REGISTERED NUMBER: 06930633 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 September 2024

for

100 Percent Group Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

D J Williams

W H Williams

SECRETARY:

C C Williams

REGISTERED OFFICE:

Unit 6, Mercury Park

Mercury Way

Trafford Park

Manchester

M41 7LY

REGISTERED NUMBER:

06930633 (England and Wales)

AUDITORS:

Bennett Brooks & Co Limited

Chartered Accountants

& Statutory Auditors

St George's Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE

The directors present their strategic report for the year ended 30 September 2024.

STRATEGIC MANAGEMENT

100 Percent Group Limited is a global retail agency that partners with brands grow sales, elevate shopper experiences, and strengthen brand presence globally. With a comprehensive service offering and international operations, the company installs, updates and maintains retail displays to over sixty-five countries across Europe, Middle East, India, Africa, USA, and Canada and beyond.

The company continued to pursue its vision of becoming the choice of partner for activating retail experiences globally. This strategy is built on five key pillars: delivering the highest standards for customers and employees, meeting evolving customer needs, maintaining a competitive edge, and effectively managing risks.

Social responsibility remains a core part of the company's mission. Our strategy is overseen by a board-level director, reflecting the strong commitment to environmental and sustainability priorities. It is aligned with four of the UN's Sustainable Development Goals: (8) Decent Work and Economic Growth, (12) Responsible Consumption and Production, (13) Climate Action, and (17) Partnerships for the Goals.

BUSINESS PERFORMANCE AND POSITION

As anticipated, revenue was broadly in line with the previous year at around £18m and was underpinned by long term customer relationships and contracts. Additional new customers were also attracted through the company’s diversified service offering into the design and production sectors of the marketplace.

The company has actively taken steps to right size the business and review the type of work it commits to. Several efficiency initiatives were successfully implemented with further opportunities identified that will benefit future years.

Profitability in the year was affected by a provision for bad debt and a further write off associated with a liquidated customer included in the year to 30th September 2024. Adjusting for these two items along with the exceptional costs would result in an underlying adjusted operating EBITDA increasing from the reported (£52k) to £491k.

Looking forward, the financial year to 30th September 2025 will see strong customer retention to deliver turnover derived from both recurring revenue streams and project initiatives, although this will be lower overall than the reported financial year on account of life cycle investment patterns.

Working capital in this period is supported by the introduction of new loan capital and extended payment terms with partners and suppliers.

KEY PERFORMANCE INDICATORS

2024

2023

Gross profit %

37.7%

39.9%

EBITDA

(0.2)%

(5.2)%

Adjusted EBITDA

2.7%

0.5%

Turnover per employee £k

128.2

108.7

PRINCIPAL RISKS AND UNCERTAINTIES

The directors are constantly mindful of various risks which could significantly impact on the financial performance of the business and comment upon these issues as follows:

The business trades overseas but is able to mitigate currency exposure and risk by balancing receipts from customers with payments to suppliers where possible and practical.

Risks on cash availability resulting from late customer payments are mitigated using an industry leading invoice factoring partner that has been supportive of the business during the financial period.

The current client and customer base is contracted well into 2025. A healthy pipeline with strong retail brands together with organic growth underpin the business.

FINANCIAL INSTRUMENTS

The company's operations expose it to a variety of risks that include price, credit, and liquidity.

The company services are competitive in the marketplace. The directors regularly monitor and assess costs and profit, which is considered to be effective given the size and nature of risk involved.

Credit reports are used to evaluate new and current customers before extending any credit. Credit insurance is also used where deemed appropriate and available. This is considered to be effective given the size ad nature of the risk.

The directors and management regularly review the liquidity of the company and respond accordingly to this. Given the size and nature of the risk this is considered to be effective.

ON BEHALF OF THE BOARD:

D J Williams - Director

17 December 2025

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY

The principal activity of the company continued to be that of retail display installation and graphics installation.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2024.

The results for the year are set out on page 5.

No ordinary dividends were paid in the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

D J Williams

W H Williams

GOING CONCERN

The financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future and will be able to realise its assets and discharge its liabilities in the normal course of business.

During the year, the Company experienced significant cash flow pressures and these pressures have continued post year-end and are expected to persist in the near term. The Company operates with a long standing discounting banking facility and has further supplemented working capital with short term loans to meet its working capital and operational funding requirements. Management is actively monitoring cash flow forecasts and is in ongoing discussions with funders to ensure continued access to sufficient liquidity.

The Directors have prepared cash flow forecasts and projections which assume the continued availability of financing facilities and the successful renewal or refinancing of facilities as they fall due.

While the Directors are confident in the Company's ability to manage its funding requirements, the reliance on external finance and the continued support of suppliers and partners represent a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.

Accordingly, while the financial statements have been prepared on a going concern basis, the existence of this material uncertainty may indicate that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that may be required if the Company was not able to continue as a going concern.

