REGISTERED NUMBER: 07124696 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Stonewest Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

7

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

K Reuter

Mrs S V Reuter

M G W Reuter

A M Tuck

REGISTERED OFFICE:

New Bridge St House

30 New Bridge St

London

EC4V 6BJ

REGISTERED NUMBER:

07124696 (England and Wales)

AUDITORS:

Thornton Springer LLP

Chartered Accountants and

Statutory Auditor

67 Westow Street

London

SE19 3RW

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

Introduction

Stonewest Limited remains one of the UK's leading building restoration, conservation, and stonemasonry companies, operating as both a principal and specialist sub-contractor on a variety of the country's most significant historic buildings and structures. With a history spanning over 70 years, Stonewest is synonymous with quality, reliability, and excellence in the built heritage sector.

REVIEW OF BUSINESS

Stonewest Limited has demonstrated resilience and adaptability in a challenging market with the unforeseen delays to the start of previously secured new projects in quarter two of 2024 causing a decline in anticipated turnover for the year.

As a result for the financial year ending 31 December 2024, the company reported a drop in turnover to £10,723,256, a decrease of £2,144,041 from the previous year. Despite the above challenges, the quality of work delivered was not affected with notable contracts delivered on time to our clients and contracts remaining profitable.

With the support of the Directors and a strong management team, we moved into quarter four and 2025 in a robust manner with a full order book, supplemented by those projects previously planned for 2024. As such turnover has recovered with the figure for the full financial year 2025 projected to be £18.3m. Future liquidity looks strong, and all contracts are performing well. The order book moving forward is solid, being made up of several high-profile projects for blue chip Clients, thus demonstrating Stonewest Limited's reliability and strong relationships with key stakeholders within the industry.

The Company has continued to focus on developing the correct balance of skills, experience and knowledge required for the leadership of the business and has made additional key appointments in the year to compliment and strengthen the senior management team.

Market and Strategic Position

The company has continued to strengthen its position in the built heritage market by focusing on high-quality service delivery and leveraging its expertise in managing complex projects. Stonewest's strategy for 2025 involves expanding its client base and increasing its market share in the commercial and public sectors. The company continues to explore opportunities in the international market, to diversify its revenue streams and mitigate domestic market risks.

Operational Review

During the year, the company successfully completed several key projects, working for well-known national charitable bodies and local/regional authorities. These projects have further cemented Stonewest's reputation for excellence in built heritage work. The company has also invested in modernizing its operational processes, including the implementation of advanced project management tools and enhancing workforce skills training to improve quality, efficiency and service delivery.

HEALTH & SAFETY

Health and Safety is the single most important aspect of our business. The health, safety, and well-being of our people, and those of our supply chain, remains our number one priority. During the year we have focussed heavily on ensuring that our working practices and procedures are not only safe and compliant, but that they also consider and cater for the mental health of our employees and workforce. In 2024, the company enhanced its health and safety protocols, with a particular focus on mental health support for employees. Comprehensive training programs were conducted, and new safety measures were implemented across all sites to ensure compliance with the latest regulations.

ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE

Stonewest remains steadfast in our commitment to conducting our business operations with the lowest level of impact possible to the environment. The very nature of the work we do is geared towards being sustainable by the simple fact that we are inherently involved in the conservation and restoration of historic buildings and monuments. We have a proud track record of introducing innovations to the industry such as the use of water cutting and biofuel. This year the Board targeted reducing our carbon footprint wherever possible and sought to procure materials from sources which kept this as low as possible.

Stonewest has a long tradition in the training and development of the next generation of tradesmen and women through apprenticeships and 2024 was no exception. Several of our employees undertook structured training throughout the year as part of their ongoing development, ranging from skills training through to academic and vocational qualifications.

Stonewest embrace and promote inclusivity and are an equal opportunities employer, ensuring that diversity is embedded and reflected within the company culture.

Initiatives implemented in 2024 included sourcing materials sustainably and improving energy efficiency across operations. The company also continued its investment in employee training and development, promoting a diverse and inclusive workplace culture.

FUTURE DEVELOPMENTS

Looking ahead, Stonewest aims to further expand its operations in the UK and explore new opportunities in the international market. The company plans to invest in digital transformation projects to enhance project delivery and client engagement. Additionally, Stonewest will continue to focus on its ESG strategy, particularly in reducing carbon emissions and enhancing community engagement.

PRINCIPAL RISKS AND UNCERTAINTIES

Financial Instruments

The Company's principal financial instruments comprise bank balances, trade creditors and arrangements with additional funding from shareholders, as and when required for the Company's cash flow and growth.

The Company's has limited institutional borrowings negating any significant exposure to risk. The Company's approach to managing other risks applicable to the financial instruments concerned is explained below.

Financial Risk Management

The company's financial instruments include bank balances, trade creditors, and shareholder funding. Stonewest has a conservative approach to borrowing, maintaining sufficient cash reserves to meet its obligations and minimize exposure to financial risks.

