REGISTERED NUMBER: 03477258 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31st December 2024

for

Timberwolf Limited

Page

Strategic Report

1

Report of the Directors

3

Report of the Independent Auditors

5

Profit and Loss Account

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

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

REVIEW OF BUSINESS

Timberwolf manufactures woodchippers for both the domestic and international markets these products are sold via a network of dealers and distributors.

Driven by an improved economic environment demand picked up in the period and the company returned to profitability, the sales order book remains strong both domestically and internationally.

The company's key performance indicators during the year were as follows:

Year End

Period End

Change

Dec-24

Dec-23

%

£

£

Turnover

14,990

11,506

30%

Gross Profit

4,364

2,595

68%

Operating profit / (loss)

988

(841)

218%

Profit/(Loss) after tax

802

(789)

201%

Shareholder's fund

5,641

8,795

(35%)

Current assets as % of current liabilities

388%

851%

(54%)

Average number of employees

55

68

-

PRINCIPAL RISKS AND UNCERTAINTIES

There remains uncertainty over general economic environment with the ongoing war in Ukraine and the threat of trade wars, the company manages these risks by regular forecasting and close control of costs and cash.

Financial instruments:

The company's principle financial instrument is cash, other assets and liabilities include trade debtors and creditors as a result of trading operations, the company continues to naturally hedge their Euro currency obligations.

Credit risk is managed through the ongoing verification of customers and strict credit control procedures Inflation & price risk is managed by regular review of costs and price list.

General risks are managed via the operation of a risk register with mitigation actions that is regularly reviewed by the board.

Competitive risk:

The company contends with the usual risks of operating a competitive commercial environment, and manages these by continuing to develop industry leading products and managing the financial performance through the KPI's highlighted previously.

General risks are managed via the operation of a risk register with mitigation actions that is regularly reviewed by the board

Future opportunities:

The company continues to explore new markets and leverage the opportunities provided by being part of the Alamo Inc. group of companies.

Covid-19:

Apart from the inflationary impacts caused by the supply chain bottle necks the impact was covid-19 was negligible and the company continues to operate safely and securely.

FUTURE DEVELOPMENTS

With the impact of covid lessening, the company will continue developing its underpinning capabilities, enhancing its engineering function, strengthening, and continually improving its operations and supply chain and ensuring that it delivers even greater added value. The business is looking to enhance and complete its current offering of machinery, developing its routes to market and pushing further with its export opportunities, all of these things being achieved by investment in people, processes, and infrastructure cautiously given the current uncertainty in world markets.

RESEARCH AND DEVELOPMENT

The business will continue to invest in future technology to ensure that it maintains a market leading position, keeping abreast of developments in commercial technology, environmental and legislative requirements and ensuing that its products and services are recognised as innovative and the perceived benefits derive as high added value as possible.

The market demand for the rate of new products and technology is ever increasing and the business must ensure that it is capable of delivering upon these requirements efficiently and effectively to provide the necessary return on investment.

ON BEHALF OF THE BOARD:

Mr R Heyes - Director

30th September 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31st December 2024 will be £ 3,721,008 .

DIRECTORS

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

Mr C Perry

Mr G S Marshlain

Mr R Heyes

Ms C J Taylor

Mr R H Raborn

Mr E T Rizzuti

Other changes in directors holding office are as follows:

Mr R J Wehrle - resigned 1st May 2024

Mr W S Hemingway - appointed 1st May 2024

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 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 company's auditors are aware of that information.

AUDITORS

The auditors, A4G Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr R Heyes - Director

30th September 2025

Opinion

We have audited the financial statements of Timberwolf Limited (the 'company') for the year ended 31st December 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 31st 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 three, 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.

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

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

-the results of our enquiries of management about their own assessment of the risk of fraud and consideration of laws and regulations

-our independence to the entity

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, local tax legislation and health and safety regulations in relation to the handing and manufacturing of wood chippers and their engines.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included compliance with healthy and safety regulations in relation to machinery usage and use and handling of petrol, diesel and electric engines.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

-enquiry of management, those charged with governance around actual and potential litigation and claims;

-enquiry of management and appropriate staff to identify any instances of non-compliance with laws and regulations;

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

-carrying out pre audit checks to ensure that we are independent

-reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

-auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business

-performing detailed going concern reviews and reviews of factors that could threaten the going concern of the business.

We also communicated relevant identified 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.

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.

Mr M Palmer FCA (Senior Statutory Auditor)

for and on behalf of A4G Audit Limited

Chartered Accountants

& Statutory Auditors

Kings Lodge

London Road

West Kingsdown

Sevenoaks

Kent

TN15 6AR

30th September 2025

TURNOVER

4

14,986,433

11,506,010

Cost of sales

10,814,201

8,910,715

GROSS PROFIT

4,172,232

2,595,295

Administrative expenses

3,466,836

3,514,078

705,396

(918,783

)

Other operating income

7,583

4,131

OPERATING PROFIT/(LOSS)

6

712,979

(914,652

)

Interest receivable and similar income

93,614

73,442

PROFIT/(LOSS) BEFORE TAXATION

806,593

(841,210

)

Tax on profit/(loss)

7

171,018

(51,438

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

635,575

(789,772

)

PROFIT/(LOSS) FOR THE YEAR

635,575

(789,772

)

