REGISTERED NUMBER: 08201055 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2024

for

JGC Trading Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTOR:

J G Chadd

REGISTERED OFFICE:

Units G & H Brook Trading Estate

Mill Brook Road

Orpington

Kent

BR5 3TX

REGISTERED NUMBER:

08201055 (England and Wales)

AUDITORS:

Thornton Springer LLP

Chartered Accountants and

Statutory Auditor

67 Westow Street

London

SE19 3RW

The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year's end. The review is consistent with the business's size and non-complex nature and is written in the context of risks and uncertainties facing a large used motor retail business.

The directors consider the key performance and business performance indicators as being those that represent the financial performance of the business, as shown below.

REVIEW OF BUSINESS

The results for the year and the financial position at the year-end were considered satisfactory by the directors and demonstrate that the considerable investment in expanding the company has been worthwhile.

The Directors are pleased with the company's performance in 2024, with turnover increasing by 38% to £76 million and gross profit rising by 15%. Operating profit increased by 7.6% to £2.1m from £2m in 2023.

Future developments

The effects of higher Inflation will continue to be felt, with associated higher interest costs; however, with the steps already taken to operate from larger facilities and consolidate our business model, we should help lower the business cost base and aid profitability.

The company continues to invest in internal infrastructure and AI technology systems to reduce costs and improve efficiencies.

The directors are aware that the business plan will need to be flexible in the future to meet the ever-changing market conditions.

Going Concern

The Directors are pleased to report that the Company performed well in 2024, trading within its facilities.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the nature of the strategy are subject to various risks.

The Directors have set out below the principal risks facing the business. The Directors are of the opinion that a thorough risk management process is adopted, which involves the formal review of all the risks identified below. Where possible, processes are in place to monitor and mitigate such risks.

Credit Risk

The company's principal financial assets are bank balances and trade debtors.

The company's credit risk is primarily attributable to its trade debtors, however its exposure is mitigated by the arrangement of finance agreements primarily for vehicle sales.

Liquidity Risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company has access to short term and long term debt finance.

KEY PERFORMANCE INDICATORS

The Directors use key financial performance indicators, including gross profit percentage, administrative costs, net operating cash flows, and EBITDA, to assess the business's performance.

Turnover in the year increased by 38%, with Profit before tax decreasing by 30% to £472k in 2024, due to interest and similar expenses. Administrative and distribution costs decreased from 10.21% to 8.71% of turnover.

The directors also focus on non-financial key measurements, including customer satisfaction scores and staff performance. The directors consider the results of both measurements to be very pleasing.

Economic downturn

The success of the business is reliant on consumer spending. An economic downturn, resulting in a reduction in consumer spending power, will have a direct impact on the business's income, and costs will need to be reduced to match the fall in demand.

In response to this risk, senior management remains informed about economic conditions. In cases of severe economic downturn, marketing and pricing strategies are modified to reflect market conditions. Current inflation rates and the cost of fuel may drive costs higher.

Competition

The motor retail market in which the group operates is highly competitive. As a result, there is a constant downward pressure on margins, along with the additional risk of failing to meet customers' expectations. Policies of constant price monitoring and continuing to focus on our high level of service are in place to mitigate such risks.

Promoting the success of the company - Section 172 statement

The Directors have acted to promote the long-term success of the Company for the benefit of all its stakeholders during the year ended 31 December 2024.

The Company's employees are fundamental to the delivery of this strategy, and we are a responsible employer in our approach to all aspects of their employment. The health, safety and well-being of our team is of primary consideration in the way we do business.

We aim to be fully compliant with employment law, the GDPR, modern slavery, competition law, FCA requirements, health and safety regulations, anti-corruption and anti-bribery regulations, as well as other legal or regulatory requirements applicable to the sector in which we operate.

The Company's business relationships with customers, suppliers, contractors, and others are paramount to our business success. We engage with them regularly to ensure these relationships provide long-term benefits to both parties.

The Directors monitor the impact of the company's operations on the environment and local community, accepting its wider social responsibilities and being involved with local good causes. We comply with environmental legislation, pursue waste-saving opportunities, recycle what we can, and have invested in reducing our carbon footprint. The company monitors its energy and water consumption to reduce usage where possible.

