REGISTERED NUMBER: 10704665 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 June 2025

for

Green Angel Ventures Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

S H V Acland

C A Ainsworth

N Lyth

A J A G Pradayrol

C P S Ross

F Bergonzo

R C Gallagher

REGISTERED OFFICE:

42 Charlwood Road

London

United Kingdom

SW15 1PW

REGISTERED NUMBER:

10704665 (England and Wales)

AUDITORS:

Anstey Bond LLP

Statutory Auditors &

Chartered Accountants

1-2 Charterhouse Mews

London

EC1M 6BB

The directors present their strategic report for the year ended 30 June 2025.

I, on behalf of the board of directors, am pleased to introduce the 2024/25 Green Angel Ventures Report & Accounts and recommend them to your attention.

REVIEW OF BUSINESS

2024/25 continued to be an extremely tough market for EIS investments, however we’re pleased to say that Green Angel Ventures’ delivery continued to match or exceed the market. Our turnover of £923,554 was 5% up on the previous years turnover £881,580.

Our loss for the financial year increased from £48,493 to £84,201, primarily driven by increased staff costs associated with growth and capability building. Despite this, the Company remains well capitalised and significantly above FCA regulatory capital requirements.

Our portfolio of companies now sits at 46, up from 45 in the prior year, and the number of angel syndicate members who have invested with us has risen to 417 up significantly from 337 previously. We continue our plans to increase the scale of our EIS programme, with two further closes of our Climate Change Fund this year, strengthening our capacity to support innovative climate solutions. In parallel, the Company is developing a tailored offering for Family Offices.

Our achievements have been recognised by winning the most prestigious award in the field, the UK Business Angels Association Award for ''Angel Group of the Year 2025''. The award is judged by industry experts and our peers, and is awarded to recognise ''the most active and impactful angel group in the UK, making not only a significant number of investments during the past year, but bringing strong added value to support the growth and success of their portfolio,'' further enhancing our market reputation.

PRINCIPAL RISKS AND UNCERTAINTIES

The key risks faced by the business include:

- Regulatory risk: As a firm regulated by the FCA, changes in the regulatory environment, particularly affecting EIS eligibility or investment platforms, may impact operations.

- Market risk: Economic downturns and investor confidence can influence fundraising activities.

- Investment risk: Early-stage investments are inherently high risk and subject to failure or underperformance.

- Operational risk: As the Company scales, maintaining operational efficiency and compliance remains a priority.

- Climate risk: Although the Company is mission-aligned to climate solutions, the commercial viability of technologies in this sector remains variable.

The Board actively manages these risks through a robust governance framework, risk assessments, scenario planning, and compliance monitoring.

PRINCIPAL ACTIVITIES, STRATEGY AND FUTURE DEVELOPMENTS

The principal activities of the Company are twofold. Firstly, the operation of an angel investment syndicate, focused on early-stage investments in climate solutions. And secondly, the operation and management of its proprietary Climate Change Fund. All investments are made into early stage UK startup companies, under the UK EIS framework.

Our focus, as always, is to invest in the companies with the best technologies and processes for fighting climate change and for producing high financial returns. This is a long-term investment strategy, and is largely unaffected by a single year's investment deployment. Thus 2024/25 has represented another successful year of building capacity, competence, and market position towards our longer-term goals.

Green Angel Ventures' mission is to invest in companies delivering effective technologies and processes that address climate change, while generating strong financial returns. This strategy is rooted in long-term value creation, which is less sensitive to short-term fluctuations in investment volume.

Looking forward, the Company intends to:

- Expand its EIS investment pipeline and syndicate base;

- Launch new products targeting institutional and family office investors;

- Increase its support capacity for portfolio companies to scale sustainably;

- Enhance its climate impact measurement methodology and transparency.

These plans will be supported by continued investment in our internal capabilities, systems and compliance infrastructure.

KEY PERFORMANCE INDICATORS (KPIS)

The Board monitors a range of non-financial and financial KPIs to assess performance, including:

- Total investments made through GAV to date: £54m (2024: £45m) 20% increase

- Number of syndicate members invested through GAV: 417 (2024: 337) 24% increase

- Portfolio size (active companies): 46 (2024: 45)

Environmental Impact and Climate Strategy

Every twelve months, we assess the carbon-equivalent impact of our portfolio investments. Fundamental to our investment thesis is that, once operating at scale our portfolio companies need to be making a substantial carbon impact. We make our calculation methodology and results available at

https://greenangelventures.com/about-us/our-climate-impact/.

