REGISTERED NUMBER: SC517493 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

Newton Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

K Haughey

E Mills

REGISTERED OFFICE:

Pavilion 1

Finnieston Business Park

Minerva Way

GLASGOW

G3 8AU

REGISTERED NUMBER:

SC517493 (Scotland)

AUDITORS:

Gerber Landa & Gee

Statutory Auditor

Chartered Accountants

Pavilion 1

Finnieston Business Park

Minerva Way

GLASGOW

G3 8AU

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

The group consists of a holding company together with one trading company which is primarily a heating engineering business operating from its head office premises in Glasgow. It services, maintains and installs central heating throughout Scotland and is an accredited Eco Installer.

REVIEW OF BUSINESS

The results for the year and financial position of the Group are as shown in the annexed financial statements.

Turnover increased by 45.9% in the year to £27m which was in line with the Directors expectations. The significant increase in turnover can be attributed to new Eco contracts which have generated around £9m in additional turnover. As expected this increase in turnover has also increased direct costs of sale, principally subcontractor costs.

Due to the sales increase and the mix of sales in the year as an improvement in cost control the Group was able to produce an operating profit of £517k for the year.

Bank funds were improved significantly to a level of £4m at the year end compared with £3m in 2023 and this position has been maintained after the year end as a result of positive trading in 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties affecting the group, together with the group's approach to those are summarised below:-

Market risk - the group is reliant on local authorities for contracts which are subject to periodic competitive tender. Renewal of these contracts is based on performance criteria and competitiveness of pricing. The group prides itself on forging and maintaining excellent relationships with customers and providing a superior service which serves to mitigate this risk.

Economic risk - the group's marketplace currently benefits from the impact of government led initiatives and a focus on energy efficiency. Were these to be reversed or reduced then this would require the group to take steps to address these risks should this be necessary. The group has a solid social housing customer base which has been developed over the years which underpins the group along with a broad range of energy efficiency services available to offer to the market in the event of any change to current circumstances.

Health and safety risk - the group ensures that this aspect of its group is addressed by continued monitoring from management and training of its employees.

Product risk - the group maintains a network of suppliers and invests in building long-term relationships with them. Through the buying and accounts payable teams, regular contact is maintained with every active supplier to ensure continuity of supply.

IT risk - the group is dependent on reliable IT systems for managing and controlling the group. A disaster recovery plan is in place with the ability to use a manual system should the IT system fail. The group's IT function oversees all systems and has policies in place to protect software, hardware and data and to prevent unauthorised access to systems.

Fraud risk - there are internal control procedures to ensure that detailed checking is carried out in all areas of the group. The group's management reporting systems are designed, in part, to highlight irregularities at all stages of the cycle of funds through the group, during the disbursement of group funds as regards the safety and security of assets.

Currency risk - the group has minimal exposure to translation and transaction foreign currency risk.

Liquidity risk - the group has a strong working capital position with healthy cash reserves. The group mitigates liquidity risk by managing cash generation through operations and setting collection targets for debtor recovery.

Credit risk - the group maintains strong relationships with each of its key customers and suppliers and monitors the position at operational and board level on a regular basis.

KEY PERFORMANCE INDICATORS

These include the monitoring of turnover, cost of sales and its component parts, gross margin, net profitability, staff turnover, health and safety and returns on capital employed.

The group places particular emphasis on the training and well being of its workforce and seeks to achieve this through in house and external training as well as the provision of occupational health screening to all employees.

FUTURE DEVELOPMENTS

Since the year end the directors are pleased to report that both order levels and turnover have increased and despite industry competitiveness a favourable outcome to the 2025 year is expected.

Specifically profits for 2025 are forecast to be maintained or improved from the figures recorded in 2024 due to maintaining existing contracts and business but also successful negotiations on existing and new contract values and effective cost control.

The directors are satisfied with the company's current performance and will continue with the strategies that have helped provide its organic growth to date.

ON BEHALF OF THE BOARD:

E Mills - 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

An interim dividend of 0.215 per share was paid on 31 December 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 860,000 .

DIRECTORS

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

K Haughey

E Mills

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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 group's auditors are aware of that information.

AUDITORS

The auditors, Gerber Landa & Gee, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

E Mills - Director

30 September 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The 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 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 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 group through discussions with directors and other management, and from our commercial knowledge and experience of the financial services 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 group.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

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 group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

*making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

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

To address the risk of fraud through management bias and override of controls, we:

*performed analytical procedures to identify any unusual or unexpected relationships;

*tested journal entries to identify unusual transactions;

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

*investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

*agreeing financial statement disclosures to underlying supporting documentation;

*reading the minutes of those charged with corporate governance;

*enquiring of management as to actual and potential litigation and claims; and

*reviewing correspondence with HMRC, relevant regulators and the group's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the 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.

