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Company registration number: SC553807
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 DECEMBER 2024
| SALTIRE CONNECT LIMITED
SALTIRE CONNECT LIMITED |  |
COMPANY INFORMATION
Directors | L Edison
| V Levykin
Registered number | SC553807
Registered office | 5 South Charlotte Street
| Edinburgh
| Scotland
| EH2 4AN
Independent auditor | MHA
| 2 London Wall Place
| London
| EC2Y 5AU
SALTIRE CONNECT LIMITED |  |
CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditor's report | 5 - 7
Statement of comprehensive income | 8
Statement of financial position | 9
Statement of changes in equity | 10
Notes to the financial statements | 11 - 17
SALTIRE CONNECT LIMITED |  |
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present their strategic report and financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the company continued to be that of advertising services that Saltire company sells to its EU and non-EU customers. The company's revenue is generated as a result of the resale of marketing traffic purchased from different partners. As an intermediary, Saltire company has advertisers who can promote the products on different types of websites for attracting new users. The strategy is to acquire products at a lower cost and reselling them for profit by targeting the right audience. It involves effective market research, strong branding, and leveraging digital marketing channels like social media and SEO. The company builds customer loyalty through excellent service and continuously refines its approach using performance data and customer feedback. Fair review of the business In 2024, Saltire’s revenue amounted to £19.0 million, compared with £25.7 million in 2023, representing a 26% decline year-on-year. Gross profit decreased to £4.3 million (2023: £6.1 million), while operating profit fell to £3.7 million (2023: £5.7 million). Profit before tax was £3.7 million (2023: £5.7 million). The decline reflects a challenging trading environment, characterised by increased competition and reduced demand across certain markets. Nevertheless, the company remained profitable, demonstrating resilience with a net profit of £3.9 million for the year.
Principal risks and uncertainties
The main risks and uncertainties facing the company include: ∙Market Volatility – Changes in demand, consumer behaviour, or wider economic conditions can affect revenue and profitability. ∙Competitive Pressures – The entry of new competitors and aggressive pricing strategies may erode margins. ∙Operational Dependence – Reliance on timely payments from customers and partners presents liquidity risks in the event of delays. ∙Regulatory Environment – Evolving compliance requirements in digital marketing and data protection could impact operations. The Board continues to monitor these risks closely and implements mitigating strategies where possible. Page 1
SALTIRE CONNECT LIMITED |  |
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Key performance indicators
We use several financial and non-financial metrics to help the Board and senior management assess performance. We review these metrics regularly to ensure that they remain appropriate. Financial KPIs: ∙Revenue Growth: Revenue decreased by 26% compared to 2023, highlighting market headwinds. ∙Profitability: Net profit declined from £5.7 million to £3.7 million (down 35%). Despite this reduction, the company remained profitable. ∙Cost of Sales Ratio: Cost of sales represented 76.9% of revenue in 2024, remaining within the company’s internal target of not exceeding 80%. Non-Financial KPIs: ∙Customer Satisfaction (Net Promoter Score): Customer loyalty continues to be strong, with new business driven by referrals and networking at industry events. ∙Innovation Rate: Saltire continues to invest in proprietary tools and SaaS collaborations to improve the resale process and maintain competitiveness.
Future Developments
Looking ahead, Saltire is committed to strengthening its performance through the following initiatives: 1.Rebuilding Revenue Growth: Expanding the customer base and geographical reach, with emphasis on referrals and targeted marketing campaigns. 2.Innovation and Product Development: Investing in proprietary solutions and SaaS collaborations to drive efficiency and deliver added value. 3.Digital Transformation: Enhancing analytics, CRM automation, and digital marketing strategies to streamline operations and improve customer engagement. 4.Financial Resilience: Maintaining strong cost control, exploring new revenue streams, and safeguarding long-term profitability. By pursuing these priorities, Saltire aims to restore revenue growth, protect profitability, and strengthen its market position in a competitive environment. This report was approved by the board and signed on its behalf.
L Edison Director
Date: 10 November 2025
5 South Charlotte Street Edinburgh Scotland EH2 4AN Page 2
SALTIRE CONNECT LIMITED |  |
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £3,707,807 (2023: £5,734,235). Dividends of £5,600,000 were declared for the year ended 31 December 2024 (2023: £5,200,000).
