REGISTERED NUMBER: 05317566 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

FOR

BRAND FUEL LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

10

Balance Sheet

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

Mr A M Mitchell

Mrs S M Sawyer

SECRETARY:

Mrs S M Sawyer

REGISTERED OFFICE:

15-19 Bloomsbury Way

London

WC1A 2TH

REGISTERED NUMBER:

05317566 (England and Wales)

AUDITORS:

Kings CAP Ltd

Statutory Auditor

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

The Directors present their report and the audited financial statements for the year ended 31 May 2025.

Brand Fuel Limited ('the Company') is a private company limited by shares and is incorporated, registered and domiciled in the United Kingdom and the registered number is 05317566. The address of the registered office is 15-19 Bloomsbury Way, London, England, WC1A 2TH.

REVIEW OF BUSINESS

Brandfuel is an award winning creative experience agency that specialises in events, conferences, exhibitions, brand experiences, identity and digital services. Our mission is to solve problems with a relentless focus on creativity, integrity and client satisfaction - championing our partners brands and reputations in the moments that matter.

The profit before taxation was £1,808,724 (2024: £619,786 loss) and net assets were £11,373,691 (2024: £9,930,906). Turnover achieved in the period amounted to £49,361,410 (2024: £36,868,063).

Analysis of Performance

PRINCIPAL RISKS AND UNCERTAINTIES

Based in London, Brandfuel plans and executes projects on a global scale. We are committed to exceeding expectations and to delivering creative experiences that resonate across the world.

The company therefore maintains considerable financial reserves in a range of different currencies. The company mitigates against fluctuations in currency values by hedging against market changes.

Financial Instrument Risk

The company only uses basic financial instruments. The directors do not perceive any significant risk to the company from the use of financial instruments, apart from the risks associated with non-payment of invoices by clients. The company adopts strict credit control policies to mitigate the risk of incurring bad debts.

SECTION 172(1) STATEMENT

We are required to include a separate statement in our strategic report that explains how our directors have had regard to wider stakeholder needs when performing their duty under S172 of the Companies Act 2006.

As directors of a company we must act in the way we consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard to the following:

1. The likely consequences of any decision in the long term

2. The interest of the company's employees

3. The need to foster the company's business relationships with suppliers, customers and others

4. The impact of the company's operations on the community and the environment

5. The desirability of the company maintaining a reputation for high standards of business conduct

6. The need to act fairly between members of the company

The Directors of the company follow a Triple Bottom Line Sustainability Framework, which is underpinned by the ISO 20121 accreditation and further supported by ISO 9001 (Quality), ISO 27001 (IT Security), ISO 45001/3 (H&S with Wellbeing) and PAS 2060 (Carbon Neutrality). Rather than focusing solely on generating financial success through financial profit, this approach measures Brandfuel's long term success in the three keys areas of environmental-economic, socio-environmental and socio-economic impact. The Directors have integrated sustainable practices into every facet of the business operations including high standards of governance, supply chain management, stakeholder engagement and energy efficiency.

BUSINESS MODEL

Brandfuel retains a well-trained range of full-time employees with a gamut of skills appropriate to the market in which we operate. Our workforce is then supplemented by specialised freelance resources to ensure a seamless, efficient, and trustworthy operation that will benefit our clients.

TRENDS AND FACTORS

1. New Ways of Working: Remote work became more prevalent during the pandemic and we have adopted flexible work policies, allowing employees to work on a hybrid basis.

2. Labour Shortages: While the industry has experienced some labour shortages, we have retained our staff and sub-contractors and continue to do so.

3. Focus on Well-being: Brandfuel places emphasis on employee well-being, recognising the value of good mental health and we have expanded our initiatives to support our employees' mental and physical well-being.

4. Increased Digital Transformation: The pandemic accelerated our digital transformation and we continue to invest more in technology to facilitate remote work, enhance customer experiences, and streamline operations.

5. Green Initiatives: We have continued to prioritise sustainability and green initiatives, and achieved PAS 2060 accreditation for carbon neutrality in 2023, which we have retained since.

FUTURE DEVELOPMENTS

The company will continue to focus on growth and winning new and exciting clients to fuel that growth. We will do so by continuing to promote our Triple Bottom Line Sustainability Framework, as we are confident that we can use Brandfuel to effect positive change without compromising our financial performance. In fact, we use sustainability initiatives to drive that success.

