REGISTERED NUMBER: 08934710 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

NGB Construction Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

21

DIRECTORS:

S C Nugent

J P Buckingham

G C Gee

M A Ashworth

N R L Wood

D J Reeve

REGISTERED OFFICE:

25 Hampstead Avenue

Mildenhall

Suffolk

IP28 7AS

REGISTERED NUMBER:

08934710 (England and Wales)

AUDITORS:

Knights Lowe Limited

Chartered Accountants

and Statutory Auditors

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

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

The results for the year and the financial position of the group are as shown in the annexed accounts.

Included in the consolidated accounts are the results for the trading group for the year ended 31 December 2024. NGB Construction Limited had 100% control of the group for the year to 31 December 2024.

Business Overview

As a Suffolk based company, established in 1938, we take pride in being an enviable business that is reliable, highly skilled and committed to delivering a service that is on time, to a high quality within budget.

Our aim is to extend this reputation by introducing new ideas and skillsets for the benefit of our clients whilst having the flexibility and courage for innovation.

Our continued objective is to provide a variety of comprehensive high quality building services to our clients, mostly as main contractors.

Objectives & Strategy

As detailed in the Review of Business, results in 2024 proved very challenging, however the group has a strong forward order book with exceptional loss making projects being completed or all costs accrued in 2024, and sustainable, profitable core projects secured in 2025 and beyond.

The objectives & strategies for the coming financial year are:

- To Continue to provide continue focusing on delivering high-quality building services across all areas of the business

- Return to healthy profitability as we continue to secure new contracts, including repeat business, with a strong client base.

- Focusing on maximizing returns and meeting its targets, alongside and always providing the exceptional client service the business is renowned for.

Key Performance Indicators

The key performance indicators for the group are turnover, gross margin and direct overheads.

REVIEW OF BUSINESS

Despite an increase in revenue, 2024 proved to be a very challenging and disappointing year financially. The loss reported was due to significant delays completing two major projects which resulted in increased costs and overheads. Although both projects have now been completed, this impacted on the rest of our business, which continued to operate successfully producing healthy returns. As a requirement by accounting standards the total of the contact loss to completion of both these contracts has been included in the 2024 accounts. Other contracts and future contracts are profitable.

In response to this year's result, the Directors plan to decline single-stage design and build projects for the foreseeable future. This has been a key factor in the results for the last two years. Limiting the maximum project values and the turnover being targeted are also key objectives, which in turn will also result in a reduction in overheads.

The result for the financial year has been managed and financed in several ways:

- The goodwill and support of both customers and creditors has been utilized during the period, and since the year end this support has continued as cashflows improve.

- Historic cash reserves have been utilized, that had been built from careful finance management in previous years.

- Subcontract payment terms have been aligned with industry standards or contacted agreements, providing a significant positive cash inflow, again a benefit of historic relationships and management.

- A significant proportion of the loss reported in 2024 (approximately 1/3) related to cashflows incurred in 2023 and , earlier, with a reduction in overall contract margin meaning a loss has been recognised in 2024.

- Additional external financing has been arranged and received, showing support and backing to the business.

These financing items were necessary in 2024 due to the loss on the two contracts and ongoing into 2025 cashflows and profits are positive meaning additional financing won't be necessary.

Future Outlook

To reflect the difficult trading year and with a significantly positive 2025 the directors have prepared full statutory accounts for the period end to 30 June 2025 for Cocksedge Building Contractors, the major subsidiary company of the group, for use of its stakeholders, suppliers & customers.

These accounts to 30 June 2025 show a net profit £1.9m, with positive operating cashflows. Expected financing cashflows including bank loan repayments, HMRC liabilities and group debt have also been made and maintained as expected and in line with payment terms.

The group has a strong forward order book entering 2025 with the forecast revenue for the year virtually secured. The Directors are confident of a return to healthy profitability as we continue to secure new contracts, including repeat business, with a strong client base. The aim is to continue focusing on delivering high-quality building services across all areas of the business, focusing on maximizing returns and meeting its targets.

PRINCIPAL RISKS AND UNCERTAINTIES

Management continually monitors the risks facing the group together with assessing the controls used for managing these risks. The board of directors regularly reviews the principal risk facing the business.

(a) Economic downturn

The directors are aware of the consistent requirement to monitor the wider performance and outlook of the UK economy and the likely effect on the construction industry sector.

(b) Competitor pressure

Competitive tendering is continually monitored, all tenders whether won or lost are reviewed internally to establish how pricing and the offering can be improved on future tenders.

(c) Loss of key personnel

The group recognizes the need to attract and retain excellent people to continue to manage the plans of the company. This is achieved by performance management and regular reviews of remuneration to ensure the risk is mitigated.

The availability of quality, skilled labour is still a challenge for our industry.

(d) Reliance on key suppliers

The uncertainties around the general economic climate relating to global pricing and the cost of borrowing remain a risk to the business. We continue to have good relationship with our supply chain, many of whom we have been trading with for many years and have supported us during a difficult period in the company’s history.

