REGISTERED NUMBER: 04386504 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

INDUSTRIA PERSONNEL SERVICES LTD.

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Consolidated Profit and loss account

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

M T Walker

M Coulson

M D Williams

SECRETARY:

M T Walker

REGISTERED OFFICE:

80-82 Charles Street

Leicester

LE1 1FB

REGISTERED NUMBER:

04386504 (England and Wales)

AUDITORS:

Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activity of the group is that of an employment agency providing temporary labour and staff. The group was adversely affected by events in its German Subsidiary, interest rates remaining high, and continuing economic uncertainty. 2024, in the UK showed significant revenue growth being 34% higher than 2023, but Germany was 27% down, most of which was in the latter part of the year. Industria continue to actively seek opportunity to continue this growth trajectory over the next four years both organically and through potential acquisition. Industria expect 15% growth in 2025 which is reflected in YTD results. The stated aim remains to achieve £100m revenue by 2028 which will in turn greatly improve profitability through economies of scale and margin enhancement.

The group's turnover Increased in 2024 from £50.2m for the year ending 31 December 2023 to £65.4m. The gross profit for the year was £4.6m, which increased from £4.3m in 2023.

The group recorded a loss of £40.9k in 2024 (2023: profit of £133.7k). This result, despite higher revenue and improved gross margin, was driven by high interest costs, wider economic uncertainty (particularly in Germany), and the restructuring of both UK and German operations.

Industria Personnel Services Limited delivered a net profit of £220k vs. £45k in 2023 which was a step forward despite the events outlined above. Invoice discounting interest remained very high at £415k, and overheads were higher by £351k vs. 2023 which has been addressed in early 2024 as Industria completed the rationalisation/cutting of loss making branches and examining its staffing.

Industria Personnel Services Ltd continues to be reactive to changes in the economic macro and micro conditions of the market and of our clients. The 2024 economy and market was tough and as a result many competitors declined, but Industria increased its market share and turnover. Industria have a strong platform to capitalise on opportunities as they arise and we actively search them out.

The rationalisation and growth have resulted in stronger gross margin and net profit in the first half of 2025.

The German company made a loss of €265k vs. €65k profit in 2023. This was driven by several factors, including unplanned senior personnel changes that created uncertainty among clients, reliance on a single major client whose staffing requirements reduced due to economic conditions, and broader changes in the German labour market. Industria have invested in a new office in a new location, stronger management and diversifying its customer base, which will produce significant positive results in 2026, with 2025 seeing the start of the revival in quarter 3-4.

Position at year end

Group position at the year-end shows net current assets of £50k (2023: net current assets £442k). Overall shareholders funds are £396k: (2023: £616k).

Company position at the year-end shows net current assets of £543k (2023: net current assets £669k). Overall shareholders funds are £1,047k: (2023: £993k).

FUTURE PROSPECTS

The directors of the business forecast growth and improved profitability.

The board continue to develop strategic locations throughout the UK, Germany and in Poland, and react quickly to local changing environments.

The group continues its aim to diversify its client base to improve margin. Industria aim to grow with its core successful clients and search for a broader base of 'non-industrial' clients in its strong geographical base.

The board is focussed on diversifying into 'non-core' sectors and develop its permanent recruitment to complement its current portfolio.

The group continues to invest in technology and IT to improve customer service and efficiency whilst also cyber security is a business priority particularly in the light of the ever-changing threat that is widely publicised.

The cost base will continue to evolve and be aligned to volume. Industria Poland will continue to play a strong role in this, with high skill levels and lower overheads.

The group’s cash position strengthened during 2024, with year-end cash increasing significantly, supported by strong operating cash generation. The group also continued to reduce external borrowings during the year. This improved liquidity provides a stronger platform to support the directors’ plans to invest and grow the group.

PRINCIPAL RISKS AND UNCERTAINTIES

Management and the Board regularly review the risks facing the business.

The directors perceive the main risks factors that could materially affect the future operating profits or financial position of the group are the market risk, interest rate risk, liquidity risk, low unemployment, and credit risk.

Market Risk

Current economic risks remain the Ukraine war and its lack of conclusion, world political instability, interest rates and consumer confidence. These risks are mitigated by continuously reviewing the customer base, cost structure, systems, sales strategies, and operations. Corrective action is taken when appropriate to re-align the business to the market environment

Interest Rate Risk

The group seeks to manage its financial risk relating to interest rate changes by monitoring interest rates and the effect this has on the profitability of the group. The group's invoice discounting facility incurs interest based upon base rate.

