REGISTERED NUMBER: 03348440 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GLOBAL SERVICE GROUP LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

10

Balance Sheet

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

G L Weston

R A Berringer

SECRETARY:

G L Weston

REGISTERED OFFICE:

28 Wilton Road

Bexhill on Sea

East Sussex

TN40 1EZ

BUSINESS ADDRESS:

Unit 4, Windmill Business Village

Brooklands Close

SUNBURY ON THAMES

Middlesex

TW16 7DY

REGISTERED NUMBER:

03348440 (England and Wales)

AUDITORS:

Watson Associates (Audit Services) Ltd

Statutory Auditor

30-34 North Street

Hailsham

East Sussex

BN27 1DW

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

REVIEW OF BUSINESS

The Directors are pleased to report a further year of pleasing growth. This achievement has once again been delivered by increased revenues from existing clients and securing new contracts in the year.

An increase in turnover of 27% over the previous year has filtered through to an increase of the same percentage in pre-tax profits compared with 2023.

The Company's healthcare sector continued to carry out vital work in the sector, with satisfying results continuing on from 2023.

The Company's commercial sector saw large year on year increases in terms of revenue and profits, with the year seeing the first full year working with a large national retailer having secured a new long term contract in late 2023.

The sector was also bolstered with new experienced management towards the end of the year.

The driver work force once again grew year on year and delivered exceptional service levels across both sectors, making use of an increasing electric vehicle fleet, as the Company continues to work in an environmentally friendly fashion, whilst balancing this with the service demands of its clients.

PRINCIPAL RISKS AND UNCERTAINTIES

The business has been exposed, like many others, to operating cost increases during 2024, resulting from general inflation, but in particular legislative wage increases.

Post year end The Government imposed further rises in national wage levels and National Insurance rate. These have put pressure on margins, but The Directors are confident that other cost savings and new contracts can maintain overall profit levels.

FUTURE DEVELOPMENTS

Whilst The Directors do not envisage such rapid growth in 2025, compared with previous trends, they still anticipate growth and further building of relationship with existing clients.

The Company intends to continue to develop its fleet management team and IT systems during 2025, in order to provide enhanced cost efficiencies and to meet the operational demands which result from the increased level of vehicle fleet and the widening range of vehicles in operation.

The switch to a fully electric fleet is still the goal of the business in line with global environmental demands and the Company will continue to work with its' clients to achieve this.

EMPLOYEE ENGAGEMENT

POLICY

The Employee Engagement Policy outlines our Commitment to creating a work environment that promotes employee well-being, productivity and satisfaction. The Company's goal is to engage all staff members in meaningful ways that align with the Company's objectives, improve operational efficiency and foster a positive workplace culture.

EQUAL OPPORTUNITY

Global Service Group Ltd is committed to providing equal opportunities in employment and to avoiding unlawful discrimination.

All recruitment decisions will be based on merit, qualifications and organisational needs.

TRAINING & DEVELOPMENT

Newly hired employees will undergo an orientation program to familiarise themselves with company policies, procedures, and expectations. They will also undergo contract specific on the job training, which will be reviewed and updated periodically.

CONFIDENTIALITY & RECORDS

All recruitment-related information will be handled with the utmost confidentiality. Personal data of candidates will be treated in accordance with applicable privacy laws and the Companies Privacy Policy.

DISABLED EMPLOYEES

Part of the company's recruitment policy is to give full and fair consideration to any disabled persons who apply for roles in the business.

It is also policy to provide equal opportunities for any person that becomes disabled, and assist with training to ensure career development for disabled employees continues.

ON BEHALF OF THE BOARD:

G L Weston - Director

30 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 logistics and delivery services.

DIVIDENDS

The company paid dividends in relation to the year ended 31 December 2024 of £892,000.

DIRECTORS

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

G L Weston

R A Berringer

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, trade creditors, trade debtors and hire purchase agreements. The main purpose of these instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and the need to service liabilities. This is managed through regular cashflow reviews.

The company's trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The company's operating lease commitments are in respect of the properties from which the company operates as well as motor vehicles. The liquidity risk in respect of these is managed in the same way as bank balances above.

