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Registered number: 07862638
OMG How Cheap Ltd
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 June 2024
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Financial Statements
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—7
Profit and Loss Account 8
Statement of Comprehensive Income 9
Balance Sheet 10
Statement of Changes in Equity 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14—22
Page 1
Strategic Report
The directors present their strategic report for the year ended 30 June 2024.
Review of the Business
The company is a retailer of stationery and associated products and art materials. Sales are mainly made online via various selling platforms throughout the world. 
The company performed well during the year and continues to implement a strategy of investment in fixed assets, whilst balancing investment activity with paying down debt. 
Key performance indicators
Gross margin was 19.6% in 2024 compared to 23.3% in 2023. The reduced margin was due to increased direct operating costs. These cost have not been passed on yet but changes in product packages offered for sale will help to restore margins. As a consequence of the cost increases, operating profit was down by 2.8% from 6.8% in 2023 to 4% in 2024.
 Key performance indicator
2024
2023
£
£
Turnover
£16,839,489
£15,621,458
Gross profit
£3,300,529
£3,633,571
Operating profit 
£657,647
£1,058,623
Head count
45
47
Principal Risks and Uncertainties
The directors have assessed the risk posed by cost price inflation and are confident that prices offered in the sector remain competitive.
The directors are aware that interest rates remain high. The company is well placed to cope with interest rate risk on borrowings as it has relatively limited exposure with bank and other borrowings.
Competition in the market is a principle risk to the business. The company continues to find ways to market its product range in an innovative way in order to increase market share. 
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Future Developments
The company has as one of its main objectives the achievement of an attractive and sustainable business. The strategy is to achieve this by growing and developing the business organically. There is a clear plan and strategy in place, and the management team approaches the future with confidence. Key drivers to the growth strategy are:
  • Maintaining strong supplier relationships
  • Delivering excellent customer service
  • Exploring new technology to improve customer experience
  • Continued research into new selling platforms and markets
  • Further global coverage and expansion
On behalf of the board
Mr David Field
Director
26th February 2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 30 June 2024.
Principal Activity
The company's principal activity continues to be that of e-commerce online trader in stationery supplies and art materials.
Dividends
The value of dividends paid amounted to £260,000 .
The directors recommended a final dividend of £NIL .
Directors
The directors who held office during the year were as follows:
Mr David Field
Mr Jason Biggs Appointed 13/03/2024
Mr Charlie Brennan Appointed 13/03/2024
Mr Marcus Mannina Appointed 13/03/2024
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors considers them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
The auditors, GMS FC Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr David Field
Director
26th February 2025
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Independent Auditor's Report
Opinion
We have audited the financial statements of OMG How Cheap Ltd for the year ended 30 June 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 entity's ability to continue as a going concern for a period of at least 12 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 annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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 or 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 Directors' Responsibilities Statement set out on page 3—4, 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Explanations as to what extent the audit was considered capable of detecting irregularities, incuding fraud -
  • Key parts of the regulatory framework applicable to the company are the Companies Act 2006 and Financial Reporting Standard 102. The audit team gained an understanding of the legistation.
  • We gained an understanding of how the company is complying with those frameworks by considering the potential for override of those controls or other innapropriate influence over the financial reporting process, understanding the culture of honesty and ethical behaviour within the organisation, and observing whether a strong emphasis is placed on fraud prevention. 
  • We assessed the susceptability of the company's financial statements to material misstatement , by understanding which areas of the business present potential fraud risk, understanding where these risks could present themselves and subsequently identifying controls in place to prevent or detect and correct them.
  • Based on the understanding gained, we designed audit procedures to identify non-compliance with laws and regulations. The procedures adopted included direct enquiries with those charged with governance, and specific analysis and testing of transactions and balances. The result of these procedures did not identify any such instance of irregularities or fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities
This description forms part of our auditors 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 that 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.
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Ian Nicholl (Senior Statutory Auditor)
for and on behalf of GMS FC Limited , Statutory Auditor
3rd March 2025
Page 7
Page 8
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 4 16,839,489 15,621,458
Cost of sales (13,552,615 ) (11,987,887 )
GROSS PROFIT 3,286,874 3,633,571
Administrative expenses (2,918,253 ) (2,729,897 )
Other operating income 274,371 154,949
OPERATING PROFIT 6 642,992 1,058,623
Other interest receivable and similar income 11 10,741 3,622
Interest payable and similar charges 12 (61,313 ) (86,107 )
PROFIT BEFORE TAXATION 592,420 976,138
Tax on Profit 13 (181,279 ) (214,271 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 411,141 761,867
The notes on pages 13 to 22 form part of these financial statements.
