REGISTERED NUMBER: 04521341 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FSG PROPERTY SERVICES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

Mr J D Lennox

Mr A Huckle

Mr G J Young

REGISTERED OFFICE:

Unit 2 Blackhill Drive

Wolverton Mill

Wolverton

Milton Keynes

MK12 5TS

REGISTERED NUMBER:

04521341 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Stautory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

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

REVIEW OF BUSINESS

FSG Property Services Ltd (FSGPS) provides responsive repairs, small works, and planned maintenance services to housing associations, local authorities, and private clients.

The year ending 31 December 2024 was the first full year of delivery under the extended Grand Union Housing (now Amplius Living) contract, which is FSGPS largest framework. The initial year involved extensive mobilisation and integration activities, including recruitment, establishing supply chains, and implementing operational and financial controls.

FSGPS also faced a significant challenge on a new-build site, where a fire compartmental matter led to client concerns. FSGPS worked constructively with the client to address those concerns and find an amicable resolution. As part of this process, FSGPS undertook remediation works valued at approximately £414,961, which the company had funded directly in 2024. Under the terms of the resolution, the majority of the aforementioned capital outlay is expected to be recovered by the business during 2025, providing a positive impact on future cash flow.

During the year, FSGPS also undertook a major organisational restructuring. As the company moved into its next stage of growth, the directors reviewed the delivery model to ensure the right people and structures were in place for long-term success. The business transitioned from being heavily weighted towards full-time employed staff to a blended model of direct employees and subcontractors. These reduced fixed overhead costs have since provided greater flexibility and improved contract performance.

Despite the challenges, FSGPS has continued to expand its Small Works division, bridging the gap between responsive repairs and larger planned works. FSGPS has also strengthened its network of delivery partners and subcontractors, building resilience for the future. Overall, the directors consider the year to have been one of consolidation and investment, laying the foundations for margin growth and sustainable success in 2025 and beyond.

PRINCIPAL RISKS AND UNCERTAINTIES

- Market & Client Concentration - Dependence on a small number of large contracts poses a revenue concentration risk.

- Supply Chain & Materials Inflation - Construction and maintenance sectors continue to experience volatility in material pricing and availability.

- Subcontractor Availability - Reliance on subcontractors for multi-trade delivery creates exposure to labour shortages and inconsistent quality if not carefully managed.

- Health & Safety Compliance - As works are often carried out in occupied homes, safety, safeguarding, and compliance with housing sector regulations remain critical risks.

- Regulatory/Policy Changes - Shifts in housing standards, environmental regulations, or procurement frameworks may affect contract conditions and profitability.

Liquidity Risk

FSGPS manages liquidity by closely monitoring cash flow and maintaining adequate banking facilities, ensuring prompt invoicing and collection from clients.

Interest Rate Risk

The company has minimal exposure to interest rate risk, as borrowings are limited. Rising interest rates could increase financing costs, but the impact is not material to the business at present.

Credit Risk

Credit risk arises primarily from trade receivables due from clients. FSGPS mitigates this risk by contracting with housing associations and established organisations with strong credit ratings, performing due diligence on new clients, and monitoring receivables closely. Bad debt risk is considered low.

KEY PERFORMANCE INDICATORS

The directors use a range of financial and non-financial KPIs to measure performance, including:

-Turnover growth

- Gross profit margin

- Cash conversion ratio

- Contract delivery metrics

- Health & safety compliance

- Client satisfaction scores / complaints resolved within SLA

Performance against KPIs in 2024 remained consistently strong, with improvements in delivery times and customer satisfaction, especially following investment in the new Small Works processes.

EMPLOYEES

The company recognises its workforce as a key asset. At year end, FSGPS employed 88 staff, supported by a network of vetted and approved subcontractors. Training focused heavily on health & safety, multi-skilling, and digital reporting systems and methodologies. Employee retention and development remain central to our core values and sustained service quality.

FUTURE CONTRACTS / ORDER BOOK

The secured order book for 2025 provides good visibility of revenue, particularly with our responsive repairs frameworks and the pipeline of our small works projects divisions, coupled with other key and primary areas such as planned maintenance works, full refurbishments and aids & adaptations. Discussions are also ongoing with separate and additional housing associations and local authorities, which, if successful, will further diversify and expand our contract base.