Darren Smith (Senior Statutory Auditor)

for and on behalf of Gerber Landa & Gee

Statutory Auditor

Chartered Accountants

Pavilion 1

Finnieston Business Park

Minerva Way

GLASGOW

G3 8AU

30 September 2025

TURNOVER

3

27,037,416

18,512,769

Cost of sales

21,476,283

13,516,083

GROSS PROFIT

5,561,133

4,996,686

Administrative expenses

5,044,185

4,753,660

OPERATING PROFIT

5

516,948

243,026

Interest receivable and similar income

-

18

PROFIT BEFORE TAXATION

516,948

243,044

Tax on profit

6

288,138

208,085

PROFIT FOR THE FINANCIAL YEAR

228,810

34,959

Profit attributable to:

Owners of the parent

228,810

34,959

PROFIT FOR THE YEAR

228,810

34,959

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

228,810

34,959

Total comprehensive income attributable to:

Owners of the parent

228,810

34,959

FIXED ASSETS

Intangible assets

9

499,165

1,098,165

Tangible assets

10

906

31,148

Investments

11

-

-

500,071

1,129,313

CURRENT ASSETS

Stocks

12

31,050

31,050

Debtors

13

2,735,730

3,160,437

Cash at bank and in hand

4,086,039

3,008,969

6,852,819

6,200,456

CREDITORS

Amounts falling due within one year

14

4,619,530

4,146,598

NET CURRENT ASSETS

2,233,289

2,053,858

TOTAL ASSETS LESS CURRENT LIABILITIES

2,733,360

3,183,171

PROVISIONS FOR LIABILITIES

16

183,173

1,794

NET ASSETS

2,550,187

3,181,377

CAPITAL AND RESERVES

Called up share capital

17

4,000,000

4,000,000

Retained earnings

18

(1,449,813

)

(818,623

)

SHAREHOLDERS' FUNDS

2,550,187

3,181,377

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:

E Mills - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

6,000,000

6,000,000

6,000,000

6,000,000

CREDITORS

Amounts falling due within one year

14

1,539,060

1,534,320

NET CURRENT LIABILITIES

(1,539,060

)

(1,534,320

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,460,940

4,465,680

CAPITAL AND RESERVES

Called up share capital

17

4,000,000

4,000,000

Retained earnings

18

460,940

465,680

SHAREHOLDERS' FUNDS

4,460,940

4,465,680

Company's profit for the financial year

855,260

595,380

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:

E Mills - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

4,000,000

(253,582

)

3,746,418

Changes in equity

Dividends

-

(600,000

)

(600,000

)

Total comprehensive income

-

34,959

34,959

Balance at 31 December 2023

4,000,000

(818,623

)

3,181,377

Changes in equity

Dividends

-

(860,000

)

(860,000

)

Total comprehensive income

-

228,810

228,810

Balance at 31 December 2024

4,000,000

(1,449,813

)

2,550,187

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

4,000,000

470,300

4,470,300

Changes in equity

Dividends

-

(600,000

)

(600,000

)

Total comprehensive income

-

595,380

595,380

Balance at 31 December 2023

4,000,000

465,680

4,465,680

Changes in equity

Dividends

-

(860,000

)

(860,000

)

Total comprehensive income

-

855,260

855,260

Balance at 31 December 2024

4,000,000

460,940

4,460,940

Cash flows from operating activities

Cash generated from operations

1

2,154,134

2,303,892

Tax paid

(217,064

)

(70,244

)

Net cash from operating activities

1,937,070

2,233,648

Cash flows from investing activities

Interest received

-

18

Net cash from investing activities

-

18

Cash flows from financing activities

Equity dividends paid

(860,000

)

(600,000

)

Net cash from financing activities

(860,000

)

(600,000

)

Increase in cash and cash equivalents

1,077,070

1,633,666

Cash and cash equivalents at beginning of year

2

3,008,969

1,375,303

Cash and cash equivalents at end of year

2

4,086,039

3,008,969

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

31.12.24

31.12.23

£

£

Profit before taxation

516,948

243,044

Depreciation charges

629,242

640,247

Provision for clawback on Eco sales

183,173

-

Finance income

-

(18

)

1,329,363

883,273

Decrease in trade and other debtors

424,707

1,441,275

Increase/(decrease) in trade and other creditors

400,064

(20,656

)

Cash generated from operations

2,154,134

2,303,892

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

4,086,039

3,008,969

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

3,008,969

1,375,303

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

3,008,969

1,077,070

4,086,039

3,008,969

1,077,070

4,086,039

Total

3,008,969

1,077,070

4,086,039

1.	STATUTORY INFORMATION

Newton Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgments and estimates have been made include the estimation of the clawback provision, the depreciation rates as well as best estimates of overhead accruals.

Turnover

Turnover represents amounts chargeable, excluding value added tax, in respect of the sale of services to customers.

Revenue from the provision of gas engineering services is recognised in the period in which the service is provided, the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

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

Short leasehold

-

10% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost and Straight line over 3 years

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives, using the straight-line method.

Stocks

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

The group does not obtain legal title to stock until it is used on a contract and no asset is recognised until this is the case.

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short term liquid investments with maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Going concern

After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

31.12.24

31.12.23

£

£

Heating engineering services

27,037,416

18,512,769

27,037,416

18,512,769

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

7,084,018

6,779,197

Social security costs

759,099

647,572

Other pension costs

168,443

135,673

8,011,560

7,562,442

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

31.12.24

31.12.23

Administration

106

108

Directors

4

4

Engineers

108

112

218

224

Total remuneration paid to Directors within the Group totalled £527,203 for the year ended 31 December 2024 (2023 £427,780 )

The number of Directors to whom retirement benefits were accruing in the year to 31 December 2024 was 4 (2023: 4)

The highest paid Director within the group earned £219,643 (2023: £160,720) in the year to 31 December 2024.

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Hire of plant and machinery

45,585

23,570

Depreciation - owned assets

30,242

41,246

Goodwill amortisation

599,000

599,000

Auditors' remuneration

19,540

19,120