REGISTERED NUMBER: 02098014 (England and Wales)

Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 December 2024

for

G.A. Design International Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Statement of Directors' Responsibilities

4

Report of the Independent Auditors

5

Income Statement

9

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Statement of Cash Flows

15

Notes to the Financial Statements

16

DIRECTORS:

T L N Larson

REGISTERED OFFICE:

Lymehouse Studios

30-31 Lyme Street

London

NW1 0EE

REGISTERED NUMBER:

02098014 (England and Wales)

AUDITORS:

Bullimores LLP

Statutory Auditor & Chartered Accountants

Old Printers Yard

156 South Street

Dorking

Surrey

RH4 2HF

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

REVIEW OF BUSINESS

Turnover and management charges for the year was £12,784,953 (2023: £4,652,622). While 2023 was a correction year with historic WIP write-offs, Trading EBITDA (earnings before finance costs, depreciation, tax and bad debts, excluding historical WIP write-offs and restructure costs) improved to £2,500,432 (2023: £1,745,353). 2024 results reflect a stronger underlying position, with net liabilities reducing significantly to £1,908,021 (2023: £4,446,209).

The company was acquired in May 2024 based on its financial fundamentals, strong reputation, and proven ability to deliver high-quality, market-leading hospitality environments. The 2023 result reflected extensive restructuring and a prudent approach to balance sheet positions, including significant write-offs of legacy project WIP.

Since year-end, meaningful progress has been made in securing new business while continuing to leverage ongoing projects. The strength of the current order book and active pipeline continues to support performance through 2025 and provides clear visibility into 2026, providing a solid foundation for sustained growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks remain cashflow and the broader global economic climate. Management has implemented a focused strategy to secure new business and strengthen the pipeline.

A significant milestone was achieved on 2 October 2024, when the loan with TC Funding Limited was fully repaid with the support of Unispace Global Limited (Unispace), releasing all associated charges. Although the Unispace loan remains outstanding, Unispace's ownership of the GA Group reduces the risk of immediate repayment. This enhanced financial stability strengthens the company's foundation for future growth.

The directors are confident that continued success in winning new business will position the group to capitalise on emerging opportunities and navigate economic challenges effectively.

KEY PERFORMANCE INDICATORS

Financial

The directors place a strong emphasis on turnover and delivering healthy profit margins. In line with expectations, the company achieved a Trading EBITDA of £2,500,432 (2023: £1,745,353), reflecting solid operational performance and a focus on maintaining efficiency.

Non-Financial

Although the directors believe that non-financial KPIs are not necessary to fully assess performance, the company remains committed to operational excellence, client satisfaction, and strategic growth initiatives. These efforts continue to underpin the company's overall performance and market position.

ON BEHALF OF THE BOARD:

T L N Larson - Director

25 September 2025

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

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of interior and architectural design for luxury hospitality and residential developments worldwide.

DIVIDENDS

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

DIRECTORS

The directors who have held office during the period from 1 January 2024 to the date of this report are as follows:

W Aeberhard - resigned 15 May 2024

J O Aeberhard - resigned 15 May 2024

B T Aeberhard - resigned 15 May 2024

V B Brannon II - resigned 15 May 2024

M N Duncan - resigned 16 January 2024

J Thoma - appointed 15 May 2024 - resigned 31 December 2024

T M Canfield - appointed 15 May 2024 - resigned 31 December 2024

T L N Larson - appointed 31 December 2024

FINANCIAL INSTRUMENTS

The Directors consider the following to be the significant risks to the business and action has been taken to mitigate the risks.

Price Risk - The Company is exposed to price risk from other suppliers, in our opinion this will always be a risk and cost reviews are regularly undertaken.

Credit and Liquidity Risk - the company has not experienced significant bad debt loss over the years. All work undertaken by the company is performed under signed contracts and all contracts are reviewed by a director prior to signature. Amounts charged to bad debts typically relate to disputes that the company has chosen not to pursue for a variety of reasons; in most cases, said amounts were due and collectible under the company's contracts.

