The director presents the strategic report for the year ended 31 December 2024.

The Cabling Group Limited (the 'company') has generated revenue during the year of £18.2m, (2023: £19.9m) and a loss before tax of £186,405 (2023: profit before tax of £523,587). This loss includes an exceptional item of £1.2m relating to the bad debt provision for ISG Fit Out Limited, who went into administration during September 2024. Excluding this provision, the profit for the year would be over £1m.

The company had a strong start to the year and was on track for another year of growth. As the fit out industry recovers from the liquidation of one of its main contractors, the focus has been on recovery and rebuilding.

Although ISG’s plight has directly impacted the company's top line revenue and profits for 2024, the solid financial foundations, robust and diverse business model, and excellent customer relationships of the business has successfully managed the company's exposure.

After an intense and challenging end to the year, the business has focused on 2025 and beyond. The director believes this event has created opportunity within the market and the company is now commercially and contractually stronger with several new customers and routes to market.

The company primarily offers design, supply, installation, support, and maintenance of passive structured cabling systems. The development of technology, particularly within commercial buildings, and the ever-increasing importance of the client network, has presented the opportunity for a series of exciting investments across a broad range of workplace technology solutions.

For the foreseeable future, the company will continue to invest in workplace technology solutions, with a focus on scaling customer base and services provided. Technology systems continue to dominate office space design, and the company's role in the design and deployment of these systems has led to some outstanding customers with a focus on stable recurring revenue.

This year has been challenging with the demise of ISG Fit Out Limited, however this event has demonstrated how well the company can cope with risks and uncertainties.

The company is committed to reviewing risks to its business on an ongoing basis, including the potential effects of market and industry changes. The director is responsible for this review, and has implemented a number of controls to mitigate potential risks to the company. The company has also recently employed a Chief Financial Officer to help manage the risks within the company.

The principal risks and uncertainties facing the company are identified as follows:

Market risk

The company's services and profitability may be affected by a future economic downturn that results in reductions in spending in the wider construction industry.

The director is aware of this risk, particularly with the current ever changing financial climate, however they endeavor to mitigate this risk by maintaining a diverse client portfolio and focusing on building long lasting client relationships. The director believes that the company is as well placed as it can be to combat future changes to spending within the construction industry.

Dependence on key technical personnel

The future success of the company will be driven by its key technical personnel in providing services to its wider client base. Therefore, the director considers a principal risk to be the loss of its key personnel, and the retention of these individuals is an important objective of the company through having competitive remuneration policies.

Liquidity risk

The director manages liquidity risk by ensuring that the company has sufficient cash resources to meet liabilities as they fall due without causing any undue financial strain on the business. To achieve this, the director monitors the company's cash position on a regular basis to ensure that the company maintains adequate working capital.

Credit risk

The director considers the primary credit risk to arise from the non-payment of fees due, as well as the potential default of material debtors or the failure of the company's bank that holds its cash balances on deposit. The director attempts to minimise this risk by monitoring its cash flow of fees due and the director considers the risk of default to be low. Cash deposits are held at a major international banking group with substantial strength, therefore not exposing the company to material credit risk exposure.

The director uses a range of key performance indicators to measure and monitor its business on an ongoing basis.

One of the primary key performance indicators used by the director is gross profit margin. During the year, the company achieved a gross profit of £4.0m with a gross profit of 22% (2023: £3.3m and 16%).

This strong performance was not sufficient to offset the impact of ISG. The company recorded a net loss of £200,663 however as noted previously this includes the exceptional item for ISG of £1.2m. Excluding this one-off event, the director believes the company would have delivered a profit in the year along with building a solid foundation for future growth.

We move into 2025 with our highest level of secured works ever and a significant pipeline. Corporate real estate strategies have now been decided, and we are seeing huge interest in the commercial real estate space along with the most advanced technology led creative spaces.

The Cabling Group is focusing on maintaining its position as a market leading integrator within the commercial real estate space and continue to support our end user clients across EMEA becoming a true technology partner.

On behalf of the board

The director presents his annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company continued to be the design, integration, support, and maintenance of structured cabling systems.