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, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G L Weston - Director

30 September 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to continuing adherence to safety and transport, employment law and indirect taxes and we considered the extent to which non-compliance might have a material effect on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and management bias in accounting estimates.

The Company is subject to several laws and regulations where the consequence of non-compliance could have a direct material effect on amounts or disclosures in the financial statements. We identified the following laws and regulations as the most likely to have a direct material effect if non-compliance were to occur:

- FRS 102

- Companies Act 2006

- Tax legislation

The Company is subject to many other laws and regulations that do not have a direct effect to the financial statements but are fundamental to the Company's ability to operate or avoid material penalty. We have identified the following areas as those likely to have such an effect:

- Blood Safety and Quality Regulations 2005

- Carriage of Dangerous Goods Regulations

- MHRA's Goods Distribution Practice

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

We understood how the Company is complying with those legal and regulatory frameworks by making inquiries of management and those charged with governance. We reviewed correspondence and nominal ledger entries for evidence to corroborate or contradict their responses, and to challenge their assumptions where appropriate.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur, by making enquiries of management and those charged with governance. We used internal and external information to corroborate these enquiries and to perform a fraud risk assessment for the Company. We considered the risk of fraud to be higher through the potential for management override of controls and manipulation of journal entries.

Audit procedures performed by the engagement team to detect irregularities, including fraud from instances of non-compliance with laws and regulations included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Reading key correspondence from regulatory bodies;

- Challenging assumptions and judgements made by management in it's significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain, and

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or those posted by unexpected users.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Stephen James Moore FCCA (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

Statutory Auditor

30-34 North Street

Hailsham

East Sussex

BN27 1DW

30 September 2025

TURNOVER

24,087,423

19,019,977

Cost of sales

(18,664,119

)

(14,599,377

)

GROSS PROFIT

5,423,304

4,420,600

Administrative expenses

(3,273,909

)

(2,761,536

)

2,149,395

1,659,064

Other operating income

215,004

260,000

OPERATING PROFIT

2,364,399

1,919,064

Interest receivable and similar income

10,758

2,067

2,375,157

1,921,131

Interest payable and similar expenses

5

(14,237

)

(8,708

)

PROFIT BEFORE TAXATION

6

2,360,920

1,912,423

Tax on profit

7

(602,657

)

(482,649

)

PROFIT FOR THE FINANCIAL YEAR

1,758,263

1,429,774

Retained earnings at beginning of year

4,724,857

4,007,083

Dividends

8

(892,000

)

(712,000

)

RETAINED EARNINGS AT END OF YEAR

5,591,120

4,724,857

FIXED ASSETS

Intangible assets

9

6,935

7,631

Tangible assets

10

443,534

443,860

450,469

451,491

CURRENT ASSETS

Debtors

11

4,781,492

4,736,644

Cash at bank and in hand

3,025,381

3,084,707

7,806,873

7,821,351

CREDITORS

Amounts falling due within one year

12

2,519,649

3,294,434

NET CURRENT ASSETS

5,287,224

4,526,917

TOTAL ASSETS LESS CURRENT LIABILITIES

5,737,693

4,978,408

CREDITORS

Amounts falling due after more than one year

13

(19,410

)

(106,431

)

PROVISIONS FOR LIABILITIES

15

(90,297

)

(110,254

)

NET ASSETS

5,627,986

4,761,723

CAPITAL AND RESERVES

Called up share capital

16

28,110

28,110

Share premium

17

8,756

8,756

Retained earnings

17

5,591,120

4,724,857

SHAREHOLDERS' FUNDS

5,627,986

4,761,723

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

G L Weston - Director

Cash flows from operating activities

Cash generated from operations

1

1,839,626

3,739,950

Interest element of hire purchase payments paid

(14,237

)

(8,708

)

Tax paid

(701,376

)

(445,744

)

Net cash from operating activities

1,124,013

3,285,498

Cash flows from investing activities

Purchase of tangible fixed assets

(214,609

)

(140,624

)

Sale of tangible fixed assets

-

23,567

Interest received

10,758

2,067

Net cash from investing activities

(203,851

)

