REGISTERED NUMBER: 11805074 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

NATIONAL HOME MOVE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

17

DIRECTORS:

D J Newnes

M J McCreath

REGISTERED OFFICE:

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

REGISTERED NUMBER:

11805074 (England and Wales)

AUDITORS:

Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

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

The directors present the Strategic Report together with the audited financial statements for the year ended 31 December 2024.

REVIEW OF BUSINESS

The improvement of economic conditions seen at the end of 2023 continued into 2024, with a stabilisation of interest rates and inflation continuing to reduce leading to increased confidence in the housing market, resulting in the number of transactions and the average house price to continue increasing. However, a persistent lack of capacity within the conveyancing industry continues to increase the average time between sales being agreed and completed.

The lettings market has continued to be satisfactory through 2024, the trend of increasing rents because of insufficient available rental properties has continued. With the election of the Labour government in July 2024 and the manifesto commitment to the Renters' Rights Bill there has been some uncertainty, leading to a reduction in the number of new landlords entering the sector.

2024 is the first full year with the 27 branches acquired in May 2023, driving the significant revenue and profit growth in 2024 on both an absolute and like-for-like basis, with economies of scale contributing to cost reductions and a dynamic and innovative environment allowing for revenue growth opportunities to be exploited.

The government's commitment to house building made in 2024 presents a significant opportunity for the company, a strategy developed in 2024 and implemented in 2025 to partner with house builders of all sizes is showing potential and we expect to see significant benefits from this in 2026 and beyond. The company is committed to continuing growth through innovation to drive organic growth, as well as through strategic acquisitions such as the Doncaster Reeds Rains lettings book made in December 2024.

Overall the company's performance in 2024 has been strong, with the 3 main revenue streams of residential sales, residential lettings, and referral fees for other services all increasing from 2023 in absolute terms and on a like-for-like basis, which has continued into 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company recognises that successfully managing its risks is essential to support its activities. The board regularly assesses the key risks facing the business and strategies for mitigating those risks.

The principal risks facing the Company and the strategies for mitigating those risks are set out below:

Residential Sales Market

The housing market in the UK is tied closely to the overall performance of the UK economy, which is cyclical in nature. Whilst the current outlook for the housing market remains satisfactory, the Company continues to create a balance between the residential sales business, the residential lettings and property management business and the income from related services. This balance will help lessen the impact of any future instability in the house sales market.

Employee Retention Risk

The Company success is reliant on the skills, motivation, and training of its people and therefore a key risk to the business is the loss of experienced and skilled employees.

The Company regularly reviews remuneration, training requirements and progression routes for employees to ensure salary packages are competitive and experienced and skilled employees are retained.

The UK estate agency sector is highly competitive with new innovations attempting to disrupt traditional operating models, especially in the online/digital space. Adapting and continuing to innovate is important to maintaining market share and consequently revenue.

The Company has continued to invest in its people to ensure that the Company can continue to meet and exceed the service standards expected by customers. The Company believes that face-to-face interactions with well trained and highly knowledgeable people continues to be core to delivering the excellent customer service the Company provides.

Regulatory Compliance

The UK residential sales and lettings markets are regulated, with periodic changes and additions to legislation. It is essential that the company is compliant with all regulations and ensures the implications of any changes are understood and implemented in good time.

The Company maintains relationships with regulating bodies, both directly and through our Franchisor's relationships, and ensures adequate training is carried out for any regulatory changes. Our Franchisor provides an online training and information platform and ensures this is kept up to date with any changes in legislation.

Cashflow

The changing nature of the house sales market and the level of fixed cost within the Company means cashflow is a risk area should the sales market suffer a significant downturn

.

The Company mitigates this risk by monitoring performance vs the company 3-year plan, ensuring a suitable balance between the different revenue streams and regularly reviewing short-term and long-term cash flow forecasts to ensure that adequate facilities are in place.

POST BALANCE SHEET EVENTS

There are no post balance sheets events that require disclosure.

GOING CONCERN

The directors have reviewed the forecasts for the 2025 and 2026 financial years, including performing stress testing for unexpected market conditions and are confident that the business will continue to trade profitably for the foreseeable future.