The results for the year are set out on page 7.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

The director who held office during the year and up to the date of signature of the financial statements was as follows:

During the year the company repurchased 37,500 ordinary shares with a nominal value of £3.75 for a total consideration of £202,500. The 37,500 shares have been cancelled after the purchase from the shareholder.

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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. He is 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of The Cabling Group 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, the statement of cash flows and notes to the financial statements, including 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 December 2024 and of its loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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 director's 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 director 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 director is 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have 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 director's report.

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 director's remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102, the Companies Act 2006), the relevant direct and indirect tax compliance regulation in the United Kingdom and health and safety legislation.

• We understood how the company is complying with those frameworks by making enquiries of management and seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation.

• We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override of internal control and by designating revenue recognition as a fraud risk. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business. We tested completeness of income through substantive tests performed, analytical review procedures and cut off tests on the revenue recognised.

• Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance and a review of legal and professional expenses.

• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

For construction companies, there are judgements in assessing the contract revenues, stage of completion, final expected margins and assessment of loss- making contracts. We therefore consider this to be a higher risk area for fraud due to the potential for management bias.

To respond to the above potential risk of fraud, our audit procedures included:

• Assessing the relevant controls over the revenue invoicing and work in progress calculations for contract customers.

• Reviewing a sample of the client’s on-going contracts to ensure the stage of completion method methodology had been correctly applied.

• Re-performing the key calculations behind the profit margins or loss provisions applied.

• Assessing and challenging the most significant contract positions and the judgements adopted by management to recognise revenue, costs and the profits or losses.

• Evaluating the financial performance of contracts against future and past estimates.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

The income statement has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The Cabling Group Limited (the 'company') is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 3 Dorset Rise, London, EC4Y 8EN. The main place of business is 65 Leadenhall Street, London, EC3A 2AD.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in pound sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound sterling.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

Revenue represents amounts receivable for goods and services net of VAT and trade discounts.

Construction contracts

Revenue from construction contracts includes amounts initially agreed in the contract plus any variations in contract work to the extent that it is probable that the variation will result in revenue that can be reliably measured.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract at the reporting date. Normally the reference to the amount of work performed is carried out by a third party surveyor and a valuation certificate is received. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is immediately recognised as an expense in the income statement, once such losses are foreseen.

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as an expense in the period in which they are incurred and contract revenue is recognised to the extent of the contract costs incurred, where it is probable that they will be recoverable.

The “percentage of completion method” is used to determine the appropriate amount of profit to recognise in a given period. The stage of completion is measured by the proportion of contract revenue completed to date, which is certified by a third party surveyor, as a percentage of the estimated total revenue for the project.

As is standard industry practice, included within revenue are retentions that cannot be invoiced until project completion. The retained amounts are based upon a pre-agreed percentage. The unbillable amounts are recognised as the work is performed and included in debtors. Where completion is not expected within 12 months of the balance sheet date, these amounts are recorded within debtors falling due after one year.

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

Interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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, which include trade and other receivables and cash and bank balances, 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

When R&D tax credits are claimed, they reduce the tax liability in the year they are approved by HMRC. The credits are calculated by a third party specialist.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The company has issued share options that can only be exercised upon the fulfilment of a non-market vesting condition. As a result, the associated expense is recognised only when it is deemed probable that the non-market vesting condition will be met and when the timing of such fulfilment can be reliably estimated. At the reporting date, the director does not believe that such conditions can be reliably estimated, and consequently, no expense has been recognised.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to the income statement on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pound sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the income statement.

Exceptional items are material items of income or expense that arise from events or transactions that fall within the ordinary activities of the entity but are unusual in size or nature. These items are disclosed separately on the face of the statement of comprehensive income and in the notes to the financial statements to provide a better understanding of the entity’s financial performance. The classification of an item as exceptional is determined by management based on its nature, size, and incidence.

During the financial year ended 31 December 2024, the company recognised an exceptional charge of £1,261,545. The company incurred a material loss arising from the collapse of ISG, who entered administration in September 2024, resulting in the following financial impact:

• Trade receivables impairment: £1,211,545 provision due to non-recoverable balances.