Liquidity and Cashflow Risk - after more than 39 years in the fee-for-services business, it is the directors' opinion that almost all fee-for-services firms experience some cash flow pressure from time to time. The management therefore regularly review the working capital requirements of the company with great care to ensure that future liquidity, cashflow and adequate provisions are in place.

DIRECTORS INSURANCE

The company maintains an insurance policy for claims against Directors in the performance of their duties.

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.

ON BEHALF OF THE BOARD:

T L N Larson - Director

25 September 2025

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 UK-adopted international accounting standards. 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.

Opinion

We have audited the financial statements of G.A. Design International Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion the financial statements:

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

-	have been properly prepared in accordance with IFRSs as adopted by the UK; 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.

Going concern

The director has prepared the financial statements on a going concern basis as he does not intend to liquidate the company or to cease it's operations, and has concluded that the company's financial position means that this is realistic. The director has also concluded that there are no material uncertainties that could cast significant doubt over the ability of the company to continue as a going concern for at least a year from the date of approval of the financial statements ('the going concern period').

Our conclusions based on this work;

- We consider the use by the director of the going concern basis of accounting in the financial statements to be

appropriate; and

- We have not identified, and concur with the assessment of the director, that there is not a material uncertainty

related to events or conditions that, individually or collectively, may cast significant doubt on the company's ability

to continue as a going concern for the going concern period.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that are reasonable at the time that they are made, the above conclusions are not a guarantee that the company will continue in operation.

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the reporting frameworks (IFRS, the Companies Act 2006 and the relevant tax compliance regulations in the UK).

We understood how the company is complying with those legal and regulatory frameworks by making enquiries of management.

We did not identify any material matters relating to non-compliance with laws and regulations or relating to fraud.

We assessed the susceptibility of company's financial statements to material misstatement by discussions with the directors to understand areas where they considered there was susceptibility to misstatement. We also considered pressures on the directors to meet any external pressures in reporting the financial results.

Audit procedures performed by the engagement team on the areas where fraud might occur included:

- review of material balance sheet assets and liabilities to supporting third party confirmations where available

- journal entries review, with a focus on manual entries and entries determined to be large or unusual

- review of amounts recoverable under contract

- transaction testing

Assessment of the appropriateness of the collective competence and capabilities of the engagement team including consideration of the engagement team's:

- understanding of, and practical experience with audit engagements of a similar nature and complexity

- knowledge of the industry in which the company operates

- understanding of the legal and regulatory requirements specific to the company.

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.

Nicholas Boot FCA (Senior Statutory Auditor)

for and on behalf of Bullimores LLP

Statutory Auditor & Chartered Accountants

Old Printers Yard

156 South Street

Dorking

Surrey

RH4 2HF

26 September 2025

CONTINUING OPERATIONS

Revenue

11,796,598

3,616,026

Cost of sales

(7,368,227

)

(6,507,845

)

GROSS PROFIT/(LOSS)

4,428,371

(2,891,819

)

Other operating income

988,355

1,036,577

Administrative expenses

(3,486,718

)

(4,467,700

)

OPERATING PROFIT/(LOSS) BEFORE RESTRUCTURING COSTS

1,930,008

(6,322,942

)

Restructuring costs

(226,630

)

(592,736

)

OPERATING PROFIT/(LOSS)

1,703,378

(6,915,678

)

Finance costs

4

(840,087

)

(798,801

)

Finance income

4

73,819

64,534

PROFIT/(LOSS) BEFORE INCOME TAX

5

937,110

(7,649,945

)

Income tax

6

1,601,078

19,155

PROFIT/(LOSS) FOR THE YEAR

2,538,188

(7,630,790

)

PROFIT/(LOSS) FOR THE YEAR

2,538,188

(7,630,790

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR

2,538,188

(7,630,790

)

ASSETS

NON-CURRENT ASSETS

Owned

Property, plant and equipment

7

72,037

89,958

Right-of-use

Property, plant and equipment

7, 14

557,111

396,161

Deferred tax

15

1,601,078

-

2,230,226

486,119

CURRENT ASSETS

Trade and other receivables

8

7,501,272

5,351,230

Cash and cash equivalents

9

752,452

226,398

8,253,724

5,577,628

TOTAL ASSETS

10,483,950

6,063,747

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

10

12,000

12,000

Foreign exchange reserve

11

(2,408,004

)

