REGISTERED NUMBER: 09820855 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CLOUDNIMBUS HOLDINGS LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

B Chrnelich

C Mitchell

REGISTERED OFFICE:

Level 12

135 Bishopsgate

London

EC2M 3TP

REGISTERED NUMBER:

09820855 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company provides software as a service technology firm that provides a cloud-based voice communication platform primarily for financial institutions.

Revenue for the year ended 31 December 2024 were £11,899,367 (2023: £10,251,401) and operating profit was £236,261 (2023: £996,282).

The directors are satisfied with the results for the year in which the business has continued to grow and gain market share over the competition.

The European market is competitive, but the directors are encouraged by the resilience and progress the company has shown and remain fully confident in the underlying strength of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

Technology risk:

In todays fast-paced digital landscape, the accelerating pace of technological innovation poses a significant risk. Failing to adopt emerging technologies or modernise our systems could negatively impact our operational efficiency, customer experience and overall competitiveness.

To mitigate this, we have a proactive strategy. We continuously invest in scalable cloud-based infrastructure and robust cybersecurity to support our operations. Furthermore, we actively partner with expert digital providers to ensure our staff are consistently upskilled in the latest emerging technologies, keeping us at the forefront of the market.

Talent retention:

Retaining top talent is a critical challenge, driven by intense market competition and evolving employee expectations for flexibility and purpose. These factors pose a significant risk to workforce stability and the preservation of institutional knowledge.

To mitigate this, we have adopted a comprehensive strategy focused on employee engagement and professional growth. Our initiatives include flexible hybrid work policies, enhanced well-being programs, and targeted development pathways with leadership training. We also regularly benchmark our compensation and benefits to ensure we remain competitive in the market.

Competition risk:

While the UK market has a limited number of players, it is highly competitive, with our principal competitors being large, global businesses with a significant presence.

Our continued success hinges on our ability to maintain our leadership in secure, cloud-based messaging and voice technologies. We have a distinct competitive advantage over larger, less dedicated firms because our solutions offer deeper integration of communication, collaboration, and workflow tools. This specialisation and our strong track record not only enable us to win new business but also to attract and retain high-quality talent.

Furthermore, being part of a larger group like Symphony Communication Services provides significant operational benefits. It allows us to optimise employee utilisation, technical expertise, and team availability across our global footprint, enhancing our ability to deliver for clients worldwide.

Other risks:

The company is not exposed to any significant currency, liquidity, interest rate or credit risk.

KEY PERFORMANCE INDICATORS

The company's key performance indicators to assess performance in the year are based on profitability and both revenue and user growth.

FUTURE DEVELOPMENTS

The company will continue to strengthen its position in the UK and European markets by focusing on our commercial efforts and investing in our team. Our recent revenue growth in these key markets confirms our strong position to capitalise on the ongoing secular trend from on-premises to cloud-based solutions. This fundamental shift positions our products and services for continued revenue growth.

Our integrated platforms, including secure messaging, voice, directory, and analytics solutions, will enhance our offerings, create cross-selling opportunities and drive further growth. While we are confident in this strategy, our forward-looking statements are based on current market conditions and re inherently subject to risks and uncertainties.

ON BEHALF OF THE BOARD:

B Chrnelich - Director

2 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of providing voice collaboration and data analytics for financial markets.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS

The directors intend on maintaining and strengthening the company performance within the same principal activity.

DIRECTORS

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

B Chrnelich

C Mitchell

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.

The directors draw attention to note two of the Financial Statements with regards to the going concern basis.

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, Oury Clark Chartered Accountants, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

B Chrnelich - Director

2 December 2025

Opinion

We have audited the financial statements of Cloudnimbus Holdings Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 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 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 and one day 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 inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent 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 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 any matters in the Strategic Report and the Report of the Directors that are inconsistent with our overall view of the financial statements.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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:

Identifying and assessing potential irregularities, including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Considering the nature of the industry, sector, control environment and current business activities, including possible performance targets and subsequent remuneration;

- Enquiring of management concerning policies and procedures relating to:

1. Complying with laws and regulations and whether there were any instances of non-compliance;

2. Mitigating, detecting and responding to fraud risk and whether there has been any actual or possible instances of fraud.

- Discussing within the engagement team regarding how and where fraud may occur in the financial statements along with the possible indicators of fraud. We identified the following areas most likely to be susceptible to fraud:

1. Management override;

2. Revenue recognition;

3. Stock existence & valuation.

- Discussing within the engagement team the legal and regulatory framework in which the company operates and in particular those which would have an impact on the financial statements. The key laws and regulations considered were the Companies Act 2006, UK tax legislation and UK employment law.