Thanks to the activities of our portfolio companies, approximately 450,000 tonnes of CO2 have been avoided since we started collecting data in 2018. This is equivalent to taking around 275,000 cars from the road for one year.

ON BEHALF OF THE BOARD:

C P S Ross - Director

22 September 2025

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

DIVIDENDS

No dividends have been issued or are proposed to be issued for the period ended 30th June 2025 (2024 - Nil).

DIRECTORS

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

S H V Acland

C A Ainsworth

N Lyth

A J A G Pradayrol

C P S Ross

F Bergonzo

Other changes in directors holding office are as follows:

C Chisholm - resigned 28 May 2025

R C Gallagher was appointed as a director after 30 June 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

Each person who was a director at the time this report was approved confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and

- they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditors, Anstey Bond LLP, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

AUDITORS

The auditors, Anstey Bond LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C P S Ross - Director

22 September 2025

Opinion

We have audited the financial statements of Green Angel Ventures Limited (the 'company') for the year ended 30 June 2025 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 30 June 2025 and of its 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 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 four, 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.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above, and the further removed the non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating.

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.

Colin Ellis FCCA CF (Senior Statutory Auditor)

for and on behalf of Anstey Bond LLP

Statutory Auditors &

Chartered Accountants

1-2 Charterhouse Mews

London

EC1M 6BB

1 October 2025

TURNOVER

3

923,554

881,580

Cost of sales

(23,145

)

(16,814

)

GROSS PROFIT

900,409

864,766

Administrative expenses

(989,415

)

(943,995

)

OPERATING LOSS

5

(89,006

)

(79,229

)

Interest receivable and similar income

19,538

22,220

(69,468

)

(57,009

)

Amounts written off investments

6

(15,335

)

-

LOSS BEFORE TAXATION

(84,803

)

(57,009

)

Tax on loss

7

602

8,516

LOSS FOR THE FINANCIAL YEAR

(84,201

)

(48,493

)

LOSS FOR THE YEAR

(84,201

)

(48,493

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(84,201

)

(48,493

)

FIXED ASSETS

Intangible assets

8

9,765

17,490

Tangible assets

9

5,708

6,038

Investments

10

11

15,346

15,484

38,874

CURRENT ASSETS

Debtors

11

94,991

130,314

Cash at bank

644,305

673,542

739,296

803,856

CREDITORS

Amounts falling due within one year

12

(68,507

)

(71,654

)

NET CURRENT ASSETS

670,789

732,202

TOTAL ASSETS LESS CURRENT LIABILITIES

686,273

771,076

PROVISIONS FOR LIABILITIES

13

(3,868

)

(4,470

)

NET ASSETS

682,405

766,606

CAPITAL AND RESERVES

Called up share capital

14

189

209

Share premium

15

737,935

737,935

Capital redemption reserve

15

20

-

Other reserves

15

46,924

46,924

Retained earnings

15

(102,663

)

(18,462

)

SHAREHOLDERS' FUNDS

682,405

766,606

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

C P S Ross - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 July 2023

209

30,031

737,935

Changes in equity

Total comprehensive income

-

(48,493

)

-

Balance at 30 June 2024

209

(18,462

)

737,935

Changes in equity

Issue of share capital

(20

)

-

-

Total comprehensive income

-

(84,201

)

-

Balance at 30 June 2025

189

(102,663

)

737,935

Capital

redemption

Other

Total

reserve

reserves

equity

£

£

£

Balance at 1 July 2023

-

46,924

815,099

Changes in equity

Total comprehensive income

-

-

(48,493

)

Balance at 30 June 2024

-

46,924

766,606

Changes in equity

Issue of share capital

-

-

(20

)

Total comprehensive income

-

-

(84,201

)

Cancelled shares

20

-

20

Balance at 30 June 2025

20

46,924

682,405

Cash flows from operating activities

Cash generated from operations

1

(70,228

)

(106,299

)

Tax (paid) / recovered

8,999

(18,449

)

Net cash from operating activities

(61,229

)

(124,748

)

Cash flows from investing activities

Purchase of intangible fixed assets

-

(15,210

)

Purchase of tangible fixed assets

(3,757

)

(4,645

)

Sale of intangible fixed assets

-

4,962

Sale of tangible fixed assets

876

-

Impairment of investments

15,355

-

Interest received

19,538

22,220

Net cash from investing activities

32,012

7,327

Cash flows from financing activities

Share issue

(20

)