Interest rate risk

The Company manages the liquidity risk by ensuring there are sufficient funds to meet the cash repayments. The Company continues to keep a close eye on the interest rate decisions by the Bank of England's Monetary Policy Committee.

Commodity price risk

The Company remains exposed to increased energy and material costs. The project costs are controlled by good management controls and selling prices are monitored regularly to reduce the impact of such risk.

Cost of living

Stonewest is committed to its employee's welfare and well-being. With the cost of living threatening to become a national crisis, the Company continues to keep a close eye on this and its effects on the market and on its employees.

In order to mitigate future financial risk, the Board continues to strictly manage its cost base and capital expenditure. No dividends will be paid during the financial year ending December 2024.

Customer Concentration Risk

Stonewest is actively broadening the customer base to reduce reliance on a few key clients.

Supply Chain Risk

Stonewest maintains a strong relationship with multiple suppliers and negotiates long-term agreements to ensure continuity. Stonewest have looked to support our supply chain with improved payment terms and as a result the level of trade creditors has been substantially reduced moving into 2025.

KEY PERFORMANCE INDICATORS

The principal KPIs used by the directors to assess the performance and position of the business of the company are as follows:

Turnover

The directors monitor the development of the business by assessing the growth in turnover, relating it to project performance. Despite a difficult year in 2024 The Company's sales going forward have increased to £18.3m against the turnover for 2024.

Operating profit

Operating profit and profit before tax are key measures of the Company's performance. The Company incurred an operating loss for the year of £2m, compared with an operating profit of £381K in 2024.

ON BEHALF OF THE BOARD:

K Reuter - Director

31 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the cleaning and restoration of decayed or damaged stonework, brickwork, terracotta and faïence.

DIVIDENDS

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

DIRECTORS

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

K Reuter

Mrs S V Reuter

M G W Reuter

A M Tuck

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

K Reuter - Director

31 December 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is 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 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 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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with relevant laws and regulations. Non-compliance with these laws and regulations might have a material effect on the financial statements.

We evaluated management's incentives and opportunity for fraudulent manipulation of the financial statement (including the risk of override of controls) and determined that the principal risks were posting of unusual journal entries outside the normal course of business and revenue recognition journal entries to manipulate the company's performance profit measures and other key performance indicators.

Audit procedures performed included: review of the financial statements and disclosures to underlying supporting documentation, review of compliance with the laws and regulations, enquiries with management, testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

There is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. 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.

Garth Myers FCCA, ACA (Senior Statutory Auditor)

for and on behalf of Thornton Springer LLP

Chartered Accountants and

Statutory Auditor

67 Westow Street

London

SE19 3RW

31 December 2025

TURNOVER

5

10,723,256

12,867,297

Cost of sales

(8,922,510

)

(9,313,808

)

GROSS PROFIT

1,800,746

3,553,489

Administrative expenses

(3,814,858

)

(3,243,585

)

(2,014,112

)

309,904

Other operating income

-

71,560

OPERATING (LOSS)/PROFIT

7

(2,014,112

)

381,464

Interest receivable and similar income

-

522

(2,014,112

)

381,986

Interest payable and similar expenses

8

(260,218

)

(93,925

)

(LOSS)/PROFIT BEFORE TAXATION

(2,274,330

)

288,061

Tax on (loss)/profit

9

-

354,556

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(2,274,330

)

642,617

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(2,274,330

)

642,617

FIXED ASSETS

Intangible assets

10

1

1

Tangible assets

11

58,857

77,665

58,858

77,666

CURRENT ASSETS

Debtors

12

3,364,789

4,756,855

Cash at bank and in hand

-

399,638

3,364,789

5,156,493

CREDITORS

Amounts falling due within one year

13

(2,825,447

)

(2,981,150

)

NET CURRENT ASSETS

539,342

2,175,343

TOTAL ASSETS LESS CURRENT LIABILITIES

598,200

2,253,009

CREDITORS

Amounts falling due after more than one year

14

1,345,430

725,909

CAPITAL AND RESERVES

Called up share capital

17

1,300,100

1,300,100

Share premium

18

200,000

200,000

Retained earnings

18

(2,247,330

)

27,000

SHAREHOLDERS' FUNDS

(747,230

)

1,527,100

598,200

2,253,009

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2025 and were signed on its behalf by:

K Reuter - Director

M G W Reuter - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

1,300,100

(615,617

)

200,000

884,483

Changes in equity

Total comprehensive income

-

642,617

-

642,617

Balance at 31 December 2023

1,300,100

27,000

200,000

1,527,100

Changes in equity

Total comprehensive income

-

(2,274,330

)

-

(2,274,330

)

Balance at 31 December 2024

1,300,100

(2,247,330

)

200,000

(747,230

)