(e) Health & Safely (H&S)

Excellent Health and Safety performance has the highest priority in the company. The group is accredited to ISO 14001:2015 and ISO 45001:2018 and is subject to regular independent audit to maintain its registration. Our aim is to ensure our offices and projects are healthy and safe places for our employees, supply chain and visitors to work.

The group has robust Health and Safety policies in place which are implemented on all our sites in cooperation with our clients and main contractors that we work for. Performance against H&S KPI’s is monitored by senior management and corrective action is taken when required.

Regular training, including updates, is provided to Cocksedge employees and its subcontractors when required.

(f) Quality

The group is accredited to IOS 9001:2015 and prides itself on the quality of the work it carries out and its reputation in the sectors it operates in. Our objective is to improve the deliverables to ensure the quality of completed work that we hand over.

(g) Environmental

We are committed to reducing our carbon emissions and have set up a Carbon Reduction Team who maintains environmental and carbon data collection for all projects and offices. We have a Carbon Reduction Plan aimed at reducing our carbon footprint across all our operations.

During 2024, we have been working on two passive house contracts, one of which is a large student accommodation scheme. Work has also commenced on large decarbonisation project.

The group has invested heavily its fleet of electric vehicles with all company cars now either electric or hybrid. 18 electric vehicles are now leased compared to 17 at the end of 2023, plus 1 hybrid vehicle.

ON BEHALF OF THE BOARD:

N R L Wood - 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

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

DIRECTORS

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

S C Nugent

J P Buckingham

G C Gee

M A Ashworth

N R L Wood

D J Reeve

STREAMLINED ENERGY AND CARBON REPORTING

This report summaries our energy usage, associated emissions, energy efficiency actions and energy performance under the government policy Streamlined Energy and Carbon Reporting (SECR), as implemented by the Companies ('Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

NGB Construction Limited are a large UK incorporated business. Under SECR legislation we are mandated to include energy consumption, emissions, intensity metrics and all energy efficiency improvements implemented in our most recent financial year. An organisational boundary has been applied for the purposes of the reporting.

Certain consumption data used for SECR has been estimated to achieve adequate data coverage. This is due to the nature of some of our projects. One of our business objectives for 2025 is to introduce a more robust system to measure and manage our CO2 emissions to determine a climate strategy aimed at reducing our carbon footprint. This will also enable us to extend our SECR to include other indirect emissions relating to our supply chain.

Greenhouse gas emissions and energy consumption

Unit

2024

2023

Emissions resulting from activities for which the company is responsible

tCO2e

322

271

Emissions resulting from the purchase of electricity by the company for its own use

tCO2e

19

20

Emissions resulting from use of fuel by employees in privately owned vehicles

tCO2e

34

53

Total Emissions

375

344

Total Energy Consumption

KWh

716,022

714,884

Tonnes CO2 per £1m turnover

6

5.8

Scope 2 indirect emissions (purchased electricity) for this year of reporting are 108.642 tCO2e, resulting from the consumption of 514,889 kWh of electricity purchased and consumed in day-to-day business operations. This represents a carbon decrease of 6.5% from last year.

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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.

AUDITORS

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

ON BEHALF OF THE BOARD:

N R L Wood - Director

30 September 2025

Opinion

We have audited the financial statements of NGB Construction 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 loss 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 directors are responsible for the other information. The other information comprises the information in the Group 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 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 seven, 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.

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

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

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

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

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation ;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

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 to identify unusual transactions;

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

- investigated the rationale behind significant or unusual transactions; and

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;

- reviewing correspondence with HMRC and the company's legal advisors;

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

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

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

Use of our report

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

James Knights BSc ACA (Senior Statutory Auditor)

for and on behalf of Knights Lowe Limited

Chartered Accountants

and Statutory Auditors

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

30 September 2025

TURNOVER

74,694,865

71,696,170

Cost of sales

76,057,199

66,183,685

GROSS (LOSS)/PROFIT

(1,362,334

)

5,512,485

Administrative expenses

5,290,943

4,451,325

OPERATING (LOSS)/PROFIT

5

(6,653,277

)

1,061,160

Loans written off

6

-

2,169,479

(6,653,277

)

(1,108,319

)

Interest receivable and similar income

14,379

33,665

(6,638,898

)

(1,074,654

)

Amounts written off investments

7

-

(200

)

(6,638,898

)

(1,074,454

)

Interest payable and similar expenses

8

9,401

292,036

LOSS BEFORE TAXATION

(6,648,299

)

(1,366,490

)

Tax on loss

9

(235,517

)

(328,632

)

LOSS FOR THE FINANCIAL YEAR

(6,412,782

)

(1,037,858

)

Loss attributable to:

Owners of the parent

(6,412,782

)

(1,037,858

)

LOSS FOR THE YEAR

(6,412,782

)

(1,037,858

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(6,412,782

)

(1,037,858

)

Total comprehensive income attributable to:

Owners of the parent

(6,412,782

)

(1,037,858

)

