Diversified Limited Company accounts

COMPANY REGISTRATION NUMBER: 04988653

DIVERSIFIED LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

DIVERSIFIED LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	6

Statement of income and retained earnings	10

Statement of financial position	11

Statement of cash flows	12

Notes to the financial statements	13

DIVERSIFIED LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	J D Daum
	W H Hegan
	E Hutto
	D Pitt (Resigned 12 September 2025)

Registered office	12/13 Egham Business Village
	Crabtree Road
	Egham
	TW20 8RB

Auditor	Streets Audit LLP
	Chartered accountants & statutory auditor
	Windsor House
	A1 Business Park at
	Long Bennington
	Lincs
	NG23 5JR

DIVERSIFIED LIMITED

STRATEGIC REPORT

YEAR ENDED 31 DECEMBER 2024

Introduction The principal activity of Diversified Limited during 2024 remained the design, supply, installation and maintenance of Audio Visual & Broadcast Solutions in the EMEA marketplace. Business review Diversified experienced substantial growth in 2024, with major investment in new talent across all areas of the business, and initiated the opening of a new office in Germany. As a result of these improvements UK turnover increased by 11% in 2024, and a further 22% increase is forecast in 2025 across EMEA. We are continuously innovating, investing in new technologies and developing new solutions such as cloud based audio visual and video collaboration systems. We focus on delivering a seamless and intuitive user experience; this includes advancements in user interfaces, ease of deployment and interoperability among collaboration tools and devices. Our collaborative efforts has enabled us to enter a new sector in 2023: stadiums and arenas. This is a significant win as it will facilitate other large business opportunities within the sector. With the investments made in the year, 2024's results have a sustained position compared to 2023, with steady EBITDA profits of £1m year on year. Principal risks and uncertainties Credit risk The company reduces its exposure to credit risk by collecting advance stage payments for major projects, together with strict credit control procedures. These include obtaining credit checks for potential customers, annual review of credit scores on existing customers, and imposing credit limits on acceptance of new customers. Foreign Currency risk The company is exposed to FX risk on its trading activities and intercompany loans. The intercompany loan denominations are mainly in USD and Euros, therefore the company is exposed to foreign currency exchange risk on these loans. The trading risk is managed by matching contract and purchase currencies. Competitor risk Competition in the audiovisual sector is strong but Diversified's position as one of the few truly global systems integrators provides a level of protection. The company continues to focus on customer relationships and value creation, providing a well balanced offering from all its key vendors, having an efficient supply chain and international delivery capability. Financial key performance indicators

	2024	2023
Turnover	33,944,771	30,590,450
Gross Profit %:	16	17
Operating Profit / (Loss) %:	6	2
Debtors Days:	74	56

Future Developments Continued EMEA growth is planned, with further development in specialist divisions to mirror the USA HQ model: including Media and Entertainment (Stadiums & Arenas) and Intelligent Workplace. These new workstreams are important new income and will further aid the growth and development of the business in Europe. Our team has further developed our Commercial and Technical capabilities continue to expand our value to our customers and develop our value to existing Enterprise customers and develop new client relationships.

This report was approved by the board of directors on 29 September 2025 and signed on behalf of the board by:

W H Hegan

Director

Registered office:

12/13 Egham Business Village

Crabtree Road

Egham

TW20 8RB

DIVERSIFIED LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 DECEMBER 2024

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

Directors

The directors who served the company during the year were as follows:

J D Daum
W H Hegan
E Hutto
D Pitt

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Disclosure of information in the strategic report

The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Company's Strategic Report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Report) Regulations 2008. This includes information that would have been included in the business review and the principal risks and uncertainties.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 judgments 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 29 September 2025 and signed on behalf of the board by:

W H Hegan

Director

Registered office:

12/13 Egham Business Village

Crabtree Road

Egham

TW20 8RB

DIVERSIFIED LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DIVERSIFIED LIMITED

YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of Diversified Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 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 loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report 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 directors' report. We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: 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 that we identified the material laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the company and the sector in which it operates. We then assessed the extent of compliance with these laws and regulations through making enquiries of management. We then 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 as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 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 tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and we 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 with management as to actual and potential litigation and claims, and reviewing correspondence with HMRC and relevant regulators. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities 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 auditor’s report. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Georgina Gale

(Senior Statutory Auditor)