Liquidity and Cash flow risk

The group seeks to manage financial risks to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Operations and working capital requirements are funded principally out of short-term banking facilities and invoice discounting.

Credit Risk

The group reviews the credit quality of customers and limits credit exposures accordingly. Credit exposures on trade debtors are minimised using credit insurance as an integral part of the invoice discounting facility.

Key Performance Indicators

The directors consider a range of performance indicators for both trading companies on a weekly, monthly, and annual basis. The board seeks to keep management of the business simple and reactive. To that end it utilises a limited number of operational KPI's, including:

1. Turnover

2. Margins by projects

3. Branch running costs and profitability

4. Profit before Tax

5. Operational cash flows

Due to the fluctuating nature of some clients and the cyclical nature of other parts of the business these numbers are monitored on weekly/monthly basis based upon the board's projections.

SECTION 172(1) STATEMENT

The Directors have acted in a way that they considered, in good faith, to be most likely to promote the success of Industria Personnel Services Limited (the 'group') for the benefit of its members and stakeholders as a whole, and in doing so have regard, amongst other matters, to:

-

The likely consequences of any decision in the long term

-

The interests of the group's employees

-

The need to foster the group's business relationships with customers, suppliers and other interested parties

-

The impact of the group's operations on the community and the environment

-

The desirability of the group maintaining a reputation for high standards of business conduct

-

The need to act fairly between members and stakeholders of the group.

The Directors have received guidance and training from the Company Secretary to support the performance of their statutory duties and have been briefed on the additional reporting requirements introduced by the Companies Act (Miscellaneous Reporting) Regulations 2018. The Board reviewed their current approach to corporate governance and decision making, engagement with stakeholders and the group's impact on the environment. The following summarises how the group's Board fulfils its duties under Section 172.

Decision making

The Board fulfils its duties to act in good faith to promote the success of the group through its implementation of the Industria Strategy. As part of this Strategy, the Board aims to become a leading people provider across multiple sectors, by offering excellence, value without compromise, and flexibility. The group aims to deliver significant growth by delivering this vision by 2026 with double digit growth each year and 'to be the obvious choice for agency and recruitment needs'.

The Board ensures that strategic initiatives feed directly into the following fundamental ambitions:

-

To be simple to do business with

-

To be accessible across all channels

-

Always customer oriented and inspire trust

-

To achieve service excellence, through agility, colleague training and diversification

The Board review and consider the various stakeholders when arriving at recommended business decisions consistent with this strategy.

The group strategy allows us to be competitive, flexible, and resilient whilst also responding to rapidly changing market situations.

Examples of Board decision making during 2024 include:

-

Implementation of a new CRM system to offer 'App functionality' to our clients and employees;

-

Review of the group's operational structure to align itself with this growth strategy. Changing key employees to ensure the skills to achieve this; and

-

Strengthening of the training programme to all colleagues within the group and the creation of a UK training manager to achieve this. The Board requires that all staff attend regular training and the board have increased communications to ensure all associates know the aims of the business and remain fully engaged.

Employee Engagement

Our colleagues are our most valuable asset. The group invests in training, qualifications, coaching, and skills acquisition. Personal development of our employees is a key pillar of the group's strategy. The health, safety and wellbeing of our employees is one of the primary considerations in the way we do business.

Examples of the Board's engagement with employees during 2024 include:

-

Regular meetings (Weekly) between all branches/companies to share and discuss learnings, training, and information;

-

Monthly business wide newsletter that provides updates from all departments; and

-

In person events to discuss strategy, further training and share best practice. These are attended by directors to ensure 360-degree feedback. We celebrate success of our associates and ensure excellence is rewarded.

Business Relationships

The Board engages with a variety of stakeholders, including customers, regulators, and suppliers, to inform and enable balanced decisions that incorporate multiple viewpoints, whilst maintaining the group's strategy. In making decisions the Board considers outcomes from engagements with stakeholders as well as the importance of maintaining the group's integrity and reputation.

Business Relationships-continued

Examples of the Board's engagement with stakeholders during 2024 include:

-

Regular face-to-face meetings with our clients to ensure we are delivering and surpassing their expectations. This feedback influences our decision-making regarding customer focused initiatives with all our clients.

