REGISTERED NUMBER: 04947917 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Think Jam Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

C S Dorfman

J W H Irwin

D M Robey

REGISTERED OFFICE:

1st Floor Spitalfields House

Stirling Way

London

WD6 2FX

REGISTERED NUMBER:

04947917 (England and Wales)

SENIOR STATUTORY AUDITOR:

Michael Marcus FCA FCCA

AUDITORS:

TC Group

Statutory Auditor

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

Think Jam Limited is a leading creative marketing and digital strategy agency, specialising in the entertainment industry. The company's core business has continued to be the provision of creative digital marketing services, for film studios, streaming services, and entertainment rights-holders. Our mission is to manage and grow fandoms and online communities around our clients' world-leading franchises, series, and entertainment properties, through data-driven and culturally relevant strategies.

Despite a year of consolidation and change across the entertainment industry, the company has traded robustly with the year characterised by a period of sustained growth and strong margins, particularly in our US business, demonstrating the excellent strategic positioning of the business and its continued ability to deliver exceptional work for our clients.

The company achieved a turnover from continuing operations of £12.5m (2023: £10.7m) and net fee revenue of £7.6m (2023: £6.4m). The pre-tax net profit from continuing operations was £1.8m (2023: £1.4m). The Company continues to invest in its people and talent to underpin growing revenue. The headcount of the business increased in the year to 60 (2023: 58).

The company span out its technology business ReMake during the year, in order to focus on its core activities.

Key Performance Indicators (KPIs)

The following KPIs have been used to measure the company's performance and progress against its strategic objectives:

- Fee Revenue Growth: The company recorded a 16% increase in fee revenue to £7.6m (2023: £6.4m), driven by both new client acquisition and expanded services for existing clients.

- Compensation Ratio: A compensation ratio of 60% (2023: 61%) demonstrates our improving resourcing and utilisation of our staff.

- Retained Revenue: Reflecting its focus on long-running franchises and entertainment properties, the company seeks retained relationships with clients wherever possible. Retained revenue rose to 84% in the year (2023: 82%).

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have identified the following principal risks and uncertainties that could affect the company's future performance:

- Market Competition: The digital marketing sector is highly competitive. To mitigate this risk, the company continuously innovates its service offerings and invests in its creative talent.

- Economic Downturn: A broader economic downturn could lead to reduced marketing budgets from clients. The company remains highly exposed to the entertainment sector but has worked to diversify its client base across travel and consumer brands.

- Technological Change: Rapid changes in social media algorithms and digital advertising platforms pose a continuous risk. Think Jam Limited mitigates this through ongoing investment in training, technology, and market research to stay ahead of industry trends.

- Foreign Exchange Risk: Operating across UK, US and EMEA markets leaves the business exposed to volatility in exchange rates. Where a material open position exists, forward contracts are used to hedge the exposure.

ON BEHALF OF THE BOARD:

D M Robey - Director

30 September 2025

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

DIVIDENDS

During the year, dividends of £66,667 were paid by the group.

DIRECTORS

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

C S Dorfman

J W H Irwin

D M Robey

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

D M Robey - Director

30 September 2025

Opinion

We have audited the financial statements of Think Jam Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Michael Marcus FCA FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

30 September 2025

TURNOVER

3

12,451,705

10,406,426

Cost of sales

4,812,228

4,001,829

GROSS PROFIT

7,639,477

6,404,597

Administrative expenses

5,957,079

5,023,188

1,682,398

1,381,409

Other operating income

35,620

16,500

OPERATING PROFIT

5

1,718,018

1,397,909

Interest receivable and similar income

56,473

23,816

1,774,491

1,421,725

Discontinued Operation

6

786,625

703,332

PROFIT BEFORE TAXATION

987,866

718,393

Tax on profit

7

209,293

93,687

PROFIT FOR THE FINANCIAL YEAR

778,573

624,706

Profit attributable to:

Owners of the parent

778,573

624,706

PROFIT FOR THE YEAR

778,573

624,706

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

778,573

624,706

Total comprehensive income attributable to:

Owners of the parent

778,573

624,706

FIXED ASSETS

Tangible assets

10

10,288

23,175

Investments

11

-

-

10,288

23,175

CURRENT ASSETS

Debtors

12

2,152,383

2,472,789

Cash at bank

2,045,058

709,909

4,197,441

3,182,698

CREDITORS

Amounts falling due within one year

13

1,203,030

913,080

NET CURRENT ASSETS

2,994,411

2,269,618

TOTAL ASSETS LESS CURRENT LIABILITIES

3,004,699

2,292,793

CAPITAL AND RESERVES

Called up share capital

14

133

133

Share premium

15

-

2,495,345

Capital redemption reserve

15

5

5

Retained earnings

15

3,004,561

(202,690

)

SHAREHOLDERS' FUNDS

3,004,699

2,292,793

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:

D M Robey - Director

FIXED ASSETS

Tangible assets

10

10,288

23,175

Investments

11

61,849

61,849

72,137

85,024

CURRENT ASSETS

Debtors

12

1,369,126

1,429,494

Cash at bank

366,663

114,213

1,735,789

1,543,707

CREDITORS

Amounts falling due within one year

13

459,548

490,952

NET CURRENT ASSETS

1,276,241

1,052,755

TOTAL ASSETS LESS CURRENT LIABILITIES

1,348,378

1,137,779

CAPITAL AND RESERVES

Called up share capital

14

133

133

Share premium

15

-

2,495,345

Capital redemption reserve

15

5

5

Retained earnings

15

1,348,240

(1,357,704

)

SHAREHOLDERS' FUNDS

1,348,378

1,137,779

Company's profit for the financial year

277,266

378,342

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:

D M Robey - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

82,766

(827,396

)

2,495,345

5

1,750,720

Changes in equity

Issue of share capital

(82,633

)

-

-

-

(82,633

)

Total comprehensive income

-

624,706

-

-

624,706

Balance at 31 December 2023

133

(202,690

)

2,495,345

5

2,292,793

Changes in equity

Issue of share capital

-

-

(2,495,345

)

-

(2,495,345

)

Dividends

-

(66,667

)

-

-

(66,667

)

Total comprehensive income

-

3,273,918

-

-

3,273,918

Balance at 31 December 2024

133

3,004,561

-

5

3,004,699

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

133

(1,736,046

)

2,495,345

5

759,437

Changes in equity

Profit for the year

-

378,342

-

-

378,342

Total comprehensive income

-

378,342

-

-

378,342

Total transactions with owners, recognised directly in equity

-

-

-

-

-

Balance at 31 December 2023

133

(1,357,704

)

2,495,345

5

1,137,779

Changes in equity

Profit for the year

-

277,266

-

-

277,266

Other comprehensive income

-

2,495,345

-

-

2,495,345

Total comprehensive income

-

2,772,611

-

-

2,772,611

Dividends

-

(66,667

)

-

-

(66,667

)

Issue of share capital

-

-

(2,495,345

)

-

(2,495,345

)

Total transactions with owners, recognised directly in equity

-

(66,667

)

(2,495,345

)

-

(2,562,012

)

Balance at 31 December 2024

133

1,348,240

-

5

1,348,378

Cash flows from operating activities

Cash generated from operations

1

2,491,391

716,951

Finance costs paid

(786,625

)

(703,332

)

Tax paid

(126,802

)

(96,112

)

Net cash from operating activities

1,577,964

(82,493

)

Cash flows from investing activities

Purchase of tangible fixed assets

(33,188

)

(41,282

)

Sale of tangible fixed assets

3,137

-

Interest received

56,473

23,816

Net cash from investing activities

26,422

(17,466

)

Cash flows from financing activities

Amount withdrawn by directors

(202,570

)

-

Share issue

-

(82,633

)

Equity dividends paid

(66,667

)

-

Net cash from financing activities

(269,237

)

(82,633

)

Increase/(decrease) in cash and cash equivalents

1,335,149

(182,592

)

Cash and cash equivalents at beginning of year

2

709,909

892,501

Cash and cash equivalents at end of year

2

2,045,058

709,909

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

31.12.24

31.12.23

£

£

Profit before taxation

987,866

718,393

Depreciation charges

21,549

45,418

Loss on disposal of fixed assets

175

571

Government grants

-

(1,500

)

Finance costs

786,625

703,332

Finance income

(56,473

)

(23,816

)

1,739,742

1,442,398

Decrease/(increase) in trade and other debtors

544,188

(40,566

)

Increase/(decrease) in trade and other creditors

207,461

(684,881

)

Cash generated from operations

2,491,391

716,951

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

2,045,058

709,909

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

709,909

892,501

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

709,909

1,335,149

2,045,058

709,909

1,335,149

2,045,058

Total

709,909

1,335,149

2,045,058

1.	STATUTORY INFORMATION

Think Jam 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 General 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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary

undertakings drawn up to 31 December 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries,which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder's share of changes in equity since the date of the combination.

The consolidated financial statements of the group have been prepared using the acquisition accounting method,include the financial statements of the company, and its subsidiaries.

Basis of Preparation – Comparative Figures

The Group was previously exempt from preparing consolidated financial statements for the year ended 31 December 2023 under the small group exemption. In the current year, due to exceeding the size thresholds, the Group is required to prepare consolidated accounts. Accordingly, the comparative figures for the year ended 31 December 2023 have been prepared on a consolidated basis for the first time to provide meaningful comparative information. These consolidated comparatives have been prepared as if the Group had always presented consolidated financial statements.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Judgements in respect of deferred income, accrued income and cut-off of costs and estimation of costs to complete projects have had the most significant effects on amounts recognised in the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Computer equipment - 33% Straight line

Other fixed assets - 33% Straight line

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.

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, bank loans, loans from fellow group companies and preference shares 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 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.

Equity instruments

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

534,343

826,141

Europe

222,246

544,508

United States of America

11,695,116

9,035,777

12,451,705

10,406,426

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

4,088,719

3,445,740

Social security costs

420,393

363,249

Other pension costs

41,258

37,777

4,550,370

3,846,766