REGISTERED NUMBER: 12204795 (England and Wales)

DELCON HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Mr J Dugan

Mr C K Miles

Mr S O'Connell

Mr M A O'Connell

Mr G O'Connell

Mr R J Williams

REGISTERED OFFICE:

3rd Floor 26 Caxton Street

London

SW1H 0RJ

REGISTERED NUMBER:

12204795 (England and Wales)

AUDITORS:

Beavis Morgan Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

The principal activity of the Group is the business of construction, structural alteration, refurbishment and fit-out for exclusive residential and commercial properties in and around London.

2025 was a successful but challenging year for the Group. We completed two prestigious projects in the year that have further enhanced our portfolio of "yacht grade" fit outs. Delcon has established a strong track record of successfully delivering these challenging and demanding projects, working with some of the world's leading designers and joinery companies to achieve a unrivalled level of quality.

However, the financial results for the year were adversely affected by delayed starts to two new projects for reasons entirely out of the Group's control. One of these projects started approximately six months late and the other failed to progress beyond the preconstruction period due to issues with the BSR process. Consequently turnover decreased to £8.1m (2024:22.27m) for the year.

The Group reported a net loss for the year of £905k (2024:£0.9m profit) following a significant write down of intangible assets related to the 2019 restructuring. This is a non-cash item so does not adversely impact the Group's financial position.

Our balance sheet remains extremely strong which allows the Group to pursue a selective approach to the work we undertake. It is our stated intention to continue undertaking a limited number of exclusive schemes each year at pricing levels that properly reflect the associated risks.

PRINCIPAL RISKS AND UNCERTAINTIES

It is the Group's policy to proactively identify, understand and manage the risks inherent in the operation of our business so as to encourage responsible and informed decision making. The Group's exposure to financial risk is mitigated at an early stage of each project as each subcontractor to be employed is subjected to a stringent vetting process and prices are set at the outset of a project and continually monitored throughout for efficacy.

Credit risk exposure is limited as the Company adheres strictly to the contractual terms of each project (generally under JCT standard forms of contract), securing advanced payments and/or deposits where appropriate. The Company's history of limited bad debts is a direct result of this cautious approach.

Liquidity risk is also limited as the contract terms of projects carried out by the Company ensure that it receives settlement of its invoices on a regular basis, with appropriate action swiftly taken in the event of any breaches to the agreed terms. Allied to this, the Company's policy is to make payments to its subcontractors and suppliers in an expeditious manner.

Cash flow risk is managed on a daily basis via the Group's established procedures of credit management, payment processing and continual financial analysis and reconciliation. During the year, the Group retained its excellent rating with credit reference agencies.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr C K Miles - Director

17 July 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

DIVIDENDS

No interim dividend was paid on the Ordinary B £1 Shares. The directors recommend that no final dividend be paid on these shares.

Interim dividends per share on the Ordinary C £1 Shares were paid as follows:

£72,000

- 30 April 2025

£144,000

- 13 August 2025

£72,000

- 11 December 2025

£288,000

The directors recommend that a final dividend of £72,000 be paid on these shares.

The total distribution of dividends for the year ended 31 December 2025 will be £360,000.

FUTURE DEVELOPMENTS

The current economic climate is full of uncertainty and the new tax policies of our current Government continue to have a particularly negative impact on our marketplace. The effects of the Building Safety Act are also continuing with delays in the regulatory processes slowing construction activity for affect buildings. Both of these matters are creating particularly strong headwinds for our marketplace.

Effective credit risk assessment will remain critical when engaging subcontractors during these turbulent economic times and the Company will continue to implement stringent credit control measures to mitigate default risk.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr J Dugan

Mr C K Miles

Mr S O'Connell

Mr M A O'Connell

Mr G O'Connell

Mr R J Williams

FINANCIAL RISK MANAGEMENT OBJECTIVES & POLICIES

The Company mitigates credit risk through the completion of detailed and thorough monthly valuations for each of our projects. The value of works completed are accurately measured and payments agreed with both our professional client teams and our subcontractors with payments then made/received in accordance with contracted timescales. The Directors consider this to be an essential risk management process.

Individual project reviews are completed on a regular basis to monitor project performance and profitability with corrective action taken by the Directors as required.

The Company employ strict internal control procedures with clearly allocated responsibilities and segregation of key duties. Regular financial reconciliation and reporting is completed on all aspects of the business to ensure compliance and to monitor ongoing performance.

Bonds and other forms of security are obtained from clients and subcontractors alike in circumstances where the Directors consider it to be necessary.

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, Beavis Morgan Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr C K Miles - Director

17 July 2026

Opinion

We have audited the financial statements of Delcon Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 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 2025 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 four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.

- Enquiring of management concerning actual and potential litigation and claims.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside theorems course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Hassan Behcet (Senior Statutory Auditor)

for and on behalf of Beavis Morgan Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

17 July 2026

TURNOVER

3

8,066,125

22,274,220

Cost of sales

5,223,883

19,238,027

GROSS PROFIT

2,842,242

3,036,193

Administrative expenses

3,761,495

2,019,686

(919,253

)

1,016,507

Other operating income

-

1,907

OPERATING (LOSS)/PROFIT

5

(919,253

)

1,018,414

Interest receivable and similar income

63,900

133,220

(855,353

)

1,151,634

Amounts written off investments

8

(11,339

)

-

(844,014

)

1,151,634

Interest payable and similar expenses

9

60,683

263,354

(LOSS)/PROFIT BEFORE TAXATION

(904,697

)

888,280

Tax on (loss)/profit

10

408,471

228,640

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(1,313,168

)

659,640

(Loss)/profit attributable to:

Owners of the parent

(1,313,168

)