(114,990

)

Cash flows from financing activities

Capital repayments in year

(87,488

)

(200,264

)

Equity dividends paid

(892,000

)

(712,000

)

Net cash from financing activities

(979,488

)

(912,264

)

(Decrease)/increase in cash and cash equivalents

(59,326

)

2,258,244

Cash and cash equivalents at beginning of year

2

3,084,707

826,463

Cash and cash equivalents at end of year

2

3,025,381

3,084,707

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

31.12.24

31.12.23

£

£

Profit before taxation

2,360,920

1,912,423

Depreciation charges

215,631

202,297

Bad debts

133,548

1,200

Finance costs

14,237

8,708

Finance income

(10,758

)

(2,067

)

2,713,578

2,122,561

(Increase)/decrease in trade and other debtors

(178,396

)

763,467

(Decrease)/increase in trade and other creditors

(695,556

)

853,922

Cash generated from operations

1,839,626

3,739,950

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

3,025,381

3,084,707

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

3,084,707

826,463

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

3,084,707

(59,326

)

3,025,381

3,084,707

(59,326

)

3,025,381

Debt

Finance leases

(207,514

)

87,488

(120,026

)

(207,514

)

87,488

(120,026

)

Total

2,877,193

28,162

2,905,355

1.	STATUTORY INFORMATION

Global Service Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

The directors have prepared and reviewed both profit and loss projections and cash flow forecasts for the year ended 31 December 2025 which reflects a further year of growth.

Cash flow forecasts confirm that this growth is manageable within the surplus profits held within the business to date.

The directors have therefore made an assessment about the company's ability to continue as a going concern and they do not consider there to be any material uncertainties. As a result they have adopted the going concern basis of accounting.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience as adjusted for current market conditions and other factors

Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below.

Income taxes

The company is subject to income taxes in the UK. Significant estimates are sometimes required in determining the provision for income tax. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax provisions in the period in which such determination is made.

Turnover

Turnover represents amounts invoiced in respect of logistics and delivery services net of value added tax.

Turnover is recognised at the point the right to consideration becomes due, being the point at which the invoice is raised.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Improvements to property

-

20% on reducing balance

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

40% on reducing balance and 25% on reducing balance

Computer equipment

-

33% on cost

Financial instruments

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts are shown within borrowings in current liabilities.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

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

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

9,332,086

7,100,314

Social security costs

882,312

627,437

Other pension costs

159,182

133,902

10,373,580

7,861,653

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

31.12.24

31.12.23

Administrative staff

29

22

Direct staff

359

265

388

287

4.	DIRECTORS' EMOLUMENTS

31.12.24

31.12.23

£

£

Directors' remuneration

296,614

243,165

Directors' pension contributions to money purchase schemes

(5,534

)

5,534

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

Information regarding the highest paid director is as follows:

31.12.24

31.12.23

£

£

Emoluments etc

273,536

222,802

Pension contributions to money purchase schemes

(5,534

)

5,534

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Hire purchase

14,237

8,708

6.	PROFIT BEFORE TAXATION

The profit is stated after charging:

31.12.24

31.12.23

£

£

Hire of equipment

4,960

9,920

Depreciation - owned assets

208,511

64,117

Depreciation - assets on hire purchase contracts

6,424

134,587

Goodwill amortisation

696

692

Auditors' remuneration

12,600

9,735

Rent and storage leases

386,374

-

7.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

622,614

440,943

Deferred tax

(19,957

)

41,706

Tax on profit

602,657

482,649

Reconciliation of total tax charge included in profit and loss

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

31.12.24

31.12.23

£

£

Profit before tax

2,360,920

1,912,423

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

590,230

478,106

Effects of:

Expenses not deductible for tax purposes

12,111

10,281

Capital allowances in excess of depreciation

-

(19,708

)

Depreciation in excess of capital allowances

20,273

-

Effect of changes in tax rates

-

(27,736

)

Movement in deferred taxation provision

(19,957

)

41,706

Total tax charge

602,657

482,649

8.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary shares of £1 each

Interim

892,000

712,000