(2,408,004

)

Retained earnings

11

487,983

(2,050,205

)

TOTAL EQUITY

(1,908,021

)

(4,446,209

)

LIABILITIES

NON-CURRENT LIABILITIES

Financial liabilities

Interest bearing loans and

lease liabilities

13, 14

288,680

178,856

288,680

178,856

CURRENT LIABILITIES

Trade and other payables

12

5,916,488

4,626,156

Financial liabilities

Interest bearing loans and

lease liabilities

13, 14

6,186,803

5,704,944

12,103,291

10,331,100

TOTAL LIABILITIES

12,391,971

10,509,956

TOTAL EQUITY AND LIABILITIES

10,483,950

6,063,747

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:

T L N Larson - Director

Called up

Foreign

share

Retained

exchange

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

12,000

5,580,585

(2,408,004

)

3,184,581

Changes in equity

Deficit for the year

-

(7,630,790

)

-

(7,630,790

)

Total comprehensive loss

-

(7,630,790

)

-

(7,630,790

)

Balance at 31 December 2023

12,000

(2,050,205

)

(2,408,004

)

(4,446,209

)

Changes in equity

Profit for the year

-

2,538,188

-

2,538,188

Total comprehensive income

-

2,538,188

-

2,538,188

Balance at 31 December 2024

12,000

487,983

(2,408,004

)

(1,908,021

)

Cash flows from operating activities

Cash generated from operations

1

1,128,168

(2,440,400

)

Interest paid

(110,281

)

(180,448

)

Lease interest paid

(19,408

)

(11,732

)

Finance costs paid

(99,663

)

(75,266

)

Tax paid

-

(636,608

)

Net cash from operating activities

898,816

(3,344,454

)

Cash flows from investing activities

Purchase of tangible fixed assets

(18,290

)

(15,812

)

Interest received

73,819

64,534

Net cash from investing activities

55,529

48,722

Cash flows from financing activities

New loans

1,640,673

3,554,597

Loan repayments in year

(1,680,110

)

(247,057

)

Lease payments

(220,828

)

(234,888

)

Net cash from financing activities

(260,265

)

3,072,652

Increase/(decrease) in cash and cash equivalents

694,080

(223,080

)

Cash and cash equivalents at beginning of year

2

226,398

683,848

Effect of foreign exchange rate changes

(168,026

)

(234,370

)

Cash and cash equivalents at end of year

2

752,452

226,398

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Profit/(loss) before income tax

937,110

(7,649,945

)

Depreciation charges

284,497

229,560

Loss on disposal of fixed assets

-

70,976

Finance costs

840,087

798,801

Finance income

(73,819

)

(64,534

)

1,987,875

(6,615,142

)

(Increase)/decrease in trade and other receivables

(2,150,042

)

4,687,375

Increase/(decrease) in trade and other payables

1,290,335

(512,633

)

Cash generated from operations

1,128,168

(2,440,400

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

752,452

226,398

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

226,398

683,848

1.	STATUTORY INFORMATION

G.A. Design International 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 preparation

These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

The recognition of the deferred tax asset involves significant judgement regarding the probability of future taxable profits. Should actual results differ from those anticipated, the carrying amount of the deferred tax asset may require adjustment.

Revenue recognition and amounts recoverable under contract

Revenue comprises the fair value of the consideration received for the provision of services net of value added tax, rebates and discounts. Revenue is recognised when it can be reliably measured and it is probable that economic benefits will flow to the company with reference to the completion stage of the contract.

In assessing the amounts recoverable under contract the Directors have considered and approach consistent with accounting standards. Each project has been considered and an assessment of recoverability made.

Cash and cash equivalents

Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

10% on cost

Fixtures and fittings

-

33% on cost and 20% on cost

The company recognises right of use assets and the corresponding finance lease liability. The company presents these assets as part of property, plant and equipment given the nature and use of these leased . assets. Depreciation of these ROU assets are as follows:

Office Building - over the terms of the lease

Fixtures & Fittings - over the terms of the lease

Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Trade debtors and accrued income

Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established where there is objective evidence that the company will not be able to collect all amounts due.

