REGISTERED NUMBER: 05361505 (England and Wales)

QUORN COUNTRY TILES LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

to

4

Report of the Independent Auditors

5

to

7

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

to

21

DIRECTORS:

Mr R Fernandez

Mrs J M Fernandez

Mr J Fernandez

Miss I Fernandez

SECRETARY:

Mrs J M Fernandez

REGISTERED OFFICE:

Unit 21

The Office Village

North Road

Loughborough

Leicestershire

LE11 1QJ

REGISTERED NUMBER:

05361505 (England and Wales)

SENIOR STATUTORY AUDITOR:

Niall Kingsley FCA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

3 Princes Court

Royal Way

Loughborough

Leicestershire

LE11 5XR

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

REVIEW OF BUSINESS

The directors are pleased to announce a profit before tax of £2,332,609 (2023: £1,119,178)

DEVELOPMENT AND PERFORMANCE

The company continues to build on its outstanding reputation as one of the UK's leading natural stone and porcelain tile retailers.

KEY PERFORMANCE INDICATORS

Year ended 31.12.24

Period 1.5.23 to 31.12.23

% inc / (dec)

£'000

£'000

Revenue

17,708

9,102

94.6

Gross Profit

9,129

4,200

117.4

Gross Profit %

51.6%

46.1%

5.5

Net Profit Before Taxation

2,333

1,119

108.5

Net Profit %

13.2%

12.3%

0.9

PRINCIPAL RISKS AND UNCERTAINTIES

The company's operations are subject to a range of risks, most notably within its supply chain, which can be affected by economic, political, and logistical factors. In addition, sourcing natural products carries inherent uncertainties. To mitigate these exposures, the company maintains a diversified product portfolio, working with multiple suppliers across several countries.

The company also closely monitors its liquidity position on a regular basis.

ON BEHALF OF THE BOARD:

Mr J Fernandez - Director

30 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the distribution and retail of stone products.

DIVIDENDS

Interim dividends per share on the B Ordinary £0.01 shares were paid as follows:

84

- 2 January 2024

83.4285

- 23 July 2024

167.4285

The directors recommend that no final dividend be paid on these shares.

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

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

The total distribution of dividends for the year ended 31 December 2024 will be £ 586,000 .

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.

Mr R Fernandez

Mrs J M Fernandez

Mr J Fernandez

Miss I Fernandez

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr J Fernandez - Director

30 September 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of property, plant and equipment, as well as the risk of inappropriate journal entries to manipulate reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates such as residual values and expected asset replacement cycles, reperforming the calculation, reviewing the outcome of prior year estimates, and reviewing the outcome of current year estimates since the financial reporting date.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Import duties and customs regulations, Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of HMRC correspondence to ensure that customs regulations were being complied with. Health and safety requirements were reviewed for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

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. The further removed non-compliance with laws and regulations 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. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. 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.

Other matters

The previous year’s financial statements were not audited as the company was entitled to exemption from audit under Section 477 of the Companies Act 2006. Accordingly, the comparatives to the current year’s financial statements are not audited.

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.

Niall Kingsley FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

3 Princes Court

Royal Way

Loughborough

Leicestershire

LE11 5XR

30 September 2025

REVENUE

3

17,707,923

9,101,992

Cost of sales

8,578,446

4,901,147

GROSS PROFIT

9,129,477

4,200,845

Administrative expenses

6,801,796

3,082,956

2,327,681

1,117,889

Other operating income

3,928

663

OPERATING PROFIT

5

2,331,609

1,118,552

Interest receivable and similar income

8,650

626

2,340,259

1,119,178

Interest payable and similar expenses

6

7,650

-

PROFIT BEFORE TAXATION

2,332,609

1,119,178

Tax on profit

7

596,027

281,655

PROFIT FOR THE FINANCIAL YEAR

1,736,582

837,523

PROFIT FOR THE YEAR

1,736,582

837,523

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,736,582

837,523

FIXED ASSETS

Intangible assets

9

230,568

55,366

Property, plant and equipment

10

1,025,471

663,755

1,256,039

719,121

CURRENT ASSETS

Inventories

11

2,755,863

2,588,941

Debtors

12

2,173,173

1,181,224

Cash at bank and in hand

2,534,371

2,214,368

7,463,407

5,984,533

CREDITORS

Amounts falling due within one year

13

2,163,972

1,479,525

NET CURRENT ASSETS

5,299,435

4,505,008

TOTAL ASSETS LESS CURRENT LIABILITIES

6,555,474

5,224,129

CREDITORS

Amounts falling due after more than one year

14

(62,489

)

-

PROVISIONS FOR LIABILITIES

17

(241,840

)

(123,566

)

NET ASSETS

6,251,145

5,100,563

CAPITAL AND RESERVES

Called up share capital

18

100

100

Retained earnings

19

6,251,045

5,100,463

SHAREHOLDERS' FUNDS

6,251,145

5,100,563

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

Mr J Fernandez - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 May 2023

100

4,262,940

4,263,040

Changes in equity

Total comprehensive income

-

837,523

837,523

Balance at 31 December 2023

100

5,100,463

5,100,563

Changes in equity

Dividends

-

(586,000

)

(586,000

)

Total comprehensive income

-

1,736,582

1,736,582

Balance at 31 December 2024

100

6,251,045

6,251,145

1.	STATUTORY INFORMATION

Quorn Country Tiles 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 financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.

