REGISTERED NUMBER: 01592708 (England and Wales)

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements

For The Year Ended 31 December 2024

for

Padwicks Travel (Wembley) Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Independent Auditors' Report

8

Consolidated Profit and Loss Account

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

Mrs P Patel

Mr R C Patel

SECRETARY:

Mrs P Patel

REGISTERED OFFICE:

523 High Road

Wembley

Middlesex

HA0 2DH

REGISTERED NUMBER:

01592708 (England and Wales)

AUDITORS:

RNS Business Solutions Limited

Chartered Accountants

Statutory Auditors

276 Preston Road

Harrow

Middlesex

HA3 0QA

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

REVIEW OF BUSINESS

Padwicks Travel (Wembley) Limited primarily acts as a holding company and operates a rental property business. Travelpack Marketing & Leisure Services, a wholly owned subsidiary, is one of the leading travel agents selling flights and holiday packages. We continue developing sales of new and emerging holiday destinations.

The Group's turnover in 2024 increased to £85.60 million from £82.55 million in 2023. This resulted in operating profit of £1,170,290 for the year (2023: £1,332,782). The Group managed to achieve margins of 7.36% (2023: 6.08%). The EBITDA increased to £1,268,591 from £1,229,684 in 2023. However the EBITA decreased to £1,268,591 from £1,401,260 in 2023 excluding fair value movement on investment properties.

The Group's investment property portfolio continued to generate expected return. During the year the Group received rental income of £535,570 (2023: £705,841). The aggregate market value of the Group's investment properties was £14,973,526 (2023: £14,960,000).

As at the balance sheet date, the Group's gross assets were £43,410,809 (2023: £38,706,786) and the net assets were £10,414,911 (2023: £10,138,085).

Key performance indicators

The directors continue to monitor KPIs in respect of sales, gross profit, gross assets, EBITDA and operating cash flow of the Group.

Travel regulatory bodies

Travelpack Marketing & Leisure Services Limited holds an IATA and ATOL licence which ensures protection to its customers.

PRINCIPAL RISKS AND UNCERTAINTIES

Key risks for the business over the mid-term would centre on additional competition as new companies enter the market. The group faces a number of risks and uncertainties, and the directors believe that the key business risks are in respect of political and environmental from both UK and international governments. There is also a risk from the larger companies who have greater resources at their disposal. However, the directors are confident that the group's long history and the directors' experience is sufficient to overcome these uncertainties.

With regard to the property portfolio, the group faces a number of risks and uncertainties and the directors believe that the key business risks are in respect of rental demand and investment property valuation. However, the directors are confident that the group's long history and the directors' experience is sufficient to overcome these uncertainties.

SECTION 172(1) STATEMENT

The following disclosure describes how the directors have had regard to the matters set out in Section 172(1) (a) to (f) and forms the Directors' statement required under section 414 CZA of the Companies Act 2006.

Customers:

If the Group is unable to meet the expectations of customers and does not engage effectively to maintain their loyalty to the Travelpack brand, then the brand will be eroded and the Group will lose its market share.

Customers continue to value reliability, value for money and good customer service experience throughout their journey from booking to arrival at the destination.

The Group remains committed to improving customer service by investing in its sales and customer service staff to handle customer enquiries and grievances.

Tenants:

Tenants continue to value reliability and value for money during the period of stay.

The Group remains committed to maintaining the investment properties to high standard to handle tenant enquiries and grievances.

Suppliers:

The Group's suppliers are fundamental to ensuring that the Group meets the standards of conduct that the customers and tenants expect.

Supplier value operational stability, transparency and integrity at all times in all business dealings and timely settlement avoiding liquidity challenges.

The directors continue to engage regularly with the airlines, who are the Group's main suppliers, and the suppliers of other products by making timely and accurate payments.

The subsidiary company, Travelpack Marketing & Leisure Services Limited, is a member of IATA and uses Billing and Settlement Plan (BSP) to settle airline dues for its bookings.

Employees:

The Group's long-term success is based on the commitment of its workforce to the Group's purpose and demonstrating its values on a daily basis.

Engagement with the employees is essential to ensure the Group fosters an environment that the workforce is motivated to work.The Group operates in a working environment which encourages employees to share their views on all matters with senior management.

