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REGISTERED NUMBER: 04442532 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 May 2024

for

Overseas Trading Limited

Overseas Trading Limited (Registered number: 04442532)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


Overseas Trading Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: J Buitekant
R B Segal
C M J Barstow





SECRETARY: J Buitekant





REGISTERED OFFICE: Unit 4 Knowsthorpe Approach
Cross Green
Leeds
LS9 0DW





REGISTERED NUMBER: 04442532 (England and Wales)





AUDITORS: Q&K Auditors Ltd
14 Clifton Moor Business Village
James Nicolson Link
York
YO30 4XG

Overseas Trading Limited (Registered number: 04442532)

Strategic Report
for the Year Ended 31 May 2024

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

REVIEW OF BUSINESS
Revenue has continued to grow year on year due to strong existing customer relationships and OTL's brand strength and reputation in the market. In the financial year ended 31 May 2024 the business continued to expand its product range and offering to key customers cementing long term relationships. Key developments have already taken place which will see an expansion in our export business going forward, these new customer relationships across Europe, Africa and the United States will bring in further sales for FY2025.

In respect of the financial year ended 31 May 2024, the group's year on year financial performance has seen a significant improvement, which further consolidates the upwards profit trend from the previous year's results.

OTL revenue grew to £28,407,007 in the year ended 31 May 2024 - an increase of £1,604,254, which reflects a 6% growth on prior year. This was achieved through increased distribution of the expanding OTL range for both existing and new customers.

The profit before tax of £1,072,899 vs £330,420 in the prior year shows a robust increase in profit which is expected to continue in the current financial year.

During FY2024 we recruited extensively to support our leadership team and make the business more robust for future growth. We continued to develop our ERP system to drive efficiency and consistency across the business. The business has continued to be resilient against external market conditions including fluctuating shipping costs and exchange rates.

Towards the end of the year the business recruited a Managing Director to help to drive the business forward over the coming years. In addition, we recruited a China Office Manager and appointed a Head of Digital Sales to enable strategic growth in our B2B offering to the marketplace.

In addition to our ongoing development of our digital marketplace the business is continuing to grow its export business based in Poland. During FY2024 new customers were identified and relationships were established which will result in significant sales into Europe, Africa and the United States in FY2025.

The business planned to extend its warehouse capacity to cope with increased range and ensure consistent availability and that work took place at the end of FY2024 to prepare the business for continuing growth through FY2025.

The new Commercial Director completed his team and they focused on full range reviews across the business introducing new lines that will bring incremental turnover and profit over the coming months and years.

In FY2025 the business will continue to drive revenue with a keener focus on digital and brand development whilst improving efficiency and operations to deliver top class service to our customers and performance controls within the business.

PRINCIPAL RISKS AND UNCERTAINTIES
The company benefits from strong supply chain management expertise, but exchange rate and geopolitical risks remain outside its control. However, the business constantly reviews the trading conditions to mitigate the impact of any change in operational circumstances.

KEY PERFORMANCE INDICATORS
The company's main focus is the consistent growth in revenue and profitability over the last 3 years and this will continue to be the main driving factor.


Overseas Trading Limited (Registered number: 04442532)

Strategic Report
for the Year Ended 31 May 2024

STRATEGY AND FUTURE DEVELOPMENTS
The business continues to work on building and maintaining strong relationships with its loyal customer base through excellent customer service and a growing product offering. Future incremental growth will be driven by focus on improving our digital sales offering and expanding our export customer portfolio. This will deliver ongoing business growth throughout FY2025.

ON BEHALF OF THE BOARD:





J Buitekant - Director


10 October 2024

Overseas Trading Limited (Registered number: 04442532)

Report of the Directors
for the Year Ended 31 May 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of sale of £1 and multi-buy products.

DIVIDENDS
The total distribution of dividends for the year ended 31 May 2024 was £400,533.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

J Buitekant
R B Segal
C M J Barstow

Other changes in directors holding office are as follows:

P R Jennings - resigned 31 March 2024

P R Jennings ceased to be a director as of 31 March 2024.

FINANCIAL INSTRUMENTS
The company uses a variety of financial instruments to ensure that liabilities are met on time and these include the judicious use of bank overdrafts and loans, finance lease options and invoice discounting alongside normal working capital cycle items as trade debtors and creditors. The company is comfortable that sufficient liquidity is available to allow the company to trade effectively within its current financing arrangements. The company continues to utilise forward rate contracts to purchase foreign currency in order to protect against adverse exchange rate movements.

OVERSEAS BRANCHES
The company has an overseas branch based in Poland.

