REGISTERED NUMBER: 05960293 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

CTS Offshore and Marine Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Consolidated Income Statement

13

Consolidated Other Comprehensive Income

14

Consolidated Balance Sheet

15

Company Balance Sheet

16

Consolidated Statement of Changes in Equity

17

Company Statement of Changes in Equity

18

Consolidated Cash Flow Statement

19

Notes to the Consolidated Cash Flow Statement

20

Notes to the Consolidated Financial Statements

22

DIRECTORS:

A Chaudhary

G Suri

S Suri

R Ved

E R Suri

REGISTERED OFFICE:

8 Cambridge Court

210 Shepherd's Bush Road

London

W6 7NJ

REGISTERED NUMBER:

05960293 (England and Wales)

AUDITORS:

TC Group

Statutory Auditor

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

STATEMENT FROM MANAGEMENT

As we reflect on 2024, CTS Offshore and Marine Limited has continued to demonstrate resilience and adaptability in a challenging global environment. The marine and offshore sectors have faced persistent headwinds from geopolitical tensions, including ongoing conflicts in Eastern Europe and the Middle East, which have contributed to supply chain disruptions, energy market volatility, and increased operational costs across the industry.

The macroeconomic landscape has remained complex, with inflationary pressures, fluctuating currency markets, and tightening credit conditions affecting project financing and client decision-making. Climate-related events have also intensified, underscoring both the urgency of the energy transition and the operational risks our industry must navigate. Against this backdrop, we have remained focused on strengthening our foundations while pursuing strategic growth opportunities.

Despite these challenges, we are cautiously optimistic about our trajectory. Our diversification strategy-spanning traditional marine services, offshore wind, and emerging decarbonization technologies-has proven valuable in mitigating sector-specific risks. We have made meaningful progress toward our ambition of becoming a full EPC contractor, invested in our people and systems, and secured positions in growing markets.

We recognize that global uncertainty is likely to persist. However, the structural demand for energy transition services, vessel upgrades to meet environmental regulations, and asset integrity work provides a solid foundation for our business. We remain committed to operational excellence, prudent financial management, and building long-term value for our stakeholders.

EXECUTIVE SUMMARY

In 2024, CTS Offshore and Marine Limited has significantly strengthened its position as a leading provider of offshore and marine services. We have made substantial progress towards our goal of becoming an EPC contractor, expanded our geographical presence, and diversified our service offerings. Our focus on in-situ, afloat, and asset integrity services, particularly in the offshore wind farm sector, continues to drive our growth and expansion.

OUR MISSION AND VISION

Vision: To establish ourselves as a premier EPC contractor, leveraging our expertise as a crucial "in-situ" afloat repair and maintenance service provider for the global marine and offshore industry.

Mission: To deliver client objectives through cutting-edge, sustainable solutions, utilizing our deep industry experience while maintaining strict regulatory compliance and our zero-accident performance record.

KEY PERFORMANCE INDICATORS

The director consider the key performance indicators for the group to be those that communicate the financial performance and strength of the company as a whole. This being mainly the profit margin.

2024

2023

Profit Margin

3.04%

7.58%

MARKET ANALYSIS

In the marine and oil & gas industries, there is a growing demand for efficient and environmentally friendly vessel technologies, driven by new, stringent environmental policies. This shift has created a significant market opportunity, as approximately 80% of current marine vessels do not meet new policy regulations.

The service industry, including CTS, is well-positioned to address this gap by offering technological upgrades, fuel-saving devices, and other solutions to help non-compliant vessels meet regulatory goals. Over the next 5-10 years, we anticipate substantial uptake in innovative technologies, system retrofits, and engine modifications as companies strive to improve their operational efficiency and regulatory compliance.

In the renewables sector, the market has experienced unprecedented growth over the past five years, with no signs of slowing. From a contractor's perspective, there are emerging opportunities in new markets where companies like CTS can offer expertise and resources. Interestingly, even established markets are experiencing an undersupply of qualified companies for servicing and maintaining renewable energy assets, leading to rising contract prices.

Looking ahead, CTS Offshore and Marine is preparing for significant growth in renewable services over the next five years. This growth projection, combined with the ongoing transformations in the marine and oil & gas sectors, positions CTS favorably in the market. By leveraging its diverse service offerings and adaptability to emerging market needs, CTS is well-equipped to capitalize on these industry trends.

