REGISTERED NUMBER: 09779579 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2025

for

Thomson Tyndall Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Statement of Directors' Responsibilities

6

Report of the Independent Auditors

7

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

S V Evans

J D A Fergusson

S J Patel

S Tindle

SECRETARY:

S V Evans

REGISTERED OFFICE:

1 The Sanctuary

London

SW1P 3JT

REGISTERED NUMBER:

09779579 (England and Wales)

AUDITORS:

Sawin & Edwards LLP Statutory Auditors

Studio 16

Cloisters House

8 Battersea Park Road

London

SW8 4BG

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

REVIEW OF BUSINESS

The key financial and other performance indicators during the year were as follows:

2025

2024

Change %

£

£

Turnover

6,388,062

5,572,993

14.6%

Profit for the year after tax

450,135

333,069

35.1%

Equity shareholder funds

895,553

739,157

21.2%

The cash balance was £793,314 at 30 June 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks facing the company are:

- exposure to market movements which impacts ongoing revenue from portfolio management.

- the ability of the company to retain existing and attract new clients.

- the ability of the company to retain and recruit high quality staff.

- the impact of increasing regulatory costs and change.

The principal uncertainties facing the company are:

- the ability of the company to generate turnover and gain new business against a background of volatile financial markets and higher interest rates.

- the difficulties facing UK financial firms post-Brexit seeking to advise clients based in, or moving to, EU countries.

- the challenges and potential disruptions involved in implementing ever-changing regulation from the FCA.

- increasingly, the challenge of advising clients against a backdrop of political shifts and uncertainty.

SECTION 172(1) STATEMENT

Statement by the directors in performance of their statutory duties in accordance with s172 (1) Companies Act 2006

The Directors are pleased to report that Thomson Tyndall has delivered another strong year, with continued growth in client numbers, assets under management, and revenue. As in previous years, this performance has been driven primarily by organic growth through client referrals. However, the firm has also increasingly explored acquisition opportunities as an additional growth strategy. While global markets have experienced periods of notable volatility, client portfolios have generally demonstrated resilience and in many cases, benefitted from a broadly positive trajectory across asset classes. As the Company's core fee model is closely aligned with client outcomes, this has also contributed positively to revenue growth during the year.

To support our advisers and ensure quality of service for our clients, the Company has further expanded its client support team, which now stands at 20 individuals. This figure includes those staff supporting our three Appointed Representative firms.

Corporate and Regulatory Changes

Following the introduction of the FCA's Consumer Duty in 2023, the firm has continued to review and strengthen its systems, processes, and service propositions to align with evolving regulatory expectations and implementation and best practice. Particular focus has been placed on clarity and delivery of service propositions to ensure they meet the standards required under the Duty.

In addition, the Company has undertaken a thorough review of its Training and Competence (T&C) scheme, to better support the ongoing development of advisers and, ultimately, to provide improved outcomes for clients.

International Advice

We have continued to build on our relationship with 28 Advisory (Hong Kong) who offer advice to expat and international clients on their non-UK assets, with 28 Advisory Ltd - a UK company and Appointed representative of Thomson Tyndall Ltd - providing clients returning to the UK with advice on UK financial planning matters. This relationship continues to grow, benefiting the increasing number of clients with an international dimension to their financial affairs.

We have also continued to develop our strategic partnership with SolerCapital, an investment management firm specialising in expats many of whom have a US dimension to their financial affairs, which has enabled us to widen the services we are able to offer to existing clients while broadening the range of clients we are able to advise.

Building Long-Term Client Relationships

The Company actively seeks, and continues to enjoy, good long-term relationships with our clients, as evidenced by the continued high proportion of new client relationships arising through referrals from existing clients.

Investment in technology remains a key focus. The firm has made further enhancements to its client portal and mobile app, with ongoing work aimed at streamlining both the onboarding process for new clients and the annual review process for existing ones. These developments also support improved security and efficiency in client communications.

Investment in Our Staff Team

The firm remains committed to the well-being of our staff, paying all members of staff a competitive salary and benefits package significantly in excess of the London Living Wage, and to sharing the success of the firm by means of a profit related bonus scheme. Furthermore, the Company invests in the training and development of all staff members, providing financial support and study leave to those taking professional examinations as part of our ongoing plan to build skills and help colleagues develop their careers.

Relationships with Suppliers, Stakeholders & The FCA

Throughout the year, we have maintained good relationships with our regulator, our suppliers, and the investment managers and product providers whose financial products we recommend. We believe that this is entirely in keeping with our aims for the long-term health of the Company.

Financial Security

The ongoing financial security of the Company is of importance to both our clients and members. The directors are pleased to report that it remains in a secure financial position, having comfortably exceeded the regulatory requirements for both capital adequacy and liquidity throughout the year. This is monitored continuously by the firm, with obligatory reports made to the regulator on a quarterly basis.

ESG Matters

The directors maintain a focus on Environmental, Social and Governance matters. The nature of our business means environmental impact is low compared to other sectors and industries, but we continue to actively pursue policies to lessen our carbon footprint, for example through recycling, the use of recycled materials and an ongoing drive towards a paperless office.