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

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

Overseas Trading Limited (Registered number: 04442532)

Report of the Directors
for the Year Ended 31 May 2024


AUDITORS
The auditors, Q&K Auditors Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Buitekant - Director


10 October 2024

Report of the Independent Auditors to the Members of
Overseas Trading Limited

Opinion
We have audited the financial statements of Overseas Trading Limited (the 'company') for the year ended 31 May 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 May 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

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

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Overseas Trading Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and
determined that most significant are those that relate to the financial reporting framework, namely FRS102 and the
Companies Act 2006.

We understood how the company is complying with those frameworks by making enquiries of management as to their procedures for identifying and responding to fraud risks.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud
might occur by considering the risk of management override. We considered the controls the company has established to address risk identified by management, or that otherwise seek to prevent, detect or deter fraud and how management monitor those controls.

Based on our understanding, we designed audit procedures to identify non-compliance with laws and regulations. Our procedures included journal entry testing based on our risk assessment, analytical procedures to identify unusual
relationships that may indicate the risk of material misstatement and challenging the assumptions and judgements made by management in respect of significant accounting estimates.

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.

Report of the Independent Auditors to the Members of
Overseas Trading Limited


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.




Rob Ormiston ACA (Senior Statutory Auditor)
for and on behalf of Q&K Auditors Ltd
14 Clifton Moor Business Village
James Nicolson Link
York
YO30 4XG

10 October 2024

Overseas Trading Limited (Registered number: 04442532)

Income Statement
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   

TURNOVER 3 28,407,007 26,802,753

Cost of sales 21,486,259 21,379,059
GROSS PROFIT 6,920,748 5,423,694

Administrative expenses 5,893,190 4,542,550
OPERATING PROFIT 5 1,027,558 881,144

Exceptional items 6 326,922 (378,725 )
1,354,480 502,419


Interest payable and similar expenses 7 281,581 171,999
PROFIT BEFORE TAXATION 1,072,899 330,420

Tax on profit 8 259,268 9,977
PROFIT FOR THE FINANCIAL YEAR 813,631 320,443

Overseas Trading Limited (Registered number: 04442532)

Other Comprehensive Income
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   

PROFIT FOR THE YEAR 813,631 320,443


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

813,631

320,443

Overseas Trading Limited (Registered number: 04442532)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 914,462 864,675

CURRENT ASSETS
Stocks 11 7,142,448 8,691,798
Debtors 12 6,614,790 7,197,078
Cash at bank and in hand 370,560 67,461
14,127,798 15,956,337
CREDITORS
Amounts falling due within one year 13 13,124,515 15,028,390
NET CURRENT ASSETS 1,003,283 927,947
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,917,745

1,792,622

CREDITORS
Amounts falling due after more than one
year

14

(214,742

)

(545,251

)

PROVISIONS FOR LIABILITIES 18 (221,811 ) (179,277 )
NET ASSETS 1,481,192 1,068,094

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 1,481,092 1,067,994
SHAREHOLDERS' FUNDS 1,481,192 1,068,094

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:





J Buitekant - Director


Overseas Trading Limited (Registered number: 04442532)

Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 100 937,112 937,212

Changes in equity
Dividends - (189,561 ) (189,561 )
Total comprehensive income - 320,443 320,443
Balance at 31 May 2023 100 1,067,994 1,068,094

Changes in equity
Dividends - (400,533 ) (400,533 )
Total comprehensive income - 813,631 813,631
Balance at 31 May 2024 100 1,481,092 1,481,192

Overseas Trading Limited (Registered number: 04442532)

Cash Flow Statement
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,431,153 356,594
Interest paid (263,489 ) (152,576 )
Interest element of hire purchase payments
paid

(18,092

)

(19,423

)
Tax paid (1,745 ) 101,060
Net cash from operating activities 1,147,827 285,655

Cash flows from investing activities
Purchase of tangible fixed assets (212,166 ) (121,799 )
Sale of tangible fixed assets 17,851 19,341
Net cash from investing activities (194,315 ) (102,458 )

Cash flows from financing activities
New loans in year 142,455 -
Capital repayments in year (97,700 ) (96,686 )
Equity dividends paid (400,533 ) (189,561 )
Net cash from financing activities (355,778 ) (286,247 )

Increase/(decrease) in cash and cash equivalents 597,734 (103,050 )
Cash and cash equivalents at beginning of
year

2

(227,174

)

(124,124

)

Cash and cash equivalents at end of year 2 370,560 (227,174 )

Overseas Trading Limited (Registered number: 04442532)