-

Regular meetings with our finance partners (banks, insurers etc) to ensure openness and future support to achieve our stated goals (including possible acquisitions). This ensures finance stakeholders understand the strategic direction of the group.

Community and Environment

The group has sustainability and environmental concerns core to its business strategy. The group strives to ensure sustainability, from energy-saving, recycling, and resource-sharing policies in our offices. Social responsibility is important to the group.

Below are some of examples of our 2024 actions:

-

The group and its colleagues organised many fundraising events throughout the year which was supported by the group;

-

The group has moved to green energy and lighting, and is electrifying its group car fleet in line with national/international carbon reduction goals; and

-

The group has continued to develop hybrid 'work from home policies' which reduces carbon miles.

Cultures and values

The group's culture is characterised by honesty, responsibility, respect, and trust. Lawful conduct and fairness to all our stakeholders is integral to its business activities and an important condition for maintaining our reputation, which, we believe, will ensure our long-term success and growth. The group is focused on people, with both customers and employees being at the heart of its business. The group embraces diversity, flexibility, sustainability, and continuous improvement throughout the organisation. The group has a customer centric philosophy. The Board and senior management have taken active steps to ensure this culture, and this has been embraced by all our colleagues.

As a result of the activities above, the Board has an overview of engagement with stakeholders, and other relevant factors, which enables the Directors to comply with their legal duty under section 172 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

M T Walker - Director

23 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of an employment agency providing mainly temporary staff.

DIVIDENDS

Dividends of £98,000 have been declared for the year ended 31 December 2024 (2023: £nil).

DIRECTORS

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

M T Walker

M Coulson

M D Williams

FINANCIAL INSTRUMENTS

The group's operations are financed by an invoice discounting arrangement whereby the group retains the significant risks and benefits associated with discounted debts. The factored borrowings are subject to variable interest rates, designed to ensure appropriate liquidity and cash flow at appropriate expense.

POLITICAL DONATIONS AND EXPENDITURE

During the year the group made charitable donations of £21,770 (2023: £25,873).

DISABLED EMPLOYEES

The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

EMPLOYEE INVOLVEMENT

During the year, the policy of providing employees with information about the group has been continued through internal media methods. Regular meetings are held between management and employees to allow a free flow of information and ideas.

STREAMLINED ENERGY AND CARBON REPORTING

The group is exempt from disclosing their emissions and energy consumed in the UK on the basis that the group has consumed less than 40,000kWh in the United Kingdom during the period in respect of which the directors' report is prepared.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M T Walker - Director

23 December 2025

Opinion

We have audited the financial statements of Industria Personnel Services Ltd. (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Profit and loss account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 six, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

Based on our understanding of the Group and the industry, we identified the principle risks of non-compliance with laws and regulations, and 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 preparation of 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 principle risks were related to posting inappropriate journal entries, and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

-

Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation, and fraud;

-

Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, or with unusual descriptions;

-

Challenging assumptions made by management in their significant estimates, such as those used to

value investments, the recoverable value of debtors and the holiday pay accrual.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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.

Victoria Craig (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

23 December 2025

TURNOVER

3

65,415,629

50,178,349

Cost of sales

(60,825,669

)

(45,892,898

)

GROSS PROFIT

4,589,960

4,285,451

Administrative expenses

(4,185,280

)

(3,799,236

)

OPERATING PROFIT

5

404,680

486,215

Interest payable and similar expenses

6

(445,629

)

(352,548

)

(LOSS)/PROFIT BEFORE TAXATION

(40,949

)

133,667

Tax on (loss)/profit

7

(68,536

)

(9,382

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(109,485

)

124,285

OTHER COMPREHENSIVE INCOME

Foreign exchange (loss) / gain

(12,198

)

22,942

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(12,198

)

22,942

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(121,683

)

147,227

(Loss)/profit attributable to:

Owners of the parent

(109,485

)

124,285

Total comprehensive income attributable to:

Owners of the parent

(121,683

)

147,227

FIXED ASSETS

Intangible assets

10

141,055

130,965

Tangible assets

11

209,920

112,819

Investments

12

-

-

350,975

243,784

CURRENT ASSETS

Stocks

13

15,000

15,000

Debtors

14

13,096,791

10,771,553

Cash at bank and in hand

1,650,731

276,818

14,762,522

11,063,371

CREDITORS

Amounts falling due within one year

15

(14,712,721

)