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

630,500

650,839

Investments

13

Interest in investment

4

4

630,504

650,843

CURRENT ASSETS

Stocks

14

1,365,353

3,914,000

Debtors

15

11,517,176

10,431,354

Cash at bank and in hand

1,542,081

3,418,078

14,424,610

17,763,432

CREDITORS

Amounts falling due within one year

16

17,298,840

13,423,210

NET CURRENT (LIABILITIES)/ASSETS

(2,874,230

)

4,340,222

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,243,726

)

4,991,065

CREDITORS

Amounts falling due after more than one year

17

(1,090,520

)

(1,768,513

)

PROVISIONS FOR LIABILITIES

21

-

(44,016

)

NET (LIABILITIES)/ASSETS

(3,334,246

)

3,178,536

CAPITAL AND RESERVES

Called up share capital

22

1,760

1,760

Other reserves

23

504,165

504,165

Retained earnings

23

(3,840,171

)

2,672,611

SHAREHOLDERS' FUNDS

27

(3,334,246

)

3,178,536

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

N R L Wood - Director

S C Nugent - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

4,057,415

4,057,415

4,057,415

4,057,415

CURRENT ASSETS

Debtors

15

1,640

1,640

CREDITORS

Amounts falling due within one year

16

3,568,341

3,568,341

NET CURRENT LIABILITIES

(3,566,701

)

(3,566,701

)

TOTAL ASSETS LESS CURRENT LIABILITIES

490,714

490,714

CAPITAL AND RESERVES

Called up share capital

22

1,760

1,760

Other reserves

23

504,165

504,165

Retained earnings

23

(15,211

)

(15,211

)

SHAREHOLDERS' FUNDS

27

490,714

490,714

Company's profit for the financial year

-

245,000

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:

S C Nugent - Director

N R L Wood - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2023

1,300

3,955,469

504,165

4,460,934

Changes in equity

Gift to NGB Employee Ownership Trust from Cocksedge Building Contractors Ltd

-

(245,000

)

-

(245,000

)

Total comprehensive income

-

(1,037,858

)

-

(1,037,858

)

Balance at 31 December 2023

1,300

2,672,611

504,165

3,178,076

Changes in equity

Gift to NGB Employee Ownership Trust from Cocksedge Building Contractors Ltd

-

(100,000

)

-

(100,000

)

Total comprehensive income

-

(6,412,782

)

-

(6,412,782

)

Balance at 31 December 2024

1,300

(3,840,171

)

504,165

(3,334,706

)

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2023

1,300

(15,211

)

504,165

490,254

Changes in equity

Gift to NGB Employee Ownership Trust from Cocksedge Building Contractors Ltd

-

(245,000

)

-

(245,000

)

Total comprehensive income

-

245,000

-

245,000

Balance at 31 December 2023

1,300

(15,211

)

504,165

490,254

Changes in equity

Balance at 31 December 2024

1,300

(15,211

)

504,165

490,254

Cash flows from operating activities

Cash generated from operations

1

6,478,699

(8,227,250

)

Interest paid

50,205

(233,838

)

Interest element of hire purchase payments paid

(59,606

)

(58,198

)

Tax paid

290,489

(139,360

)

Net cash from operating activities

6,759,787

(8,658,646

)

Cash flows from investing activities

Purchase of tangible fixed assets

(121,970

)

(120,578

)

Purchase of fixed asset investments

-

(2

)

Sale of tangible fixed assets

1,200

23,451

Sale of fixed asset investments

-

103

Interest received

14,379

33,665

Net cash from investing activities

(106,391

)

(63,361

)

Cash flows from financing activities

Bank loan repayments in year

(546,875

)

(546,876

)

New loans in year

700,000

-

HP capital repayments in year

(165,088

)

(101,859

)

Amount withdrawn by directors

(372

)

(80,508

)

Share issue

-

460

Gifts to NGB Employee Ownership Trust

(100,000

)

(245,000

)

Net cash from financing activities

(112,335

)

(973,783

)

Increase/(decrease) in cash and cash equivalents

6,541,061

(9,695,790

)

Cash and cash equivalents at beginning of year

2

3,418,078

4,696,810

Cash and cash equivalents at end of year

2

1,542,081

3,418,078

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

2024

2023

£

£

Loss before taxation

(6,648,299

)

(1,366,490

)

Depreciation charges

142,309

105,385

Profit on disposal of fixed assets

(1,200

)

(8,751

)

Finance costs

9,401

292,036

Finance income

(14,379

)

(33,665

)

(6,512,168

)

(1,011,485

)

Decrease/(increase) in stocks

2,548,647

(1,073,468

)

Decrease/(increase) in trade and other debtors

7,233,684

(11,522,953

)

Increase in trade and other creditors

3,208,536

5,380,656

Cash generated from operations

6,478,699

(8,227,250

)

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

1,542,081

3,418,078

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

3,418,078

4,696,810

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

3,418,078

(1,875,997

)

1,542,081

3,418,078

(1,875,997

)

1,542,081

Debt

Finance leases

(292,360

)

165,088

(127,272

)

Debts falling due within 1 year

(546,875

)

-

(546,875

)

Debts falling due after 1 year

(729,167

)

546,875

(182,292

)

(1,568,402

)

711,963

(856,439

)

Total

1,849,676

(1,164,034

)

685,642