Notes to the Cash Flow Statement
for the Year Ended 31 May 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.5.24 31.5.23
£    £   
Profit before taxation 1,072,899 330,420
Depreciation charges 148,504 138,550
Profit on disposal of fixed assets (3,976 ) (7,248 )
Finance costs 281,581 171,999
1,499,008 633,721
Decrease/(increase) in stocks 1,549,350 (3,196,417 )
Decrease/(increase) in trade and other debtors 582,288 (1,956,250 )
(Decrease)/increase in trade and other creditors (2,199,493 ) 4,875,540
Cash generated from operations 1,431,153 356,594

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 May 2024
31/5/24 1/6/23
£    £   
Cash and cash equivalents 370,560 67,461
Bank overdrafts - (294,635 )
370,560 (227,174 )
Year ended 31 May 2023
31/5/23 1/6/22
£    £   
Cash and cash equivalents 67,461 905,899
Bank overdrafts (294,635 ) (1,030,023 )
(227,174 ) (124,124 )


Overseas Trading Limited (Registered number: 04442532)

Notes to the Cash Flow Statement
for the Year Ended 31 May 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/6/23 Cash flow At 31/5/24
£    £    £   
Net cash
Cash at bank and in hand 67,461 303,099 370,560
Bank overdrafts (294,635 ) 294,635 -
(227,174 ) 597,734 370,560
Debt
Finance leases (279,696 ) (44,755 ) (324,451 )
Debts falling due within 1 year (2,928,292 ) 815,714 (2,112,578 )
(3,207,988 ) 770,959 (2,437,029 )
Total (3,435,162 ) 1,368,693 (2,066,469 )

Overseas Trading Limited (Registered number: 04442532)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Overseas Trading Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04442532 and the registered office address is Unit 4 Knowsthorpe Approach, Cross Green, Leeds, LS9 0DW.

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.

Significant judgements and estimates
The critical judgements that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairments identified during the current financial year.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company uses a variety of financial instruments to ensure that liabilities are met on time and these include the judicious use of bank overdrafts and loans, finance lease options and invoice discounting alongside normal working capital cycle items as trade debtors and creditors. The company is comfortable that sufficient liquidity is available to allow the company to trade effectively within its current financing arrangements.

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 income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


Overseas Trading Limited (Registered number: 04442532)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

Turnover is wholly attributable to the principal activity of the company. The analysis of turnover by geographical market required by The Large and Medium sized Companies and Groups (Accounts and Directors' Report) Regulations 2008 has not been provided as, in the opinion of the directors, such disclosure would be seriously prejudicial to the interests of the company.

4. EMPLOYEES AND DIRECTORS
31.5.24 31.5.23
£    £   
Wages and salaries 3,020,447 2,445,779
Social security costs 267,733 201,900
Other pension costs 69,321 54,034
3,357,501 2,701,713

Overseas Trading Limited (Registered number: 04442532)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.5.24 31.5.23

Directors 4 4
Warehouse 20 20
Office 45 45
69 69

31.5.24 31.5.23
£    £   
Directors' remuneration 303,493 264,000

Information regarding the highest paid director is as follows:
31.5.24 31.5.23
£    £   
Emoluments etc 128,000 108,000

All directors participate in the company pension scheme.

5. OPERATING PROFIT

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

31.5.24 31.5.23
£    £   
Other operating leases 111,154 113,775
Depreciation - owned assets 100,789 98,818
Depreciation - assets on hire purchase contracts 47,715 39,731
Profit on disposal of fixed assets (3,976 ) (7,248 )
Foreign exchange differences 257,666 (63,507 )
Auditors remuneration 6,050 6,050

6. EXCEPTIONAL ITEMS

During the year the company entered into forward foreign currency exchange contracts. The contracts were revalued at the financial year end resulting in an unrealised gain in accordance with Financial Reporting Standard 102. Due to its size and incidence, the company considered the most appropriate treatment for the gain to be as an exceptional item as to show otherwise would, in the opinion of the directors, detract from representing the trading results of the company derived from trading activity in itself. The gain is taxable for corporation tax purposes derived directly from the impact of Financial Reporting Standard 102.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.24 31.5.23
£    £   
Bank loan interest 263,489 152,576
Hire purchase 18,092 19,423
281,581 171,999

Overseas Trading Limited (Registered number: 04442532)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.5.24 31.5.23
£    £   
Current tax:
UK corporation tax 216,734 (101,060 )

Deferred tax 42,534 111,037
Tax on profit 259,268 9,977

UK corporation tax has been charged at 25% (2023 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.5.24 31.5.23
£    £   
Profit before tax 1,072,899 330,420
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

268,225

82,605

Effects of:
Expenses not deductible for tax purposes - 270
Income not taxable for tax purposes 23 -
Adjustments to tax charge in respect of previous periods (8,980 ) -
Enhanced capital allowances - (7,608 )
Utilisation of brought forward losses - (65,290 )