(10,621,510

)

NET CURRENT ASSETS

49,801

441,861

TOTAL ASSETS LESS CURRENT LIABILITIES

400,776

685,645

CREDITORS

Amounts falling due after more than one year

16

-

(64,583

)

PROVISIONS FOR LIABILITIES

20

(4,451

)

(5,054

)

NET ASSETS

396,325

616,008

CAPITAL AND RESERVES

Called up share capital

21

100

100

Retained earnings

22

396,225

615,908

SHAREHOLDERS' FUNDS

396,325

616,008

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

M T Walker - Director

FIXED ASSETS

Intangible assets

10

97,777

83,753

Tangible assets

11

209,544

108,749

Investments

12

201,441

201,441

508,762

393,943

CURRENT ASSETS

Stocks

13

15,000

15,000

Debtors

14

13,641,275

11,007,620

Cash at bank

1,482,424

156,551

15,138,699

11,179,171

CREDITORS

Amounts falling due within one year

15

(14,596,061

)

(10,510,572

)

NET CURRENT ASSETS

542,638

668,599

TOTAL ASSETS LESS CURRENT LIABILITIES

1,051,400

1,062,542

CREDITORS

Amounts falling due after more than one year

16

-

(64,583

)

PROVISIONS FOR LIABILITIES

20

(4,451

)

(5,054

)

NET ASSETS

1,046,949

992,905

CAPITAL AND RESERVES

Called up share capital

21

100

100

Retained earnings

22

1,046,849

992,805

SHAREHOLDERS' FUNDS

1,046,949

992,905

Company's profit for the financial year

152,044

37,300

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

M T Walker - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

468,681

468,781

Changes in equity

Total comprehensive income

-

147,227

147,227

Balance at 31 December 2023

100

615,908

616,008

Changes in equity

Dividends

-

(98,000

)

(98,000

)

Total comprehensive income

-

(121,683

)

(121,683

)

Balance at 31 December 2024

100

396,225

396,325

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

955,505

955,605

Changes in equity

Total comprehensive income

-

37,300

37,300

Balance at 31 December 2023

100

992,805

992,905

Changes in equity

Dividends

-

(98,000

)

(98,000

)

Total comprehensive income

-

152,044

152,044

Balance at 31 December 2024

100

1,046,849

1,046,949

Cash flows from operating activities

Cash generated from operations

1

2,247,139

210,216

Interest paid

(445,629

)

(352,548

)

Tax paid

(7,938

)

(34,694

)

Net cash from operating activities

1,793,572

(177,026

)

Cash flows from investing activities

Purchase of intangible fixed assets

(35,163

)

(88,838

)

Purchase of tangible fixed assets

(153,464

)

(32,256

)

Net cash from investing activities

(188,627

)

(121,094

)

Cash flows from financing activities

Loan repayments in year

(62,500

)

(62,500

)

Movement in director loan accounts

(23,100

)

195,590

Increase / (decrease) in factored debt

(35,234

)

62,097

Equity dividends paid

(98,000

)

-

Net cash from financing activities

(218,834

)

195,187

Increase/(decrease) in cash and cash equivalents

1,386,111

(102,933

)

Cash and cash equivalents at beginning of year

2

276,818

356,809

Effect of foreign exchange rate changes

(12,198

)

22,942

Cash and cash equivalents at end of year

2

1,650,731

276,818

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

(Loss)/profit before taxation

(40,949

)

133,667

Depreciation charges

56,363

40,051

Goodwill amortisation

3,934

3,934

Amortisation charges

21,139

5,085

Finance costs

445,629

352,548

486,116

535,285

Increase in trade and other debtors

(2,302,138

)

(409,392

)

Increase in trade and other creditors

4,063,161

84,323

Cash generated from operations

2,247,139

210,216

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

1,650,731

276,818

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

276,818

356,809

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

276,818

1,373,913

1,650,731

276,818

1,373,913

1,650,731

Debt

Debts falling due within 1 year

(50,000

)

(2,083

)

(52,083

)

Debts falling due after 1 year

(64,583

)

64,583

-

(114,583

)

62,500

(52,083

)

Total

162,235

1,436,413

1,598,648