The financial statements cover the individual entity.

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

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.

In the prior year, the company changed its year-end from 30 April 2024 to 31 December 2023 to be in line with the parent company. As a result, the financial statements including the related notes presented for the 2023 comparatives cover an 8 month period so are not entirely comparable to the current year.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions 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;

•

the requirement of paragraph 33.7.

The company is a subsidiary of Q S Group Holdings Limited. The company is included in the consolidated financial statements of Q S Group Holdings Limited, which can be obtained from Unit 21 The Office Village, North Road, Loughborough, Leicestershire, England, LE11 1QJ

Related party exemption

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

Significant judgements and estimates

In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

(i) Useful economic lives of property, plant and equipment

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives of the assets. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(ii) Useful economic lives of intangible assets

The annual amortisation charge for intangible assets is dependent on the estimated useful economic lives of the assets. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and economic utilisation.

Revenue

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

Revenue is recognised on the despatch of goods or provision of services.

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Costs associated with the development of software for use within the business which will generate economic benefits exceeding one year are capitalised. Such costs are amortised evenly over the expected economic life of 3 years.

Website and computer software development costs

33% Straight line

Patents and licences

33% Straight line

Property, plant & equipment

Property, plant and equipment is 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 at the following annual rates in order to write off each asset over its estimated useful life.

Land and building leasehold

20% Straight line

Plant and machinery

15% Reducing balance

Fixtures, fittings and equipment

15% Reducing balance and 33.33% Straight line

Motor vehicles

25% Reducing balance

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement.

Inventories

Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete slow moving items. Inventories are accounted for on a first-in-first-out basis.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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. Accounts 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.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

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 obtained under hire purchase contracts are capitalised in the statement of financial position and depreciated over the shorter of the lease term and estimated useful lives.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.

REVENUE

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

An analysis of revenue by geographical market is given below:

Period

1.5.23

Year Ended

to

31.12.24

31.12.23

£

£

United Kingdom

17,585,282

8,967,927

Rest of World

122,641

134,065

17,707,923

9,101,992

4.	EMPLOYEES AND DIRECTORS

Period

1.5.23

Year Ended

to

31.12.24

31.12.23

£

£

Wages and salaries

2,297,683

1,114,274

Social security costs

221,789

107,177

Other pension costs

37,656

19,451

2,557,128

1,240,902

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

Period

1.5.23

Year Ended

to

31.12.24

31.12.23

Office and management

20

18

Distribution and services

26

22

Showroom and sales

30

15

76

55

Period

1.5.23

Year Ended

to

31.12.24

31.12.23

£

£

Directors' remuneration

53,572

36,812

Directors' pension contributions to money purchase schemes

380

348

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

Money purchase schemes

2

2

5.	OPERATING PROFIT

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

Period

1.5.23

Year Ended

to

31.12.24

31.12.23

£

£

Hire of plant and machinery

35,214

18,305

Other operating leases

558,143

323,664

Depreciation - owned assets

245,067

114,527

Loss on disposal of fixed assets

2,234

155

Patents and licences amortisation

1,660

1,107

Development costs amortisation

19,760

9,058

Auditors' remuneration

23,005

-

Foreign exchange differences

15,606

(6,324

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.5.23

Year Ended

to

31.12.24

31.12.23

£

£

Other interest

7,650

-

7.

TAXATION

Analysis of the tax charge

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

Period

1.5.23

Year Ended

to

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

477,753

284,574

Adjustment re previous years

-

(6,349

)

Total current tax

477,753

278,225

Deferred tax

118,274

3,430

Tax on profit

596,027

281,655

Reconciliation of total tax charge 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:

Period

1.5.23

Year Ended

to

31.12.24

31.12.23

£

£

Profit before tax

2,332,609

1,119,178

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

583,152

279,795

Effects of:

Expenses not deductible for tax purposes

13,151

4,696

Capital allowances in excess of depreciation

(119,110

)

-

Depreciation in excess of capital allowances

-

44

Loss on sale of disposal

559

39

Deferred Tax

118,275

3,430

Prior year adjustment

-

(6,349

)

Total tax charge

596,027

281,655

8.

DIVIDENDS

Period

1.5.23

Year Ended

to

31.12.24

31.12.23

£

£

B Ordinary shares of £0.01 each

Interim

586,000

-

9.	INTANGIBLE FIXED ASSETS

Patents

Assets

and

Development

under

Goodwill

licences

costs

construction

Totals

£

£

£

£

£

COST

At 1 January 2024

30,000

4,980

40,760

25,620

101,360

Additions

-

-

222,242

-

222,242

Disposals

-

-

-

(25,620

)

(25,620

)

At 31 December 2024

30,000

4,980

263,002

-

297,982

AMORTISATION

At 1 January 2024

30,000

2,767

13,227

-

45,994

Amortisation for year

-

1,660

19,760

-

21,420

At 31 December 2024

30,000

4,427

32,987

-

67,414

NET BOOK VALUE

At 31 December 2024

-

553

230,015

-

230,568

At 31 December 2023

-

2,213

27,533

25,620

55,366