Communities and environment:

The communities in which the Group operates require the Group to operate in a socially responsible manner and protect the environment.

The Group continues to support the local communities where it operates by providing employment opportunities to local people and paying fair amount of taxes.

The directors consider that the Group's operations do not have significant adverse impact on the environment.

SECTION 172(1) STATEMENT - continued

Long term decisions:

Principal decisions are those that are material to the Group and significant to any of the stakeholder group. In making the principal decisions outlined in the Section 172 statement, the Board considered the outcome from its stakeholder engagement as well as the need to maintain a reputation for high standards of business conduct and the need to act fairly between the members of the Group.

STRATEGY AND OBJECTIVITY

The vision of the Group is to be a sustainable market leader in the travel industry and the strategies are designed to increase its market share, drive the group to be competitive and achieve its vision. The main strategy for growing Padwicks Travel (Wembley) Limited as a group is to reduce our cost base across our larger product portfolio and wider world market. In addition, we are focussed on strengthening our core mainstream business and investing in areas of future growth, independent travel, and travel related financial business.

The Group's future strategy will be focused on providing high end holiday packages and offering customers more flexibility to encourage increased sales. The focus of the Group will be to achieve higher market share by innovative marketing, providing good customer experience and offering new products.

The Group also aims to strengthen it's property portfolio.

BUSINESS MODEL

We drive our sales through retail outlets, call centres and websites. We have previously invested more money in advertising to create a brand name Travelpack worldwide and increased the resources in sales and marketing.

Our core business remains our mainstream business, which is predominantly the sale of flight tickets and other components of travel, such as hotels, transfers and other services. These products are sold to customers through brochures, travel agents online through the corporate website or over the phone from our call centres.

The Group continues to see the benefits of its website and software development expenditure with an increase in the turnover generated through online presence. Going forward, the strategy is to maximise the value of the mainstream business through cost efficiencies and by concentrating on the sale of profitable products.

The Group also reviews the return on the investment properties portfolio and negotiate the rent according to the market trend.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)

Executive Summary: In the evolving landscape of global travel, the Group recognises the imperative role of Environmental, Social, and Governance (ESC) principles in sustaining a responsible and future-oriented business model. Our commitment to integrating ESG values into our core operations reflects our dedication to fostering positive environmental impacts, ethical social practices, and robust governance structures.

Environmental Stewardship: The Group is dedicated to minimizing our environmental footprint and promoting sustainable tourism practices. Our efforts include:

- Implementing eco-friendly operational measures to reduce waste and energy consumption.

- Partnering with suppliers and accommodations that are committed to environmental sustainability.

- Encouraging travellers to engage in responsible tourism practices that respect natural habitats and local communities.

Social Responsibility: Our social initiatives are designed to ensure the well-being of our employees, customers, and the communities in which we operate. Key highlights include:

- Community engagement programs aimed at supporting local development and cultural preservation.

- Robust customer service policies ensuring high standards of satisfaction and ethical treatment.

- Comprehensive employee welfare programs focusing on health, safety, and professional development, alongside fostering a diverse and inclusive workplace culture.

Governance and Ethics: The Group upholds the highest standards of corporate governance and ethical conduct. Our governance framework includes:

- Transparent and accountable business practices, with clear policies on compliance, anti-corruption, and ethical business conduct.

- Active leadership involvement in promoting a culture of integrity and ethical decision-making throughout the organization.

- Regular monitoring and evaluation of governance practices to ensure alignment with industry standards and regulatory requirements.

Looking Forward: As we advance, the Group is committed to continuously enhancing our ESG initiatives. Our future goals include further reducing our environmental impact, expanding our community engagement efforts, and strengthening our governance frameworks. We believe that our ongoing dedication to ESG principles is not only essential for sustainable business growth but also contributes positively to the broader global travel industry.

Conclusion: The Group is proud of the strides we have made in integrating ESG principles into our business model. We remain dedicated to evolving our practices in line with global sustainability trends and stakeholder expectations. Our commitment to ESG is a testament to our dedication to responsible business conduct, environmental stewardship, and the well-being of all our stakeholders.

ON BEHALF OF THE BOARD:

Mrs P Patel - Director

27 June 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a holding company, travel agent including wholesale and retail air travel services and letting of own property.

