REGISTERED NUMBER: 05156564 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2024

for

Premiere Coffee Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

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

DIRECTOR:

A Tagliamonti

REGISTERED OFFICE:

Finance Office

Costa Coffee

311-313 Collier Row Lane

Collier Row

Essex

RM5 3ND

REGISTERED NUMBER:

05156564 (England and Wales)

AUDITORS:

Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

SOLICITORS:

Nockolds

6 Market Square

Bishop's Stortford

Hertfordshire

CM23 3UZ

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company is a large Costa Coffee franchisee, with 46 stores under it's operation.

The year to 31st December 2024 continued to present operational challenges as the retail and hospitality sectors faced ongoing pressures from subdued consumer confidence and persistent cost inflation. Despite these headwinds, we have worked closely with our brand partners to improve operational efficiency and enhance customer experience across our estate. Our continued investment in our people, including the strengthening and optimisation of our support centre team, has positioned the company well for sustainable growth into 2025 and beyond.

Key performance indicators

Performance of the company is monitored internally using a variety of statutory and alternative performance measures (APMs) and key performance indicators (KPls). APMs are used where management considers they are more representative of underlying trading or in monitoring performance against the company's objectives.

Turnover is an important metric as it reflects the core underlying activities of the company by adding together the turnover from each coffee shop.

Gross Margin is an important metric as it provides valuable insight into individual store productivity which can be easily benchmarked against store in similar turnover cohorts.

Operating profit is an important metric as it is an indirect measure of efficiency. The higher the operating profit, the more profitable the company's core business is.

Adjusted Earnings before interest, tax, depreciation, amortisation and one-off exceptional costs ("Adjusted EBITDA") is considered, by management, to be informative as it reflects operating profit adjusted for non-cash charges.

The figures for these 4 key performance measures are stated below:

2024

2023

Turnover

£22,718,075

£22,434,773

Gross profit margin

34.7%

30.4%

Operating profit/(loss)

£982,278

(£1,105,389

)

Adjusted EBITDA

£1,971,961

£365,125

Turnover increased 1.3% to £22.7 million.

Gross profit margin improved significantly from 30.4% to 34.7%, reflecting better cost management, pricing optimization, and operational efficiencies achieved through our ongoing transformation programmes.

Operating loss improved dramatically from £1.1 million loss to £1.0 million profit, demonstrating the effectiveness of our cost optimization initiatives.

Adjusted EBITDA increased substantially by 440% from £0.4 million to £2.0 million, showing strong underlying operational performance and the benefit of our strategic focus on profitability over unit growth.

PRINCIPAL RISKS AND UNCERTAINTIES

In the course of normal business, the company continually assesses significant risks faced and takes action to mitigate the potential impacts. The principle risks (which is not intended to be a comprehensive analysis) facing the company are as follows:

Financial and liquidity

The general health of the UK economy and individuals' disposable income remains important to the company's success. The company manages potential downturns by effectively managing our cost base and making strategic decisions about market entry and exit as appropriate.

Operating capital - The availability of operating capital is crucial to ensuring that the company has sufficient funds to meet liabilities as they fall due to suppliers and employees. The company manages this by reviewing cash flow daily and tracking on a rolling year basis to ensure sufficient funds are available.

Operational risks

Customer service - The company relies on its teams to provide quality customer service. Teams receive rigorous training covering customer service and digital tools to identify and mitigate risks, ensuring high standards and positive customer experiences are maintained. All operations are supported through a central operations team that coordinates across the company.

Health and safety - All staff receive comprehensive training to ensure awareness of risks and mitigation strategies. The company undertakes regular store audits to ensure policies and procedures are adhered to through field leadership and central operations support teams. We work extremely closely with our brand partners to ensure the highest health and safety standards are delivered at all times.

Portfolio optimization - The company faces the ongoing challenge of optimizing its store portfolio for maximum profitability. We actively monitor store performance and make strategic decisions about store closures, relocations, new openings and investment. This includes the risk of lease obligations for underperforming stores, which we manage through onerous contract provisions and active landlord negotiations.

ON BEHALF OF THE BOARD:

A Tagliamonti - Director

30 September 2025

The director presents his 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 a Costa Coffee franchisee.

DIVIDENDS

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

DIRECTORS

A Tagliamonti 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:

C Jawed - resigned 31 July 2024

EMPLOYMENT POLICIES

The company's policy is not to discriminate under any circumstances (including in relation to training, career development and promotion) against current or prospective employees due to any disability or for any other reason. Fair and full consideration is given to applications for employment made by disabled persons, having regard to their aptitudes and abilities. Employees who become disabled during their career at the company will be retained in employment wherever possible and given help with rehabilitation and training.