-

Net cash from financing activities

(20

)

-

Decrease in cash and cash equivalents

(29,237

)

(117,421

)

Cash and cash equivalents at beginning of year

2

673,542

790,963

Cash and cash equivalents at end of year

2

644,305

673,542

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

30.6.25

30.6.24

£

£

Loss before taxation

(84,803

)

(57,009

)

Depreciation charges

11,144

7,316

Profit on disposal of fixed assets

(208

)

-

Finance income

(19,538

)

(22,220

)

(93,405

)

(71,913

)

Decrease in trade and other debtors

26,324

22,524

Decrease in trade and other creditors

(3,147

)

(56,910

)

Cash generated from operations

(70,228

)

(106,299

)

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 30 June 2025

30.6.25

1.7.24

£

£

Cash and cash equivalents

644,305

673,542

Year ended 30 June 2024

30.6.24

1.7.23

£

£

Cash and cash equivalents

673,542

790,963

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.24

Cash flow

At 30.6.25

£

£

£

Net cash

Cash at bank

673,542

(29,237

)

644,305

673,542

(29,237

)

644,305

Total

673,542

(29,237

)

644,305

1.	STATUTORY INFORMATION

Green Angel Ventures Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

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

Intangible assets

Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Amortisation is provided on all intangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Website development

over 3 years

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Computer equipment

over 3 years

Fixtures and fittings

over 3 years

Investments in subsidiaries

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference,except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Foreign currencies

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

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.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Share based payments

Share-based compensation benefits are provided to employees via the Green Angel Ventures (GAV) EMI Scheme, an employee share option scheme. Information relating to this scheme is set out in note 22.

Employee options

The value of options granted under the GAV Employee Option Plan are recognised as an employee benefits expense, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the intrinsic value of the options granted:

- including any market performance conditions (such as the entity's share price);

- excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and

- including the impact of any non-vesting conditions (such as the requirement for employees to save or hold shares for a specific period of time).

The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

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

30.6.25

30.6.24

£

£

Services rendered

923,554

881,580

923,554

881,580

An analysis of turnover by geographical market is given below:

30.6.25

30.6.24

£

£

United Kingdom

923,554

881,580

923,554

881,580

4.	EMPLOYEES AND DIRECTORS

30.6.25

30.6.24

£

£

Wages and salaries

629,923

570,036

Social security costs

47,288

49,722

Other pension costs

51,466

45,353

728,677

665,111

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

30.6.25

30.6.24

Administration

8

7

Development

4

5

Sales

6

7

Marketing

1

-

19

19

30.6.25

30.6.24

£

£

Directors' remuneration

160,310

180,807

Directors' pension contributions

13,607

15,493

173,917

196,300

5.	OPERATING LOSS

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

30.6.25

30.6.24

£

£

Depreciation - owned assets

3,419

2,965

Profit on disposal of fixed assets

(208

)

-

Website amortisation

7,725

4,350

Auditors' remuneration

6,950

6,750

6.

AMOUNTS WRITTEN OFF INVESTMENTS

30.6.25

30.6.24

£

£

Impairment loss on investment

15,335

-

The company has revalued their 0.1% investment in Powervault Ltd. Please see Note 10 - Fixed Asset Investments to show the calculated Net Book Value as at 30 June 2024 and 30 June 2025.

7.

TAXATION

2025

2024

£

£

Analysis of charge in period

Current tax:

UK corporation tax on profits of the period

-

(8,999

)

Deferred tax:

Origination and reversal of timing differences

(602

)

483

Tax on (loss)/profit on ordinary activities

(602

)

(8,516

)

Factors affecting tax charge for period

The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:

2025

2024

£

£

(Loss)/profit on ordinary activities before tax

(84,803

)

(57,009

)

Standard rate of corporation tax in the UK

25%

25%

£

£

Profit on ordinary activities multiplied by the standard rate of corporation tax

(21,201

)

(14,252

)

Effects of:

Expenses not deductible for tax purposes

6,962

5,363

Capital allowances for period in excess of depreciation

1,847

(1,894

)

Income not taxable for tax purposes

(5,079

)

-

Marginal relief

-

1,784

Losses carried forward

17,471

-

Current tax charge for period

0

(8,999

)

Factors that may affect future tax charges

Trading losses carried forward can be utilised against future profits.