DIVIDENDS

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

RESEARCH AND DEVELOPMENT

The group has invested a considerable amount in the last few years in developing website and software development. The management will continue to invest to keep the website up to date and develop new software for new devices as emerge.

DIRECTORS

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

Mrs P Patel

Mr R C Patel

FINANCIAL INSTRUMENTS

The group's principal financial instruments comprise of bank balances, bank loans, creditors and debtors. The main purpose of these instruments is to raise funds and finance the operations of the group.

Due to the nature of the financial instruments used by the group, there is no exposure to price risk. The group's approach to managing other risks applicable to financial instruments is disclosed below:

Liquidity Risk: The group's banking facilities are provided by the group's bankers in the form of long term loans and overdrafts. In our opinion, we believe that the group's bankers will continue to provide the group with these facilities.

Currency Risk: The group regularly reviews its foreign exchange requirements and prices its products to hedge against any currency fluctuations.

Interest Rate Risk: It is the group's policy to actively review the projected interest rate risk over future periods based on the expected future borrowings. There were no interest rates hedges in place at the balance sheet date. This will continue to be reviewed on a regular basis by the management.

Credit Risk: Some of our customers have been extended credit and the management regularly monitors the credit facilities provided to the customers in order to minimise the loss.

EMPLOYMENT POLICY

The directors endeavour to ensure that as far as possible all employees inclusive of disabled employees are given proper training to perform their duties. Should any of the employees become disabled during their term of employment, then every effort is made to ensure that their employment is continued and appropriate retraining is given to such employees.

STREAMLINED ENERGY AND CARBON REPORTING

The group consumed 40,000 kWh of energy or less in the United Kingdom during the period in respect of which the directors' report is prepared, so the information is not reported.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

Mrs P Patel - Director

27 June 2025

Opinion

We have audited the financial statements of Padwicks Travel (Wembley) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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.

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We review the scope of the Company's compliance with its regulators, the Civil Aviation Authority ("CAA"), and relevant documentation to assess this and the effectiveness of its control environment.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations.This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our 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 Auditors' 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 Auditors' 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.

Rakesh Sangani BA FCA (Senior Statutory Auditor)

for and on behalf of RNS Business Solutions Limited

Chartered Accountants

Statutory Auditors

276 Preston Road

Harrow

Middlesex

HA3 0QA

27 June 2025

TURNOVER

3

85,596,614

82,548,155

Cost of sales

79,293,717

77,532,585

GROSS PROFIT

6,302,897

5,015,570

Administrative expenses

5,139,359

3,689,138

1,163,538

1,326,432

Other operating income

4

6,752

6,350

OPERATING PROFIT

6

1,170,290

1,332,782

Interest receivable and similar income

20,168

9,039

1,190,458

1,341,821

Investment property fair value movement

-

(171,576

)

1,190,458

1,170,245

Interest payable and similar expenses

8

795,882

839,154

PROFIT BEFORE TAXATION

394,576

331,091

Tax on profit

9

117,750

92,029

PROFIT FOR THE FINANCIAL YEAR

276,826

239,062

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

276,826

239,062

Profit attributable to:

Owners of the parent

276,826

239,062

Total comprehensive income attributable to:

Owners of the parent

276,826

239,062

FIXED ASSETS

Intangible assets

11

502,729

184,576

Tangible assets

12

317,841

304,966

Investments

13

-

-

Investment property

14

14,973,526

14,960,000

15,794,096

15,449,542

CURRENT ASSETS

Debtors

15

25,706,974

19,190,098

Cash at bank and in hand

1,909,739

4,067,146

27,616,713

23,257,244

CREDITORS

Amounts falling due within one year

16

(21,232,767

)

(16,427,210

)

NET CURRENT ASSETS

6,383,946

6,830,034

TOTAL ASSETS LESS CURRENT LIABILITIES

22,178,042

22,279,576

CREDITORS

Amounts falling due after more than one year

17

(10,747,181

)

(11,125,914

)

PROVISIONS FOR LIABILITIES

21

(1,015,950

)

(1,015,577

)