• Legal and administrative expenditure: £50,000 in connection with recovery efforts and contractual matters.

This event had a material impact on the company’s financial performance and is considered exceptional due to its size, nature, and infrequency. These items have been presented separately in the statement of comprehensive income in accordance with FRS 102 Section 5.9, which requires disclosure of material items that are unusual or infrequent in nature to ensure the financial statements give a true and fair view. Management has assessed the impact of this event and concluded that it does not indicate broader credit risk exposure across the customer base. No further impairments have been identified.

The average monthly number of persons employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

The contract assets, which are included within amounts owed by contract customers, primarily relate to the company's right to consideration for construction work completed but not invoiced at the balance sheet date.

Barclays Bank PLC holds fixed and floating charges over the assets of the company.

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Barclays Bank PLC holds fixed and floating charges over the assets of the company for £400,000. Interest is charged at a floating rate with the base margin at 3.06%. The loan is being repaid over a five year period ending in 2026.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax liability set out above is expected to reverse within 12 months and primarily relates to accelerated capital allowances that are expected to mature within the same period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The shares granted to the employees under the share scheme are 0.01p ordinary shares, therefore the nominal value of the shares is £5.80.

As at 31 December 2024, the company has not recognised an equity share based payment expense.

During the year the company repurchased 37,500 ordinary shares with a nominal value of £3.75 for a total consideration of £202,500. The 37,500 shares have been cancelled after the purchase from the shareholder.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Transactions with an entity under common control

During the year the company had the following transactions with an entity under common control:

i) The company charged the entity management fees of £382,486 (2023: £337,000). At the year end, £nil was included in accruals (2023: £Nil).

ii) The company generated revenue from this entity of £661,326 (2023: £690,286). At the year end, £49,940 was outstanding in relation to this revenue (2023: £212,572).

iii) The company purchased goods and fixed assets from this entity of £322,418 (2023: £919,636) and £37,920 (2023: £Nil) respectively. At the year end, £25,025 was outstanding in relation to these purchases (2023: £303,068).

Transactions with another entity under common control

During the year the company had the following transactions with another entity under common control:

i) The company charged the entity management fees of £63,497 (2023: £Nil). At the year end, £Nil was included in accruals (2023: £Nil).

ii) The company generated revenue from this entity of £340,389 (2023: £85,144). At the year end, £106,886 was outstanding in relation to this revenue (2023: £36,542).

iii) The company purchased goods and fixed assets from this entity of £210,538 (2023: £105,516) and £15,340 (£nil), respectively. At the year end, £58,607 was outstanding in relation to these purchases (2023: £56,914).

During the year the company had the following transactions with an entity which they owned 30% of the share capital at the year end:

i) The company generated revenue from this entity of £91,855 (2023: £124,223). At the year end, £54,683 was outstanding in relation to these purchases (2023: £Nil). £Nil was owed to this entity for overpayments regarding the revenue (2023: £3,190).

ii) The company charged the entity management fees of £355,001 (2023: £83,000). There were no other balances outstanding at the year end (2023: £Nil).

iii) The company purchased goods from this entity of £22,400 (2023: £Nil). At the year end, £22,400 was outstanding in relation to these purchases (2023: £Nil).

Transactions with other related parties

In the prior year, a minority shareholder of the company provided consultancy services to the company of £3,000. There were no balances outstanding at the end of the current or prior year in relation to these services.

In the prior year, the company gave a fully written down motor vehicle to a relative of the director. This motor vehicle had a valuation at the date of transfer of £24,500. There were no such transactions in the current year.

In the prior year, the company paid rent to its director for the use of a property owned by the director for client entertaining. The amount charged to the profit and loss account in relation to these services was £14,800. There were no such transactions in the current year.

During the year, £140,183 (2023: £101,000) was paid in remuneration to employees of the company who are members of the director's family.

As at the year end, a director and shareholder owed the company £157,559 (2023: £86,001). This amount is interest free and repayable on demand. This amount was repaid in full following the year end.

The ultimate controlling party is the director.