| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 October 2024 |
| for |
| SOS Wholesale Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 October 2024 |
| for |
| SOS Wholesale Limited |
| SOS Wholesale Limited (Registered number: 08674904) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 7 |
| Statement of Income and Retained Earnings | 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12 |
| SOS Wholesale Limited |
| Company Information |
| for the Year Ended 31 October 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Hanover Court |
| 5 Queen Street |
| Lichfield |
| Staffordshire |
| WS13 6QD |
| SOS Wholesale Limited (Registered number: 08674904) |
| Strategic Report |
| for the Year Ended 31 October 2024 |
| The directors present their strategic report for the year ended 31 October 2024. |
| REVIEW OF BUSINESS |
| The year-on-year decline in turnover reflects a strategic decision by management to adopt a more cautious and disciplined trading approach in response to increased credit risk across the market. |
| We took a firm stance on only supplying to customers where agreed credit terms were being met consistently. |
| Where there was evidence of deteriorating payment practices or where customers were unable to adhere to agreed terms, we required proforma (upfront) payment as a condition of supply. In several cases, this resulted in reduced sales volumes, bur it was a necessary step to protect the business from bad debt exposure and maintain a balanced cash flow. The business did not incur any bad debts during financial year 2024. |
| Despite the reduced turnover, the gross profit margin has remained stable, demonstrating the business's ability to preserve profitability through improved customer selection, tighter controls, and more focused commercial decision-making. |
| This approach aligns with our long-term strategy of sustainable and risk-aware growth, ensuring the business remains financially resilient and well-positioned to capitalise on new opportunities as market conditions improve. |
| We have made a conscious effort in reducing operating costs by reviewing activities in each department and streamlining operations/reducing costs. |
| BUSINESS MODEL AND STRATEGY |
| SOS Wholesale is a discount delivered wholesaler of groceries, soft drinks, cakes, biscuits, confectionery, pet food, household, toiletries, wine & more. The company has customers throughout the UK and Ireland and exports to over 25 countries. |
| The company has a 70,000 square foot warehouse in Derby and a sales teams based in Barnsley, North Yorkshire. |
| The strategy of the business is to deliver the best value for its customers whilst seeking out new brands and new opportunities for growth in the UK and abroad. |
| FINANCIAL KEY PERFORMANCE INDICATORS |
| The Company's key performance indicators are as follows: |
| 31/10/24 31/10/23 |
| £ £ |
| Turnover 42,741,954 49,561,834 |
| Gross Profit 4,678,233 6,105,626 |
| Gross Profit % 10.95% 12.32% |
| Operating Profit 1,568,455 2,159,162 |
| The net assets of the Company are £9.42m (2023: £8.66m) at the balance sheet date, reflecting its solid position from a solvency and liquidity point of view. |
| OTHER KEY PERFORMANCE INDICATORS |
| The Company's other key performance indicators include customer satisfaction reviews, client retention, warehouse pick accuracy and on-time delivery statistics. |
| SOS Wholesale Limited (Registered number: 08674904) |
| Strategic Report |
| for the Year Ended 31 October 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The management of the business and the nature of the company's strategy are subject to a number of risks. The Directors have set out below the principal risks facing the business. |
| The Directors are of the opinion that a thorough risk management process is adopted which involves a formal review of all risks identified below. Where possible, processes are in place to mitigate such risks. |
| Liquidity and lending risk |
| The very strong trading results and positive operating cashflows in the year have resulted in all debt covenants being met and repayments being made on time. The Directors are also mindful of the impact that a downturn in trade or the loss of key customers may have and so closely monitor the working capital cycle and focus on good cash collection from customers in order to maintain healthy cash balances. They also regularly monitor covenant compliance and produce cash flow forecasts to further help mitigate this risk. |
| Economic downturn |
| The success of the business is reliant on Retailer & Consumer spending. |
| In response to this risk, senior management aim to keep abreast of economic conditions. In cases of severe economic downturn, marketing and pricing strategies will be modified to reflect the new market conditions. |
| Inflation and the cost of living crisis |
| Global inflationary pressures that have arisen following the outbreak of the war in Ukraine continue to represent the largest risk to the business. These pressures are seen most clearly in relation to: |
| Produce cost inflation |
| The Company assesses the risks that cost inflation may bring with the aim to mitigate future threats this may have on the business, through strategies such as cost reduction plans, changing product mix and price increases. |
| Wage cost inflation |
| The Company is affected by wage cost inflation and pressures within the labour market. The Company monitors the market to ensure compliance with labour market regulations, and maintains employment policies, remuneration and benefits packages that are designed to be competitive with other companies, as well as providing employees with fulfilling career opportunities. |
| Competition |
| The market in which the Company operates is highly competitive. As a result, the Company is subject to a high level of price sensitivities in its consumer-led market. Policies of assessing our pricing strategy and ongoing market research are in place to mitigate such risks. |
| Interest rate risk |
| Considering the debt profile of the Company, increases in interest rates presents a risk. The continued policy of securing fixed rate interest debt helps mitigate this risk. |
| Brexit |
| The areas where Brexit has impacted our business include the access and cost of both labour & other products such as Groceries, Household, Confectionery etc, and we continue to work with our business partners to mitigate this. |
