The directors present the strategic report for the year ended 31 December 2023.
At Aquavape, our strategic business statement encapsulates our commitment to excellence, innovation, and responsibility within the vaping industry. As a leading player in the market, we aim to deliver exceptional products prioritising the development and distribution of high-quality vaping products that meet the diverse needs and preferences of our customers. From e-liquids to devices, our offerings are crafted with precision and innovation, ensuring a satisfying vaping experience.
Our success is built on strong partnerships with suppliers, retailers, and customers alike. We prioritise transparent communication, mutual respect, and collaboration, fostering long-term relationships that drive mutual growth and prosperity. Innovation is at the core of our business ethos.
We adhere to the highest ethical and regulatory standards, ensuring full compliance with industry regulations and requirements. Integrity and accountability are central to everything we do, earning the trust and confidence of our customers and partners. While maintaining a strong presence in our core markets, we actively seek opportunities for expansion and growth. Through strategic partnerships, market research, and innovative marketing initiatives, we aim to reach new customers and territories, solidifying our position as a global leader in the vaping industry.
In summary, our strategic business statement reflects our unwavering commitment to excellence, innovation, responsibility, and customer-centricity. By staying true to these principles, we aim to drive sustainable growth, create value for all stakeholders, and make a positive impact on the vaping industry and beyond.
Aquavape encounters various significant risks and uncertainties that could influence its operations and success. These include regulatory compliance, where changes in vaping regulations present legal and financial risks. Additionally, intense competition may undermine Aquavape's market position. Ensuring product safety and quality is vital for maintaining customer trust, while disruptions in the global supply chain can result in production delays and increased costs. Aquavape closely monitors currency exchanges, as fluctuations and economic instability can impact financial performance. Moreover, cybersecurity poses a new threat, with data breaches and cyberattacks posing risks to sensitive customer data and internal systems. To address these challenges while remaining true to its core values and objectives, Aquavape implements effective risk management strategies and contingency plans.
In 2023, Aquavape experienced significant development and performance across various aspects of its operations, culminating in a strong position by the year's end.
Aquavape demonstrated robust financial performance throughout 2023, with notable growth in revenue and profitability. This success can be attributed to strategic pricing strategies, effective cost management initiatives, and successful product launches. Aquavape expanded its market presence both domestically and internationally during the year. The company successfully penetrated new geographic regions, tapping into previously untapped markets, and diversifying its customer base. Innovation remained a key focus for Aquavape in 2023. The company introduced several new products to cater to evolving consumer preferences. This commitment to innovation helped Aquavape stay ahead of competitors and maintain its position as a market leader. Aquavape navigated evolving regulatory landscapes effectively, ensuring compliance with all relevant vaping regulations. Proactive measures were taken to address any regulatory changes, mitigating potential risks to the business and maintaining operational continuity.
Aquavape optimized its supply chain management processes to enhance efficiency and resilience. Strategic partnerships were forged with key suppliers, ensuring a stable and reliable supply of raw materials and components despite global supply chain disruptions. The company continued to prioritise building and safeguarding its brand reputation in 2023/24 Aquavape's commitment to product quality, customer satisfaction, and corporate responsibility enhanced its brand image and fostered greater consumer trust and loyalty.
Aquavape invested in its workforce throughout the year, focusing on employee development, training, and well-being initiatives. A motivated and skilled workforce contributed significantly to the company's overall performance and success. Aquavape remained actively engaged with its local communities through various corporate social responsibility initiatives. These efforts not only strengthened the company's ties with its communities but also contributed to its positive brand perception.
Overall, the year 2023 was marked by significant growth, innovation, and strategic advancement for Aquavape. The company's strong financial performance, expanding market presence, commitment to product excellence, regulatory compliance, supply chain resilience, brand reputation, employee engagement, and community involvement position it favourably for continued success in the future.
