| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 August 2024 |
| for |
| FIVE TECH LIMITED |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 August 2024 |
| for |
| FIVE TECH LIMITED |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Income Statement | 10 |
| Other Comprehensive Income | 11 |
| Balance Sheet | 12 |
| Statement of Changes in Equity | 13 |
| Cash Flow Statement | 14 |
| Notes to the Cash Flow Statement | 15 |
| Notes to the Financial Statements | 16 |
| FIVE TECH LIMITED |
| Company Information |
| for the Year Ended 31 August 2024 |
| Directors: |
| Registered office: |
| Registered number: |
| Senior statutory auditor: |
| Auditors: |
| 1st Floor |
| 156 Cromwell Road |
| Kensington |
| London |
| SW7 4EF |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Strategic Report |
| for the Year Ended 31 August 2024 |
| The directors present their strategic report for the year ended 31 August 2024. |
| The company's core activity is the online retail of IT products from leading brands, serving both consumer (B2C) and business (B2B) markets. |
| We have continued with the development of building brand stability, with a core focus of driving traffic to our own website and being less reliant on alternate marketplaces. |
| In response to evolving market conditions, our organisation has implemented key changes to position ourselves for sustainable future growth. Although revenue experienced a short-term dip, we continued to deliver a robust gross profit, highlighting the strength and efficiency of our core operations. |
| In March 2024, we acquired the intellectual property rights for www.box.co.uk a leading IT reseller. The acquisition will also allow us to grow in the Gaming sector, and components. |
| With over 1 million satisfied customers and a remarkable 95% repeat purchase rate, Box has earned the trust and loyalty of countless customers across the UK. |
| We now have obtained four ISO accreditations, reflecting our commitment to excellence across multiple domains. |
| " ISO 9001 - Quality Management |
| " ISO 14001 - Environmental Management |
| " ISO 27001 - Information and Security Management |
| " ISO 45001 - Health and Safety Management |
| We have also obtained "Cyber Essential Certification" |
| This offers significant advantages for business, including enhanced security posture, increased customer trust, and potential access to government contracts. |
| It also helps strengthen supply chain security and demonstrates a commitment to data protection. |
| These certifications demonstrate our adherence to internationally recognised standards. Collectively, they underscore our dedication to delivering high-quality, secure, and responsible solutions to both our B2B and B2C clients |
| By continuing to adapt and innovate, we are confident in our ability to achieve our long-term objectives and drive sustainable growth. |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Strategic Report |
| for the Year Ended 31 August 2024 |
| Review of business |
| The principal activity of the company is online retail of IT and mobile products, from leading brands to consumers and businesses. |
| In response to evolving market conditions, our organisation has implemented key changes to |
| position ourselves for sustainable future growth. Although revenue experienced a short-term dip, |
| we continued to deliver a robust gross profit, highlighting the strength and efficiency of our core |
| operations. |
| We have recently upgraded our consumer website laptopoutlet.co.uk & box.co.uk for better customer experience. |
| Furthermore, we have grown our sales team and have launched a new B2B initiative on Fivetech to market directly to SME and Education sectors. |
| Our company continues investing in its staff with ongoing training and continually improving systems and processes to work more sustainably. |
| On behalf of the board: |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 August 2024. |
| Principal activity |
| The company's principal activity during the year continued to be exporter/ retailer of laptops and computer accessories. |
| Dividends |
| A dividend of 891p (2023 - 891p) per share was approved and paid during the year. |
| Directors |
| The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| Charitable contribution |
| During the year the company made charitable contributions of £ 63,000 (2023 : £ 47,000). |
| 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. |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
| 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| On behalf of the board: |
| Report of the Independent Auditors to the Members of |
| FIVE TECH LIMITED |
| Opinion |
| We have audited the financial statements of FIVE TECH LIMITED (the 'company') for the year ended 31 August 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 August 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. |
| Report of the Independent Auditors to the Members of |
| FIVE TECH LIMITED |
| 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. |
| 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. |
| Report of the Independent Auditors to the Members of |
| FIVE TECH LIMITED |
| 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: |
| Audit response to risks identified : |
| We considered the extent of compliance with laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. |
| During the planning meeting, attention was drawn to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management overide of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether |
| judgements made in making accounting estimates gave rise to a possible indication of management bias. The review at the completion stage of the audit, included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non- compliance with laws and regulations and fraud. |
| Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have |
| detected some material misstatements in the financial statements, even though we have properly |
| planned and performed our audit in accordance with auditing standards. For example, the further |
| removed non-compliance with laws and regulations 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. |
| 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 |
| FIVE TECH 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. |
| for and on behalf of |
| 1st Floor |
| 156 Cromwell Road |
| Kensington |
| London |
| SW7 4EF |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Income Statement |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Turnover | 3 |
| Cost of sales | ( |
) | ( |
) |
| Gross profit |
| Distribution costs | ( |
) | ( |
) |
| Administrative expenses | ( |
) | ( |
) |
| Operating profit | 5 |
| Interest payable and similar expenses |
6 |
( |
) |
( |
) |
| Profit before taxation |
| Tax on profit | 7 | ( |
) | ( |
) |
