REGISTERED NUMBER: 04860317 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Emsley Brothers Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of 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:

P H Emsley

J M Emsley

SECRETARY:

P H Emsley

REGISTERED OFFICE:

Claro Park

Claro Road

Harrogate

HG1 4BB

REGISTERED NUMBER:

04860317 (England and Wales)

AUDITORS:

S&W Audit

Statutory Auditor

Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

West Yorkshire

LS1 2EE

BANKERS:

National Westminster Bank plc

3 Cambridge Crescent

Harrogate

North Yorkshire

HG1 1PJ

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

The principal activity of Emsley Brothers Limited during the year was that of a holding company for Emsley Crane Hire Limited, whose principal activity during the year was that of craneage services.

There have not been any significant changes in the Group's activities in the year under review.

REVIEW OF BUSINESS

Turnover in 2024 of £10,987,047 was lower than 2023 turnover of £11,475,390. Reserves are also held by the Group and were £16,217,730 at the end of 2024, having been £17,211,459 at the end of 2023.

The business continues to perform at a constantly high level and in line with management's expectations.

PRINCIPAL RISKS AND UNCERTAINTIES

The key business risks and uncertainties affecting the Company are considered to relate to competition and the market forces within the industry.

FINANCIAL KEY PERFORMANCE INDICATORS

Financial performance is measured by turnover and operating profit. Turnover was lower in 2024 compared to 2023, as set out above.

Operating profit was £2,143,895 in 2024, compared to £2,718,287 in 2023 as explained above.

FUTURE DEVELOPMENTS

The directors intentions are to continue the strong performance of the business in these admittedly difficult trading conditions.

ON BEHALF OF THE BOARD:

P H Emsley - Director

19 November 2025

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

DIVIDENDS

The profit for the year, after taxation, amounted to £3,148,780 (2023: £2,317,073).

Particulars of dividends paid are detailed 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.

P H Emsley

J M Emsley

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group holds or issues financial instruments in order to achieve three main objectives, being:

(a) to finance its operations;

(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of

finance; and

(c) for trading purposes.

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments)

arise directly from the Group's operations.

Transactions in financial instruments result in the Group assuming or transferring to another party one or more of the financial risks described below.

Credit Risk

The Group monitors credit risk closely and considers that its current policies of credit checks meets its

objectives of managing exposure to credit risk.

The Group has no significant concentrations of credit risk. Amounts shown in the balance sheet best

represent the maximum credit risk exposure in the event other parties fail to perform their obligations under

financial instruments.

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, S&W Audit (a trading name of S&W Partners Audit Limited), will be proposed for re-appointment at the forthcoming Annual General Meeting in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

P H Emsley - Director

19 November 2025

Opinion

We have audited the financial statements of Emsley Brothers Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of 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 Report of the Directors and Financial Statements, other than the financial statements and our auditor's report thereon.

The directors are responsible for the other information contained within the Report of the Directors and Financial Statements. Our opinion on the financial statements does not cover the other information and 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 pages three and 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.

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

We obtained a general understanding of the Group and the Company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Group and the Company's industry and regulation.

We understand that the Group and the Company complies with the framework through:

- Outsourcing accounts preparation and tax compliance to external experts.

- Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary.

- The Directors' close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Group and the Company's ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the the Group and the Company:

- The Companies Act 2006 and FRS 102 1A in respect of the preparation and presentation of the financial statements.

- UK Taxation Law

- Specific industry standards

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:

- Made enquiries of management regarding compliance with laws and regulations and any known non-compliance in the year

- Reviewed legal expense accounts

- Obtaining written management representations regarding the adequacy of procedures in place.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

- Manipulation of the financial statements, especially revenue, via fraudulent manual journal entries.

- Incorrect recognition of revenue

The procedures we carried out to gain evidence in the above areas included:

- Testing of manual journal entries, selected based on specific risk assessments applied based on the client processes and controls surrounding manual journals; and

- Testing a sample of revenue transactions to underlying documentation, including ensuring revenue is recognised in the correct period and has occurred

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

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.

Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Statutory Auditor

Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

West Yorkshire

LS1 2EE

21 November 2025

TURNOVER

5

10,987,047

11,475,390

Cost of sales

6,043,370

6,421,647

GROSS PROFIT

4,943,677

5,053,743

Distribution costs

-

12,600

Administrative expenses

2,813,514

2,335,913

2,813,514

2,348,513

2,130,163

2,705,230

Other operating income

6

13,733

13,057

OPERATING PROFIT

8

2,143,896

2,718,287

Interest receivable and similar income

9

467,966

352,294

2,611,862

3,070,581

Interest payable and similar expenses

10

1,485

-

PROFIT BEFORE TAXATION

2,610,377

3,070,581

Tax on profit

11

756,153

722,081

PROFIT FOR THE FINANCIAL YEAR

1,854,224

2,348,500

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,854,224

2,348,500

Prior year adjustment

14

(336,743

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

1,517,481

Profit attributable to:

Owners of the parent

1,854,224

2,348,500

Total comprehensive income attributable to:

Owners of the parent

1,180,738

2,348,500

FIXED ASSETS

Tangible assets

15

4,212,465

5,729,526

Investments

16

-

-

4,212,465

5,729,526

CURRENT ASSETS

Stocks

17

533,000

422,000

Debtors

18

2,546,804

2,822,803

Cash at bank and in hand

12,636,214

11,457,017

15,716,018

14,701,820

CREDITORS

Amounts falling due within one year

19

3,591,642

2,743,494

NET CURRENT ASSETS

12,124,376

11,958,326

TOTAL ASSETS LESS CURRENT LIABILITIES

16,336,841

17,687,852

PROVISIONS FOR LIABILITIES

20

656,682

813,136

NET ASSETS

15,680,159

16,874,716

CAPITAL AND RESERVES

Called up share capital

21

100,200

100,200

Retained earnings

15,579,959

16,774,516

SHAREHOLDERS' FUNDS

15,680,159

16,874,716

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2025 and were signed on its behalf by:

P H Emsley - Director

J M Emsley - Director

FIXED ASSETS

Tangible assets

15

-

-

Investments

16

100,000

100,000

100,000

100,000

CURRENT ASSETS

Debtors

18

2,020,328

1,471,547

CREDITORS

Amounts falling due within one year

19

2,019,512

1,470,731

NET CURRENT ASSETS

816

816

TOTAL ASSETS LESS CURRENT LIABILITIES

100,816

100,816

CAPITAL AND RESERVES

Called up share capital

21

100,200

100,200

Retained earnings

616

616

SHAREHOLDERS' FUNDS

100,816

100,816

Company's profit for the financial year

3,048,780

2,317,073

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2025 and were signed on its behalf by:

P H Emsley - Director

J M Emsley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100,200

16,743,089

16,843,289

Changes in equity

Total comprehensive income

-

2,685,243

2,685,243

Dividends

-

(2,317,073

)

(2,317,073

)

Balance at 31 December 2023

100,200

17,111,259

17,211,459

Prior year adjustment

-

(336,743

)

(336,743

)

As restated

100,200

16,774,516

16,874,716

Changes in equity

Total comprehensive income

-

1,854,224

1,854,224

Dividends

-

(3,048,781

)

(3,048,781

)

Balance at 31 December 2024

100,200

15,579,959

15,680,159

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100,200

616

100,816

Changes in equity

Dividends

-

(2,317,073

)

(2,317,073

)

Total comprehensive income

-

2,317,073

2,317,073

Balance at 31 December 2023

100,200

616

100,816

Changes in equity

Dividends

-

(3,048,780

)

(3,048,780

)

Total comprehensive income

-

3,048,780

3,048,780

Balance at 31 December 2024

100,200

616

100,816

Cash flows from operating activities

Cash generated from operations

1

4,341,196

4,397,642

Interest paid

(1,485

)

-

Tax paid

(594,187

)

(491,466

)

Net cash from operating activities

3,745,524

3,906,176

Cash flows from investing activities

Purchase of tangible fixed assets

(33,313

)

(2,410,414

)

Sale of tangible fixed assets

58,000

260,700

Interest received

467,966

352,294

Net cash from investing activities

492,653

(1,797,420

)

Cash flows from financing activities

Amount withdrawn by directors

(10,200

)

-

Equity dividends paid

(3,048,781

)

(2,317,073

)

Interest paid

1

-

Net cash from financing activities

(3,058,980

)

(2,317,073

)

Increase/(decrease) in cash and cash equivalents

1,179,197

(208,317

)

Cash and cash equivalents at beginning of year

2

11,457,017

11,665,334

Cash and cash equivalents at end of year

2

12,636,214

11,457,017

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

2024

2023

as

restated

£

£

Profit for the financial year

1,854,224

2,348,500

Depreciation charges

1,549,416

1,280,307

Profit on disposal of fixed assets

(57,043

)

(250,717

)

Finance costs

1,485

-

Finance income

(467,966

)

(352,294

)

Taxation

756,153

722,081

3,636,269

3,747,877

Increase in stocks

(111,000

)

(22,000

)

Decrease in trade and other debtors

286,199

106,401

Increase in trade and other creditors

529,728

565,364

Cash generated from operations

4,341,196

4,397,642

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

12,636,214

11,457,017

Year ended 31 December 2023

31/12/23

1/1/23

as restated

£

£

Cash and cash equivalents

11,457,017

11,665,334

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

11,457,017

1,179,197

12,636,214

11,457,017

1,179,197

12,636,214

Total

11,457,017

1,179,197

12,636,214

1.	STATUTORY INFORMATION

Emsley Brothers 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.

2.	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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Financial Reporting Standard 102 - reduced disclosure exemptions

FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notification of, and no objection to, the use of exemptions by the Company's members.

The Company's subsidiary Emsley Crane Hire Limited has taken advantage of the following exemptions:

(i) from preparing a statement of cash flows, on the basis that it is a qualifying entity and the

Company's results will be included within the consolidated financial statements of Emsley Brothers

Limited and so the Company's cash flows will be included within the consolidated statement of cash

flows which will be included in those financial statements.

(ii) from the financial instrument disclosures, required under FRS 102 paragraphs 11.39 to 11.48A

and paragraphs 12.26 to 12.29, as the information is provided in the consolidated financial statement disclosures.

(iii) from disclosing transactions with members of the Emsley Brothers Limited group as the Company is a wholly owned subsidiary of Emsley Brothers Limited.

Basis of consolidation

The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated.

The consolidated financial statements incorporate the results if business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Turnover

Turnover is recognised to the extent that is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Interest income

Interest income is recognised in the profit and loss account in the period in which it is receivable.

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

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets under the cost model are stated at historic cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted

prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are in the profit and loss account.

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to

determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount.

Investments

Investments in subsidiaries are measured at cost less less accumulated impairment.

Stocks

Stock are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of

financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans

and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Defined contribution pension plan

The Group operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are

measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price.

Employee benefits

Short term employee benefits, including holiday pay and other similar non-monetary benefits, are

recognised as an expense in the period in which they are incurred.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of comprehensive income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

4.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these key judgments and estimates have been made include the depreciation of fixed assets.

5.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024

2023

as

restated

£

£

United Kingdom

10,987,047

11,475,390

10,987,047

11,475,390