Unit 2023 2022
Turnover £ 144,776,645 87,915,240
Gross profit £ 32,286,799 17,770,538
Gross profit margin % 22.3 20.2
Profit before taxation £ 19,864,159 9,906,986
Overview of Aquavape
Emerging from humble beginnings in Northwest Bolton, Lancashire, Aquavape has evolved into one of the UK’s largest independent vape distributors, boasting a robust team of 200 professionals across the Group. With over 90 years of collective experience in wholesale and grocery, our team possess a proven track record in supplying leading multi-brands and OEM within the grocery and convenience sectors. We are pioneers in innovative display solutions and exhibit agility in introducing new product development to market swiftly.
As master distributors for numerous prominent vape brands, Aquavape ensures direct supply routes and unwavering commitment to excellence. Operating from distribution centres and offices in Bolton and Peterborough, Aquavape manufacture in ISO clean rooms, ensuring unparalleled product quality and safety. Renowned as the premier vape company in the FMCG market, Aquavape serve esteemed retailers such as ASDA, SPAR, Eurogarage, Sainsbury, Argos, MOTO, COOP, NISA, and Morrisons, among others.
Additionally, our retail arm (within the Group) comprises of 26 stores under the Ecig Wizard brand, allowing us to cater to diverse channels and routes to market comprehensively. Aquavape stands as a testament to relentless innovation, unwavering commitment to quality, and steadfast dedication to meeting the needs of our valued customers.
Aquavape Directors have guided the company in 2023 towards actions aimed at sustained success, prioritising stakeholders' interests such as staff, retailers, distributors, and consumers. Aquavape operate transparently within a framework outlining our responsibilities and undergo continuous training to meet regulatory obligations, including S172 compliance.
In our decision-making roles, Directors prioritise actions benefiting Aquavape's success, with a focus on consumers and employees. Key considerations include:
Pursuing strategies for long-term viability amid market dynamics and regulatory changes.
Ensuring product accessibility across diverse retail platforms, with a presence in approximately 15,000 UK touchpoints.
Advocating vaping as a safer alternative to smoking, reducing strain on healthcare systems.
Conducting awareness campaigns to educate smokers and dispel misinformation.
Upholding industry-leading quality standards and fostering sector growth.
Combatting misinformation about vaping's health implications and seeking support from the public health community for harm reduction.
Employee-Centric Approach
Aquavape values its employees as crucial to its success. Directors recognise the importance of employees in achieving strategic goals. They assess decisions' implications on employees and prioritise fair treatment, diversity, safety, and workplace environment. Directors engage with employees through surveys and direct interactions to understand their needs and concerns.
ISO45001 Certification
We're proud of our safe and healthy work environment. This certification reduces accidents and promotes employee well-being. Aquavape actively involves employees in product testing and decision-making processes to ensure their voices are heard and valued.
Suppliers
Suppliers are vital to maintaining our product quality and ethical standards. Our engagement methods include. Regular meetings between Aquavape's global buying function and category leaders ensure effective communication. Participation in trade fairs and factory visits/audits in China, Europe, and the UK facilitate supplier assessment. Some audits are conducted by third-party entities to ensure impartial assessments and supply chain integrity. Aquavape values strong partnerships with suppliers, fostering lasting relationships and securing Master Distributor status with many.
Environment
Aquavape prioritises environmental responsibility and has obtained ISO 14001 certification for its environmental management system. This certification demonstrates Aquavape's commitment to environmental responsibility, enhancing its image as a socially and environmentally conscious business. Aquavape ensures awareness and compliance with environmental laws and regulations, reducing the risk of legal issues and penalties. We identify opportunities for efficiency improvement, waste reduction, and resource conservation, leading to cost savings in energy, materials, and waste management.
Aquavape acknowledges its impact on the community and actively engages in initiatives for its betterment. We encourage diversity by welcoming individuals from all backgrounds, ages, nationalities, and abilities. We actively support local and national charities, football teams, and community events. Our alignment with community values ensures business practices align with the values and needs of the community, fostering positive relationships. Aquavape's commitment to environmental responsibility and community engagement reflects its dedication to sustainable and responsible business practices.