For and on behalf of

Streets Audit LLP

Chartered accountants & statutory auditor

Windsor House

A1 Business Park at

Long Bennington

Lincs

NG23 5JR

29 September 2025

DIVERSIFIED LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 DECEMBER 2024

		2024	2023
			(restated)
Note		£	£
Turnover	4	33,944,771	30,590,450

Cost of sales	28,383,787	25,426,611
	-------------	-------------
Gross profit	5,560,984	5,163,839

Distribution costs		507,932	249,038
Administrative expenses		9,475,861	7,894,344
Other operating income	5	2,519,311	2,445,578
		------------	------------
Operating loss	6	( 1,903,498)	( 533,965)

Other interest receivable and similar income	10	40,183	69,687
Interest payable and similar expenses	11	( 78)	66,073
		------------	------------
Loss before taxation		( 1,863,237)	( 530,351)

Tax on loss	12	( 832,563)	( 35,345)
		------------	---------
Loss for the financial year and total comprehensive income		( 1,030,674)	( 495,006)
		------------	---------

Dividends paid and payable	13	( 336,115)	–

Retained earnings at the start of the year	5,412,706	5,907,712
	------------	------------
Retained earnings at the end of the year	4,045,917	5,412,706
	------------	------------

All the activities of the company are from continuing operations.

DIVERSIFIED LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024	2023
		(restated)
Note	£	£

Fixed assets

Tangible assets	14	372,443	370,848

Current assets

Stocks	15	1,695,048	1,771,295
Debtors	16	15,562,718	17,058,271
Cash at bank and in hand		3,416,085	1,986,968
		-------------	-------------
		20,673,851	20,816,534

Creditors: amounts falling due within one year	17	16,924,389	13,763,152
		-------------	-------------
Net current assets		3,749,462	7,053,382
		------------	------------
Total assets less current liabilities		4,121,905	7,424,230

Creditors: amounts falling due after more than one year	18	–	1,935,536

Provisions	19	74,988	74,988
		------------	------------
Net assets		4,046,917	5,413,706
		------------	------------

Capital and reserves

Called up share capital	23	1,000	1,000
Profit and loss account		4,045,917	5,412,706
		------------	------------
Shareholders funds		4,046,917	5,413,706
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

W H Hegan

Director

Company registration number: 04988653

DIVERSIFIED LIMITED

STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2024

	2024	2023
		(restated)
	£	£

Cash flows from operating activities

Loss for the financial year	( 1,030,674)	( 495,006)

Adjustments for:
Depreciation of tangible assets	139,540	145,903
Other interest receivable and similar income	( 40,183)	( 69,687)
Interest payable and similar expenses	( 78)	66,073
Gains on disposal of tangible assets	( 11,323)	–
Tax on loss	( 832,563)	( 35,345)
Accrued expenses	6,368,443	–

Changes in:
Stocks	76,247	( 297,300)
Trade and other debtors	( 3,249,356)	806,701
Trade and other creditors	( 3,776,265)	3,038,220
	------------	------------
Cash generated from operations	( 2,356,212)	3,159,559

Interest paid	78	( 66,073)
Interest received	40,183	69,687
Tax received	870,238	–
	------------	------------
Net cash (used in)/from operating activities	( 1,445,713)	3,163,173
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 141,330)	( 155,356)
Proceeds from sale of tangible assets	11,518	–
	------------	------------
Net cash used in investing activities	( 129,812)	( 155,356)
	------------	------------

Cash flows from financing activities

Proceeds from loans from group undertakings	( 1,935,536)	1,423,247
Repayments of loans from group undertakings	531,384	–
Dividends paid	( 336,115)	–
Proceeds from loans to group undertakings	4,744,909	–
Increase in amounts owed to group undertakings	–	(2,508,133)
	------------	------------
Net cash from/(used in) financing activities	3,004,642	( 1,084,886)
	------------	------------

Net increase in cash and cash equivalents	1,429,117	1,922,931
Cash and cash equivalents at beginning of year	1,986,968	64,037
	------------	------------
Cash and cash equivalents at end of year	3,416,085	1,986,968
	------------	------------