Total tax charge 259,268 9,977

9. DIVIDENDS
31.5.24 31.5.23
£    £   
Ordinary shares of 0.01 each
Interim 132,176 69,488
Ordinary A shares of 0.01 each
Interim 128,170 94,977
Ordinary B shares of 0.01 each
Interim 140,187 25,096
400,533 189,561

Overseas Trading Limited (Registered number: 04442532)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

10. TANGIBLE FIXED ASSETS
Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 745,417 70,508 334,772 1,150,697
Additions - 154,150 58,016 212,166
Disposals - (70,508 ) - (70,508 )
At 31 May 2024 745,417 154,150 392,788 1,292,355
DEPRECIATION
At 1 June 2023 151,615 55,989 78,418 286,022
Charge for year 59,380 16,803 72,321 148,504
Eliminated on disposal - (56,633 ) - (56,633 )
At 31 May 2024 210,995 16,159 150,739 377,893
NET BOOK VALUE
At 31 May 2024 534,422 137,991 242,049 914,462
At 31 May 2023 593,802 14,519 256,354 864,675

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 June 2023 386,553 38,873 425,426
Additions - 154,150 154,150
Disposals - (38,873 ) (38,873 )
At 31 May 2024 386,553 154,150 540,703
DEPRECIATION
At 1 June 2023 73,444 27,087 100,531
Charge for year 31,311 16,404 47,715
Eliminated on disposal - (27,332 ) (27,332 )
At 31 May 2024 104,755 16,159 120,914
NET BOOK VALUE
At 31 May 2024 281,798 137,991 419,789
At 31 May 2023 313,109 11,786 324,895

11. STOCKS
31.5.24 31.5.23
£    £   
Finished goods 7,142,448 8,691,798

Overseas Trading Limited (Registered number: 04442532)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 5,848,625 6,782,229
Prepayments and accrued income 766,165 414,849
6,614,790 7,197,078

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts (see note 15) 2,112,578 3,222,927
Hire purchase contracts (see note 16) 109,709 85,651
Trade creditors 4,740,573 4,289,445
Amounts owed to group undertakings 70,850 271,810
Tax 214,989 -
Social security and other taxes 837,667 1,023,134
Other creditors 78,128 404,158
Invoice discounting loan 3,771,510 4,814,860
Directors' loan accounts 350,030 -
Accruals and deferred income 838,481 916,405
13,124,515 15,028,390

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts (see note 16) 214,742 194,045
Directors' loans - 351,206
214,742 545,251

15. LOANS

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 294,635
Bank loans 2,112,578 2,928,292
2,112,578 3,222,927

Overseas Trading Limited (Registered number: 04442532)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.5.24 31.5.23
£    £   
Net obligations repayable:
Within one year 109,709 85,651
Between one and five years 214,742 194,045
324,451 279,696

Non-cancellable operating leases
31.5.24 31.5.23
£    £   
Within one year 526,310 490,428
Between one and five years 1,717,837 1,654,072
In more than five years 798,052 1,181,117
3,042,199 3,325,617

17. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank overdraft - 294,635
Bank loans 2,112,578 2,928,292
Hire purchase contracts 324,451 279,696
Invoice discounting loan 3,771,510 4,814,860
6,208,539 8,317,483

The bank loan and overdraft are secured by a fixed and floating charge over all the assets of the company and a charge over contract monies.

The invoice discounting creditor is secured by a charge over the company's trade debtors.

The finance leases and hire purchase contracts are secured on the relevant assets.

18. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 221,811 179,277

Overseas Trading Limited (Registered number: 04442532)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 June 2023 179,277
Provided during year 42,534
Balance at 31 May 2024 221,811

In the opinion of the directors, the Deferred tax provision is unlikely to be reversed in the next accounting period.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
3,300 Ordinary 0.01 32 32
3,200 Ordinary A 0.01 35 35
3,500 Ordinary B 0.01 33 33
100 100

All classes of shares confer the same voting rights and rank parri passu.

20. RESERVES
Retained
earnings
£   

At 1 June 2023 1,067,994
Profit for the year 813,631
Dividends (400,533 )
At 31 May 2024 1,481,092

21. ULTIMATE PARENT COMPANY

Purston Park Limited is regarded by the directors as being the company's ultimate parent company.

22. OTHER FINANCIAL COMMITMENTS

At the year end, the company had ongoing foreign exchange forward contracts amounting to £11,035,187 (2023: £10,940,974) to purchase United States Dollars.

23. RELATED PARTY DISCLOSURES

The company is a fellow subsidiary with Spot On-Line Limited and Purston Park Limited owns 100 percent of the share capital of the company.

24. ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of John Buitekant and Rowena Buitekant acting together.