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151 Products Limited

Registered number: 02149608
Annual report and
 financial statements
For the year ended 31 December 2024

 
151 PRODUCTS LIMITED
 
 
COMPANY INFORMATION


Directors
R L Shonn 
S M Shonn 
A L Lewis 
J C Gayle 




Company secretary
S M Shonn



Registered number
02149608



Registered office
The Old School House
39 Bengal Street

Manchester

M4 6AF




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

One St. Peter's Square

Manchester

M2 3DE





 
151 PRODUCTS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 29


 
151 PRODUCTS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Business review
 
The principal activity of the Company continues to be that of wholesaling branded domestic products.

Principal risks and uncertainties
 
The business is impacted by the performance of the retail sector but, where risks can be identified, they have been addressed and actions taken where possible to control them.
Fluctuations in currency continue to affect the Company's trading and any devaluation of Sterling poses a challenge to the business. The business reduces the risk by entering into forward contract currency deals. 
Whilst risk and uncertainty in the market is still present, the directors feel that the company is well positioned to build on this year's results and will continue to trade well in future years.

Future Developments
 
The Company retains a combination of funding lines which are regularly reviewed to ensure there is sufficient headroom available to meet all working capital requirements.
The directors consider the Group to be well positioned to continue the current level of performance into the future.

Directors' statement of compliance with duty to promote the success of the Company
 
Section 172(1) Statement
The Companies (Miscellaneous Reporting) Regulations 2018, requires Directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006, when performing their duty to promote the success of the Company under S172. This S172 statement explains how, during the financial year, group directors:

have engaged with employees, suppliers, customers & others
have maintained the Company's reputation for good business conduct
have acted fairly for all shareholders whilst having regard to other stakeholders

S172(1) (A) - The likely consequences of any decision in the long term 
The directors understand the business and environment in which we operate, including the challenges faced by the UK & European retail sector. The strategy set by the board is intended to strengthen our position as a wholesaler of high-quality domestic household products at competitive prices. 
To achieve our strategic ambitions, the board have continued to develop relationships with suppliers and customers to communicate our strategy, ensuring our goals are understood and achievable. 
The directors recognise how our goals are viewed by our stakeholders and have taken decisions they believe best support strategic objectives. 
- 1 -

 
151 PRODUCTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

S172(1) (B) - The interests of the Company's employees 
The directors recognise that its employees are core to the business and play a huge part in the delivery of our strategic goals. The success of our business depends on attracting and retaining employees and keeping them motivated. The directors understand that we must be a responsible employee from pay and benefits to health and safety in the workplace. 
The directors consider the implications of decisions on employees and the wider workforce where relevant and feasible. 
S172(1) (C) - The need to foster the Company's business relationships with suppliers, customers and others
Delivering our strategy requires mutually beneficial relationships with suppliers & customers. The board continuously reviews and approves the approach to suppliers and assesses customer related priorities and with whom we do business with. The board communicates with the business on these matters by way of business updates. 
S172(1) (D) - The impact of the Company's operations on the community and the environment
The directors are aware of the growing importance of environmental sustainability & preservation.  The board understand that we must act responsibly in this regard in our day to day business activities. The board will discuss any environmental issues with their senior management team as and when required. 
S172(1) E - The desirability of the Company maintaining a reputation for high standards of business conduct
This aspect  has always been inherent within the values & the strategic ambitions of the Company. The directors periodically review and approve the company frameworks such as employee handbook, Statements of Operating Procedures & Modern Slavery Statements. This is to ensure that high standards are maintained within the company and other business relationships. The board is informed of any key changes to relevant compliances and take these into consideration during the review process. 
S172(1) F - The need to act fairly as between members of the Company
The directors will make decisions in line with company strategy whilst taking  into consideration the impact on stakeholders. In doing so they act fairly as between the members of the Company. 
 
This report was approved by the board on 30 May 2025 and signed on its behalf.



R L Shonn
Director

- 2 -

 
151 PRODUCTS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £5,242,640 (2023 - £4,397,208).

Dividends of £825,398 (2023: £655,725) were declared in the year.

Directors

The directors who served during the year were:

R L Shonn 
S M Shonn 
A L Lewis 
J C Gayle 

Matters covered in the Strategic Report

Certain information is not shown in the Directors' Report because it is shown in the Strategic Report on page 1 of the financial statements in accordance with the provisions of Section 414C(11) of the Companies Act 2006. The Strategic Report includes a business review, future prospects, principal risks and uncertainties and information on the Company's key performance indicators.

- 3 -

 
151 PRODUCTS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Streamlined Energy and Carbon Report (SECR)

The SECR report findings can be found in the Parent Company, Eurostation Holdings Limited.

Going concern

These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Company to continue as a going concern.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 May 2025 and signed on its behalf.
 





R L Shonn
Director

- 4 -

 
151 PRODUCTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF 151 PRODUCTS LIMITED
 

Opinion

We have audited the financial statements of 151 Products Limited (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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 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 December 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 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
- 5 -

 
151 PRODUCTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF 151 PRODUCTS LIMITED
 

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 course of 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 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 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.
- 6 -

 
151 PRODUCTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF 151 PRODUCTS LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as: tax legislation, pension legislation and the Companies Act 2006. 
- 7 -

 
151 PRODUCTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF 151 PRODUCTS LIMITED
 

In addition, we evaluated the directors' and 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 posting manual journal entries to manipulate financial performance, management bias through judgments and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit 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.




