REGISTERED NUMBER: 06540985 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

I-PHARM CONSULTING LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

S J Lamport-Went

I A Al-Tarafi

S P McAnaney

SECRETARY:

S J Lamport-Went

REGISTERED OFFICE:

Moor Place

1 Fore Street Avenue

London

EC2Y 9DT

REGISTERED NUMBER:

06540985 (England and Wales)

AUDITORS:

Hartley Fowler LLP

Statutory Auditors

Chartered Accountants

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

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

REVIEW OF BUSINESS

The principal activity of i-Pharm Consulting Limited and its subsidiaries, together "i-Pharm Consulting," is a specialist recruitment and staffing solutions business focused on providing both temporary (contract), Statement of Work ("SOW") and permanent placements within the Life Sciences sector.

For 17 years, i-Pharm Consulting Group has been helping clients attract the best global talent, assisting in scaling Life Science research projects, and increasing resourcing capabilities.

Results and Performance

In 2024, the Life Sciences staffing industry continued to face headwinds from wider macroeconomic and market factors, consistent with the trends seen in 2023. These external challenges impacted business performance and prompted the Group to refine its strategy by concentrating on its core markets in the United States, Europe and Australia, while consolidating operations around high-value service lines to protect profitability and strengthen long-term growth potential.

Key Performance Indicators (KPIs)

The directors consider the key performance indicators as those that communicate the financial performance of the business.

KPI

2024 (£

)

2023 (£

)

Revenue

9,321

16,102

Gross profit

2,244

3,606

Operating profit

-204

868

RISK MANAGEMENT POLICIES

The Company operates within multiple jurisdictions and geographies. As a result, it is exposed to foreign currency exchange risk. This exposure is continually monitored and mitigated wherever possible.

Management objectives are to continue to retain profits within the businesses, thus growing shareholder equity and thereby enabling the Company to continue to meet its day-to-day operational requirements and to build up its reserves. The businesses currently make little use of financial instruments other than bank accounts and invoice discounting facilities to help fund contract activities. The exposure to price risk, credit risk, liquidity risk and cash flow risk is therefore not material for the businesses. There is substantial headroom available on our invoice discounting facilities to meet current business needs.

Other key business risk areas within the Company (market risk, geographic risk, and talent risk) are being successfully addressed through the continuing diversification in our offerings within technology, ongoing expansion of our geographic reach and our use of staff incentive plans.

People Management

The Board have developed a company-wide wellbeing programme for all staff including an engagement survey to enable staff views and opinions to be heard, establishing an employee benefits scheme and encouraging staff to engage in mentoring schemes. A Global Diversity, Equality & Inclusion working group was created.

This Company gives staff members a space to confidentially talk about their experiences and provide feedback on ideas which help the HR team to create an inclusive organisation.

i-Pharm Consulting operates an equal opportunities policy that aims to treat individuals fairly and not to discriminate on the basis of sex, race, ethnic origin, disability or any other basis. The Company's policies and procedures are designed to provide for full and fair consideration and selection of disabled applicants, to ensure that they are properly trained to perform safely and effectively and to provide career opportunities that allow them to fulfil their potential.

Business Relationships & Supply Chain

The Board is conscious that the business has a low impact on the environment in which it operates, particularly in terms of energy consumption and business travel. As an organisation, we take climate change seriously. Our Environmental Strategy aims to reduce the Company's carbon footprint and follows industry best practice on Environmental Social and Governance ('ESG') principles.

The Company's operations, being services, are inherently less damaging to the environment than other business sectors. However, the Board recognises that the business must minimise its impact on the environment and utilises recommendations from the Carbon Trust to reduce the organisation's carbon footprint. Where possible, the Company leases office space in buildings with ISO14001 accreditation. A current focus area is IT, where increased virtualisation of servers and systems lowers energy consumption. We also continue to reduce unnecessary travel and, where possible, we encourage teams to work remotely.

Future Outlook

Looking ahead to 2025, the Group enters the year with a strengthened focus on core geographies and high-value service lines, positioning us to capitalise on an evolving market opportunity. Investment in staff training, business development, and technology-enabled recruitment processes is expected to drive further productivity gains and enhance client delivery.