659,640

(LOSS)/PROFIT FOR THE YEAR

(1,313,168

)

659,640

OTHER COMPREHENSIVE INCOME

Other comprehensive income

-

1,852

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

1,852

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,313,168

)

661,492

Total comprehensive income attributable to:

Owners of the parent

(1,313,168

)

661,492

FIXED ASSETS

Intangible assets

13

1,500,663

4,001,776

Tangible assets

14

99,705

100,589

Investments

15

-

-

1,600,368

4,102,365

CURRENT ASSETS

Debtors

16

2,580,412

2,409,958

Cash at bank

941,346

3,692,981

3,521,758

6,102,939

CREDITORS

Amounts falling due within one year

17

2,705,730

5,976,378

NET CURRENT ASSETS

816,028

126,561

TOTAL ASSETS LESS CURRENT LIABILITIES

2,416,396

4,228,926

CREDITORS

Amounts falling due after more than one year

18

(1,480,054

)

(1,619,371

)

PROVISIONS FOR LIABILITIES

20

(24,927

)

(24,972

)

NET ASSETS

911,415

2,584,583

CAPITAL AND RESERVES

Called up share capital

21

93

93

Retained earnings

22

911,322

2,584,490

SHAREHOLDERS' FUNDS

911,415

2,584,583

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2026 and were signed on its behalf by:

Mr C K Miles - Director

FIXED ASSETS

Intangible assets

13

-

-

Tangible assets

14

-

-

Investments

15

7,802,593

7,802,594

7,802,593

7,802,594

CURRENT ASSETS

Cash at bank

50,006

83

CREDITORS

Amounts falling due within one year

17

2,327,197

2,391,784

NET CURRENT LIABILITIES

(2,277,191

)

(2,391,701

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,525,402

5,410,893

CREDITORS

Amounts falling due after more than one year

18

1,480,054

1,619,371

NET ASSETS

4,045,348

3,791,522

CAPITAL AND RESERVES

Called up share capital

21

93

93

Retained earnings

22

4,045,255

3,791,429

SHAREHOLDERS' FUNDS

4,045,348

3,791,522

Company's profit for the financial year

613,826

694,771

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2026 and were signed on its behalf by:

Mr C K Miles - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

93

1,922,998

1,923,091

Changes in equity

Total comprehensive income

-

661,492

661,492

Balance at 31 December 2024

93

2,584,490

2,584,583

Changes in equity

Dividends

-

(360,000

)

(360,000

)

Total comprehensive income

-

(1,313,168

)

(1,313,168

)

Balance at 31 December 2025

93

911,322

911,415

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

93

3,096,658

3,096,751

Changes in equity

Total comprehensive income

-

694,771

694,771

Balance at 31 December 2024

93

3,791,429

3,791,522

Changes in equity

Dividends

-

(360,000

)

(360,000

)

Total comprehensive income

-

613,826

613,826

Balance at 31 December 2025

93

4,045,255

4,045,348

Cash flows from operating activities

Cash generated from operations

1

(2,006,178

)

3,377,392

Interest paid

(60,683

)

(263,354

)

Tax paid

(207,765

)

(2,864

)

Net cash from operating activities

(2,274,626

)

3,111,174

Cash flows from investing activities

Purchase of tangible fixed assets

(41,592

)

(102,289

)

Sale of tangible fixed assets

-

161,489

Disposal of subsidiary (net of cash disp

-

1,491

Loan Repayment

-

(3,400,000

)

Interest received

63,900

133,220

Net cash from investing activities

22,308

(3,206,089

)

Cash flows from financing activities

Loan repayments in year

(139,317

)

-

Equity dividends paid

(360,000

)

-

Net cash from financing activities

(499,317

)

-

Decrease in cash and cash equivalents

(2,751,635

)

(94,915

)

Cash and cash equivalents at beginning of year

2

3,692,981

3,787,896

Cash and cash equivalents at end of year

2

941,346

3,692,981

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

2025

2024

£

£

(Loss)/profit before taxation

(904,697

)

888,280

Depreciation charges

2,542,887

18,790

Amounts written off

-

(171,637

)

Finance costs

60,683

263,354

Finance income

(63,900

)

(133,220

)

1,634,973

865,567

Decrease in stocks

-

2,250,000

Increase in trade and other debtors

(168,115

)

(182,640

)

(Decrease)/increase in trade and other creditors

(3,473,036

)

444,465

Cash generated from operations

(2,006,178

)

3,377,392

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 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

941,346

3,692,981

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

3,692,981

3,787,896

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

3,692,981

(2,751,635

)

941,346

3,692,981

(2,751,635

)

941,346

Total

3,692,981

(2,751,635

)

941,346

1.	STATUTORY INFORMATION

Delcon Holdings 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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

-

50% on cost

Fixtures and fittings

-

20% on cost

Financial instruments

The company has chosen to adopt the FRS102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

3.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Construction

8,066,125

22,273,245

Hotel Income

-

975

8,066,125

22,274,220

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

8,066,125

22,274,220

8,066,125

22,274,220

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,548,601

2,274,930

Social security costs

213,147

270,739

Other pension costs

83,361

82,764

1,845,109

2,628,433

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

2025

2024

Admin Staff

7

11

Site Staff

13

18

20

29

The average number of employees by undertakings that were proportionately consolidated during the year was 20 (2024 - 29 ) .

2025

2024

£

£

Directors' remuneration

463,050

529,760

Directors' pension contributions to money purchase schemes

39,400

12,878

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

170,800

162,260

Pension contributions to money purchase schemes

33,000

6,478

5.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

79,346

68,000

Depreciation - owned assets

41,774

18,790

Goodwill amortisation

2,501,113

-

Foreign exchange differences

(53,057

)

21,479