RISK MANAGEMENT

We continue to navigate global challenges including geopolitical tensions, cybersecurity threats, and climate change impacts. Our risk management strategies have been further enhanced to address these evolving challenges. The principal risks facing our business are outlined below.

Principal Risks

Currency Risk: Operating across multiple jurisdictions exposes CTS to foreign exchange fluctuations, particularly between GBP, USD, AED, and SGD. We actively monitor currency movements and, where appropriate, utilize natural hedging through matching revenue and cost currencies within regions.

Cashflow Risk on Larger Projects: As we take on larger EPC-style contracts, the timing mismatch between project expenditure and milestone payments creates cashflow pressure. We mitigate this through careful project selection, negotiating favorable payment terms, maintaining adequate working capital facilities, and rigorous project cashflow forecasting.

Client Concentration Risk: Historically, reliance on a small number of major clients has exposed the business to significant revenue volatility when payment issues arise. We are actively diversifying our client base across all regions to reduce dependency on any single customer, as demonstrated by our UAE operations recovery and diversification strategy.

FINANCIAL REVIEW

Building on the successes of previous years, 2024 is shaping up to be another record year. Our growth is driven by expanding contracts in offshore wind, sustained growth in core marine services, and successful diversification into new markets and services.

Most of the long overdue outstanding debts from 2022 have now been collected, improving our working capital position and demonstrating the effectiveness of our enhanced credit control procedures.

OPERATIONAL HIGHLIGHTS

United Kingdom

Continued expansion of our wind farm services portfolio, securing multiple hook-up and commissioning projects. The UK remains a cornerstone of our renewable strategy.

Singapore

Strengthened position in the Asian market, with significant growth in manpower services and new long-term contracts in Malaysia. We are moving into a new vertical of Civil Work in Oil and Gas. Our operations now provide large-scale manpower services of approximately 1,000 people per day, particularly at the MMHE shipyard.

United Arab Emirates

Our UAE operations have successfully diversified and grown their client base across multiple disciplines. Following payment difficulties with our previously largest client which impacted cashflow-now fully recovered in early 2025-we have reduced concentration risk and deepened relationships across the oil and gas sector. Our high-speed engine maintenance services have expanded significantly, and plans are in place to open two new workshops to meet growing demand in this underserved market.

India

We have established a manpower head office in India and secured a crewing license, enabling us to support other CTS offices with project labour sourcing whilst also maintaining and growing our own client relationships in the region. This strategic investment positions us to efficiently scale labour resources across our global operations.

STRATEGIC OBJECTIVES

Building EPC Capability

A key milestone in 2024 has been the establishment of an in-house Engineering and decarbonization department. This investment directly supports our strategic ambition to evolve into a full EPC contractor, providing the technical capability to deliver more complex, higher-value projects whilst maintaining quality and control throughout the project lifecycle.

Geographical Expansion

Europe: Expanded presence with new offices supporting offshore and inland renewables markets, providing comprehensive maintenance services.

Asia: Singapore operations have deepened relationships with Malaysian shipyards, with India now serving as a b strategic manpower hub.

India: Expanding India as an operations office, not solely support office within the next 12 months.

Service Expansion

High-Speed Engine Services: Our UAE operations have become a market leader, winning majority of jobs from the largest clients in the region.

Medium Speed Engine Services- We have been awarded a major contract for the aux engine overhauls (Tanker vessels) of Synergy Ship Management.

Civil Works in Oil and Gas- Ventured out into Civil works in Oil and Gas on shore works.

Decarbonization Division: Formalized at the beginning of 2024, focusing on joint ventures with innovative technologies including Dealfeng for wind sail rotor manufacture and Vinsen, a South Korean hydrogen fuel cell manufacturer.

GF+ Partnership: Our new partnership with GF+ piping manufacturer has significantly increased our project scope and capabilities. Through substantial investment in team training, we are now a globally recognized installer, enhancing our ability to deliver complex piping projects.

SUSTAINABILITY AND CORPORATE SOCIAL RESPONSIBILITY

Our corporate responsibility is built on four pillars:

Environmental Stewardship: Prioritizing eco-friendly practices across all operations.

Safety Excellence: Maintaining rigorous safety standards and our zero-accident performance record.

Ethical Business Conduct: Ensuring integrity in all our operations and relationships.