Where a project has been substantially completed by the date of the statement of financial position and the criteria for revenue recognition are satisfied, an amount recoverable under contract is recognised for work performed but unbilled with reference to the completion stage of the contract.

Trade creditors

Trade creditors are the obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised at the transaction price.

Borrowings

All borrowings are initially recorded at the amounts of proceeds received. The interest expense is recognised on the basis of the effective interest rate method and is included in finance costs.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable.

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

Deferred tax is recognised where appropriate in respect of all timing differences that have originated but not reversed at the statement of financial position date. Deferred tax is determined using tax rates enacted or substantially enacted by the statement of financial position date.

Leased assets

For any new contracts entered into on or after 1 January 2019, the company considers whether a contract is, or contains a lease. A lease is defined as 'a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration'. To apply this definition, the company assesses whether the contract meets three key evaluations;

- The contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the company.

- The company has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract the company has the right to direct the use of the identified asset throughout the period of use.

- The company assesses that it has the right to direct 'how and for what purpose' the asset is used throughout the period of use.

Measurement and recognition of leases as a lessee

At lease commencement date, the company recognises a right of use asset and a lease liability on the balance sheet. The right of use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the company, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the commencement date (net of any incentives received).

At the commencement date the company measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the company's incremental borrowing rate.

Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any re-assessment or modification, or if there are any changes in in-substance fixed payments. Where the lease liability is remeasured, the corresponding adjustment is reflected in the right of use asset, or to the income statement if the right of use asset is already reduced to zero.

In the accounts for the year ended 31 December 2024 the weighted average incremental borrowing rate applied to lease liabilities recognised under IFRS 16 was 7.96% for both the office building and for the office equipment.

On the statement of financial position, right of use assets have been included in property, plant and equipment and lease liabilities have been included in financial liabilities.

Employee benefit costs

The company operates a defined contribution pension scheme for employees. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

4,753,450

4,973,563

Other pension costs

310,692

370,131

5,064,142

5,343,694

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

31.12.24

31.12.23

Administration and support

10

13

Marketing

1

1

Other departments

64

71

75

85

Directors emoluments totalled £159,206 (2023 - £567,474).

The emoluments of the highest paid director totalled £70,379.

Directors have also been remunerated in the Unispace Group.

4.	NET FINANCE COSTS

31.12.24

31.12.23

£

£

Finance income:

Interest receivable

73,819

64,534

Finance costs:

Loan interest and charges

547,085

475,434

Other interest

5,905

1,999

Foreign currency loss/(gain)

168,026

234,370

Leasing

19,408

11,732

Tax interest and penalties

30,928

52,784

Loan arrangement fees

68,735

22,482

840,087

798,801

Net finance costs

766,268

734,267

5.	PROFIT/(LOSS) BEFORE INCOME TAX

The profit before income tax (2023 - loss before income tax) is stated after charging:

31.12.24

31.12.23

£

£

Depreciation - owned assets

36,211

42,061

Depreciation - assets on hire purchase contracts or finance leases

248,288

187,499

Loss on disposal of fixed assets

722

70,976

Auditors remuneration including non audit services

37,400

37,400

6.	INCOME TAX

Analysis of tax income

31.12.24

31.12.23

£

£

Current tax:

Prior year adjustment

-

(19,155

)

Deferred tax

(1,601,078

)

-

Total tax income in income statement

(1,601,078

)

(19,155

)

Factors affecting the tax expense

The tax assessed for the year is lower (2023 - higher) than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit/(loss) before income tax

937,110

(7,649,945

)

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

234,278

(1,912,486

)

Effects of:

Losses utilised/carried forward

(225,433

)

1,912,486

Deferred tax movement

(1,601,078

)

(10,290

)

Prior year adjustment

-

(8,865

)

Timing difference in expenses

(8,845

)

-

Tax income

(1,601,078

)

(19,155

)