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COMPANY REGISTRATION NUMBER: 02035621
ULTIMATE CLEANERS (INDUSTRIAL) LIMITED
FINANCIAL STATEMENTS
31 January 2025
ULTIMATE CLEANERS (INDUSTRIAL) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2025
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Notes to the financial statements
12
ULTIMATE CLEANERS (INDUSTRIAL) LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
C A Holtz
B Milot- Ren
J Bobinet
Registered office
Victoria House
Colliery Road
Wolverhampton
England
WV1 2RD
Auditor
UHY Hacker Young (S.E.) Limited
Chartered accountants & statutory auditor
168 Church Road
Hove
East Sussex
BN3 2DL
ULTIMATE CLEANERS (INDUSTRIAL) LIMITED
STRATEGIC REPORT
YEAR ENDED 31 JANUARY 2025
Principal Activities and Review of the Business The principal activity of the company is selling work wear and protective clothing. Turnover has changed from £16,029,796 for the prior period to £23,001,962 for the year to 31 January 2025. The gross profit has changed from £5,356,436 to £7,589,997. The gross profit percentage has changed from 33.4% to 32.99%. Net profit before tax has changed from £4,202,828 to £5,862,076. The figures and ratios are only for 10 months in the prior year accounting period, therefore they cannot be comparable to the current year figures. Despite this, the company has continued to perform well. The administrative expenses have changed from £1,173,962 to £1,749,928. The tangible fixed assets have increased from NBV £115,934 to £150,452 due to £85,018 new additions, £50,533 disposals and £29,967 depreciation. The intangible fixed assets have increased to £66,770 from £nil in prior year. Current assets have changed from £14,483,164 to £19,065,684 increased by 31.64%. Creditors have changed from £2,430,393 to £2,497,759 increased by 2.7%. The current asset ratio has changed from 5.96 to 7.63, and the liquid ratio has slightly changed from 4 to 6. The ratio improvement is a positive indicator of the company results. Shareholders' funds have changed from £12,160,982 to £17,170,256. Overall the directors are very pleased with the progress that the company has made during the period. Principal risks and uncertainties The principal risks are competition, exchange rates and instability abroad. The directors, however, consider that the risk of them affecting the business is low, and that they have more than sufficient resources to manage them, in the unlikely event that they occur. Future Developments In the future the company intends to continue to improve the business and provide quality products.
This report was approved by the board of directors on 14 May 2025 and signed on behalf of the board by:
C A Holtz
Director
Registered office:
Victoria House
Colliery Road
Wolverhampton
England
WV1 2RD
ULTIMATE CLEANERS (INDUSTRIAL) LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 JANUARY 2025
The directors present their report and the financial statements of the company for the year ended 31 January 2025 .
Principal activities
The principal activity of the company during the year was selling workwear and protective clothing.
Directors
The directors who served the company during the year were as follows:
C A Holtz
B Milot- Ren
J Bobinet
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the 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 judgments 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 14 May 2025 and signed on behalf of the board by:
C A Holtz
Director
Registered office:
Victoria House
Colliery Road
Wolverhampton
England
WV1 2RD
ULTIMATE CLEANERS (INDUSTRIAL) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ULTIMATE CLEANERS (INDUSTRIAL) LIMITED
YEAR ENDED 31 JANUARY 2025
Opinion
We have audited the financial statements of Ultimate Cleaners (Industrial) Limited (the 'company') for the year ended 31 January 2025 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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, including FRS 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 January 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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.
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 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 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: Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit. Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, including review of correspondence with legal advisors, enquiries of management and review of internal audit reports in so far as they related to the financial statements, and testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Charles Homan
(Senior Statutory Auditor)
For and on behalf of
UHY Hacker Young (S.E.) Limited
Chartered accountants & statutory auditor
168 Church Road
Hove
East Sussex
BN3 2DL
14 May 2025
ULTIMATE CLEANERS (INDUSTRIAL) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 JANUARY 2025
Period from
Year to
1 Apr 23 to
31 Jan 25
31 Jan 24
Note
£
£
Turnover
4
23,001,962
16,029,796
Cost of sales
15,411,964
10,673,360
---------------
---------------
Gross profit
7,589,998
5,356,436
Administrative expenses
1,749,928
1,173,962
-------------
-------------
Operating profit
5
5,840,070
4,182,474
Other interest receivable and similar income
9
63,388
41,303
Interest payable and similar expenses
10
41,381
20,949
-------------
-------------
Profit before taxation
5,862,077
4,202,828
Tax on profit
11
852,803
1,054,293
-------------
-------------
Profit for the financial year and total comprehensive income
5,009,274
3,148,535
-------------
-------------
Dividends paid and payable
12
( 2,404,236)
Retained earnings at the start of the year
12,160,970
11,416,671
---------------
---------------
Retained earnings at the end of the year
17,170,244
12,160,970
---------------
---------------
All the activities of the company are from continuing operations.