NET ASSETS

10,414,911

10,138,085

CAPITAL AND RESERVES

Called up share capital

22

60,000

60,000

Retained earnings

23

10,354,911

10,078,085

SHAREHOLDERS' FUNDS

10,414,911

10,138,085

The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by:

Mrs P Patel - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

3,394

3,992

Investments

13

200,089

200,089

Investment property

14

16,187,326

16,160,000

16,390,809

16,364,081

CURRENT ASSETS

Debtors

15

1,721,769

1,440,815

Cash at bank

67,325

160,475

1,789,094

1,601,290

CREDITORS

Amounts falling due within one year

16

(702,470

)

(836,550

)

NET CURRENT ASSETS

1,086,624

764,740

TOTAL ASSETS LESS CURRENT LIABILITIES

17,477,433

17,128,821

CREDITORS

Amounts falling due after more than one year

17

(6,097,249

)

(5,751,096

)

PROVISIONS FOR LIABILITIES

21

(1,182,756

)

(1,182,783

)

NET ASSETS

10,197,428

10,194,942

CAPITAL AND RESERVES

Called up share capital

22

60,000

60,000

Retained earnings

23

10,137,428

10,134,942

SHAREHOLDERS' FUNDS

10,197,428

10,194,942

Company's profit for the financial year

2,486

164,804

The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by:

Mrs P Patel - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

60,000

9,839,023

9,899,023

Changes in equity

Profit for the year

-

239,062

239,062

Total comprehensive income

-

239,062

239,062

Balance at 31 December 2023

60,000

10,078,085

10,138,085

Changes in equity

Profit for the year

-

276,826

276,826

Total comprehensive income

-

276,826

276,826

Balance at 31 December 2024

60,000

10,354,911

10,414,911

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

60,000

9,970,138

10,030,138

Changes in equity

Profit for the year

-

164,804

164,804

Total comprehensive income

-

164,804

164,804

Balance at 31 December 2023

60,000

10,134,942

10,194,942

Changes in equity

Profit for the year

-

2,486

2,486

Total comprehensive income

-

2,486

2,486

Balance at 31 December 2024

60,000

10,137,428

10,197,428

Cash flows from operating activities

Cash generated from operations

1

(618,458

)

68,695

Interest paid

(795,882

)

(839,154

)

Tax paid

(135,323

)

(136,148

)

Net cash from operating activities

(1,549,663

)

(906,607

)

Cash flows from investing activities

Purchase of intangible fixed assets

(373,754

)

-

Purchase of tangible fixed assets

(35,229

)

(26,848

)

Purchase of investment property

(13,526

)

(116,576

)

Interest received

20,168

9,039

Net cash from investing activities

(402,341

)

(134,385

)

Cash flows from financing activities

Net increase/(decrease) in loans

(214,085

)

3,318,801

Net increase/(decrease) in other loans

(14,867

)

(35,737

)

Amount withdrawn by directors

(18,940

)

(54,055

)

Net cash from financing activities

(247,892

)

3,229,009

(Decrease)/increase in cash and cash equivalents

(2,199,896

)

2,188,017

Cash and cash equivalents at beginning of year

2

4,067,146

1,879,129

Cash and cash equivalents at end of year

2

1,867,250

4,067,146

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

31/12/24

31/12/23

£

£

Profit before taxation

394,576

331,091

Depreciation charges

77,955

59,437

Loss on revaluation of fixed assets

-

171,576

Finance costs

795,882

839,154

Finance income

(20,168

)

(9,039

)

1,248,245

1,392,219

Increase in trade and other debtors

(6,516,876

)

(1,796,093

)

Increase in trade and other creditors

4,650,173

472,569

Cash generated from operations

(618,458

)

68,695

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

1,909,739

4,067,146

Bank overdrafts

(42,489

)

-

1,867,250

4,067,146

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

4,067,146

1,879,129

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

4,067,146

(2,157,407

)

1,909,739

Bank overdrafts

-

(42,489

)

(42,489

)

4,067,146

(2,199,896

)

1,867,250

Debt

Debts falling due within 1 year

(14,867

)

(149,782

)

(164,649

)

Debts falling due after 1 year

(11,125,914

)

378,733

(10,747,181

)

(11,140,781

)

228,951

(10,911,830

)

Total

(7,073,635

)

(1,970,945

)

(9,044,580

)