Directors
The directors who served during the year were:
L Edison
V Levykin (appointed 18 November 2024)
Future developments
The directors aim to maintain the management policies and processes that support the principal activity of the Company. The Company is continually reviewing and refining policies to improve the framework of financial control and management of the business operations.
Qualifying third party indemnity provisions
Qualifying third party indemnity provisions are in place to indemnify all directors and officers of the Company. Page 3
SALTIRE CONNECT LIMITED |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the directors are aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
Under section 487(2) of the Companies Act 2006 MHA, will be deemed to have been reappointed as auditor 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. This report was approved by the board and signed on its behalf.
L Edison Director
Date: 10 November 2025
5 South Charlotte Street
Edinburgh
Scotland
EH2 4AN
Page 4
SALTIRE CONNECT LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SALTIRE CONNECT LIMITED
Opinion
We have audited the financial statements of Saltire Connect Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including material accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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. Page 5
SALTIRE CONNECT LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SALTIRE CONNECT LIMITED (CONTINUED)
Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report has been prepared in accordance with applicable legal requirements. 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 Directors' Report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 3, 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 is 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. Page 6
SALTIRE CONNECT LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SALTIRE CONNECT LIMITED (CONTINUED)
Auditor's 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 an Auditor's Report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Enquiry of management, those charged with governance around actual and potential litigation and claims; ∙Enquiry of management to identify any instances of non-compliance with laws and regulations; ∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; ∙Reviewing minutes of meetings of those charged with governance; and ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditor's Report.
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 an Auditor's Report 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. Andrew Moyser FCA FCCA (Senior Statutory Auditor) for and on behalf of MHA, Statutory Auditor London, United Kingdom Date: MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)12 November 2025 Page 7
SALTIRE CONNECT LIMITED |  |
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
| £ | £
Turnover | 4 | 19,025,046 | 25,650,717
Cost of sales |  | (14,775,489) | (19,501,355)
Gross profit |  | 4,249,557 | 6,149,362
Administrative expenses |  | (568,974) | (415,320)
Operating profit |  | 3,680,583 | 5,734,042
Interest receivable and similar income |  | 27,224 | 193
Profit before tax |  | 3,707,807 | 5,734,235
Profit for the financial year |  | 3,707,807 | 5,734,235
There was no other comprehensive income for 2024 (2023:£Nil).
The notes on pages 11 to 17 form part of these financial statements.
Page 8
SALTIRE CONNECT LIMITED REGISTERED NUMBER:SC553807 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 10 | 4,424,622 |  | 2,325,311 |
Cash at bank and in hand | 11 | 752,070 |  | 4,778,007 |
|  | 5,176,692 |  | 7,103,318 |
Creditors: amounts falling due within one year | 12 | (1,016,334) |  | (1,050,767) |
Net current assets |  |  | 4,160,358 |  | 6,052,551
Total assets less current liabilities |  |  | 4,160,358 |  | 6,052,551
Net assets |  |  | 4,160,358 |  | 6,052,551
Capital and reserves |  |  |  |  |
Called up share capital | 14 |  | 1,000 |  | 1,000
Profit and loss account | 14 |  | 4,159,358 |  | 6,051,551
|  |  | 4,160,358 |  | 6,052,551
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
L Edison
Director
Date: 10 November 2025
The notes on pages 11 to 17 form part of these financial statements. Page 9
SALTIRE CONNECT LIMITED |  |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 5 January 2023 | 1,000 | 5,517,316 | 5,518,316
Comprehensive income for the year |  |  |
Profit for the year | - | 5,734,235 | 5,734,235
Total comprehensive income for the year | - | 5,734,235 | 5,734,235
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (5,200,000) | (5,200,000)
Total transactions with owners | - | (5,200,000) | (5,200,000)
At 1 January 2024 | 1,000 | 6,051,551 | 6,052,551
Comprehensive income for the year |  |  |
Profit for the year | - | 3,707,807 | 3,707,807
Total comprehensive income for the year | - | 3,707,807 | 3,707,807
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (5,600,000) | (5,600,000)
Total transactions with owners | - | (5,600,000) | (5,600,000)
At 31 December 2024 | 1,000 | 4,159,358 | 4,160,358
| The notes on pages 11 to 17 form part of these financial statements.