ULTIMATE CLEANERS (INDUSTRIAL) LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2025
2025
2024
Note
£
£
£
Fixed assets
Intangible assets
13
66,770
Tangible assets
14
150,452
115,934
Investments
15
413,972
----------
----------
631,194
115,934
Current assets
Stocks
16
4,999,742
4,671,521
Debtors
17
12,276,232
7,113,906
Cash at bank and in hand
1,789,710
2,697,737
---------------
---------------
19,065,684
14,483,164
Creditors: amounts falling due within one year
18
2,497,759
2,430,393
---------------
---------------
Net current assets
16,567,925
12,052,771
---------------
---------------
Total assets less current liabilities
17,199,119
12,168,705
Provisions
19
28,863
7,723
---------------
---------------
Net assets
17,170,256
12,160,982
---------------
---------------
Capital and reserves
Called up share capital
22
12
12
Profit and loss account
23
17,170,244
12,160,970
---------------
---------------
Shareholders funds
17,170,256
12,160,982
---------------
---------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 14 May 2025 , and are signed on behalf of the board by:
C A Holtz
Director
Company registration number: 02035621
ULTIMATE CLEANERS (INDUSTRIAL) LIMITED
STATEMENT OF CASH FLOWS
YEAR ENDED 31 JANUARY 2025
2025
2024
£
£
Cash flows from operating activities
Profit for the financial year
5,009,274
3,148,535
Adjustments for:
Depreciation of tangible assets
29,967
24,663
Other interest receivable and similar income
( 63,388)
( 41,303)
Interest payable and similar expenses
41,381
20,949
Gains on disposal of tangible assets
( 30,862)
Tax on profit
852,803
1,054,293
Accrued expenses
48,538
37,534
Changes in:
Stocks
( 328,221)
854,755
Trade and other debtors
( 5,162,326)
( 3,626,214)
Trade and other creditors
( 181,587)
1,598,392
-------------
-------------
Cash generated from operations
215,579
3,071,604
Interest paid
( 41,381)
( 20,949)
Interest received
63,388
41,303
Tax paid
( 839,035)
( 1,060,863)
----------
-------------
Net cash (used in)/from operating activities
( 601,449)
2,031,095
----------
-------------
Cash flows from investing activities
Purchase of tangible assets
( 85,018)
( 38,410)
Proceeds from sale of tangible assets
51,395
4,237
Purchase of intangible assets
( 66,770)
Acquisition of subsidiaries
( 413,972)
----------
-------------
Net cash used in investing activities
( 514,365)
( 34,173)
----------
-------------
Cash flows from financing activities
Proceeds from borrowings
( 601)
Proceeds from loans from group undertakings
207,787
21,192
Dividends paid
( 2,404,236)
----------
-------------
Net cash from/(used in) financing activities
207,787
( 2,383,645)
----------
-------------
Net decrease in cash and cash equivalents
( 908,027)
( 386,723)
Cash and cash equivalents at beginning of year
2,697,737
3,084,460
-------------
-------------
Cash and cash equivalents at end of year
1,789,710
2,697,737
-------------
-------------
ULTIMATE CLEANERS (INDUSTRIAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Victoria House, Colliery Road, Wolverhampton, WV1 2RD, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies adopted are set out below. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its ultimate parent undertaking is not established under the law of an EEA State.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
Period from
Year to
1 Apr 23 to
31 Jan 25
31 Jan 24
£
£
Sale of goods
23,001,962
16,029,796
---------------
---------------
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
Period from
Year to
1 Apr 23 to
31 Jan 25
31 Jan 24
£
£
United Kingdom
21,867,948
15,358,267
Overseas
1,134,014
671,529
---------------
---------------
23,001,962
16,029,796
---------------
---------------
5. Operating profit
Operating profit or loss is stated after charging/crediting:
Period from
Year to
1 Apr 23 to
31 Jan 25
31 Jan 24
£
£
Depreciation of tangible assets
29,967
24,663
Gains on disposal of tangible assets
( 30,862)
Impairment of trade debtors
11,098
(10,325)
Foreign exchange differences
111,598
65,165
----------
---------
6. Auditor's remuneration
Period from
Year to
1 Apr 23 to
31 Jan 25
31 Jan 24
£
£
Fees payable for the audit of the financial statements
18,900
18,000
---------
---------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2025
2024
No.
No.
Distribution staff
20
18
Administrative staff
8
6
Management staff
3
3
----
----
31
27
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
Period from
Year to
1 Apr 23 to
31 Jan 25
31 Jan 24
£
£
Wages and salaries
1,279,106
814,491
Social security costs
131,372
83,600
Other pension costs
23,891
16,734
-------------
----------
1,434,369
914,825
-------------
----------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
Period from
Year to
1 Apr 23 to
31 Jan 25
31 Jan 24
£
£
Remuneration
37,063
Company contributions to defined contribution pension plans
2,131
----
---------
39,194
----
---------
9. Other interest receivable and similar income
Period from
Year to
1 Apr 23 to
31 Jan 25
31 Jan 24
£
£
Interest on cash and cash equivalents
63,388
Other interest receivable and similar income
41,303
---------
---------
63,388
41,303
---------
---------
10. Interest payable and similar expenses
Period from
Year to
1 Apr 23 to
31 Jan 25
31 Jan 24
£
£
Other interest payable and similar charges
41,381
20,949
---------
---------
11. Tax on profit
Major components of tax expense
Period from
Year to
1 Apr 23 to
31 Jan 25
31 Jan 24
£
£
Current tax:
UK current tax expense
831,663
1,046,570
Deferred tax:
Origination and reversal of timing differences
21,140
7,723
----------
-------------
Tax on profit
852,803
1,054,293
----------
-------------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).