| Profit for the financial year |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Other Comprehensive Income |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Profit for the year |
| Other comprehensive income | - | - |
| Total comprehensive income for the year |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Balance Sheet |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 9 |
| Current assets |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 12 |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
| Provisions for liabilities | 15 | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 16 |
| Revaluation reserve | 17 |
| Retained earnings | 17 |
| Shareholders' funds |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 September 2022 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2024 |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Cash Flow Statement |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| New loans in year | ( |
) |
| Loan repayments in year |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
2,896,333 |
| Cash and cash equivalents at end of year |
2 |
1,465,457 |
955,931 |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 August 2024 |
| 1. | Reconciliation of profit before taxation to cash generated from operations |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Finance costs | 162,170 | 64,138 |
| 813,174 | 2,773,974 |
| Increase in stocks | ( |
) | ( |
) |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations | ( |
) |
| 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 August 2024 |
| 31.8.24 | 1.9.23 |
| £ | £ |
| Cash and cash equivalents | 1,465,457 | 955,931 |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 955,931 | 2,896,333 |
| 3. | Analysis of changes in net debt |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 955,931 | 509,526 | 1,465,457 |
| 955,931 | 1,465,457 |
| Debt |
| Debts falling due within 1 year | (1,742,353 | ) | 810,000 | (932,353 | ) |
| Debts falling due after 1 year | (465,000 | ) | (982,775 | ) | (1,447,775 | ) |
| (2,207,353 | ) | (172,775 | ) | (2,380,128 | ) |
| Total | (1,251,422 | ) | 336,751 | (914,671 | ) |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | Statutory information |
| FIVE TECH LIMITED is a |
| 2. | Accounting policies |
| Basis of preparing |
| The accounts have been prepared under the historical cost prevention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
| 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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
| Tangible fixed assets |
| Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tanglble fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows : |
| Leasehold land and buildings | over the lease term |
| Plant and machinery | over 5 years |
| Fixtures, fittings, tools and equipment | over 5 years |
| Stocks |
| Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
| Taxation |
| A Current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
| Pension |
| Contributions to defined contribution plans are expensed in the period to which they relate. |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | Accounting policies - continued |
| Provisions |
| Provisions (i.e liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
| Creditors |
| Short term creditors are measured at transaction price ( which is usually the invoice price). Loans and other financial liabilities are initially recognised price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
| Debtors |
| Short term debtors are measured at transaction price ( which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
| 3. | Turnover |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business for the year ended 31 August 2023 is given below: |
| £ |
| This analysis is not considered to be applicable to the year ended 31 August 2024. |
| An analysis of turnover by geographical market for the year ended 31 August 2023 is given below: |
| £ |
| United Kingdom |
| This analysis is not considered to be applicable to the year ended 31 August 2024. |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 4. | Employees and directors |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Administration | 5 | 6 |
| Development | 2 | 2 |
| Distribution | 28 | 22 |
| Marketing | 5 | 2 |
| Sales | 5 | 6 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| 5. | Operating profit |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Auditors' remuneration |
| Foreign exchange differences |
| 6. | Interest payable and similar expenses |
| 2024 | 2023 |
| £ | £ |
| Interest payable |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 7. | Taxation |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| 8. | Dividends |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Final |
| 9. | Tangible fixed assets |
| Fixtures |
| Long | and | Motor |
| leasehold | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 9. | Tangible fixed assets - continued |
| Cost or valuation at 31 August 2024 is represented by: |
| Fixtures |
| Long | and | Motor |
| leasehold | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| Valuation in 2021 | 125,000 | - | - | 125,000 |
| Cost | 637,020 | 859,722 | 86,389 | 1,583,131 |
| 762,020 | 859,722 | 86,389 | 1,708,131 |
| 10. | Stocks |
| 2024 | 2023 |
| £ | £ |
| Finished goods |
| 11. | Debtors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Deferred tax asset |
| Deferred tax asset |
| 2024 |
| £ |
| Revaluation of Land & Building | (31,250 | ) |
| Depreciation>Capital Allowance | 76,342 |
| 12. | Creditors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 14) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 13. | Creditors: amounts falling due after more than one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 14) |
| 14. | Loans |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 15. | Provisions for liabilities |
| 2023 |
| £ |
| Deferred tax |
| Deferred tax | 41,934 |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 August 2024 | ( |
) |
| 16. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 101,000 | 101,000 |
| FIVE TECH LIMITED (Registered number: 07267226) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 17. | Reserves |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 September 2023 | 6,213,814 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 August 2024 | 5,821,741 |
| 18. | Related party disclosures |
| During the year under review the company's transaction with the following related companies |
| were: |
| 2024 | 2023 |
| £ | £ |
| Services from Retail Direct Ltd | 584,093 | 90,000 |
| The following amounts were due from related companiesat the year end: |
| Amounts due from/(to) Retail Direct | 431,000 | (18,345) |
| The company also owns IP "BOX", which is currently being used by Five Tech Ltd to generate sales. |
| During the year Retail Direct Ltd which is a company managed by the same directors - H. Hussain & A. Hussain provided back office support to Five Tech Ltd. |