While macroeconomic uncertainty is likely to persist, the Board remains confident that the strategic and operational changes implemented in 2024 have created a more resilient platform for sustainable growth. The Group is well placed to deliver improved results in 2025 and beyond.

Liquidity

The Company currently has a strong balance sheet and significant headroom with its banking facilities. This should ensure it continues to be able to pay suppliers when they become due.

ON BEHALF OF THE BOARD:

S P McAnaney - Director

25 September 2025

The directors present their 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 the provision of recruitment services.

DIVIDENDS

Ordinary dividends were paid amounting to £392,450 (2023:£490,000). The Directors do not recommend payment of a final dividend.

DIRECTORS

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

S J Lamport-Went

I A Al-Tarafi

S P McAnaney

Other changes in directors holding office are as follows:

C J Lynam ceased to be a director after 31 December 2024 but prior to the date of this report.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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, Hartley Fowler LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S P McAnaney - Director

25 September 2025

Opinion

We have audited the financial statements of I-Pharm Consulting 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 and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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, 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:

We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures;

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

As a result of performing the above, we did not identify any key matters related to the potential risk of fraud or non-compliance with laws and regulations.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provision of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reviewing minutes of meetings of those charged with governance, reviewing internal reports and reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale for any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.

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.

Jonathan Askew (Senior Statutory Auditor)

for and on behalf of Hartley Fowler LLP

Statutory Auditors

Chartered Accountants

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

29 September 2025

TURNOVER

3

9,321,448

16,101,550

Cost of sales

7,077,202

12,495,421

GROSS PROFIT

2,244,246

3,606,129

Administrative expenses

4,160,464

3,166,667

(1,916,218

)

439,462

Other operating income

1,711,580

428,690

OPERATING (LOSS)/PROFIT

5

(204,638

)

868,152

Interest receivable and similar income

12,443

-

(192,195

)

868,152

Interest payable and similar expenses

6

13

78,506

(LOSS)/PROFIT BEFORE TAXATION

(192,208

)

789,646

Tax on (loss)/profit

7

(42,687

)

197,074

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(149,521

)

592,572

(LOSS)/PROFIT FOR THE YEAR

(149,521

)

592,572

OTHER COMPREHENSIVE INCOME

Share option reserve movement

161,355

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

161,355

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

11,834

592,572

FIXED ASSETS

Tangible assets

9

3,353

9,206

Investments

10

-

-

3,353

9,206

CURRENT ASSETS

Debtors

11

2,749,734

6,123,102

Cash at bank and in hand

1,443,651

256,609

4,193,385

6,379,711

CREDITORS

Amounts falling due within one year

12

568,160

2,379,723

NET CURRENT ASSETS

3,625,225

3,999,988

TOTAL ASSETS LESS CURRENT LIABILITIES

3,628,578

4,009,194

CAPITAL AND RESERVES

Called up share capital

14

114

114

Share premium

207,474

207,474

Share option reserve

161,355

-

Retained earnings

3,259,635

3,801,606

SHAREHOLDERS' FUNDS

3,628,578

4,009,194

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

S P McAnaney - Director

Called up

Share

share

Retained

Share

option

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

-

3,699,034

207,474

-

3,906,508

Changes in equity

Issue of share capital

114

-

-

-

114

Dividends

-

(490,000

)

-

-

(490,000

)

Total comprehensive income

-

592,572

-

-

592,572

Balance at 31 December 2023

114

3,801,606

207,474

-

4,009,194

Changes in equity

Dividends

-

(392,450

)

-

-

(392,450

)

Total comprehensive income

-

(149,521

)

-

161,355

11,834

Balance at 31 December 2024

114

3,259,635

207,474

161,355

3,628,578

1.	STATUTORY INFORMATION

I-Pharm Consulting 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

These financial statements are prepared on the going concern basis. The directors have reviewed the group's business plan, post year end performance and future forecast, and have confidence that the company has adequate resources to continue in operational existence for the foreseeable future. The directors believe that it is appropriate to prepare the financial statements on a going concern basis.