OTHER COMPREHENSIVE INCOME

Capital redemption reserve

174,408

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

174,408

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

809,983

(789,772

)

FIXED ASSETS

Intangible assets

9

350,067

538,026

Tangible assets

10

234,421

317,119

584,488

855,145

CURRENT ASSETS

Stocks

11

2,917,914

3,092,086

Debtors

12

2,392,051

1,663,542

Cash at bank and in hand

1,310,164

4,241,178

6,620,129

8,996,806

CREDITORS

Amounts falling due within one year

13

1,555,549

1,056,693

NET CURRENT ASSETS

5,064,580

7,940,113

TOTAL ASSETS LESS CURRENT LIABILITIES

5,649,068

8,795,258

CREDITORS

Amounts falling due after more than one year

14

(58,421

)

(285,088

)

PROVISIONS FOR LIABILITIES

15

(469,036

)

(477,534

)

NET ASSETS

5,121,611

8,032,636

CAPITAL AND RESERVES

Called up share capital

16

29,000

29,000

Capital redemption reserve

17

(353,592

)

(528,000

)

Retained earnings

17

5,446,203

8,531,636

SHAREHOLDERS' FUNDS

5,121,611

8,032,636

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

Mr R Heyes - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st January 2023

29,000

9,321,408

(528,000

)

8,822,408

Changes in equity

Total comprehensive income

-

(789,772

)

-

(789,772

)

Balance at 31st December 2023

29,000

8,531,636

(528,000

)

8,032,636

Changes in equity

Dividends

-

(3,721,008

)

-

(3,721,008

)

Total comprehensive income

-

635,575

174,408

809,983

Balance at 31st December 2024

29,000

5,446,203

(353,592

)

5,121,611

Cash flows from operating activities

Cash generated from operations

1

677,091

(409,522

)

Tax paid

-

(45,802

)

Net cash from operating activities

677,091

(455,324

)

Cash flows from investing activities

Purchase of tangible fixed assets

(69,681

)

(45,000

)

Sale of intangible fixed assets

-

(21,758

)

Sale of tangible fixed assets

88,970

451

Interest received

93,614

73,442

Net cash from investing activities

112,903

7,135

Cash flows from financing activities

Equity dividends paid

(3,721,008

)

-

Net cash from financing activities

(3,721,008

)

-

Decrease in cash and cash equivalents

(2,931,014

)

(448,189

)

Cash and cash equivalents at beginning of year

2

4,241,178

4,689,367

Cash and cash equivalents at end of year

2

1,310,164

4,241,178

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

2024

2023

£

£

Profit/(loss) before taxation

806,593

(841,210

)

Depreciation charges

117,097

145,438

(Profit)/loss on disposal of fixed assets

(43,365

)

8

Warranty provision

-

59,877

Finance income

(93,614

)

(73,442

)

786,711

(709,329

)

Decrease/(increase) in stocks

174,172

(409,590

)

(Increase)/decrease in trade and other debtors

(545,343

)

1,893,731

Increase/(decrease) in trade and other creditors

261,551

(1,184,334

)

Cash generated from operations

677,091

(409,522

)

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 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,310,164

4,241,178

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

4,241,178

4,689,367

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

4,241,178

(2,931,014

)

1,310,164

4,241,178

(2,931,014

)

1,310,164

Total

4,241,178

(2,931,014

)

1,310,164

1.	STATUTORY INFORMATION

Timberwolf Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

03477258

Registered office:

Entec House

Tomo Industrial

Estate

Stowmarket

Suffolk

IP14 5AY

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition

Sales comprise the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows:

Revenue from the sale of goods is recognised at the point at which the goods have been delivered to the customer.

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. Included within intangible assets is a right of use asset in relation to the lease of the property in which the trade is conducted.

The value of the lease is being reduced against the lease liability over the remaining four years of the lease.

Tangible fixed assets

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

Improvements to property

-

20 years

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost and 20% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset , with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment 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 arising 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.

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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

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.

4.

TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the principal activities of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

9,280,501

6,165,579

Overseas

5,705,932

5,340,431

14,986,433

11,506,010

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,239,951

2,833,438

Social security costs

132,129

254,470

Other pension costs

61,869

32,173

2,433,949

3,120,081

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

2024

2023

Administration

10

12

Production and procurement

16

25

Engineering / R&D

11

-

Sales

12

10

Warehouse and transport

6

13

55

60

2024

2023

£

£

Directors' remuneration

360,826

359,085

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

170,359

153,191

6.	OPERATING PROFIT/(LOSS)

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

2024

2023

£

£

Depreciation - owned assets

106,774

145,438

(Profit)/loss on disposal of fixed assets

(43,365

)

8

Auditors' remuneration

7,769

6,589

7.

TAXATION

Analysis of the tax charge/(credit)

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

2024

2023

£

£

Current tax:

UK corporation tax

185,046

-

Over/under provision in prior

year

-

(28,015

)

Total current tax

185,046

(28,015

)

Deferred tax

(14,028

)

(23,423

)

Tax on profit/(loss)

171,018

(51,438

)

Tax effects relating to effects of other comprehensive income

2024

Gross

Tax

Net

£

£

£

Capital redemption reserve

174,408

-

174,408

8.

DIVIDENDS

2024

2023

£

£

Founder shares of £0.01 each

Interim

3,721,008

-