EMPLOYEE INVOLVEMENT

The importance of good relations and communications with employees is fundamental to the continued success of the business. The company maintains good employee relations and consults employees as appropriate to its own particular needs.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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, Cartwrights, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A Tagliamonti - Director

30 September 2025

Opinion

We have audited the financial statements of Premiere Coffee 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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 ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, and that they remained alert to instances of non-compliance throughout the audit.

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:

- based on our understanding of the company and industry, and through discussions with directors and key management, we identified any 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 and data protection, anti-bribery, employment, environmental and health and safety legislation; and

- we assessed the extent of compliance with these laws and regulations through making enquiries of management and inspecting legal correspondence.

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 relationships;

- tested journal entries, particularly focused around the year-end, to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates in the notes to the financial statements were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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;

- reading the minutes of meetings of those charged with governance;

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

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

Use of our report

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

Andrew Hill FCA (Senior Statutory Auditor)

for and on behalf of Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

30 September 2025

TURNOVER

4

22,718,075

22,434,773

Cost of sales

(14,845,604

)

(15,603,940

)

GROSS PROFIT

7,872,471

6,830,833

Administrative expenses

(7,063,452

)

(8,058,588

)

809,019

(1,227,755

)

Other operating income

5

173,259

122,366

OPERATING PROFIT/(LOSS)

8

982,278

(1,105,389

)

Interest payable and similar expenses

9

(560,025

)

(685,876

)

PROFIT/(LOSS) BEFORE TAXATION

422,253

(1,791,265

)

Tax on profit/(loss)

10

(232,414

)

290,312

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

189,839

(1,500,953

)

PROFIT/(LOSS) FOR THE YEAR

189,839

(1,500,953

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

189,839

(1,500,953

)

Note

Prior year adjustment

11

(188,911

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

928

FIXED ASSETS

Intangible assets

12

11,200

3,470

Tangible assets

13

2,444,863

2,236,459

Investments

14

1,999,052

1,999,052

Investment property

15

2

2

4,455,117

4,238,983

CURRENT ASSETS

Stocks

16

332,497

357,401

Debtors

17

6,034,713

5,017,350

Prepayments and accrued income

723,360

595,656

Cash at bank and in hand

628,053

943,718

7,718,623

6,914,125

CREDITORS

Amounts falling due within one year

18

5,608,792

5,032,398

NET CURRENT ASSETS

2,109,831

1,881,727

TOTAL ASSETS LESS CURRENT LIABILITIES

6,564,948

6,120,710

PROVISIONS FOR LIABILITIES

21

407,142

152,743

NET ASSETS

6,157,806

5,967,967

CAPITAL AND RESERVES

Called up share capital

22

60,010

60,010

Retained earnings

23

6,097,796

5,907,957

SHAREHOLDERS' FUNDS

6,157,806

5,967,967

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

A Tagliamonti - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

60,010

7,408,910

7,468,920

Changes in equity

Total comprehensive income

-

(1,312,042

)

(1,312,042

)

Balance at 31 December 2023

60,010

6,096,868

6,156,878

Prior year adjustment

-

(188,911

)

(188,911

)

As restated

60,010

5,907,957

5,967,967

Changes in equity

Total comprehensive income

-

189,839

189,839

Balance at 31 December 2024

60,010

6,097,796

6,157,806

1.	STATUTORY INFORMATION

Premiere Coffee 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 company operates from various stores accross the United Kingdom.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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.

Preparation of consolidated financial statements

The financial statements contain information about Premiere Coffee Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Scoffs Group Limited, 311-313 Collier Row Lane, Collier Row, Essex, RM5 3ND.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical judgements in applying the entity's accounting policies

Classification of a lease

Determining whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred to the company.

Impairment of investments

The company assesses at each reporting date whether there is any indication that investments may be impaired. If any such indication exists, the company estimates the recoverable amount of the asset. If there are no indications of impairment, it is not necessary to estimate the recoverable amount.

When undertaking this review for potential, management assess the various information available to it, both internally, and externally.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re - assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, further investments, economic utilisation and the physical condition of the assets. Further details are shown in both the tangible fixed assets accounting policy and the tangible fixed assets note contained in these financial statements.

Dilapidation and decommissioning contingent liability

The company makes an estimate per store on how much its liability would be to restore each store to the conditions outlined in the lease. When assessing this the company considered various matters including, the current condition of each store and the amount of leasehold improvement that have been made that would be required to be removed. Further details can be found in the provisions for liabilities note contained in these financial statements.