KEY PERFORMANCE INDICATORS

The company has a number of key performance indicators that allow the senior management team to control the business without introducing unnecessary bureaucracy. These cover both financial and non-financial data. The principal financial key performance indicators are as follows:

Turnover increased by 33.9% from £36.9M to £49.4M. The Gross margin fell from 20.7% to 19.4% as the mix of business changed. Administrative expenses decreased by 5.3% as the one-off negative items in 2023/24 did not repeat. Cash and bank balances increased by £7.3m year on year.

ON BEHALF OF THE BOARD:

Mrs S M Sawyer - Director

26 November 2025

David Ball 1960 - 2025

David founded Brand Fuel just over 20 years ago. Starting with £10,000 and only one client, his inspirational leadership, determination to deliver the finest experiential events, creativity and magnetism attracted the very best professionals in the business and built the accounts that are attached. The company he founded with Sue Sawyer (CEO) now has a turnover of £50M, providing employment to hundreds of staff and freelancers, and generating a modest profit - most of which is reinvested in the company.

As well as a thriving business, David leaves a lasting legacy for the generations that will follow, both within Brand Fuel and in the wider industry.

The directors present their report with the financial statements of the company for the year ended 31 May 2025.

PRINCIPAL ACTIVITY

Brandfuel is an award winning creative experience agency that specialises in events, conferences, exhibitions, brand experiences, identity and digital services. Our mission is to solve problems with a relentless focus on creativity, integrity and client satisfaction - championing our partners brands and reputations in the moments that matter.

DIVIDENDS

No dividends will be distributed for the year ended 31 May 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

Mr A M Mitchell

Mrs S M Sawyer

Other changes in directors holding office are as follows:

Mr M D Ball ceased to be a director after 31 May 2025 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

The company made charitable donations during the year amounting to £1,254 (2024 - £6,494).

STREAMLINED ENERGY AND CARBON REPORTING

Brand Fuel Limited are considered exempt from disclosing a Streamlined Energy and Carbon Reporting statement on the basis they are a Low energy usage company generating less than 40,000 kWh per annum.

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.

AUDITORS

The auditors, Kings CAP Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs S M Sawyer - Director

26 November 2025

Opinion

We have audited the financial statements of Brand Fuel Limited (the 'company') for the year ended 31 May 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 May 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 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 pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was to ensure the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by way of discussions with the directors and from our commercial knowledge and experience in the hospitality sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, ISO Standards, employment and health and safety legislation.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sara Brown (Senior Statutory Auditor)

for and on behalf of Kings CAP Ltd

Statutory Auditor

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

1 December 2025

TURNOVER

3

49,361,410

36,868,063

Cost of sales

39,779,680

29,229,280

GROSS PROFIT

9,581,730

7,638,783

Administrative expenses

8,089,190

8,609,940

OPERATING PROFIT/(LOSS)

5

1,492,540

(971,157

)

Interest receivable and similar income

316,184

351,371

PROFIT/(LOSS) BEFORE TAXATION

1,808,724

(619,786

)

Tax on profit/(loss)

6

365,939

(121,690

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

1,442,785

(498,096

)

Retained earnings at beginning of year

9,930,905

10,429,001

RETAINED EARNINGS AT END OF YEAR

11,373,690

9,930,905

FIXED ASSETS

Tangible assets

7

103,396

238,682

Investments

8

95,890

75,708

199,286

314,390

CURRENT ASSETS

Debtors

9

7,099,887

14,797,055

Cash at bank and in hand

12,596,709

5,296,132

19,696,596

20,093,187

CREDITORS

Amounts falling due within one year

10

8,480,378

10,431,321

NET CURRENT ASSETS

11,216,218

9,661,866

TOTAL ASSETS LESS CURRENT LIABILITIES

11,415,504

9,976,256

PROVISIONS FOR LIABILITIES

12

41,813

45,350

NET ASSETS

11,373,691

9,930,906

CAPITAL AND RESERVES

Called up share capital

13

1

1

Retained earnings

11,373,690

9,930,905

SHAREHOLDERS' FUNDS

11,373,691

9,930,906

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2025 and were signed on its behalf by:

Mrs S M Sawyer - Director

Cash flows from operating activities

Cash generated from operations

1

6,993,709

(2,847,629

)

Tax paid

-

(464,140

)

Net cash from operating activities

6,993,709

(3,311,769

)

Cash flows from investing activities

Purchase of tangible fixed assets

(11,169

)

(98,121

)