DIRECTORS' RESPONSIBILITIES STATEMENT

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Bennett Brooks & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D J Williams - Director

17 December 2025

Opinion

We have audited the financial statements of 100 Percent Group Limited (the 'company') for the year ended 30 September 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 30 September 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 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.

Material Uncertainty Related to Going Concern

We draw attention to Note 2 in the financial statements, which indicates that the company incurred a net loss of £754,534 during the year ended 30 September 2024 and, as of that date, the company's current liabilities exceeded total assets by £1,751,028. As stated in Note 2, these conditions, along with other matters set forth in Note 2 which describe the company's significant cash flow pressures, the reliance on external finance and the current uncertainties in trading conditions, indicate a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

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.

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 Directors' Responsibilities Statement 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.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and regulations which govern the preparation of financial statements, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue, through management bias in manipulation of accounting estimates or accounting for significant transactions outside the normal course of business. Audit procedures performed included:

- Enquiry of management around actual and potential litigation and claims and instances of non-compliance with laws and regulations

- Auditing the risk of management override of controls, through testing journal entries and other adjustments for appropriateness, testing accounting estimates (because of the risk of management bias), and evaluating the business rationale of significant transactions outside the normal course of business; and

- Reviewing financial statement disclosures and agreeing to supporting documentation to assess compliance with applicable laws and regulations.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.

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.

Jason Leach FCA (Senior Statutory Auditor)

for and on behalf of Bennett Brooks & Co Limited

Chartered Accountants

& Statutory Auditors

St George's Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE

17 December 2025

TURNOVER

4

17,941,290

18,594,001

Cost of sales

(11,172,294

)

(11,177,227

)

GROSS PROFIT

6,768,996

7,416,774

Exceptional costs

(80,819

)

(1,061,281

)

Administrative expenses

(6,927,751

)

(7,491,101

)

(239,574

)

(1,135,608

)

Other operating income

-

33,078

OPERATING LOSS

6

(239,574

)

(1,102,530

)

Interest receivable and similar income

28

113

(239,546

)

(1,102,417

)

Interest payable and similar expenses

8

(537,714

)

(385,372

)

LOSS BEFORE TAXATION

(777,260

)

(1,487,789

)

Tax on loss

9

22,726

(48,048

)

LOSS FOR THE FINANCIAL YEAR

(754,534

)

(1,535,837

)

LOSS FOR THE YEAR

(754,534

)

(1,535,837

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(754,534

)

(1,535,837

)

FIXED ASSETS

Intangible assets

10

120,543

190,288

Tangible assets

11

324,403

431,022

Investments

12

90

90

445,036

621,400

CURRENT ASSETS

Stocks

13

3,070

3,070

Debtors: amounts falling due within one year

14

4,513,447

5,495,508

Debtors: amounts falling due after more than one year

14

1,178,156

890,481

Cash at bank and in hand

432,257

24,200

6,126,930

6,413,259

CREDITORS

Amounts falling due within one year

15

(8,322,994

)

(7,856,610

)

NET CURRENT LIABILITIES

(2,196,064

)

(1,443,351

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,751,028

)

(821,951

)

CREDITORS

Amounts falling due after more than one year

16

(148,518

)

(300,335

)

PROVISIONS FOR LIABILITIES

19

(97,045

)

(119,771

)

NET LIABILITIES

(1,996,591

)

(1,242,057

)

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

(1,996,691

)

(1,242,157

)

SHAREHOLDERS' FUNDS

(1,996,591

)

(1,242,057

)

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

D J Williams - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2022

100

293,680

293,780

Changes in equity

Total comprehensive loss

-

(1,535,837

)

(1,535,837

)

Balance at 30 September 2023

100

(1,242,157

)

(1,242,057

)

Changes in equity

Total comprehensive loss

-

(754,534

)

(754,534

)

Balance at 30 September 2024

100

(1,996,691

)

(1,996,591

)

Cash flows from operating activities

Cash generated from operations

1

1,197,063

900,956

Interest paid

(117,639

)

(25,042

)

Interest element of hire purchase payments paid

(420,075

)

(360,330

)

Tax received

34,636

76,043

Net cash from operating activities

693,985

591,627

Cash flows from investing activities

Purchase of intangible fixed assets

(1,305

)

(176,234

)

Purchase of tangible fixed assets

(9,362

)

(110,528

)

Interest received

28

113

Net cash from investing activities

(10,639

)

(286,649

)

Cash flows from financing activities

Loan repayments in year

(94,672

)

(94,917

)

Capital repayments in year

(44,434

)

(42,894

)

Amount introduced by directors

21,869

2,850

Amount withdrawn by directors

(172,388

)

(166,515

)

Net cash from financing activities

(289,625

)

(301,476

)