Manufacturing
Aquavape adheres to CLP (Classification, Labelling, and Packaging) regulations, ensuring safety and compliance for vape products. Key points include Chemical Classification, Labelling Requirements, Packaging and Notification Requirements. Staying informed about regional regulations is vital to ensure safety and legal compliance. Adhering to CLP and local requirements safeguards users and prevents market restrictions. Aquavape proudly holds ISO17025 approval at our Peterborough bottling plant. This international standard ensures competence in testing and calibration laboratories, offering several benefits: Quality assurance, Compliance, Competitive advantage, Risk management, Global recognition, Customer confidence, Efficiency and Effectiveness. Adapting ISO17025 principles to our unique needs, is crucial for enhancing quality, reliability, and efficiency in our operations.
Commitment to Ethical Business Conduct
Aquavape is dedicated to upholding the highest standards of business conduct, emphasising integrity, transparency, and ethical behaviour. Key points include Core Values, Corporate Philosophy, Ethical Guidelines, Code of Conduct, Training and Communication.
Aquavape is a proud member of UKVIA, Britain’s leading trade association for the vaping sector. UKVIA represents the dynamic vaping industry, advocating for evidence-based public health benefits.
Aquavape products are regulated by the MHRA (Medicines and Healthcare Regulatory Agency), ensuring safety and quality. Key points include Regulatory Compliance, Product Authorisation, Consumer Safety, Marketing and Advertising and Post Market Surveillance. Compliance with MHRA regulations is crucial for legal operation and consumer trust. Non-compliance can lead to fines, recalls, or legal consequences, highlighting the commitment to product safety and quality.
Aquavape partners with Arcus Compliance to navigate evolving regulations and enhance efficiency, allowing internal teams to focus on complex tasks. Arcus provides tools, resources, and product stewardship support, ensuring regulatory compliance and operational effectiveness.
Reputation
Aquavape prioritises transparency to uphold high business conduct standards. We provide accurate and timely information to stakeholders, ensuring financial reporting adheres to the highest standards and promptly addressing concerns or queries. Aquavape is committed to corporate social responsibility and sustainability. We engage in environmentally friendly practices, support local communities, and contribute to charitable causes. By aligning with sustainable development goals, we aim to create a positive impact on society while enhancing our reputation as a responsible corporate citizen.
Aquavape maintains high business conduct standards through ongoing review and enhancement of policies, procedures, and practices. Internal and external audits ensure compliance exceeds expectations, reinforcing our commitment to excellence. In conclusion, Aquavape embraces Section 172 as a guiding principle for business conduct excellence. Our dedication to integrity and ethical behaviour extends beyond legal compliance, reflecting genuine concern for stakeholders and communities. We remain steadfast in upholding and enhancing our reputation, recognising it as essential for sustainable success in the ever-changing business environment. Aquavape prioritises fairness across all stakeholders, aligning with responsible governance and sustainable practices. Through our partnership with Citation, a legal consultancy with ISO27001 certification, we ensure expert support in HR and Health and Safety matters. We foster equity and equality among our diverse members, valuing their contributions. As stewards of shareholder interests, we uphold transparent communication and facilitate their participation in decision-making processes, ensuring fairness in corporate governance.
In conclusion, Aquavape's adherence to Section 172 underscores its commitment to fairness. By prioritising equality, transparency, and inclusivity, we create a corporate environment valuing the contributions of all members. Aquavape remains dedicated to fostering collaboration and promoting the well-being of shareholders, employees, and stakeholders.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2023.
The results for the year are set out on page 13.
Ordinary dividends were paid amounting to £1,640,000. The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Pending Instaflow Vape - Patented Technology. Instaflow has a dual tank system allowing a larger holding tank to fill a smaller one. This self-contained unit give the user approximately 5000 puffs.
Aquavape has invested into ‘Big Puff’ vape technology which it recognises as a new emerging category. These TPD Compliant products offer the consumer a self-contained unit which has a large capacity giving anywhere between 2400 and 5000 puffs.