Sale of tangible fixed assets

1,853

-

Sale of fixed asset investments

-

1

Loans to subsidiary undertakings

-

(19,364

)

Interest received

316,184

351,371

Net cash from investing activities

306,868

233,887

Increase/(decrease) in cash and cash equivalents

7,300,577

(3,077,882

)

Cash and cash equivalents at beginning of year

2

5,296,132

8,374,014

Cash and cash equivalents at end of year

2

12,596,709

5,296,132

1.	RECONCILIATION OF PROFIT/(LOSS) FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

31.5.25

31.5.24

£

£

Profit/(loss) for the financial year

1,442,785

(498,096

)

Depreciation charges

146,459

236,038

Profit on disposal of fixed assets

(1,853

)

-

Finance income

(316,184

)

(351,371

)

Taxation

365,939

(121,690

)

1,637,146

(735,119

)

Decrease/(increase) in trade and other debtors

7,697,168

(2,076,742

)

Decrease in trade and other creditors

(2,340,605

)

(35,768

)

Cash generated from operations

6,993,709

(2,847,629

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2025

31.5.25

1.6.24

£

£

Cash and cash equivalents

12,596,709

5,296,132

Year ended 31 May 2024

31.5.24

1.6.23

£

£

Cash and cash equivalents

5,296,132

8,374,014

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.24

Cash flow

At 31.5.25

£

£

£

Net cash

Cash at bank and in hand

5,296,132

7,300,577

12,596,709

5,296,132

7,300,577

12,596,709

Total

5,296,132

7,300,577

12,596,709

1.	STATUTORY INFORMATION

Brand Fuel 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.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and continues to adopt the going concern basis of accounting in preparing the financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Brand Fuel Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 405(2) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover

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

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

50% on cost and 25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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

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.

3.

TURNOVER

The turnover and profit (2024 - loss) before taxation are attributable to the one principal activity of the company.

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

31.5.25

31.5.24

£

£

Services Rendered

49,361,410

36,868,063

49,361,410

36,868,063

An analysis of turnover by geographical market is given below:

31.5.25

31.5.24

£

£

United Kingdom

6,223,450

8,197,724

Europe

33,595,956

25,445,992

Rest of world

9,542,004

3,224,347

49,361,410

36,868,063

4.	EMPLOYEES AND DIRECTORS

31.5.25

31.5.24

£

£

Wages and salaries

5,004,919

4,715,024

Social security costs

598,056

537,550

Other pension costs

367,014

420,610

5,969,989

5,673,184

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

31.5.25

31.5.24

Sales and Design - full time

64

60

Administration - full time

8

8

Administration - part time

3

3

75

71

31.5.25

31.5.24

£

£

Directors' remuneration

626,090

604,272

Information regarding the highest paid director is as follows:

31.5.25

31.5.24

£

£

Emoluments etc

260,000

250,000

5.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging/(crediting):

31.5.25

31.5.24

£

£

Depreciation - owned assets

146,455

236,038

Profit on disposal of fixed assets

(1,853

)

-

6.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

31.5.25

31.5.24

£

£

Current tax:

UK corporation tax

369,476

-

Under provision of tax

-

(95,486

)

Total current tax

369,476

(95,486

)

Deferred tax

(3,537

)

(26,204

)

Tax on profit/(loss)

365,939

(121,690

)

UK corporation tax has been charged at 25% (2024 - 19%).

Reconciliation of total tax charge/(credit) included in profit and loss

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

31.5.25

31.5.24

£

£

Profit/(loss) before tax

1,808,724

(619,786

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 19%)

452,181

(117,759

)

Effects of:

Expenses not deductible for tax purposes

3,341

807

Depreciation in excess of capital allowances

29,822

26,204

Utilisation of tax losses

(119,405

)

64,544

Research and Development

-

(95,486

)

Total tax charge/(credit)

365,939

(121,690

)

7.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 June 2024

670,574

307,021

977,595

Additions

1,498

9,671

11,169

At 31 May 2025

672,072

316,692

988,764

DEPRECIATION

At 1 June 2024

440,558

298,355

738,913

Charge for year

132,987

13,468

146,455

At 31 May 2025

573,545

311,823

885,368

NET BOOK VALUE

At 31 May 2025

98,527

4,869

103,396

At 31 May 2024

230,016

8,666

238,682

8.	FIXED ASSET INVESTMENTS

31.5.25

31.5.24

£

£

Shares in group undertakings

2

2

Loans to group undertakings

95,888

75,706

95,890

75,708