REGISTERED NUMBER: 04886239 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Ashberry Healthcare Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of 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

DIRECTORS:

G B Cottrell

N J Denny

SECRETARY:

S Lock

REGISTERED OFFICE:

1 Lea Business Park

Lower Luton Road

HARPENDEN

Hertfordshire

AL5 5EQ

REGISTERED NUMBER:

04886239 (England and Wales)

AUDITORS:

GH Audit Limited

Unit 1b

Focus 4

Fourth Avenue

Letchworth

Hertfordshire

SG6 2TU

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

The principal activity of the Company is the provision of residential and nursing care for the elderly including those living with dementia

REVIEW OF BUSINESS

During the year, Ashberry Healthcare benefited from the addition of Engelberg Care Home in Wolverhampton, acquired in March 2024. The home was successfully integrated into the Ashberry culture and operations, achieving full occupancy with a waiting list by the year end.

Occupancy levels across the remainder of the portfolio remained strong, with an average of 92%. The Directors are confident in sustaining this level, supported by a strengthened marketing strategy. In particular, increased use of social media has promoted resident activities, enhanced the visibility of individual homes, and driven enquiries. This approach has contributed to the Company's Trusted Care rating improving to 9.8 out of 10.

A key focus during the year was enhancing resident wellbeing. The newly created Resident Experience Manager role ensures residents enjoy a fulfilling lifestyle, from dining to hobbies and excursions, reflecting the Company's belief that residents should lead as normal and enjoyable a life as possible.

The introduction of day care services has also proven successful. This service has grown steadily, often acting as a gateway to respite and permanent care placements.

In January 2025, Ashberry acquired The Weir Nursing Home Limited, a home with 29 bedrooms situated in National Trust grounds overlooking the River Wye. Detailed planning consent is already in place to extend the facility by a further 10 bedrooms. In addition, the Company is set to complete on a 52-bedroom nursing home in Cheltenham by September 2025, further strengthening its portfolio.

Investment in staff remains a cornerstone of Ashberry's strategy. The Company continues to pay frontline staff at rates above the National Minimum Wage, alongside offering enhanced rates for shift cover. These initiatives have reduced reliance on agency staff and improved workforce stability.

The Directors are also committed to continuous investment in infrastructure and equipment. Opportunities have been identified to expand capacity at several homes, with architects engaged to prepare planning applications. Adding bedrooms is expected to deliver strong returns, given the minimal incremental costs of servicing additional residents.

In line with its corporate responsibilities, the Company has also launched a review of energy usage, exploring more efficient heating systems and sustainable energy sources. These measures are expected to generate significant long-term cost savings.

PRINCIPAL RISKS AND UNCERTAINTIES

Workforce Recruitment and Retention

Recruitment remains a key challenge across the sector. While enhanced pay rates have helped stabilise staffing, the Directors recognise that long-term retention requires a supportive culture. Initiatives include:

- Regular staff surveys to encourage open feedback

- A fortnightly staff bulletin to improve communication

- Annual staff award evenings recognising long service and achievements

These steps have been positively received and have strengthened engagement.

Inflationary Pressures

Rising costs of food, heating, and energy have posed challenges. The Company has acted to mitigate these pressures by:

- Implementing ESOS report recommendations, including replacing older boilers

- Installing Rational ovens, which reduce both energy consumption and food waste

- Securing new electricity and gas contracts from October 2024 on significantly improved tariffs

Government Pressures

The above inflationary increase in National Minimum Wage together with the increase in Employers N.I. have increased the financial burden on the sector. This is compounded by not having a clear strategy for how social care will be funded. The Company has acted to mitigate these pressures by:

- Increased fees charged to residents above the rate of inflation

- Challenge the rates paid by Local Authorities as and when resident dependency needs increases

OUTLOOK

The Directors remain confident in the Company's growth strategy, with further portfolio expansion planned for 2025. Continued investment in staff, infrastructure, and sustainability will ensure Ashberry Healthcare maintains its high standards of care while delivering long-term value.

ON BEHALF OF THE BOARD:

N J Denny - Director

30 September 2025

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

DIVIDENDS

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

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

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 B Cottrell

N J Denny

Other changes in directors holding office are as follows:

J Bradford - resigned 31 July 2024

FINANCIAL INSTRUMENTS

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

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The company's cash balances are held in such a way that achieves a competitive rate of interest.