The Directors operate the business responsibly, with good governance, to ensure that all stakeholders are treated fairly and to maintain and improve our strong reputation and high standards of business conduct.

ON BEHALF OF THE BOARD:

J G Chadd - Director

25 September 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a motor trader.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTOR

J G Chadd held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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, Thornton Springer LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J G Chadd - Director

25 September 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with relevant laws and regulations. Non-compliance with these laws and regulations might have a material effect on the financial statements.

We evaluated management's incentives and opportunity for fraudulent manipulation of the financial statement (including the risk of override of controls) and determined that the principal risks were posting of unusual journal entries outside the normal course of business and revenue recognition journal entries to manipulate the company's performance profit measures and other key performance indicators.

Audit procedures performed included: review of the financial statements and disclosures to underlying supporting documentation, review of compliance with the laws and regulations, enquiries with management, testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from 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.

Garth Myers (Senior Statutory Auditor)

for and on behalf of Thornton Springer LLP

Chartered Accountants and

Statutory Auditor

67 Westow Street

London

SE19 3RW

26 September 2025

TURNOVER

76,304,884

55,324,316

Cost of sales

(67,509,296

)

(47,677,110

)

GROSS PROFIT

8,795,588

7,647,206

Administrative expenses

(6,643,802

)

(5,646,923

)

2,151,786

2,000,283

Other operating income

255

-

OPERATING PROFIT

4

2,152,041

2,000,283

Interest receivable and similar income

-

127

2,152,041

2,000,410

Interest payable and similar expenses

5

(1,679,728

)

(1,324,871

)

PROFIT BEFORE TAXATION

472,313

675,539

Tax on profit

6

(134,408

)

(97,374

)

PROFIT FOR THE FINANCIAL YEAR

337,905

578,165

PROFIT FOR THE YEAR

337,905

578,165

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

337,905

578,165

FIXED ASSETS

Tangible assets

7

3,051,938

3,291,597

CURRENT ASSETS

Stocks

8

14,593,195

11,733,096

Debtors

9

1,876,668

1,701,800

Cash at bank and in hand

210,381

184,684

16,680,244

13,619,580

CREDITORS

Amounts falling due within one year

10

(15,554,245

)

(12,343,022

)

NET CURRENT ASSETS

1,125,999

1,276,558

TOTAL ASSETS LESS CURRENT LIABILITIES

4,177,937

4,568,155

CREDITORS

Amounts falling due after more than one year

11

(1,256,221

)

(2,119,370

)

PROVISIONS FOR LIABILITIES

15

(601,114

)

(466,088

)

NET ASSETS

2,320,602

1,982,697

CAPITAL AND RESERVES

Called up share capital

16

100

100

Revaluation reserve

17

909,236

909,236

Retained earnings

17

1,411,266

1,073,361

SHAREHOLDERS' FUNDS

2,320,602

1,982,697

The financial statements were approved by the director and authorised for issue on 25 September 2025 and were signed by:

J G Chadd - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

100

422,457

981,975

1,404,532

Changes in equity

Total comprehensive income

-

650,904

(72,739

)

578,165

Balance at 31 December 2023

100

1,073,361

909,236

1,982,697

Changes in equity

Total comprehensive income

-

337,905

-

337,905

Balance at 31 December 2024

100

1,411,266

909,236

2,320,602

Cash flows from operating activities

Cash generated from operations

1

2,224,032

1,864,802

Interest paid

(1,620,972

)

(1,263,732

)

Interest element of hire purchase payments paid

(58,756

)

(61,139

)

Tax paid

618

106,501

Net cash from operating activities

544,922

646,432

Cash flows from investing activities

Purchase of tangible fixed assets

(89,156

)

(149,697

)

Interest received

-

127

Net cash from investing activities

(89,156

)

(149,570

)

Cash flows from financing activities

Loan repayments in year

(389,791

)

(511,544

)

Capital repayments in year

(56,051

)

(55,008

)

Amount introduced by directors

165,496

228,000

Amount withdrawn by directors

(149,723

)