The directors are confident that the company is well-positioned to deliver sustainable growth, with opportunities to expand across varying workstreams and leverage operational improvements already made in 2024.

ON BEHALF OF THE BOARD:

Mr J D Lennox - Director

30 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property maintenance.

DIVIDENDS

An interim dividend of £1,156.91 per share on the Ordinary £1 shares was paid on 1 April 2024. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary B £1 shares. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Preference shares £0.01 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2024 will be £553,000.

DIRECTORS

Mr J D Lennox has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Mr J M Morgan - resigned 9 January 2024

Mr A Huckle - appointed 9 January 2024

Mr G J Young - appointed 9 January 2024

POLITICAL DONATIONS AND EXPENDITURE

The company made charitable donations of £862 (2023: £828), during the year under review.

GOING CONCERN

The fact that there is a substantial balance outstanding from an associate, FSG Build Limited, a fellow subsidiary of FSG Services Group Ltd, which has material negative reserves indicates the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. However, the company has reported an operating profit for the year. Furthermore, the current trading and cash flow forecast indicates that the company will continue to report operating profit in the current and future years. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

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). 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.

ON BEHALF OF THE BOARD:

Mr J D Lennox - Director

30 September 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its 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.

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

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company sector;

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment including IR35 rules, legislations applicable to building trade, and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-performed analytical procedures to identify any unusual or unexpected transactions;

-tested the appropriateness of journal entries;

-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud, we:

-we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;

-performed a walkthrough test to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;

-tested a sample of revenue transactions to supporting evidence; and tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation;

-enquiring of management as to actual and potential litigation and claims; and

-reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

Thurairatnam Sudarshan, FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Stautory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

30 September 2025

TURNOVER

16,353,070

12,034,316

Cost of sales

13,501,126

9,847,176

GROSS PROFIT

2,851,944

2,187,140

Administrative expenses

2,658,128

2,455,873

193,816

(268,733

)

Other operating income

119,000

436,201

OPERATING PROFIT

5

312,816

167,468

Interest receivable and similar income

348

3,058

313,164

170,526

Interest payable and similar expenses

6

104,538

100,389

PROFIT BEFORE TAXATION

208,626

70,137

Tax on profit

7

(7,105

)

167,699

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

215,731

(97,562

)

PROFIT/(LOSS) FOR THE YEAR

215,731

(97,562

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

215,731

(97,562

)

FIXED ASSETS

Tangible assets

10

485,485

518,430

CURRENT ASSETS

Stocks

11

698,405

390,542

Debtors

12

6,370,259

6,264,415

Cash at bank and in hand

94,982

112,826

7,163,646

6,767,783

CREDITORS

Amounts falling due within one year

13

4,124,681

3,158,876

NET CURRENT ASSETS

3,038,965

3,608,907

TOTAL ASSETS LESS CURRENT LIABILITIES

3,524,450

4,127,337

CREDITORS

Amounts falling due after more than one year

14

(513,913

)

(771,294

)

PROVISIONS FOR LIABILITIES

18

(121,371

)

(129,608

)

NET ASSETS

2,889,166

3,226,435

CAPITAL AND RESERVES

Called up share capital

19

11

11

Retained earnings

2,889,155

3,226,424

SHAREHOLDERS' FUNDS

2,889,166

3,226,435

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:

Mr J D Lennox - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

11

3,548,986

3,548,997

Changes in equity

Dividends

-

(225,000

)

(225,000

)

Total comprehensive income

-

(97,562

)

(97,562

)

Balance at 31 December 2023

11

3,226,424

3,226,435

Changes in equity

Dividends

-

(553,000

)

(553,000

)

Total comprehensive income

-

215,731

215,731

Balance at 31 December 2024

11

2,889,155

2,889,166

1.	STATUTORY INFORMATION

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

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The items in the accounts where these judgements and estimates have been made, include:

- assessing the recoverability of outstanding debtors; and

- estimating future income and expenditure flows for the purpose of assessing the group’s going concern.

Turnover

Turnover is recognised based upon an internal assessment of the value of work carried out. This assessment is arrived at after due consideration of the performance against the programme of works, measurement of the works, evaluation of the costs incurred and comparison to certification of the work performed.