Onerous contracts

Contracts in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it, are considered to be onerous. In such circumstances a provision is recognised in the financial statements, calculated as the net present value of all future cashflows. All future losses are allocated against the provision. Further details can be found in the provisions for liabilities note contained in these 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.

Revenue recognition - sale of goods

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Coffee shop sales of good are recognised on sale to the customer, which is considered the point of delivery. Sales are by cash, debit card or credit card.

Goodwill

Goodwill is stated at cost less accumulated amortisation and impairment losses.

Goodwill is amortised over its estimated useful life of between 5 and 10 years, on a straight line basis.

Intangible assets

Patents and licence fees are stated at cost less accumulated amortisation and impairment losses.

Patent and licence fees are amortised over their useful economic lives, being the original lease period of the store to which the fees relate.

Amortisation is charged to administrative expenses in the income statement.

Tangible fixed assets

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

Short leasehold

-

Over term of the lease

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

Financial instruments

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at the transaction value.

They are then subsequently carried at amortised cost using the effective interest rate method,

At the end of each reporting period financial assets are assessed for impairment. If an impairment exists the impairment loss is recognised in the income statement.

Financial assets are derecognised when:

- the contractual right to cash flows from the asset are settled or expire,

- substantially all the risk and rewards of the ownership of the asset are transferred to another party or

- despite retaining some significant risks and rewards, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset without additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at the transaction value.

They are then subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the liability is discharged, cancelled or expires.

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

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the income statement on a straight - line basis over the period of the lease.

Incentives received to enter into an operating lease are credited to the income statement, to reduce the lease expense, 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.

Government grants

The company receives grants in respect of the Retail, Hospitality and leisure business rates relief scheme. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model

4.

TURNOVER

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

5.	OTHER OPERATING INCOME

31/12/24

31/12/23

as restated

£

£

Sundry income

129,509

76,329

Government grants

43,750

46,037

173,259

122,366

Government grants received in the year relate to Local Authority Business Grants..

6.	EMPLOYEES AND DIRECTORS

31/12/24

31/12/23

as restated

£

£

Wages and salaries

7,131,999

6,927,821

Social security costs

448,423

505,481

Other pension costs

98,183

93,768

7,678,605

7,527,070

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

31/12/24

31/12/23

as restated

Directors

-

2

Operations managers

2

-

Other employees

431

434

433

436

7.	DIRECTORS' EMOLUMENTS

31/12/24

31/12/23

as restated

£

£

Directors' remuneration

-

45,385

8.	OPERATING PROFIT/(LOSS)

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

31/12/24

31/12/23

as restated

£

£

Other operating leases

2,047,567

2,164,185

Depreciation - owned assets

701,534

1,163,423

(Profit)/loss on disposal of fixed assets

(206

)

113,182

Patents and licences amortisation

6,270

5,000

Auditors' remuneration

27,985

31,500

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/12/24

31/12/23

as restated

£

£

Bank interest

544,364

663,874

Interest payable

1,209

22,002

Interest on overdue tax

14,452

-

560,025

685,876

10.

TAXATION

Analysis of the tax charge/(credit)

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

31/12/24

31/12/23

as restated

£

£

Current tax:

UK corporation tax prior year

-

215,528

Deferred tax

232,414

(505,840

)

Tax on profit/(loss)

232,414

(290,312

)

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

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

31/12/24

31/12/23

as restated

£

£

Profit/(loss) before tax

422,253

(1,791,265

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 0%)

105,563

-

Effects of:

Expenses not deductible for tax purposes

303

-

Depreciation in excess of capital allowances

6,974

-

Utilisation of tax losses

(116,453

)

-

Adjustments to tax charge in respect of previous periods

-

215,528

Interest on overdue tax

3,613

-

Deferred tax movement

232,414

(505,840

)

Total tax charge/(credit)

232,414

(290,312

)

11.	PRIOR YEAR ADJUSTMENT

In the prior year the lease incentive accrual shown within other creditors (note 18 in these financial statements) was under-provided for by £188,911 and the rent charge for the year understated by £188,911. A prior year adjustment has been processed in these financial statements and the comparatives shown "as restated".

12.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Totals

£

£

£

COST

At 1 January 2024

300,000

518,014

818,014

Additions

-

14,000

14,000

At 31 December 2024

300,000

532,014

832,014

AMORTISATION

At 1 January 2024

300,000

514,544

814,544

Amortisation for year

-

6,270

6,270

At 31 December 2024

300,000

520,814

820,814

NET BOOK VALUE

At 31 December 2024

-

11,200

11,200

At 31 December 2023

-

3,470

3,470