In keeping with our corporate and regulatory responsibilities, the directors acknowledge that the Company will seek to maintain a reputation for high standards of business conduct and to act in the best interests of our clients.

We continue to respond to the increasing appetite amongst our clients for the inclusion of ESG investments within their portfolios and have fully engaged with the FCA's Sustainability Disclosure Requirements (SDR)

ON BEHALF OF THE BOARD:

J D A Fergusson - Director

17 October 2025

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

DIVIDENDS

Dividends paid in the year amounted to £293,739 (2024: £254,205).

FUTURE DEVELOPMENTS

The directors are currently pursuing three avenues for growth. First, through organic expansion by adding clients by referral. Secondly, by recruiting additional advisers or teams whose interests and values are aligned to those of the Company, and thirdly, through the acquisition of client books from retiring advisers who share a similar ethos and approach.

Given the nature of the business, there is no set target for the recruitment of new advisers; rather, the emphasis remains firmly on cultural and professional alignment, with quality and fit taking precedence overgrowth for growth's sake.

The company also continues to invest in the development of future talent. Our Adviser Academy, which now has 10 members, is designed to support and train younger members of staff to become highly skilled advisers, ensuring the business is well-positioned to meet future client needs.

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 V Evans

J D A Fergusson

S J Patel

S Tindle

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.

AUDITORS

Under section 487(2) of the Companies Act 2006, Sawin & Edwards LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar whichever is earlier.

ON BEHALF OF THE BOARD:

J D A Fergusson - Director

17 October 2025

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;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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.

Opinion

We have audited the financial statements of Thomson Tyndall Ltd (the 'company') for the year ended 30 June 2025 which comprise the Statement of 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 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, the Report of the Directors and the Statement of Directors' Responsibilities, 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 six, 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:

Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, FCA regulations, Tax and Pensions legislation, and distributable profits legislation.

- It is considered that there are laws and regulations for which non-compliance may be fundamental to the operating aspects of the business. These are FCA regulations.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

W K Sawin (Senior Statutory Auditor)

for and on behalf of Sawin & Edwards LLP Statutory Auditors

Studio 16

Cloisters House

8 Battersea Park Road

London

SW8 4BG

17 October 2025

TURNOVER

6,388,062

5,572,993

Cost of sales

(3,711,959

)

(3,282,722

)

GROSS PROFIT

2,676,103

2,290,271

Administrative expenses

(2,092,429

)

(1,869,383

)

583,674

420,888

Unrealised gain on investments

-

7,029

OPERATING PROFIT

5

583,674

427,917

Income from fixed asset investments

218

206

Interest receivable and similar income

25,918

19,736

PROFIT BEFORE TAXATION

609,810

447,859

Tax on profit

6

(159,675

)

(114,790

)

PROFIT FOR THE FINANCIAL YEAR

450,135

333,069

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

450,135

333,069

**	PLEASE COMPLETE CLIENT SCREEN - OTHER COMPREHENSIVE INCOME. THERE HAS BEEN REVALUATION IN CURRENT YEAR FOR FIXED ASSET INVESTMENTS WHICH SHOULD BE REPORTED ON THIS SCREEN

FIXED ASSETS

Intangible assets

8

166,341

-

Tangible assets

9

16,202

16,348

Investments

10

291,422

225,759

473,965

242,107

CURRENT ASSETS

Debtors

11

691,027

589,877

Cash at bank

793,314

671,100

1,484,341

1,260,977

CREDITORS

Amounts falling due within one year

12

(971,639

)

(761,848

)

NET CURRENT ASSETS

512,702

499,129

TOTAL ASSETS LESS CURRENT LIABILITIES

986,667

741,236

CREDITORS

Amounts falling due after more than one year

13

(89,035

)

-

PROVISIONS FOR LIABILITIES

15

(2,079

)

(2,079

)

NET ASSETS

895,553

739,157

CAPITAL AND RESERVES

Called up share capital

16

1,241

1,241

Share premium

17

49,989

49,989

Retained earnings

17

844,323

687,927

895,553

739,157

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2025 and were signed on its behalf by:

J D A Fergusson - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 July 2023

1,241

609,063

49,989

660,293

Changes in equity

Dividends

-

(254,205

)

-

(254,205

)

Total comprehensive income

-

333,069

-

333,069

Balance at 30 June 2024

1,241

687,927

49,989

739,157

Changes in equity

Dividends

-

(293,739

)

-

(293,739

)

Total comprehensive income

-

450,135

-

450,135

Balance at 30 June 2025

1,241

844,323

49,989

895,553

Cash flows from operating activities

Cash generated from operations

1

773,105

285,555

Tax paid

(114,325

)

(76,981

)

Net cash from operating activities

658,780

208,574

Cash flows from investing activities

Purchase of intangible fixed assets

(185,723

)

-

Purchase of tangible fixed assets

(7,399

)

(4,767

)

Purchase of fixed asset investments

(75,841

)

(75,000

)