Audit response to the risks identified

As noted above, we identified management override, revenue recognition and stock existence & valuation as matters that would most likely be susceptible to fraud. Our procedures to respond to these risks included the following:

1. Review of nominal ledger and all journals posted in the year to ensure there was no evidence of management override;

2. Performing a sales test of detail to ensure revenue is recognised correctly;

3. Testing for existence and completeness during the onsite stock-take and test of detail vouching stock values to sales price and cost to ensure held at lower of cost and net realisable value.

Further, we also identified compliance with the Companies Act 2006, UK tax legislation and UK employment law as being key areas where there may be possible non-compliance. Our procedures to respond to these risks included the following:

- Review the disclosures in the financial statements through completion of a disclosure checklist and testing disclosures to supporting documentation to assess compliance with the Companies Act 2006;

- Safeguard review of financial statements by a qualified accountant independent of the audit team;

- Review the corporation tax return to ensure it complies with UK tax legislation and completion of our detailed corporation tax checklist;

- Safeguard review of corporation tax computations by a person qualified as a Chartered Tax Advisor independent of the audit team;

- Checked a sample of compliance with right to work checks and reviewed legal fees for indications of material issues arising out of non-compliance with employment law.

The above matters and identified laws and regulations and potential fraud risks were communicated to all engagement team members in order to enable the team to have the ability to identify such risks. The whole team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Rachel Lockwood (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

3 December 2025

TURNOVER

11,899,367

10,251,401

Cost of sales

3,696,167

3,386,306

GROSS PROFIT

8,203,200

6,865,095

Administrative expenses

7,969,943

5,868,813

233,257

996,282

Other operating income

3,003

-

OPERATING PROFIT

5

236,260

996,282

Interest receivable and similar income

7,138

-

243,398

996,282

Interest payable and similar expenses

6

195

-

PROFIT BEFORE TAXATION

243,203

996,282

Tax on profit

7

60,046

68,123

PROFIT FOR THE FINANCIAL YEAR

183,157

928,159

PROFIT FOR THE YEAR

183,157

928,159

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

183,157

928,159

FIXED ASSETS

Tangible assets

8

-

1,727

CURRENT ASSETS

Stocks

9

607,738

659,173

Debtors

10

4,480,401

2,202,781

Cash at bank

4,511,726

7,214,151

9,599,865

10,076,105

CREDITORS

Amounts falling due within one year

11

12,845,878

13,516,860

NET CURRENT LIABILITIES

(3,246,013

)

(3,440,755

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,246,013

)

(3,439,028

)

CREDITORS

Amounts falling due after more than one year

12

54,242

44,384

NET LIABILITIES

(3,300,255

)

(3,483,412

)

CAPITAL AND RESERVES

Called up share capital

14

50,000

50,000

Retained earnings

15

(3,350,255

)

(3,533,412

)

SHAREHOLDERS' FUNDS

(3,300,255

)

(3,483,412

)

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2025 and were signed on its behalf by:

B Chrnelich - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

50,000

(4,461,571

)

(4,411,571

)

Changes in equity

Total comprehensive income

-

928,159

928,159

Balance at 31 December 2023

50,000

(3,533,412

)

(3,483,412

)

Changes in equity

Total comprehensive income

-

183,157

183,157

Balance at 31 December 2024

50,000

(3,350,255

)

(3,300,255

)

Cash flows from operating activities

Cash generated from operations

1

(168,626

)

948,171

Interest paid

(195

)

-

Tax paid

(193,123

)

-

Net cash from operating activities

(361,944

)

948,171

Cash flows from investing activities

Interest received

7,138

-

Net cash from investing activities

7,138

-

Cash flows from financing activities

Payments from/(to) parent companies

2,515,646

(168,906

)

Payments (to)/from other group companies

(2,695,750

)

3,438,700

Advance (to) other group companies

(2,167,515

)

(676,219

)

Net cash from financing activities

(2,347,619

)

2,593,575

(Decrease)/increase in cash and cash equivalents

(2,702,425

)

3,541,746

Cash and cash equivalents at beginning of year

2

7,214,151

3,672,405

Cash and cash equivalents at end of year

2

4,511,726

7,214,151

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

31.12.24

31.12.23

£

£

Profit before taxation

243,203

996,282

Depreciation charges

1,727

11,268

Finance costs

195

-

Finance income

(7,138

)

-

237,987

1,007,550

Decrease/(increase) in stocks

51,435

(96,553

)

Increase in trade and other debtors

(730,997

)

(394,181

)

Increase in trade and other creditors

272,949

431,355

Cash generated from operations

(168,626

)

948,171

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 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

4,511,726

7,214,151

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

7,214,151

3,672,405

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

7,214,151

(2,702,425

)

4,511,726

7,214,151

(2,702,425

)

4,511,726

Total

7,214,151

(2,702,425

)

4,511,726

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements have been prepared on a going concern basis as Symphony Communication LLC, the parent company, will continue to support the Company for a period of at least 12 months and one day from the date the audit report attached to these financial statements is signed.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

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

Turnover is made up of four different revenue streams, Subscriptions revenue, product revenue, intercompany recharges and other revenue.