Page 10
SALTIRE CONNECT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Saltire Connect Limited is a private company limited by shares and incorporated in Scotland. The address of the registered office is given in the Company Information page of these financial statements. The Company's principal trading activity is in relation to marketing services. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Financial reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': - the requirements of Section 7 Statement of Cash Flows; - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); - the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; - the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Skyrora Ventures Limited as at 31 December 2024 and these financial statements may be obtained from Companies House. The registered office of Skyrora Ventures Limited is 7 Drum Mains Park, Cumbernauld, Glasgow, Scotland, G68 9LD.
| 2.3 | Revenue
Turnover comprises revenue in respect of marketing services provided during the year. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rendering of services From a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Going concern
The financial statements have been prepared on a going concern basis as the directors have concluded that the Company will generate sufficient future cash flows for it to continue as a going concern for the foreseeable future. Page 11
SALTIRE CONNECT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. As an exception to the requirements, an entity shall not take into account the effects of Pillar Two legislation when measuring deferred tax assets and deferred tax liabilities.
| 2.6 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is presented in Sterling to align with the parent company’s reporting. All amounts have been rounded to the nearest pound, unless otherwise indicated. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.7 | 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.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 12
SALTIRE CONNECT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
When preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Marketing services | 19,025,046 | 25,650,717
|  | 19,025,046 | 25,650,717
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 1,916,061 | 2,405,753
| Rest of Europe | 17,107,706 | 23,244,734
| Rest of the world | 1,279 | 230
|  | 19,025,046 | 25,650,717
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | 380,549 | 290,280
Page 13
SALTIRE CONNECT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 10,000 | 7,000
7. | Employees
The Company incurred no directors remuneration in the year (2023: £Nil). The average monthly number of employees, including directors, during the year was 1 (2023: 1).
8. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest receivable | 27,224 | 193
|  | 27,224 | 193
9. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Total deferred tax | - | -
| Tax on profit | - | -
Page 14
SALTIRE CONNECT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 9.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,707,807 | 5,734,235
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | 926,952 | 1,348,723
| Effects of: |  |
| Expenses not deductible for tax purposes | - | 386
| Group relief | (926,952) | (1,349,109)
| Total tax charge for the year | - | -
10. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 1,391,809 | 2,314,377
| Amounts owed by joint ventures and associated undertakings | 3,032,813 | 10,925
| Other debtors | - | 9
|  | 4,424,622 | 2,325,311
11. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 752,070 | 4,778,007
|  | 752,070 | 4,778,007
Page 15
SALTIRE CONNECT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 304,580 | 227,578
| Other taxation and social security | 13,566 | 10,379
| Accruals and deferred income | 698,188 | 812,810
|  | 1,016,334 | 1,050,767
13. | Reserves
Share capital The share capital account represents the par value of the shares allotted in the company. Profit and loss account The profit and loss account contains the balance of retained earnings to carry forward. It is fully distributable and shown as part of shareholders' reserves on the balance sheet.
14. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2023 -1,000) Ordinary shares of £1.00 each | 1,000 | 1,000
| Each ordinary share carries voting rights and there are no restrictions on the distribution of dividends.
15. | Transactions with directors
| Included within other debtors are the following transactions with the Director.
|  | 2024 | 2023
|  | £ | £
| Balance outstanding at start of year | 10,925 | 14,459
| Amounts repaid | (2,899) | (3,534)
|  | 8,026 | 10,925
| Interest is being charged on this loan at a rate of 2%, being £161 (2023: £289). The loan is repayable on demand.
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SALTIRE CONNECT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. | Related party transactions
The company is taking advantage of the exemption available in relation to transactions with wholly owned members of the same group.
17. | Parent company and controlling party
The parent of the smallest group for which consolidated financial statements are drawn up is Skyrora Ventures Limited. The address of their registered office is: 7 Drum Mains Park, Cumbernauld, Glasgow, Scotland, G68 9LD. Skyrora Ventures Limited prepares consolidated financial statements, including Saltire Connect Limited, which are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ. M Polyakov is considered to be the ultimate controlling party.
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