The cash position of the company is satisfactory and the Directors do not believe that obtaining additional financing will be problematic should the need arise.

FINANCIAL KEY PERFORMANCE INDICATORS

The Directors hold monthly board meetings where the Company performance is discussed in detail. The most significant KPI's that are monitored in the business are shown in the table below:

2024

2023

Movement in estate agency exchanges

+36.0%

+163.0%

Movement in Lettings occupied units

+0.1%

+227.4%

ON BEHALF OF THE BOARD:

M J McCreath - 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 activities of the company during the year remained residential property estate agency, and residential letting and property management.

DIVIDENDS

The Company resolved on the 23 May 2025 to pay a dividend in respect of the year ended 31 December 2024 of £538,367.

DIRECTORS

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

D J Newnes

M J McCreath

Other changes in directors holding office are as follows:

N A Favas - resigned 5 February 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

M J McCreath - Director

30 September 2025

Opinion

We have audited the financial statements of National Home Move 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, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, and employment law.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party balances and transactions.

- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

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 primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

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.

Frederick Norman (Senior Statutory Auditor)

for and on behalf of Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

30 September 2025

TURNOVER

24,330,644

18,049,979

Cost of sales

(3,305,619

)

(2,854,564

)

GROSS PROFIT

21,025,025

15,195,415

Administrative expenses

(18,554,149

)

(14,702,878

)

2,470,876

492,537

Other operating income

-

58,412

OPERATING PROFIT

4

2,470,876

550,949

Income from fixed asset investments

11,025

14,536

Interest receivable and similar income

27,195

1,526

2,509,096

567,011

Gain/loss on revaluation of investments

149,883

11,616

2,658,979

578,627

Interest payable and similar expenses

5

(27,834

)

(19,177

)

PROFIT BEFORE TAXATION

2,631,145

559,450

Tax on profit

6

(714,049

)

(192,081

)

PROFIT FOR THE FINANCIAL YEAR

1,917,096

367,369

PROFIT FOR THE YEAR

1,917,096

367,369

OTHER COMPREHENSIVE INCOME

Other reserves

(699,999

)

(26,957

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(699,999

)

(26,957

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,217,097

340,412

FIXED ASSETS

Intangible assets

7

788,531

719,429

Tangible assets

8

156,713

53,467

Investments

9

2,059,369

996,018

3,004,613

1,768,914

CURRENT ASSETS

Debtors

10

2,590,473

2,759,063

Cash at bank and in hand

1,645,517

1,588,317

4,235,990

4,347,380

CREDITORS

Amounts falling due within one year

11

(3,497,575

)

(3,760,673

)

NET CURRENT ASSETS

738,415

586,707

TOTAL ASSETS LESS CURRENT LIABILITIES

3,743,028

2,355,621

CREDITORS

Amounts falling due after more than one year

12

(884,262

)

(939,762

)

PROVISIONS FOR LIABILITIES

14

(239,178

)

(13,367

)

NET ASSETS

2,619,588

1,402,492

CAPITAL AND RESERVES

Called up share capital

15

1

2

Capital redemption reserve

16

1

-

Other reserves

16

253,529

181,175

Retained earnings

16

2,366,057

1,221,315

SHAREHOLDERS' FUNDS

2,619,588

1,402,492

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:

M J McCreath - Director

Called up

Capital

share

Retained

redemption

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 January 2023

2

853,946

-

208,132

1,062,080

Changes in equity

Total comprehensive income

-

367,369

-

(26,957

)

340,412

Balance at 31 December 2023

2

1,221,315

-

181,175

1,402,492

Changes in equity

Issue of share capital

(1

)

-

-

-

(1

)

Total comprehensive income

-

1,144,742

1

72,354

1,217,097

Balance at 31 December 2024

1

2,366,057

1

253,529

2,619,588

Cash flows from operating activities

Cash generated from operations

1

2,332,286

1,198,731

Interest paid

-

(19,177

)

Tax paid

(190,724

)

(49,963

)