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Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 411,141 761,867
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 411,141 761,867
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Balance Sheet
Registered number: 07862638
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 14 16,574 18,473
Tangible Assets 15 301,542 390,327
318,116 408,800
CURRENT ASSETS
Stocks 16 3,670,152 4,084,025
Debtors 17 984,429 688,475
Cash at bank and in hand 1,354,254 853,492
6,008,835 5,625,992
Creditors: Amounts Falling Due Within One Year 18 (1,966,513 ) (1,504,894 )
NET CURRENT ASSETS (LIABILITIES) 4,042,322 4,121,098
TOTAL ASSETS LESS CURRENT LIABILITIES 4,360,438 4,529,898
Creditors: Amounts Falling Due After More Than One Year 19 (108,773 ) (436,280 )
PROVISIONS FOR LIABILITIES
Provisions For Charges 23 (125,000 ) (125,000 )
Deferred Taxation 22 (61,613 ) (54,707 )
NET ASSETS 4,065,052 3,913,911
CAPITAL AND RESERVES
Called up share capital 24 1 1
Profit and Loss Account 4,065,051 3,913,910
SHAREHOLDERS' FUNDS 4,065,052 3,913,911
On behalf of the board
Mr David Field
Director
26th February 2025
The notes on pages 13 to 22 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 July 2022 1 3,342,043 3,342,044
Profit for the year and total comprehensive income - 761,867 761,867
Dividends paid - (190,000) (190,000)
As at 30 June 2023 and 1 July 2023 1 3,913,910 3,913,911
Profit for the year and total comprehensive income - 411,141 411,141
Dividends paid - (260,000) (260,000)
As at 30 June 2024 1 4,065,051 4,065,052
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Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 1,523,520 691,770
Interest paid (61,313 ) (86,107 )
Tax paid (204,758 ) (144,658 )
Net cash generated from operating activities 1,257,449 461,005
Cash flows from investing activities
Purchase of intangible assets (170 ) (1,160 )
Purchase of tangible assets (43,519 ) (198,503 )
Interest received 10,741 3,622
Net cash used in investing activities (32,948 ) (196,041 )
Cash flows from financing activities
Equity dividends paid (260,000 ) (190,000 )
Repayment of bank borrowings (214,894 ) (244,762 )
Repayment of finance leases (38,279 ) 18,520
Amount introduced by directors 260,000 387,222
Amount withdrawn by directors (448,059) (395,965)
Net cash used in financing activities (701,232 ) (424,985 )
Increase/(decrease) in cash and cash equivalents 523,269 (160,021 )
Cash and cash equivalents at beginning of year 2 853,492 1,026,494
Foreign exchange losses on cash and cash equivalents (22,507 ) (12,981 )
Cash and cash equivalents at end of year 2 1,354,254 853,492
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 411,141 761,867
Adjustments for:
Tax on profit 181,279 214,271
Interest expense 61,313 86,107
Interest income (10,741 ) (3,622 )
Amortisation of intangible assets 2,069 2,052
Depreciation of tangible assets 132,304 120,295
Foreign exchange losses 22,508 12,981
Movements in working capital:
Decrease/(increase) in stocks 413,873 (561,280 )
Increase in trade and other debtors (111,130 ) (44,077 )
Increase in trade and other creditors 420,904 103,176
Net cash generated from operations 1,523,520 691,770
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 1,354,254 853,492
3. Analysis of changes in net funds
As at 1 July 2023 Cash flows As at 30 June 2024
£ £ £
Cash at bank and in hand 853,492 500,762 1,354,254
Finance leases (193,928) 38,279 (155,649)
Debts falling due within one year (214,894 ) 5,626 (209,268 )
Debts falling due after more than one year (281,231) 209,268 (71,963)
163,439 753,935 917,374
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Notes to the Financial Statements
1. General Information
OMG How Cheap Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07862638 . The registered office is 22 Warren Lingley Way, Tiptree, Colchester, CO5 0FE.
2. Statement of Compliance
The 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
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention.
3.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
3.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
3.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are patents. It is amortised to profit and loss account over its estimated economic life of 10 years.
3.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Term of the lease
Plant & Machinery 20% of cost
Motor Vehicles 22.5% of cost
Fixtures & Fittings 25% of cost
3.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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3.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
3.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.9. Financial Instruments
All financial instruments are basic financial instruments. These are measured at transaction price on initial recognition and where considered significant are restated at amortised cost.
3.10. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3.11. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3.12. Provisions and Contingencies
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.
Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.
3.13. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
4. Turnover
Company turnover derived from markets outside the United Kingdom.