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 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In preparing these financial statements the Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom exactly equal the related actual results. In the opinion of the Directors, as at the signing of these financial statements, there are no changes to those estimates and underlying assumptions in the application of accounting policies that are considered to be material adjustment to the carrying value of assets and liabilities.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Impairment of investment in subsidiaries

The company conducts an impairment review of the investment in subsidiaries whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable or tests for impairment annually in accordance with the relevant accounting standards.

Determining whether an asset is impaired requires and estimation of the recoverable amount which requires the group to estimate the value in use which is based on future cash flows and a suitable discount factor in order to calculate the present value. Where the actual cash flows are less than expected, an impairment loss may arise.

Recoverability of intercompany balances

Management regularly assess balances due between group entities and whether these are recoverable. Where it is considered that the future cash flows of these debts are less than the carrying amount in the individual company financial statements, appropriate provisions are made against these balances to reflect the recoverability of the asset.

Turnover

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

Sales are recognised at the point at which the Company has fulfilled its contractual obligation to the client.

Turnover in respect of temporary placements is recognised when the service has been rendered and accepted by the client.

Turnover in respect of contingent permanent fees is recognised when the company has fulfilled its contractual obligations in accordance with the underlying contracts. Depending on the contract, this is either on the start date or the candidates' employment, or when a candidate accepts an offer of employment and a start date has been determined.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements

-

33% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised in the profit or loss.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are only offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle no a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which included debtors and cash at bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

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.

Share-based payments

The Group operates an EMI share options scheme. Details of the options within this scheme are set out in the Share Based Payments Transactions note.

Year end fair market values have been determined using the Black Scholes model, which takes into account the exercise price of the option, the current share price, the risk free interest rate, the expected volatility of the share price over the life of the option and other relevant factors. This in accordance with FRS 102 'Share-based Payment'.

3.

TURNOVER

The turnover and loss (2023 - 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

4,188,463

9,677,879

Rest of the World

5,132,985

6,423,671

9,321,448

16,101,550

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,374,473

1,937,238

Social security costs

229,604

170,562

Other pension costs

53,027

19,061

2,657,104

2,126,861

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

2024

2023

35

50

2024

2023

£

£

Directors' remuneration

24,000

77,318

5.	OPERATING (LOSS)/PROFIT

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

2024

2023

£

£

Other operating leases

344,946

409,519

Depreciation - owned assets

7,639

10,160

Auditors' remuneration

9,000

18,015

Taxation compliance services

2,500

-

Other non- audit services

1,500

-

Foreign exchange differences

48,892

39,253

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

13

74,913

Interest payable

-

3,593

13

78,506

7.

TAXATION

Analysis of the tax (credit)/charge

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

2024

2023

£

£

Current tax:

UK corporation tax

-

188,104

Corporation tax - Prior year

-

8,970

Total current tax

-

197,074

Deferred tax

(42,687

)

-

Tax on (loss)/profit

(42,687

)

197,074

Reconciliation of total tax (credit)/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

£

£

(Loss)/profit before tax

(192,208

)

789,646

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

(48,052

)

185,725

Effects of:

Expenses not deductible for tax purposes

3,902

316

Capital allowances in excess of depreciation

-

(41

)

Depreciation in excess of capital allowances

1,463

-

Under/(over) provided in prior years

-

8,974

Deferred tax not recognised

-

2,100

Total tax (credit)/charge

(42,687

)

197,074

Tax effects relating to effects of other comprehensive income

2024

Gross

Tax

Net

£

£

£

Share option reserve movement

161,355

-

161,355

8.

DIVIDENDS

2024

2023

£

£

Ordinary shares shares of 0.0001 each

Interim

392,450

490,000

9.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

and

Computer

improvements

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

1,140

610

41,529

43,279

Additions

-

-

1,786

1,786

At 31 December 2024

1,140

610

43,315

45,065

DEPRECIATION

At 1 January 2024

412

610

33,051

34,073

Charge for year

380

-

7,259

7,639

At 31 December 2024

792

610

40,310

41,712

NET BOOK VALUE

At 31 December 2024

348

-

3,005

3,353

At 31 December 2023

728

-

8,478

9,206