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. The amount presented in the balance sheet are net of allowances and doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet the payments.

Loans comprise of loans from financial institutions. The interest rates and monthly repayments are fixed. The company manages the liquidity risk by ensuring that there are sufficient funds to meet payments.

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.

AUDITORS

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

ON BEHALF OF THE BOARD:

N J Denny - Director

30 September 2025

Opinion

We have audited the financial statements of Ashberry Healthcare Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of 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 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:

We obtained an understanding of the legal and regulatory framework applicable to the Company, and the industry in which it operates by making enquiries of management. We also enquired as to whether there were any instances of non compliance with laws and regulations or whether there were any instances of fraud detected or suspected. The key laws and regulations considered include the UK Companies Act and UK Tax Legislation.

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 Health and Safety legislation and the regulators specifically overseeing the industry.

We obtained an understanding of the Company's operations, including the nature of the company, its control environment, business performance and its key performance indicators.

We considered the extent to which non-compliance would have a material impact on the financial statements. We also evaluated the managements incentives and opportunities for fraudulent manipulation of the financial statements (including the management override of controls) and determined that the principal risks were related to:

- Management bias in accounting estimates; and

- Revenue recognition

We assessed the susceptibility of the Company's financial statements to material misstatement. Audit procedures performed by the engagement team include:

- Enquiries of management about their own identification and assessment of risk of irregularities

- Evaluation of the processes and controls established to address the risk of irregularities and fraud

- Testing manual journals, specifically those relating to large or unusual entries or entries relating to management estimates

- Testing the assumptions and judgements made by management in its significant accounting estimates, including reviewing historical data to assess the appropriateness of previous assessments

We assessed the appropriateness of the competence and capabilities of the engagement team, including the teams knowledge of the industry and the appropriateness of their practical experience through training and participation with audit engagements of a similar nature.

We also communicated the relevant laws and regulations and fraud risk indicators to the engagement team and remained vigilant throughout the audit process for indications of fraud or non-compliance.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Emma Wilsher FCA (Senior Statutory Auditor)

for and on behalf of GH Audit Limited

Unit 1b

Focus 4

Fourth Avenue

Letchworth

Hertfordshire

SG6 2TU

30 September 2025

TURNOVER

3

14,451,095

12,525,049

Cost of sales

10,693,980

9,230,718

GROSS PROFIT

3,757,115

3,294,331

Administrative expenses

2,530,789

2,331,416

1,226,326

962,915

Other operating income

31,219

62,072

OPERATING PROFIT

5

1,257,545

1,024,987

Exceptional items

6

403,006

564,706

854,539

460,281

Interest receivable and similar income

28,650

-

883,189

460,281

Interest payable and similar expenses

7

555,697

416,929

PROFIT BEFORE TAXATION

327,492

43,352

Tax on profit

8

(267,107

)

(310,170

)

PROFIT FOR THE FINANCIAL YEAR

594,599

353,522

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

594,599

353,522

FIXED ASSETS

Tangible assets

9

14,982,840

12,649,244

CURRENT ASSETS

Debtors

10

1,002,074

687,247

Cash at bank and in hand

377,415

2,417,467

1,379,489

3,104,714

CREDITORS

Amounts falling due within one year

11

3,469,143

2,839,176

NET CURRENT (LIABILITIES)/ASSETS

(2,089,654

)

265,538

TOTAL ASSETS LESS CURRENT LIABILITIES

12,893,186

12,914,782

CREDITORS

Amounts falling due after more than one year

12

(5,645,287

)

(5,994,375

)

PROVISIONS FOR LIABILITIES

15

(885,343

)

(1,152,450

)

NET ASSETS

6,362,556

5,767,957

CAPITAL AND RESERVES

Called up share capital

16

10,000

10,000

Fair value reserve

17

2,956,674

2,867,312

Retained earnings

17

3,395,882

2,890,645

SHAREHOLDERS' FUNDS

6,362,556

5,767,957

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:

N J Denny - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

10,000

2,781,489

2,622,946

5,414,435

Changes in equity

Total comprehensive income

-

109,156

244,366

353,522

Balance at 31 December 2023

10,000

2,890,645

2,867,312

5,767,957

Changes in equity

Total comprehensive income

-

505,237

89,362

594,599

Balance at 31 December 2024

10,000

3,395,882

2,956,674

6,362,556

Cash flows from operating activities

Cash generated from operations

1

1,574,545

666,020

Interest paid

(555,697

)