Spar Tradeshow 25th April 2024
National Convenience Show – NEC Birmingham 30th April – 1st May 2024
Meet the Buyer 8th May 2024
Vaper Expo – NEC Birmingham 10th – 12th May 2024
Bargain Booze Tradeshow 15th May 2024
We build strong relationships with our suppliers to develop mutually beneficial and lasting partnerships. Engagement with suppliers is primarily through a series of interactions and formal reviews and we also host regular conferences to bring suppliers and customers together to discuss shared goals and build relationships. Key areas of focus include innovation, product development, health and safety and sustainability. The Board recognises that relationships with suppliers are important to the Group’s long-term success and is briefed on supplier feedback and issues on a regular basis.
We have managed to secure Master Distributor status with many of our suppliers ensuring direct supply routes and competitive pricing to support our consumer building strategy and relationships. We have won many supplier awards.
Our ambition is to deliver best-in-class service to our customers. We build strong lasting relationships and spend considerable time to understand their needs and views and listen to how we can improve our offer and service. We use this knowledge to inform our decision-making, for example to tailor our proposition to suit customer demands, with fixed range/fixed price models for small trade customers, and more flexible access to a wider product range with volume-related discounting in the Merchant businesses.
Aquavape's major clientele consists of prominent retailers in the UK, and these connections are strengthened by enduring, well-established relationships that are continuously fostered through ongoing engagement.
Our daily interactions with customers occur at various levels, often through face-to-face meetings, events, and exhibitions. These engagements serve to comprehend customer needs, gather feedback, and promote collaborative working practices. Conversations with our customers encompass topics such as brand and category strategy, as well as new product development. We diligently monitor daily like-for-like sales performance and Electronic Point of Sale (EPOS) data shared by customers, enabling us to initiate relevant and timely engagements based on this information.
Basis for 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
As explained more fully in the directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's report 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 of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its
management.
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment,
forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 an auditor's report 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.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
AQL International Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bolton North Business Park, Unit 52, 1st Floor, Rossini Street, Bolton, England, BL1 8DL.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Myee Limited. These consolidated financial statements are available from its registered office, Lynstock House Lynstock Way, Lostock, Bolton, England, BL6 4SA or from companies house.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. Amounts 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Stocks carry an inherent risk factor relating to obsolescence, returns and warranties. Directors have provided for impairment over the year end stock balance based on historical data and/ or anticipated future effects based on the most relevant reliably information available to them.
Trade debtors carry an inherent risk factor related to recoverability. The directors have provided for a bad debt provision over the year end trade debtors balance based on their knowledge of the customer, past experience and the most relevant reliable information to them.
The average monthly number of persons (including directors) employed by the company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Summary of transactions with group companies
The Company has taken advantage of the exemption in FRS 102 Section 33 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by its parent group.
Summary of transactions with key management
During the year key management received advances/credits totalling £5,650 (2022 - £138,830) and made repayments of £Nil (2022 - £63,095). During the year dividends of £Nil (2022 - £10,000) were paid to key management. At the balance sheet date the amount due from key management was £188,495 (2022 - £182,845).
Summary of transactions with related parties
During the year, the company received £Nil (2022: £1,500,000) in the form of an interest free loan from Dawood Holdings Limited. At the balance sheet date the amount due to Dawood Holdings Limited was £Nil (2022 - £1,500,000) and the amount due from Dawood Holdings Limited was £70,000 (2022: £Nil)
During the year, the company received £Nil (2022: £3,000,000) in the form of an interest free loan from Makan Investments Limited and repaid £250,000 (2022: £Nil) the loan to Makan Investments. At the balance sheet date the amount due to Makan Investments Limited was £2,750,000 (2022 - £3,000,000)
During the year, the company received £Nil (2022: £990,210) in the form of an interest free loan from Northwold Investments Limited and repaid £740,210 (2022: £Nil) the loan to Northwold Investments. At the balance sheet date the amount due to Northwold Investments Limited was £250,000 (2022 - £990,210)