2024 2023
£ £
United Kingdom 10,595,139 9,709,785
Europe 2,596,446 1,513,249
North America 3,424,760 4,273,380
Rest of the world 223,144 125,044
16,839,489 15,621,458
5. Other Operating Income
2024 2023
£ £
Rental income 274,371 154,949
274,371 154,949
6. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Depreciation of tangible fixed assets - owned 53,026 55,314
Depreciation of tangible fixed assets - finance leases and hire purchase contracts 79,278 64,981
Amortisation of intangible fixed assets 2,069 2,052
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7. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 11,750 11,500
Non-Audit Services
Taxation compliance service 550 500
Other non-audit services 5,000 5,650
5,550 6,150
8. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,320,253 1,344,219
Social security costs 122,420 119,622
Other pension costs 88,274 103,119
1,530,947 1,566,960
9. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 45 47
45 47
10. Directors' remuneration
2024 2023
£ £
Emoluments 215,026 8,784
Company contributions to money purchase pension schemes 62,500 77,727
277,526 86,511
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 76,362 -
76,362 -
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11. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 10,741 3,622
10,741 3,622
12. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 61,313 86,107
61,313 86,107
13. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 20.5% 174,374 204,778
Deferred Tax
Deferred taxation 6,905 9,493
Total tax charge for the period 181,279 214,271
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 592,420 976,138
Tax on profit at 25% (UK standard rate) 148,105 200,068
Goodwill/depreciation not allowed for tax 33,593 25,080
Expenses not deductible for tax purposes 4,417 1,882
Capital allowances (11,741 ) (22,252 )
Short term timing differences 6,905 (4,785 )
Difference in tax rates - 14,278
Total tax charge for the period 181,279 214,271
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14. Intangible Assets
Other
£
Cost
As at 1 July 2023 20,525
Additions 170
As at 30 June 2024 20,695
Amortisation
As at 1 July 2023 2,052
Provided during the period 2,069
As at 30 June 2024 4,121
Net Book Value
As at 30 June 2024 16,574
As at 1 July 2023 18,473
15. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 July 2023 114,120 24,350 338,349 250,026 726,845
Additions - 180 - 43,339 43,519
As at 30 June 2024 114,120 24,530 338,349 293,365 770,364
Depreciation
As at 1 July 2023 11,874 5,298 128,511 190,835 336,518
Provided during the period 12,305 4,876 76,129 38,994 132,304
As at 30 June 2024 24,179 10,174 204,640 229,829 468,822
Net Book Value
As at 30 June 2024 89,941 14,356 133,709 63,536 301,542
As at 1 July 2023 102,246 19,052 209,838 59,191 390,327
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 10,925 14,075
Motor Vehicles 133,709 162,269
144,634 176,344
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16. Stocks
2024 2023
£ £
Finished goods for resale 3,670,152 4,084,025
17. Debtors
2024 2023
£ £
Due within one year
Trade debtors 132,016 72,014
Prepayments and accrued income 418,232 335,175
Other debtors 249,357 265,000
VAT - 16,286
Directors' loan accounts 184,824 -
984,429 688,475
Within other debtors are amounts falling due after more than 12 months in respect of tenancy deposits related to the leasehold property. The tenancy deposits total £224,052 (£224,052 - 2023).  
18. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 118,839 38,879
Trade creditors 1,235,798 947,319
Bank loans and overdrafts 209,268 214,894
Other creditors 4,348 8,892
Corporation tax 175,610 205,994
Taxation and social security 107,500 30,743
Accruals and deferred income 115,150 58,173
1,966,513 1,504,894
19. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 36,810 155,049
Bank loans 71,963 281,231
108,773 436,280
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20. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 209,268 214,894
209,268 214,894
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 71,963 281,231
71,963 281,231
21. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 118,839 38,879
Later than one year and not later than five years 36,810 155,049
155,649 193,928
155,649 193,928
22. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Accelerated capital allowances - (4,785 )
Other timing differences 61,613 59,492
61,613 54,707
23. Provisions for Liabilities
Deferred Tax Other Provisions Total
£ £ £
As at 1 July 2023 54,707 125,000 179,707
Additions 6,906 - 6,906
Balance at 30 June 2024 61,613 125,000 186,613
Other provisions are in respect of remedial costs at the termination of the property lease requiring property to be restored to the original condition prior to entering into the arrangement to lease the property.
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24. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.00 each 1 1
25. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 373,419 155,477
Later than one year and not later than five years 1,493,679 1,493,679
Later than five years 933,548 1,026,904
2,800,646 2,676,060
26. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was  £103,119, (2022 - £136,295).
At the balance sheet date contributions of £3,998 (2023: £4,567) were due to the fund and are included in creditors.
27. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr David Field - 184,824 - - 184,824
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2024 2023
£ £
Mr David Field 260,000 190,000
28. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 260,000 190,000
260,000 190,000
29. Controlling Parties
The company's ultimate controlling party is Mr David Field by virtue of his interest in the share capital of the company.
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