(416,929

)

Tax paid

-

(102,255

)

Net cash from operating activities

1,018,848

146,836

Cash flows from investing activities

Purchase of tangible fixed assets

(2,786,334

)

(1,033,687

)

Government grants received

-

26,782

Interest received

28,650

-

Net cash from investing activities

(2,757,684

)

(1,006,905

)

Cash flows from financing activities

Loan movements in year

(178,600

)

2,556,638

New HP contracts in year

(122,616

)

443,853

Amount withdrawn by directors

-

(32,041

)

Net cash from financing activities

(301,216

)

2,968,450

(Decrease)/increase in cash and cash equivalents

(2,040,052

)

2,108,381

Cash and cash equivalents at beginning of year

2

2,417,467

309,086

Cash and cash equivalents at end of year

2

377,415

2,417,467

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

2024

2023

£

£

Profit before taxation

327,492

43,352

Depreciation charges

452,738

356,681

Government grants

-

(26,782

)

Finance costs

555,697

416,929

Finance income

(28,650

)

-

1,307,277

790,180

Increase in trade and other debtors

(314,827

)

(158,760

)

Increase in trade and other creditors

582,095

34,600

Cash generated from operations

1,574,545

666,020

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

377,415

2,417,467

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

2,417,467

309,086

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

2,417,467

(2,040,052

)

377,415

2,417,467

(2,040,052

)

377,415

Debt

Finance leases

(594,788

)

122,616

(472,172

)

Debts falling due within 1 year

(208,545

)

(40,880

)

(249,425

)

Debts falling due after 1 year

(5,555,591

)

219,480

(5,336,111

)

(6,358,924

)

301,216

(6,057,708

)

Total

(3,941,457

)

(1,738,836

)

(5,680,293

)

1.	STATUTORY INFORMATION

Ashberry Healthcare Ltd 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

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

Valuation of Properties

The freehold properties owned by the company have been included in the accounts at their Market Value as at 31 December 2024. The valuation has been undertaken by the board of Directors.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold building - 2% and 10% straight line

Plant and machinery - 20% straight line

Motor vehicles - 25% straight line

Furniture, fittings and equipment - 20% straight line

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year). including loads and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case these are stated at cost.

Debt instruments that are payable and receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amounts of cash or other consideration expected to be paid or received.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments

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

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for the benefit of its employees. The contributions are recognised as an expense in the profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Once the contributions have been paid the Company has no further payment obligations.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Rendering of care services

14,451,095

12,525,049

14,451,095

12,525,049

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

7,936,370

6,321,879

Social security costs

671,375

495,094

Other pension costs

256,330

207,658

8,864,075

7,024,631

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

2024

2023

Administration and support

15

14

Care home staff

318

263

333

277

2024

2023

£

£

Directors' remuneration

52,500

85,417

Directors' pension contributions to money purchase schemes

53,645

54,633

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

Money purchase schemes

3

3

5.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Hire of plant and machinery

53,738

33,658

Other operating leases

32,964

36,728

Depreciation - owned assets

452,738

356,681

Auditors remuneration

14,638

13,000

6.	EXCEPTIONAL ITEMS

2024

2023

£

£

Exceptional items

(403,006

)

(564,706

)

During the year the exceptional items relate to transactions in connection with the Company's restructuring that is being undertaken, including the refinancing of the loans.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

457,246

369,157

Loan

35,000

28,000

Other interest payable

63,451

19,772

555,697

416,929

8.

TAXATION

Analysis of the tax credit

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

2024

2023

£

£

Current tax:

UK corporation tax

-

(17,575

)

Deferred tax

(267,107

)

(292,595

)

Tax on profit

(267,107

)

(310,170

)

UK corporation tax has been charged at 25% .

Reconciliation of total tax credit 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:

2024

2023

£

£

Profit before tax

327,492

43,352

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

81,873

10,838

Effects of:

Capital allowances in excess of depreciation

(135,644

)

(6,937

)

Deferred tax

(267,107

)

(292,595

)

Pension provision adjustment

12,055

(3,901

)

Adjust losses carried forward

41,716

(17,575

)

Total tax credit

(267,107

)

(310,170

)