DIVERSIFIED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12/13 Egham Business Village, Crabtree Road, Egham, TW20 8RB.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Management have reviewed the large year end cash position as well as historic trading results and this has given comfort that the entity will continue in operational existence for 12 months from the expected date of approval. Management are not anticipating a significant change in trading results and they are not aware of any events or conditions which would impact on profitability. The year end cash position is sufficient to cover total expenditure for at least 12 months from the date of approval.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements Revenue recognition for one particular contract during the year required an element of judgement. Revenue recognition for the contract is based on the contractual terms for when the risks and rewards associated with ownership of goods transfers based on certain milestones being achieved as outlined in the contract. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year are as follows: - A provision against stock is provided based upon specific lines that are deemed to be obsolete or very slow moving by management. Stock is usually ordered based on the requirement of individual projects. As such, stock impairments are based on stock purchases for projects that may not have carried through and cannot be used for other projects. This is reviewed on an annual basis. - Depreciation is calculated based upon the estimated useful lives of the assets.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all material timing differences that have originated but not reversed by the reporting date, except that: - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Other fixed assets	-	10% straight line
Fixtures and fittings	-	20% straight line
Motor vehicles	-	25% straight line
Office equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2024	2023
		(restated)
	£	£
Installations	30,143,685	28,667,824
Maintenance	3,801,086	1,922,626
	-------------	-------------
	33,944,771	30,590,450
	-------------	-------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2024	2023
		(restated)
	£	£
United Kingdom	28,330,949	28,218,029
Overseas	5,613,822	2,372,421
	-------------	-------------
	33,944,771	30,590,450
	-------------	-------------

5. Other operating income

	2024	2023
		(restated)
	£	£
Rental income	71,181	14,408
Management charges receivable	2,366,105	2,384,950
Other operating income	82,025	46,220
	------------	------------
	2,519,311	2,445,578
	------------	------------

6. Operating loss

Operating profit or loss is stated after charging/crediting:

	2024	2023
		(restated)
	£	£
Depreciation of tangible assets	139,540	145,903
Gains on disposal of tangible assets	( 11,323)	–
Impairment of trade debtors	120,462	200,069
Group management charges	858,359	782,210
	---------	---------

7. Auditor's remuneration

	2024	2023
		(restated)
	£	£
Fees payable for the audit of the financial statements	30,660	33,000
	--------	--------

Fees payable to the company's auditor and its associates for other services:

Taxation compliance services	–	1,815
	--------	--------

8. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Production staff	27	22
Distribution staff	4	3
Administrative staff	100	80
Management staff	42	45
	----	----
	173	150
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
		(restated)
	£	£
Wages and salaries	8,059,051	8,205,150
Social security costs	1,030,138	1,007,390
Other pension costs	114,688	120,887
	------------	------------
	9,203,877	9,333,427
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
		(restated)
	£	£
Remuneration	708,231	658,003
Company contributions to defined contribution pension plans	47,189	2,532
	---------	---------
	755,420	660,535
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
		(restated)
	No.	No.
Defined contribution plans	2	2
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2024	2023
		(restated)
	£	£
Aggregate remuneration	366,756	318,057
Company contributions to defined contribution pension plans	1,321	1,211
	---------	---------
	368,077	319,268
	---------	---------

10. Other interest receivable and similar income

	2024	2023
		(restated)
	£	£
Interest from group undertakings	40,183	69,687
	--------	--------

11. Interest payable and similar expenses

	2024	2023
		(restated)
	£	£
Interest on banks loans and overdrafts	( 78)	743
Other interest payable and similar charges	–	65,330
	----	--------
	( 78)	66,073
	----	--------

12. Tax on loss

Major components of tax income

	2024	2023
		(restated)
	£	£

Current tax:

Adjustments in respect of prior periods	37,099	( 37,107)

Deferred tax:

Origination and reversal of timing differences	( 869,662)	1,762
	---------	--------
Tax on loss	( 832,563)	( 35,345)
	---------	--------

Reconciliation of tax income

The tax assessed on the loss on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23.52 %).

	2024	2023
		(restated)
	£	£
Loss on ordinary activities before taxation	( 1,863,237)	( 530,351)
	------------	---------
Loss on ordinary activities by rate of tax	( 465,809)	( 96,517)
Adjustment to tax charge in respect of prior periods	38,278	–
Effect of expenses not deductible for tax purposes	14,556	9,405
Effect of capital allowances and depreciation	–	592
Effect of different UK tax rates on some earnings	–	(5,199)
Other timing differences leading to an increase/(decrease) in taxation	2,876	4,111
Deferred tax asset not recognised	(422,464)	52,263
	------------	---------
Tax on loss	( 832,563)	( 35,345)
	------------	---------

13. Dividends

	2024	2023
		(restated)
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	336,115	–
	---------	----

14. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024 (as restated)	371,847	115,299	273,091	476,366	1,236,603
Additions	63,406	17,175	–	60,749	141,330
Disposals	–	–	( 58,647)	( 195)	( 58,842)
	---------	---------	---------	---------	------------
At 31 December 2024	435,253	132,474	214,444	536,920	1,319,091
	---------	---------	---------	---------	------------
Depreciation
At 1 January 2024	165,945	101,176	271,955	326,679	865,755
Charge for the year	40,690	9,667	1,015	88,168	139,540
Disposals	–	–	( 58,647)	–	( 58,647)
	---------	---------	---------	---------	------------
At 31 December 2024	206,635	110,843	214,323	414,847	946,648
	---------	---------	---------	---------	------------
Carrying amount
At 31 December 2024	228,618	21,631	121	122,073	372,443
	---------	---------	---------	---------	------------
At 31 December 2023	205,902	14,123	1,136	149,687	370,848
	---------	---------	---------	---------	------------

15. Stocks

	2024	2023
		(restated)
	£	£
Raw materials and consumables	1,695,048	1,771,295
	------------	------------

16. Debtors

	2024	2023
		(restated)
	£	£
Trade debtors	6,908,059	4,695,183
Amounts owed by group undertakings	3,221,837	7,966,746
Deferred tax asset	869,662	–
Prepayments and accrued income	4,563,160	3,456,422
Corporation tax repayable	–	36,530
Other debtors	–	903,390
	-------------	-------------
	15,562,718	17,058,271
	-------------	-------------

17. Creditors: amounts falling due within one year

	2024	2023
		(restated)
	£	£
Trade creditors	767,358	2,508,763
Amounts owed to group undertakings	999,452	468,068
Accruals and deferred income	14,033,395	7,664,952
Corporation tax	37,675	–
Social security and other taxes	974,457	2,750,921
Other creditors	112,052	370,448
	-------------	-------------
	16,924,389	13,763,152
	-------------	-------------

18. Creditors: amounts falling due after more than one year

	2024	2023
		(restated)
	£	£
Amounts owed to group undertakings	–	1,935,536
	----	------------

19. Provisions

	Deferred tax (note 20)
	£
At 1 January 2024 and 31 December 2024 (as restated)	74,988
	--------

20. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
		(restated)
	£	£
Included in debtors (note 16)	869,662	–
Included in provisions (note 19)	( 74,988)	( 74,988)
	---------	--------
	794,674	( 74,988)
	---------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
		(restated)
	£	£
Accelerated capital allowances	78,378	73,226
Unused tax losses	( 869,104)	–
Deferred tax - other timing differences	(3,948)	1,762
	---------	--------
	(794,674)	74,988
	---------	--------

21. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 67,499 (2023: £ 118,355 ).

22. Prior period errors

The prior period financial statements have been restated due to an under provision in accruals of £120,000. The effect of the adjustment is an increase in accruals of £120,000 and a reduction in reserves of the same amount.

23. Called up share capital

Issued, called up and fully paid

	2024		2023
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

24. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	1,986,968	1,429,117	3,416,085
Debt due within one year	(468,068)	(531,384)	(999,452)
Debt due after one year	(1,935,536)	1,935,536	–
	------------	------------	------------
	( 416,636)	2,833,269	2,416,633
	------------	------------	------------

25. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
		(restated)
	£	£
Not later than 1 year	372,937	217,390
Later than 1 year and not later than 5 years	970,342	388,920
	------------	---------
	1,343,279	606,310
	------------	---------

26. Related party transactions

Included within amounts due from group undertakings is £2,410,604 (2023: £2,545,435) due from a parent company of Diversified Limited. Also included in amounts due from group undertakings is £811,233 (2023: £5,421,311) due from fellow subsidiaries. Included within amounts owed to group undertakings is £nil (2023: £2,156,955) due to a parent company of Diversified Limited. Also included within amounts due from group undertakings is £999,452 (2023: £246,649) due to fellow subsidiaries. During the year, purchases of £201,971 (2023: £nil) were made from a parent company of Diversified Limited and purchases of £7,950 (2023: £446,676) were made from fellow subsidiaries of Diversified Limited. During the year sales of £2,944,243 (2023: £4,701,494) were made to fellow subsidiaries of Diversified Limited. Units 9-13 Egham Business Village are leased from a former Director who resigned during the prior year and rent of £24,329 was paid in 2023.

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £ 850,645 (2023: £ 660,535 ).

27. Controlling party

The parent company of the smallest group for which consolidated financial statements are drawn up is One Diversified Netherlands Holding, B.V . The address of their registered office is: Herikerbergweg 88, 1101 CM Amsterdam, The Netherlands. The ultimate parent company of Diversified Limited is Distinct Holdings Group, LLC , a company incorporated in the USA. The address of their registered office is: 2975 Northwoods Parkway, Norcross, GA 30071, USA.