| With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. Hence, we are constantly assessing our plans in line with the current environment. |
| SOS Wholesale Limited (Registered number: 08674904) |
| Strategic Report |
| for the Year Ended 31 October 2024 |
| SECTION 172(1) STATEMENT |
| The Directors of the Company, and those of all UK companies, must act in accordance with a set of general duties. These duties are set out in section 172 of the Companies Act 2006 which are summarised as follows: |
| "A Director of Company must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders as a whole, and in doing so have regard (amongst other matters) to: |
| a. the likely consequences of any decisions in the long term; |
| b. the interests of the company's employees; |
| c. the need to foster the company's business relationships with suppliers, customers and others; |
| d. the impact of the company's operations on the community and the environment; |
| e. the desirability of the company maintaining a reputation for high standards of business conduct; and |
| f. the need to act fairly as between the shareholders of the company." |
| The following paragraphs summaries how the Directors fulfilled their duties: |
| Risk Management |
| As we develop as a business so does the risk environment in which we operate become more complex. It is therefore vital that we effectively identify, evaluate, manage and mitigate risks that the business may encounter. We are continually evolving our approach to risk management. Details of the risks encountered by the business and the steps taken to mitigate these risks are detailed on page 3. |
| Our people |
| Our people are fundamental to the delivery and success of our operations. We aim to be a responsible employer in our approach to pay and benefits received by our employees. The health, safety and wellbeing of our people are also a major concern for the business and we try to ensure we managed and monitor these as closely as possible. For our business to succeed we need to manage our people's performance, develop and bring through talent while ensuring we operate as efficiently and as effectively as possible. For further details on our people see page 5. |
| Business Relationships |
| In order to grow and develop our business we need to grow and develop our business relationships with our suppliers and strategic partners. This includes working with these partners so that we can deliver for the customers and communities we serve. |
| Community and Environment |
| It is important to the business that we interact responsibly with the communities in which it operates and the wider environment. We try to ensure we are as involved as much as possible in the local activities and work closely with local bodies to ensure that the community is best served. We try where possible to minimise our impact on the environment. |
| High Standards of Business Conduct |
| It is important to the business that we apply high standards of conduct in all areas in which we operate. This principle is closely monitored by the board and wider management team making sure the business behaves in a responsible manner in all activities it undertakes. |
| Shareholders |
| The directors and various senior management team act to maximize profit and cash flow in order to create shareholder value. |
| ON BEHALF OF THE BOARD: |
| SOS Wholesale Limited (Registered number: 08674904) |
| Report of the Directors |
| for the Year Ended 31 October 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 October 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 October 2024. |
| FUTURE DEVELOPMENTS |
| The directors are confident that continued focus on the key management policies will strengthen the financial position of the company during the ensuing period. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report. |
| ENGAGEMENT WITH EMPLOYEES |
| The Company does not discriminate between employees or potential employees on grounds of colour, race, ethnic or national origin, sex, disability, age, marital status or religious beliefs. Full consideration is given to applications for employment from disabled persons who are able to demonstrate that they have the necessary abilities. |
| The importance of staff training, equal opportunity, health and safety, environmental matters and the avoidance of sexual harassment is recognised at all levels and is monitored on a regular basis by committees chaired by a director or senior manager reporting directly to the Board. |
| The Company gives full and fair consideration to applications for employment by disabled persons. In the event of employees becoming disabled whilst in service of the company, every effort is made to continue their employment by transfer to alternative duties, if required and by provision of such retraining as is appropriate. |
| ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
| We have long-term partnerships with many of our suppliers. Such long-term partnerships encourage collaboration and enable suppliers to make decisions for the long term, giving them the confidence to invest in their businesses. In order to meet our continued volume growth, suppliers need to invest in future capacity, which involves significant capital investment in equipment and infrastructure. Long-term commitment to supply our company in the UK, has enabled our suppliers to grow with us and drive positive change within their own businesses. The wider supply chain that the company is part of has a broad remit, from ensuring our products meet our safety & quality expectations from manufacturers. |
| Our customers are at the heart of everything we do. We acknowledge the importance of keeping our customers engaged with our business. |
| The company recognises its responsibility t the wider community in which its offices and warehouse is based. We actively take part in community events and work with local representative bodies that help promote the areas in which we operate. |
| STREAMLINED ENERGY AND CARBON REPORTING |
| The company has taken exemption from reporting under the SECR regime as its obligations are already met through its parent company's group level report. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| The Company has chosen to make disclosures in relation to financial risk management and other matters considered to be of strategic importance which would otherwise be in the Directors report within the Strategic Report. |