Innovation and Efficiency: Leveraging innovative technologies and industry best practices to enhance operational efficiency and reduce environmental impact.

By upholding these principles, CTS Offshore and Marine Ltd aims to contribute to industry-wide advancements, foster enduring relationships with stakeholders, and ensure a sustainable future for all.

EMPLOYEE OVERVIEW

We have implemented a corporate restructuring to enhance communication and productivity. This includes the creation of new CTO and COO positions, optimizing our leadership structure for future growth. The establishment of our India manpower hub further strengthens our ability to resource projects efficiently across all regions.

TECHNOLOGY AND INNOVATION

CTS has implemented ZOHO-CRM in all locations, achieving uniformity across our various units with dashboards available to monitor and control the business with minimal manual interference. We have successfully implemented invoice generation from Zoho CRM postings interfaced with XERO accounting software.

Further initiatives in progress include:

- Zoho People implementation

- Accounts Payable approval process and interface with XERO

- Generation of Operational Profit & Loss reporting

- Manpower utilization and recruitment optimization

- Operation and Maintenance programmes

- Feasibility study for incorporating the above in Zoho FSM

OUTLOOK

As we progress through 2024 and into 2025, CTS Offshore and Marine Limited is strategically positioned to capitalize on the global shift towards renewable energy while maintaining our strength in traditional marine services.

Our transition towards becoming a full-fledged EPC contractor, supported by our new in-house Engineering department coupled with our Decarbonization division and strategic partnerships such as GF+, sets a strong foundation for sustained growth and innovation in the marine and offshore energy sectors.

We remain committed to excellence in service delivery, technological advancement, and sustainable practices, ensuring we meet the evolving needs of our global clientele while contributing to a more sustainable maritime industry.

ON BEHALF OF THE BOARD:

A Chaudhary - Director

29 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 group's principal activity during the year was the provision of a wide range of technical services to the offshore and marine industries including the repair, maintenance and upgrade of assets whilst in service, in ports and docks using a skilled work force.

Branches

The UK parent company, CTS Offshore and Marine Limited also operates a branch in the UAE that supplies spare parts to third parties.

DIVIDENDS

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

The results for the year are set out on page 10.

Business review of the company and its subsidiary undertaking during the financial year have been included in the Strategic report.

Ordinary dividends were paid amounting to £399,585. The directors do not recommend payment of a further dividend.

EVENTS SINCE THE END OF THE YEAR

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

DIRECTORS

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

A Chaudhary

G Suri

R Ved

Other changes in directors holding office are as follows:

V Gupta - resigned 31 October 2024

S Suri - appointed 1 June 2024

E R Suri was appointed as a director after 31 December 2024 but prior to the date of this report.

Post reporting date events

The Board has carefully reviewed all relevant factors and can confirm that no post balance sheet events have occurred that require disclosure.

Future developments

The company plans to drive future growth through geographical expansion, increased service diversification, and further involvement in renewable energy projects and advanced marine technologies.

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, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A Chaudhary - Director

29 December 2025

Opinion

We have audited the financial statements of CTS Offshore and Marine Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, 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 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of 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 eight, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Sadikali Premji (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

29 December 2025

REVENUE

3

13,214,419

16,238,636

Cost of sales

(7,456,602

)

(10,278,871

)

GROSS PROFIT

5,757,817

5,959,765

Administrative expenses

(5,266,186

)

(4,600,219

)

491,631

1,359,546

Other operating income

4

3,360

10,355

OPERATING PROFIT

6

494,991

1,369,901

Interest receivable and similar income

833

641

495,824

1,370,542

Interest payable and similar expenses

8

(47,381

)

(46,141

)

PROFIT BEFORE TAXATION

448,443

1,324,401

Tax on profit

9

(45,735

)

(93,918

)

PROFIT FOR THE FINANCIAL YEAR

402,708

1,230,483

Profit attributable to:

Owners of the parent

402,708

1,230,483

PROFIT FOR THE YEAR

402,708

1,230,483

OTHER COMPREHENSIVE INCOME

Currency translation differences

-

(147,615

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

(147,615

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

402,708

1,082,868

Total comprehensive income attributable to:

Owners of the parent

402,708

1,082,868

FIXED ASSETS

Property, plant and equipment

12

269,451

302,555

Investments

13

-

-

269,451

302,555

CURRENT ASSETS

Inventories

14

349,164

4,935

Debtors

15

5,906,816

6,963,257

Cash at bank and in hand

2,599,637

2,451,186

8,855,617

9,419,378

CREDITORS

Amounts falling due within one year

16

(4,311,524

)

(5,300,612

)

NET CURRENT ASSETS

4,544,093

4,118,766

TOTAL ASSETS LESS CURRENT LIABILITIES

4,813,544

4,421,321

CREDITORS

Amounts falling due after more than one year

17

(259,602

)

(270,087

)

NET ASSETS

4,553,942

4,151,234

CAPITAL AND RESERVES

Called up share capital

20

527,866

527,866

Retained earnings

4,026,076

3,623,368

SHAREHOLDERS' FUNDS

4,553,942

4,151,234

The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2025 and were signed on its behalf by:

A Chaudhary - Director

FIXED ASSETS

Property, plant and equipment

12

8,358

13,902

Investments

13

89,568

68,176

97,926

82,078

CURRENT ASSETS

Debtors

15

4,006,171

3,821,011

Cash at bank and in hand

1,884,378

2,070,753

5,890,549

5,891,764

CREDITORS

Amounts falling due within one year

16

(4,996,448

)

(5,119,621

)

NET CURRENT ASSETS

894,101

772,143

TOTAL ASSETS LESS CURRENT LIABILITIES

992,027

854,221

CREDITORS

Amounts falling due after more than one year

17

(25,590

)

(37,137

)

NET ASSETS

966,437

817,084

CAPITAL AND RESERVES

Called up share capital

20

527,866

527,866

Retained earnings

438,571

289,218

SHAREHOLDERS' FUNDS

966,437

817,084

Company's profit for the financial year

149,353

246,949

The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2025 and were signed on its behalf by:

A Chaudhary - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

527,866

2,940,085

3,467,951

Changes in equity

Dividends

-

(399,585

)

(399,585

)

Total comprehensive income

-

1,082,868

1,082,868

Balance at 31 December 2023

527,866

3,623,368

4,151,234

Changes in equity

Total comprehensive income

-

402,708

402,708

Balance at 31 December 2024

527,866

4,026,076

4,553,942

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

527,866

441,854

969,720

Changes in equity

Dividends

-

(399,585

)

(399,585

)

Total comprehensive income

-

246,949

246,949

Balance at 31 December 2023

527,866

289,218

817,084

Changes in equity

Total comprehensive income

-

149,353

149,353

Balance at 31 December 2024

527,866

438,571

966,437

Cash flows from operating activities

Cash generated from operations

1

884,833

890,511

Interest paid

(43,783

)

(41,594

)

Interest element of hire purchase payments paid

(3,598

)

(4,547

)

Tax paid

(245,104

)

(86,484

)

Net cash from operating activities

592,348

757,886

Cash flows from investing activities

Purchase of tangible fixed assets

(136,123

)

(84,851

)

Sale of tangible fixed assets

-

945

Interest received

833

641

Net cash from investing activities

(135,290

)

(83,265

)

Cash flows from financing activities

Loan repayments in year

(11,547

)

(149,811

)

Repayment of borrowings

-

(20,461

)

Capital repayments in year

(5,665

)

(6,179

)

Amount withdrawn by directors

(406,773

)

-

Equity dividends paid

-

(399,585

)

Net cash from financing activities

(423,985

)

(576,036

)

Increase in cash and cash equivalents

33,073

98,585

Cash and cash equivalents at beginning of year

2

1,911,968

1,960,998

Effect of foreign exchange rate changes

-

(147,615

)

Cash and cash equivalents at end of year

2

1,945,041

1,911,968

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

31.12.24

31.12.23

£

£

Profit before taxation

448,443

1,324,401

Depreciation charges

169,228

105,194

Finance costs

47,381

46,141

Finance income

(833

)

(641

)

664,219

1,475,095

(Increase)/decrease in inventories

(344,229

)

7,867

Decrease in trade and other debtors

1,057,015

442,723

Decrease in trade and other creditors

(492,172

)

(1,035,174

)

Cash generated from operations

884,833

890,511

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

2,599,637

2,451,186

Bank overdrafts

(654,596

)

(539,218

)

1,945,041

1,911,968

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

2,451,186

2,545,704

Bank overdrafts

(539,218

)

(584,706

)

1,911,968

1,960,998