Increase in cash and cash equivalents

393,721

3,502

Cash and cash equivalents at beginning of year

2

24,200

20,698

Cash and cash equivalents at end of year

2

417,921

24,200

1.	RECONCILIATION OF LOSS FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Loss for the financial year

(754,534

)

(1,535,837

)

Depreciation charges

187,031

131,578

Finance costs

537,714

385,372

Finance income

(28

)

(113

)

Taxation

(22,726

)

48,048

(52,543

)

(970,952

)

Decrease/(increase) in trade and other debtors

844,905

(521,844

)

Increase in trade and other creditors

404,701

2,393,752

Cash generated from operations

1,197,063

900,956

2.	CASH AND CASH EQUIVALENTS

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

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

432,257

24,200

Bank overdrafts

(14,336

)

-

417,921

24,200

Year ended 30 September 2023

30.9.23

1.10.22

£

£

Cash and cash equivalents

24,200

20,698

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23

Cash flow

At 30.9.24

£

£

£

Net cash

Cash at bank and in hand

24,200

408,057

432,257

Bank overdrafts

-

(14,336

)

(14,336

)

24,200

393,721

417,921

Debt

Finance leases

(185,623

)

44,434

(141,189

)

Debts falling due within 1 year

(98,984

)

(13,796

)

(112,780

)

Debts falling due after 1 year

(162,429

)

108,468

(53,961

)

(447,036

)

139,106

(307,930

)

Total

(422,836

)

532,827

109,991

1.	STATUTORY INFORMATION

100 Percent Group Limited is a private company, limited by shares, incorporated and 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 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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

Going concern

The Company has net current liabilities of £2,196,064 (2023: £1,443,351). The financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future and will be able to realise its assets and discharge its liabilities in the normal course of business.

During the year, the Company experienced significant cash flow pressures and these pressures have continued post year-end and are expected to persist in the near term. The Company is currently reliant on the continued availability of its existing discounting banking facility and short term loans, as well as the ongoing support of its lenders and shareholders, to meet its working capital and operational funding requirements. Management is actively monitoring cash flow forecasts and is in ongoing discussions with funders to ensure continued access to sufficient liquidity.

The Directors have prepared cash flow forecasts and projections which assume the continued availability of financing facilities and the successful renewal or refinancing of facilities as they fall due. While the Directors are confident in the Company’s ability to manage its funding requirements, the reliance on external finance and the current uncertainties in trading conditions represent a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern.

Accordingly, while the financial statements have been prepared on a going concern basis, the existence of this material uncertainty may indicate that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that may be required if the Company was not able to continue as a going concern.

Preparation of consolidated financial statements

The financial statements contain information about 100 Percent Group Limited as an individual company and do not contain consolidated information as the parent of a group. The company has not prepared consolidated accounts in accordance with Section 402 of the Companies Act 2006 as its subsidiary undertaking is excluded from consolidation under section 405 of the Companies Act on materiality grounds.

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be reliably estimated. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Intangible assets

Amortisation 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:

Software - Straight Line over 3 years

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Costs include the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

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:

Leasehold improvements

-

Straight line over 6 years

Fixtures and Fittings

-

Straight line over 5 years

Computer Equipment

-

Straight line over 3 years

Motor Vehicles

-

25% Reducing balance

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 profit or loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

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, which include debtors 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.

Impairment of financial assets;

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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets;

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.

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, including creditors and bank loans 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.

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.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities;

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

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.

Leases

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 balance sheet 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 profit or loss 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

Other operating income

Other operating income relates to offsite storage rental and an insurance claim.

Exceptional costs

Exceptional costs are those items which, due to their size, nature, or incidence, are disclosed separately in order to give a better understanding of the company’s financial performance. Such items are charged or credited to profit or loss in the period in which they are incurred.

3.	JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The following are deemed to be areas involving estimation:

Bad debt

The company makes an estimate of the recoverable value of trade receivables. When assessing impairment, management considers factors including the credit profile of individual customers, historical default rates, and current economic conditions. There is estimation involved in assessing the amounts of debt that will be recovered from the customers where there are concerns regarding their ability to pay these debts.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue recognition requires management to make certain estimates and judgements, particularly in respect of the timing of completion of projects. There is estimate involved in the recognition of invoices and the revenue from these relating to completion of site visits that spanned the year end.

Going concern basis of preparation

Judgement is applied by the Directors in deciding whether the going concern basis of preparation of the financial statements is appropriate. In particular whether adequate cash resources from external providers or shareholders will be available in order for the company to meet its financial obligations for a period of at least 12 months from signing.

4.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

8,811,459

9,241,368

Europe

8,126,458

8,333,990

Rest of the World

1,003,373

1,018,643

17,941,290

18,594,001

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

4,582,992

5,498,926

Social security costs

462,431

547,601

Other pension costs

253,980

276,766

5,299,403

6,323,293

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

2024

2023

Operational

114

164

Administrative

26

7

140

171