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.

Plant and machinery

-

20% on cost

Office equipment

-

25% on cost

Motor vehicles

-

25% on cost

Fixtures & fittings

-

25% 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.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. Basic financial liabilities, including trade and other payables, bank loans, that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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.

Debtors and creditors

Short term debtors are measured at transaction price, less any impairment.

Going concern

The directors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The directors have made this assessment in respect to a period of one year from the date of approval of these accounts. The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The company has a substantial balance outstanding from a group company, FSG Build Limited. However, the directors are of the opinion that the company will have sufficient resources to meet its liabilities as they fall due as the parent company, FSG Services Group Limited, has indicated its willingness in writing to provide the necessary support to enable the entity to meet its liabilities as they fall due for a period of at least 12 months from the date of signature of these financial statements.

Rounding

All financial figures have been rounded off to the nearest pound.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

3,471,873

2,942,678

Other pension costs

53,886

45,511

3,525,759

2,988,189

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

31.12.24

31.12.23

Administration and management

24

24

The number of employees earning more than £60,000 was 3 (2023: 3).

4.	DIRECTORS' EMOLUMENTS

The directors’ emoluments were as follows

Salaries : £67,382 (2023: £106,667)

Highest Paid Director

The highest paid directors emoluments were as follows:

Salaries : £23,093 (2023 :£26,667)

5.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Hire of plant and machinery

22,540

123,685

Depreciation - owned assets

24,407

12,536

Depreciation - assets on hire purchase contracts

240,969

181,864

Loss/(profit) on disposal of fixed assets

183

(5,645

)

Auditors' remuneration

17,998

11,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank interest

(481

)

-

Bank loan interest

56,748

67,782

Other interest

8,816

4,630

HMRC interest

9,403

4,822

Hire purchase

30,052

23,155

104,538

100,389

7.

TAXATION

Analysis of the tax (credit)/charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

1,132

38,091

Deferred tax

(8,237

)

129,608

Tax on profit

(7,105

)

167,699

Reconciliation of total tax (credit)/charge included in profit and loss

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

31.12.24

31.12.23

£

£

Profit before tax

208,626

70,137

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2023 - 25%)

39,639

17,534

Effects of:

Expenses not deductible for tax purposes

6,173

23,964

Capital allowances in excess of depreciation

-

(10

)

Depreciation in excess of capital allowances

5,845

-

Marginal relief

-

(942

)

Excess profits taxed at 25%

-

(2,455

)

Deferred tax

(8,237

)

129,608

Group relief

(50,525

)

-

Total tax (credit)/charge

(7,105

)

167,699

8.

DIVIDENDS

2024

2023

£

£

Ordinary shares £1 each (class 1) - Interim

553,000

225,000

9.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £53,886 (2023: £45,511). No contributions were payable to the fund at balance sheet date at either the current or previous year.

10.	TANGIBLE FIXED ASSETS

Short

Plant and

Office

leasehold

machinery

equipment

£

£

£

COST

At 1 January 2024

47,603

53,013

79,085

Additions

-

-

51,114

Disposals

-

-

-

At 31 December 2024

47,603

53,013

130,199

DEPRECIATION

At 1 January 2024

47,603

49,686

44,398

Charge for year

-

1,419

20,988

Eliminated on disposal

-

-

-

At 31 December 2024

47,603

51,105

65,386

NET BOOK VALUE

At 31 December 2024

-

1,908

64,813

At 31 December 2023

-

3,327

34,687

Motor

Fixtures

vehicles

& fittings

Totals

£

£

£

COST

At 1 January 2024

851,005

2,885

1,033,591

Additions

183,500

-

234,614

Disposals

(9,525

)

-

(9,525

)

At 31 December 2024

1,024,980

2,885

1,258,680

DEPRECIATION

At 1 January 2024

370,589

2,885

515,161

Charge for year

242,969

-

265,376

Eliminated on disposal

(7,342

)

-

(7,342

)

At 31 December 2024

606,216

2,885

773,195

NET BOOK VALUE

At 31 December 2024

418,764

-

485,485

At 31 December 2023

480,416

-

518,430