Cash flows from operating activities

Cash generated from operations

22

(930,651

)

177,149

Interest paid

(260,218

)

(93,925

)

Tax paid

-

354,556

Net cash from operating activities

(1,190,869

)

437,780

Cash flows from investing activities

Purchase of tangible fixed assets

-

(87,451

)

Interest received

-

522

Net cash from investing activities

-

(86,929

)

Cash flows from financing activities

New loans in year

835,225

-

Loan repayments in year

-

(20,500

)

Amount introduced by directors

25,485

536,924

Amount withdrawn by directors

(71,125

)

(479,843

)

Net cash from financing activities

789,585

36,581

(Decrease)/increase in cash and cash equivalents

(401,284

)

387,432

Cash and cash equivalents at beginning of year

23

399,619

12,187

Cash and cash equivalents at end of year

23

(1,665

)

399,619

1.	GOING CONCERN

The company incurred a loss during the year of £2.27m and the reserves are in deficit by £747k. Trading results deteriorated following unforeseen contracts stoppages during the year which resulted in turnover targets not being met whilst management staff costs had already been committed. Additionally, a review of trade debts highlighted irrecoverable debts of £303k which the directors agreed to be written off as bad debts. With these problems now resolved, the directors have forecast a significant operating profit in the forthcoming year and, with the continuing support from shareholders loans which are not called on demand, the increased profitability following the recovery in turnover level, profitable contracts that are performing well and a full order book, the directors are confident that the company remains a going concern and that it is appropriate to prepare these accounts on a going concern basis.

2.	STATUTORY INFORMATION

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

3.	STATEMENT OF COMPLIANCE

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

4.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is in Pound Sterling (£). Monetary amounts are rounded to the nearest £.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The most significant area is the company's Turnover policy, as shown below, which is central to how the company values the work it has carried out in each financial year.

This policy requires forecasts to be made of the outcomes of long term contracts, which require both estimates and judgements to be made of both the cost and income recognition on each contract. Judgements and estimates are reviewed regularly throughout the contract life based on latest available information and adjustments are made where necessary.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

In respect of on-going contracts, turnover includes the value of work done but not invoiced up to the Balance Sheet date, after making due allowances for unrecoverable amounts.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at cost and amortised cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised costs, the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated cash flow discounted at the asset's original effective interest rate.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, and, if applicable, other short-term highly liquid investments with original maturities of three months or less.

5.

TURNOVER

The total turnover of the company has been derived from its principal activity wholly undertaken in the UK.

6.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

2,191,139

1,989,525

Other pension costs

73,524

121,014

2,264,663

2,110,539

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

31.12.24

31.12.23

Management

10

8

Administration

25

22

Operators

92

87

127

117

31.12.24

31.12.23

£

£

Directors' remuneration

125,300

129,585

7.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

31.12.24

31.12.23

£

£

Other operating leases

284,283

279,476

Depreciation - owned assets

18,808

25,126

Auditors' remuneration

30,275

21,200

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank interest

-

655

Other interest charges

260,218

93,270

260,218

93,925

9.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

Adjustment to prior years

-

(354,556

)

Tax on (loss)/profit

-

(354,556

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

(Loss)/profit before tax

(2,274,330

)

288,061

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

(568,583

)

72,015

Effects of:

Expenses not deductible for tax purposes

1,397

561

Income not taxable for tax purposes

-

(17,890

)

Depreciation in excess of capital allowances

3,269

4,726

Utilisation of tax losses

-

(59,282

)

Interest received

-

(130

)

Adjustment to prior years

-

(354,556

)

unutilised tax losses

563,917

-

Total tax credit

-

(354,556

)

10.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

1

NET BOOK VALUE

At 31 December 2024

1

At 31 December 2023

1

11.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

164,592

87,451

20,362

272,405

DEPRECIATION

At 1 January 2024

160,199

21,938

12,603

194,740

Charge for year

878

16,378

1,552

18,808

At 31 December 2024

161,077

38,316

14,155

213,548

NET BOOK VALUE

At 31 December 2024

3,515

49,135

6,207

58,857

At 31 December 2023

4,393

65,513

7,759

77,665

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

582,762

488,491

Amounts recoverable on contract

1,500,101

2,835,066

Other debtors

994,660

1,001,940

VAT

166,366

305,103

Prepayments

120,900

126,255

3,364,789

4,756,855

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts (see note 15)

1,665

19

Other loans (see note 15)

566,455

396,391

Trade creditors

1,491,982

1,568,491

Social security and other taxes

203,988

78,259

Other creditors

349,387

563,491

Accruals

211,970

374,499

2,825,447

2,981,150

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other loans (see note 15)

665,161

-

Directors' loan accounts

680,269

725,909

1,345,430

725,909

15.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

1,665

19

Other loans

566,455

396,391

568,120

396,410

Amounts falling due between one and two years:

Other loans

665,161

-