| SOS Wholesale Limited (Registered number: 08674904) |
| Report of the Directors |
| for the Year Ended 31 October 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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. |
| AUDITORS |
| The auditors, Tomkinson Teal (Lichfield) LLP were appointed for the current year and will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| SOS Wholesale Limited |
| Opinion |
| We have audited the financial statements of SOS Wholesale Limited (the 'company') for the year ended 31 October 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and 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 October 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| SOS Wholesale Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
| We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
| A further description of our responsibilities 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 |
| SOS Wholesale 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 |
| Hanover Court |
| 5 Queen Street |
| Lichfield |
| Staffordshire |
| WS13 6QD |
| SOS Wholesale Limited (Registered number: 08674904) |
| Statement of Income and |
| Retained Earnings |
| for the Year Ended 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 4 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING PROFIT | 6 |
| Interest receivable and similar income |
| 1,578,468 | 2,169,717 |
| Interest payable and similar expenses | 7 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| Retained earnings at beginning of year |
| RETAINED EARNINGS AT END OF YEAR |
| SOS Wholesale Limited (Registered number: 08674904) |
| Balance Sheet |
| 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| Investments | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Capital redemption reserve | 21 |
| Retained earnings | 21 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SOS Wholesale Limited (Registered number: 08674904) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| SOS Wholesale Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows; |
| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
| • | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
| • | the requirement of paragraph 33.7. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Goodwill arising on the original incorporation of the business has been amortised over its expected useful life of 10 years. |
| Tangible fixed assets |
| Improvements to property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making allowance for impairment of obsolete or slow moving items. Stocks are recognised as an expense in the period in which the related revenue is recognised. |
| Cost is determined on an average cost basis. Cost includes the purchase price, including taxes and duties, transport and all other costs directly attributable to bringing the stock to its present location and condition. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| SOS Wholesale Limited (Registered number: 08674904) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom |
| Europe |
| Rest of World | 4,943,189 | 5,636,773 |
| 5. | 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 |
| Sales, admin and management | 44 | 52 |
| Distribution and warehouse | 73 | 94 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| SOS Wholesale Limited (Registered number: 08674904) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 5. | EMPLOYEES AND DIRECTORS - continued |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Loss/(profit) on disposal of fixed assets | ( |
) |
| Goodwill amortisation |
| Auditors' remuneration |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest |
| Other interest |
| 8. | 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 |
| SOS Wholesale Limited (Registered number: 08674904) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes | ( |
) |
| Income not taxable for tax purposes | ( |
) |
| Depreciation in excess of capital allowances |
| Deferred tax | (7,252 | ) | 43,310 |
| Total tax charge | 254,292 | 408,234 |
| 9. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| AMORTISATION |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| SOS Wholesale Limited (Registered number: 08674904) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | and | Motor |
| property | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 11. | FIXED ASSET INVESTMENTS |
| Listed |
| investments |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 12. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Amounts owed by associates |
| Other debtors |
| VAT |
| Prepayments |
| SOS Wholesale Limited (Registered number: 08674904) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 16) |
| Other loans (see note 16) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 27,141 | - |
| Other creditors |
| Accrued expenses |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 16) |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Other loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| SOS Wholesale Limited (Registered number: 08674904) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 18. | SECURED DEBTS |
| The loan from Hitachi Capital (UK) Plc is secured by a debenture dated 17.12.21 over all property of the company. |
| There is a fixed charge by Mr M and Mr S Beckett dated 17.12.21 over all property of the company. |
| 19. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 65,817 | 73,069 |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 |
| Provided during year | ( |
) |
| Balance at 31 October 2024 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 21. | RESERVES |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 November 2023 | 8,663,678 |
| Profit for the year | - |
| At 31 October 2024 | 9,419,878 |
| 22. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. the pension cost charge for the year represents contributions payable to the scheme amounted to £101,389 (2023: £239,941). |
| Contributions totalling £12,281 (2023: £14,642) were payable to the scheme at the balance sheet date and are included within other creditors. |
| 23. | ULTIMATE PARENT COMPANY |
| SOS Wholesale Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
| The companies share the same registered office address. |
| 24. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |