

167