Interest received

25,918

19,736

Dividends received

218

206

Net cash from investing activities

(242,827

)

(59,825

)

Cash flows from financing activities

Equity dividends paid

(293,739

)

(254,205

)

Net cash from financing activities

(293,739

)

(254,205

)

Increase/(decrease) in cash and cash equivalents

122,214

(105,456

)

Cash and cash equivalents at beginning of year

2

671,100

776,556

Cash and cash equivalents at end of year

2

793,314

671,100

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

2025

2024

£

£

Profit before taxation

609,810

447,859

Depreciation charges

7,545

7,042

Loss/(gain) on revaluation of fixed assets

3,559

(7,029

)

Impairment

6,619

-

Client lists amortisation

19,382

-

Finance income

(26,136

)

(19,942

)

620,779

427,930

Increase in trade and other debtors

(101,150

)

(151,751

)

Increase in trade and other creditors

253,476

9,376

Cash generated from operations

773,105

285,555

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

793,314

671,100

Year ended 30 June 2024

30.6.24

1.7.23

£

£

Cash and cash equivalents

671,100

776,556

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.24

Cash flow

At 30.6.25

£

£

£

Net cash

Cash at bank

671,100

122,214

793,314

671,100

122,214

793,314

Total

671,100

122,214

793,314

1.	STATUTORY INFORMATION

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

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

The financial statements present information about the company as a single entity.

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.

Preparation of consolidated financial statements

The financial statements contain information about Thomson Tyndall Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

The company acquired a client list as a result of acquiring a subsidiary company and hiving up its business. The directors have estimated the expected life of revenue streams from those clients by stratifying the anticipated income according to the age of clients and applying an amortisation rate which in their judgement is appropriate to each client age group. There is estimation uncertainty in arriving at these amortisation rates.

The Company has an unlisted investment in an offshore company with a historical cost of £39,534. The directors have made a significant judgement in applying the accounting policy relating to unlisted investments in that they do not consider an impairment of the investment is required. There is estimation uncertainty concerning this judgement due to a lack of any financial indicators about the performance of the offshore company.

Turnover

Turnover comprises the fair value of the consideration received for the provision of discretionary and advisory management services in the ordinary course of the company's activities. Turnover is shown net of value added tax.

The discretionary and advisory management services fee is accrued daily. However, the company recognises revenue when the amount of discretionary and advisory management services fees can be reliably measured and at the end of each calendar month.

Intangible assets

Intangible assets relate to the client lists acquired on the purchase and subsequent hive up of the business of Harbourside Financial Planners Limited and are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The costs of the client lists acquired are amortised in accordance with the age of the clients reflecting expected years of revenue streams as follows:

Client age ranges

Expected years of revenue

Remaining amortisation period

85 and over

1

0.75

10-23 and 80-85

2

1.75

25-45 and 65-80

3

2.75

45-65

4

3.75

Tangible fixed assets

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

Computer equipment - 20% on cost

Fixtures and fittings - 20% on cost

Leasehold improvements - Over the term of the lease

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as unlisted investments, debtors and creditors. Financial assets and financial liabilities are recognised on the balance sheet when the Company becomes a party to the contractual provisions of the instrument.

Debtors and creditors

Basic financial assets and liabilities, including trade and other debtors, trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets and liabilities are subsequently carried at amortised cost using the effective interest method, less any impairment.

Fixed asset investments

Unlisted investments are held at cost less accumulated impairment losses.

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value, as at the balance sheet date, using the closing quoted market price. Unrealised gains and losses are calculated as the difference between the fair value at the year end and the carrying value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Pension costs

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid, the Company has no further payment obligations. The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independent administered funds.

Cash and cash equivalents

Cash and cash equivalents re represented by cash in hand and at bank.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,132,239

971,219

Social security costs

135,602

115,467

Other pension costs

51,901

45,949

1,319,742

1,132,635

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

2025

2024

Management

3

3

Sales

3

3

Administrative/Technical Support

10

9

16

15

4.	DIRECTORS' EMOLUMENTS

The directors' remuneration for the year was as follows:

2025

2024

£

£

Remuneration

422,626

404,085

Pension contribution

23,659

23,659

Benefits in kind

5,968

4,731

In respect of the highest paid director

2025

2024

£

£

Remuneration

252,000

252,000

Pension contribution

10,000

10,000

Benefits in kind

2,675

2,098

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

7,545

7,042

Client lists amortisation

19,382

-

Audit fees

14,000

13,400

Auditors' remuneration - non- audit

4,190

3,950

Operating lease rental charge

99,886

104,133

Impairment

6,619

-

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

159,675

114,790

Tax on profit

159,675

114,790

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

609,810

447,859

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

152,453

111,965

Effects of:

Expenses not deductible for tax purposes

9,228

3,672

Capital allowances in excess of depreciation

(1,850

)

(1,192

)

Adjustments to tax charge in respect of previous periods

(156

)

345

Total tax charge

159,675

114,790

7.

DIVIDENDS

2025

2024

£

£

Final dividends

293,739

254,205