Subscription revenue relates to individual subscription packages, and is recognised over the period of the subscription once the risks and rewards have been transferred to the customer.

Product revenue relates to individual product items, and is recognised on the completion of the sale.

Intercompany recharges relates to recharges back to related parties at a mark-up per their Transfer Pricing Agreement, and are recognised on the completion of the sale. There is no intercompany recharges in this year.

Other revenue relates to additional services and charges, and is recognised on the completion of the sale.

Tangible assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

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

Fixtures and fittings - Straight line over 5 years

Computer equipment - Straight line over 5 years

Stocks

Stocks are valued at the lower of the cost or average unit price and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets and financial liabilities are recognised in the Company's balance sheet when the Company becomes a party to the contractual provisions of the relevant instrument, and derecognised when it ceases to be a party to such provisions.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through the statement of total comprehensive income are recognised immediately in profit or loss.

Financial assets

The Company classifies its financial assets into the categories, discussed below, due to the purpose for which the asset was acquired. The Company has not classified any of its financial assets as held to maturity.

Loans and receivables

These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of services to customers (e.g. trade debtors), but also incorporate other types of contractual monetary asset. They are initially recognised at fair value, including transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost.

The Company's loans and receivables consist of trade and other debtors and prepayments included within the balance sheet. Cash and bank balances include cash held at bank and cash on hand.

For certain categories of financial asset, such as trade debtors, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables includes the Company's past experience of collecting payments.

Financial liabilities and equity

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Ordinary shares are classified as equity; ordinary shares issued by the Company are recognised at the proceeds received, net of direct issue costs.

Financial liabilities

Borrowings are initially recognised at fair value net of any directly attributable transaction costs. These interest-bearing liabilities are subsequently measured at amortised cost using the effective interest method, with the interest expense charged at a constant rate on the outstanding liabilities.

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.

Foreign currencies

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

EMPLOYEES

31.12.24

31.12.23

£

£

Wages and salaries

2,304,106

2,027,625

Social security costs

277,776

272,222

Other pension costs

58,000

57,213

2,639,882

2,357,060

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

31.12.24

31.12.23

Operating and administrative headcount

15

15

The employees are employed by another group company in UK. Their salaries, social security costs and other pension costs are being paid by the other group company and recharged to Cloudnimbus Holdings Ltd.

4.	DIRECTORS' EMOLUMENTS

There are no directors' remuneration in both 2024 and 2023.

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Other operating leases

322,811

430,057

Depreciation - owned assets

1,727

11,268

Auditors' remuneration

21,473

25,000

Foreign exchange differences

60,897

9,981

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Interest expense

195

-

7.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

60,046

68,123

Tax on profit

60,046

68,123

Reconciliation of total tax charge 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:

31.12.24

31.12.23

£

£

Profit before tax

243,203

996,282

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

60,801

234,326

Effects of:

Expenses not deductible for tax purposes

(1,187

)

(6,616

)

Depreciation in excess of capital allowances

432

2,037

Utilisation of tax losses

-

(131,060

)

Change in tax rate

-

(30,564

)

Total tax charge

60,046

68,123

8.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

24,032

115,286

139,318

DEPRECIATION

At 1 January 2024

24,032

113,559

137,591

Charge for year

-

1,727

1,727

At 31 December 2024

24,032

115,286

139,318

NET BOOK VALUE

At 31 December 2024

-

-

-

At 31 December 2023

-

1,727

1,727

9.

STOCKS

31.12.24

31.12.23

£

£

Stocks

607,738

659,173

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

2,302,119

1,592,012

Amounts owed by group undertakings

2,091,892

610,223

Other debtors

-

315

Tax

64,954

-

Prepayments

21,436

231

4,480,401

2,202,781

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

27,747

47,006

Amounts owed to group undertakings

11,573,223

12,439,173

Tax

-

68,123

VAT

346,674

283,592

Accruals and deferred income

898,234

678,966

12,845,878

13,516,860

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Accruals and deferred income

54,242

44,384