Period from
Year to
1 Apr 23 to
31 Jan 25
31 Jan 24
£
£
Profit on ordinary activities before taxation
5,862,077
4,202,828
-------------
-------------
Profit on ordinary activities by rate of tax
1,465,519
1,050,706
Effect of expenses not deductible for tax purposes
( 6,885)
609
Effect of capital allowances and depreciation
( 14,452)
( 4,745)
Utilisation of tax losses
( 612,519)
Deferred tax
21,140
7,723
-------------
-------------
Tax on profit
852,803
1,054,293
-------------
-------------
12. Dividends
2025
2024
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,404,236
----
-------------
13. Intangible assets
Computer software
£
Cost
Additions
66,770
---------
At 31 January 2025
66,770
---------
Amortisation
At 1 February 2024 and 31 January 2025
---------
Carrying amount
At 31 January 2025
66,770
---------
At 31 January 2024
---------
14. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2024
159,779
190,394
350,173
Additions
72,310
12,708
85,018
Disposals
( 92,798)
( 92,798)
----------
---------
----------
----------
At 31 January 2025
232,089
12,708
97,596
342,393
----------
---------
----------
----------
Depreciation
At 1 February 2024
118,195
116,044
234,239
Charge for the year
15,943
570
13,454
29,967
Disposals
( 72,265)
( 72,265)
----------
---------
----------
----------
At 31 January 2025
134,138
570
57,233
191,941
----------
---------
----------
----------
Carrying amount
At 31 January 2025
97,951
12,138
40,363
150,452
----------
---------
----------
----------
At 31 January 2024
41,584
74,350
115,934
----------
---------
----------
----------
15. Investments
Shares in group undertakings
£
Cost
At 1 February 2024
Additions
413,972
----------
At 31 January 2025
413,972
----------
Impairment
At 1 February 2024 and 31 January 2025
----------
Carrying amount
At 31 January 2025
413,972
----------
At 31 January 2024
----------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
BSA Brands (UK) Limited
Ordinary
100
The registered office of the above company is 168 Church Road, Hove, East Sussex BN3 2DL.
The nature of business of the company is wholesale clothing and footwear.
16. Stocks
2025
2024
£
£
Finished goods and goods for resale
4,999,742
4,671,521
-------------
-------------
17. Debtors
2025
2024
£
£
Trade debtors
3,675,380
3,426,693
Amounts owed by group undertakings
7,269,041
2,375,002
Prepayments and accrued income
63,969
39,561
Other debtors
1,267,842
1,272,650
---------------
-------------
12,276,232
7,113,906
---------------
-------------
18. Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,712,590
1,666,422
Amounts owed to group undertakings
228,979
21,192
Accruals and deferred income
115,370
66,832
Corporation tax
197,895
205,267
Social security and other taxes
237,183
468,072
Other creditors
5,742
2,608
-------------
-------------
2,497,759
2,430,393
-------------
-------------
19. Provisions
Deferred tax (note 20)
£
At 1 February 2024
7,723
Additions
21,140
---------
At 31 January 2025
28,863
---------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2025
2024
£
£
Included in provisions (note 19)
28,863
7,723
---------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2025
2024
£
£
Accelerated capital allowances
28,863
7,723
---------
-------
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 23,891 (2024: £ 16,734 ).
22. Called up share capital
Issued, called up and fully paid
2025
2024
No.
£
No.
£
Ordinary shares of £ 1 each
12
12
12
12
----
----
----
----
Ordinary shares have full voting and dividend rights.
23. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
24. Analysis of changes in net debt
At 1 Feb 2024
Cash flows
At 31 Jan 2025
£
£
£
Cash at bank and in hand
2,697,737
(908,027)
1,789,710
Debt due within one year
(21,192)
(207,787)
(228,979)
-------------
-------------
-------------
2,676,545
( 1,115,814)
1,560,731
-------------
-------------
-------------
25. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2025
2024
£
£
Not later than 1 year
229,364
192,000
Later than 1 year and not later than 5 years
454,704
600,000
----------
----------
684,068
792,000
----------
----------
26. Related party transactions
Amount due from parent company, PIP Global Safety UK Limited, at the period end is £6,753,271 (2024: £2,358,803). These related party loans are interest free, unsecured and have no fixed terms of repayment.
27. Controlling party
The company's immediate parent undertaking is PIP Global Safety UK Limited, which owns 100% of the company, and its registered office is 168 Church Road, Hove, East Sussex, UK BN3 2DL. The ultimate parent company is Protective Industrial Products Inc, which is registered in New York, USA. The ultimate parent company prepares group financial statements and can be found at 25 British America Blvd, Latham, NY, USA.