Net cash from operating activities

2,141,562

1,129,591

Cash flows from investing activities

Purchase of intangible fixed assets

(280,658

)

-

Purchase of tangible fixed assets

(123,015

)

(17,799

)

Sale/purchase of fixed asset investments

(907,884

)

(110,412

)

Sale of fixed asset investments

-

55,206

Payment of deferred consideration

(100,000

)

(100,000

)

Purchase of own shares

(700,000

)

-

Interest received

27,195

1,526

Dividends received

-

14,536

Net cash from investing activities

(2,084,362

)

(156,943

)

Cash flows from financing activities

Loan repayments in year

-

(175,035

)

Net cash from financing activities

-

(175,035

)

Increase in cash and cash equivalents

57,200

797,613

Cash and cash equivalents at beginning of year

2

1,588,317

790,704

Cash and cash equivalents at end of year

2

1,645,517

1,588,317

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

2024

2023

£

£

Profit before taxation

2,631,145

559,450

Depreciation charges

231,326

220,323

Gain on revaluation of fixed assets

(144,442

)

(11,980

)

Increase in dilapidation provision

200,000

-

Finance costs

27,834

19,177

Finance income

(38,220

)

(16,062

)

2,907,643

770,908

Decrease/(increase) in trade and other debtors

168,588

(1,487,253

)

(Decrease)/increase in trade and other creditors

(743,945

)

1,915,076

Cash generated from operations

2,332,286

1,198,731

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

1,645,517

1,588,317

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

1,588,317

790,704

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

1,588,317

57,200

1,645,517

1,588,317

57,200

1,645,517

Total

1,588,317

57,200

1,645,517

1.	STATUTORY INFORMATION

National Home Move Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 11805074 and the registered office address is 5 Brooklands Place, Brooklands Road, Sale, M33 3SD.

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 as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follow:

Trade debtors recoverability

Amounts recoverable on trade debtors are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. The directors make estimates as to the recoverability of these debts and provide for them accordingly.

Provisions

A provision is recognised in the balance sheet when the entity has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Other accounting judgements and estimates

Turnover

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

Goodwill

Goodwill relates to the amount paid in connection with the acquisition of a property letting business in 2019, which is being amortised evenly over its estimated useful economic life of 10 years, and the acquisition of additional lettings books in 2022 and 2024, which are being amortised evenly over their estimated useful economic lives of 3 years.

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 the life of the lease

Fixtures and fittings

-

25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade creditors, other creditors, amounts owed to group undertakings and directors loan accounts that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

Going concern

For the year to 31 December 2024, the company made a profit of £1,917,096 (2023: £367,369), and had net assets at that date of £2,619,588 (2023: £1,402,492). The directors consider that the company has sufficient working capital to enable it to continue to trade and meet its liabilities as they fall due for at least the next twelve months from the date of approval of the financial statements.

The directors have reviewed the forecasts for the 2025 and 2026 financial years, including performing stress testing for unexpected market conditions, and are confident that the business will continue to trade profitably for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 December 2024.

Investments

Fixed asset investments are stated at cost less provision for permanent impairment, unless publicly traded or their fair value can otherwise be measured reliably, then the investments are stated at fair value with changes in fair value recognised in the profit or loss.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

10,606,911

8,492,018

Social security costs

1,049,376

810,498

Other pension costs

518,078

394,757

12,174,365

9,697,273

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

2024

2023

Employees

330

281

Directors

2

3

332

284

2024

2023

£

£

Directors' remuneration

342,794

305,534

Directors' pension contributions to money purchase schemes

7,044

8,219

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

197,496

157,803

Pension contributions to money purchase schemes

3,522

3,522

4.	OPERATING PROFIT

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

2024

2023

£

£

Other operating leases

1,105,503

968,557

Depreciation - owned assets

19,769

16,563

Loss/(profit) on disposal of fixed assets

58,496

(55,206

)

Goodwill amortisation

211,556

203,760

Auditors' remuneration

22,000

24,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank loan interest

-

7,883

Other interest

27,834

11,294

27,834

19,177