(243,773

)

Net cash from financing activities

(430,069

)

(582,325

)

Increase/(decrease) in cash and cash equivalents

25,697

(85,463

)

Cash and cash equivalents at beginning of year

2

184,684

270,147

Cash and cash equivalents at end of year

2

210,381

184,684

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

31.12.24

31.12.23

£

£

Profit before taxation

472,313

675,539

Depreciation charges

328,815

333,546

Finance costs

1,679,728

1,324,871

Finance income

-

(127

)

2,480,856

2,333,829

Increase in stocks

(2,860,099

)

(2,540,816

)

(Increase)/decrease in trade and other debtors

(190,641

)

307,551

Increase in trade and other creditors

2,793,916

1,764,238

Cash generated from operations

2,224,032

1,864,802

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

210,381

184,684

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

184,684

270,147

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

184,684

25,697

210,381

184,684

25,697

210,381

Debt

Finance leases

(119,250

)

56,051

(63,199

)

Debts falling due within 1 year

(525,967

)

525,967

-

Debts falling due after 1 year

(1,098,996

)

(136,176

)

(1,235,172

)

(1,744,213

)

445,842

(1,298,371

)

Total

(1,559,529

)

471,539

(1,087,990

)

1.	STATUTORY INFORMATION

JGC Trading 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

The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is in Pound Sterling (£). Monetary amounts are rounded to the nearest £1.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Depreciation of Tangible Fixed Assets:

Depreciation is provided in order to write down the assets to their residual values over their estimated useful lives. The selection of estimated useful lives and residual values requires the exercise of management judgement.

Valuation of Freehold Property:

Periodic revaluations are done to ensure that the freehold property is carried at current market value in the financial statements. Annual valuation reviews are carried out which require the exercise of management judgement.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 property

-

not provided

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

Straight line over 7 years

Motor vehicles

-

25% on cost

Computer equipment

-

20% on cost

Stocks

Stocks are stated at the lower of costs and estimated selling price less costs to complete and sell

Financial instruments

The company chose to adopt section 11 and 12 of Financial Reporting Standard 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and intra-group balances 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 and accounted through the income statement.

Financing transaction assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities include all trade and other creditors, bank overdrafts, intra-group balances and hire purchase contracts, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at market rate of interest.

Financing transaction debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

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

Freehold properties

The director recognises that the freehold property has a finite life and, in the normal course of events, would be depreciated to expected residual value. However, the freehold property is located in an area of the country where that part of the cost that is attributable to land, which does not depreciate, is significantly higher than in other parts of the country.Taking these factors into account the director considers that any depreciation on the buildings would consequently be immaterial and depreciation is not therefore charged. Freehold is annually revalued on an open market basis and presented at open market valuation.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

3,549,340

2,566,771

Social security costs

292,897

256,355

Other pension costs

51,360

46,528

3,893,597

2,869,654

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

31.12.24

31.12.23

Sales

33

34

Administration

12

11

Workshop

24

21

69

66

31.12.24

31.12.23

£

£

Director's remuneration

40,000

40,000

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Other operating leases

192,538

168,074

Depreciation - owned assets

300,361

317,815

Depreciation - assets on hire purchase contracts

28,454

15,730

Auditors' remuneration

17,000

18,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank loan interest

61,737

103,444

Mortgage

35,975

16,607

Loan

208,409

155,904

Stocking interest

1,314,851

987,777

Hire purchase

11,419

15,216

Leasing

47,337

45,923

1,679,728

1,324,871

6.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

Adjustment to prior years

(618

)

(106,501

)

Deferred tax

135,026

203,875

Tax on profit

134,408

97,374

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:

31.12.24

31.12.23

£

£

Profit before tax

472,313

675,539

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

118,078

168,885

Effects of:

Expenses not deductible for tax purposes

3,170

936

Income not taxable for tax purposes

-

(48,750

)

Depreciation in excess of capital allowances

60,024

43,200

Utilisation of tax losses

(181,272

)

(164,271

)

Tax credit in respect to prior years

(618

)

(106,501

)

Deferred tax

135,026

203,875

Total tax charge

134,408

97,374