John Daly (Senior Statutory Auditor)

  
for and on behalf of Forvis Mazars LLP

Chartered Accountants and Statutory Auditor 
One St. Peter's Square
Manchester
M2 3DE

30 May 2025
- 8 -

 
151 PRODUCTS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
82,413,115
68,846,544

Cost of sales
  
(57,676,789)
(48,938,652)

Gross profit
  
24,736,326
19,907,892

Distribution costs
  
(6,309,741)
(4,948,698)

Administrative expenses
  
(11,491,899)
(9,433,640)

Other operating income
 5 
272,344
423,251

Operating profit
 6 
7,207,030
5,948,805

Interest receivable and similar income
 10 
42,062
44,473

Interest payable and similar expenses
 11 
(207,536)
(210,065)

Profit before tax
  
7,041,556
5,783,213

Tax on profit
 12 
(1,798,916)
(1,386,005)

Profit for the financial year
  
5,242,640
4,397,208

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 12 to 29 form part of these financial statements.

- 9 -

 
151 PRODUCTS LIMITED
REGISTERED NUMBER: 02149608

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
641,250
688,750

Tangible assets
 15 
2,732,542
2,787,898

Investments
 16 
200,080
200,080

  
3,573,872
3,676,728

Current assets
  

Stocks
 17 
8,614,279
8,072,811

Debtors: amounts falling due within one year
 18 
15,027,787
13,711,178

Cash at bank and in hand
 19 
5,761,310
3,332,257

  
29,403,376
25,116,246

Creditors: amounts falling due within one year
 20 
(8,253,073)
(7,923,325)

Net current assets
  
 
 
21,150,303
 
 
17,192,921

Total assets less current liabilities
  
24,724,175
20,869,649

Creditors: amounts falling due after more than one year
 21 
(1,795,357)
(2,382,416)

Provisions for liabilities
  

Deferred tax
 22 
(73,559)
(49,216)

Net assets
  
22,855,259
18,438,017


Capital and reserves
  

Called up share capital 
 24 
1,000
1,000

Profit and loss account
 25 
22,854,259
18,437,017

  
22,855,259
18,438,017


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 May 2025.


R L Shonn
Director

The notes on pages 12 to 29 form part of these financial statements.

- 10 -

 
151 PRODUCTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
1,000
14,695,534
14,696,534


Comprehensive income for the year

Profit for the year
-
4,397,208
4,397,208
Total comprehensive income for the year
-
4,397,208
4,397,208


Contributions by and distributions to owners

Dividends: Equity capital (Note 13)
-
(655,725)
(655,725)


Total transactions with owners
-
(655,725)
(655,725)



At 1 January 2024
1,000
18,437,017
18,438,017


Comprehensive income for the year

Profit for the year
-
5,242,640
5,242,640
Total comprehensive income for the year
-
5,242,640
5,242,640


Contributions by and distributions to owners

Dividends: Equity capital (Note 13)
-
(825,398)
(825,398)


Total transactions with owners
-
(825,398)
(825,398)


At 31 December 2024
1,000
22,854,259
22,855,259


The notes on pages 12 to 29 form part of these financial statements.

- 11 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

151 Products Limited ('the Company') is a private limited company incorporated in England and Wales. The address of its registered office and principal place of business is:
The Old School House, 39 Bengal Street, Manchester, M4 6AF.
The principal activities of the Company is that of wholesaling branded domestic products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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 the 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 Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Eurostation Holdings Limited as at 31 December 2024 and these financial statements may be obtained from The Old School House, 39 Bengal Street, Manchester M4 6AF.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

- 12 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Going concern

These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Company to continue as a going concern.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

- 13 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Trademarks
-
20
years straight line

- 14 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight-line
Plant and machinery
-
20/33% straight-line
Fixtures and fittings
-
33% straight-line
Equipment
-
33% straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

- 15 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

- 16 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

- 17 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgments, estimates and assumptions in determining the carrying amount of assets and liabilities. The directors' judgments, estimates and assumptions are based on the best and most reliable evidence available at the time when decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgments, estimates and assumptions, the actual results and outcomes may differ.
The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The directors believe that the critical accounting policies where judgments or estimates are necessarily applied are stock provisions, bad debt provisions and the useful expected lives of property, plant and equipment, and trademarks.

- 18 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

The whole of the turnover is attributable to one class of business.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
65,708,852
58,632,553

Rest of Europe
12,310,598
7,720,872

Rest of the world
4,393,665
2,493,119

82,413,115
68,846,544



5.


Other operating income

2024
2023
£
£

Management fees
272,344
423,251



6.


Operating profit

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

2024
2023
£
£

Depreciation
197,766
143,584

Cost of defined contribution pension scheme
134,826
113,081

Exchange gains
(1,171,070)
(987,351)

Amortisation
47,500
47,500

Operating lease expenditure
582,918
178,213

- 19 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
21,000
17,250

Fees payable to the Company's auditor in respect of:

Taxation compliance and other services
10,875
15,000


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
6,263,992
4,783,420

Social security costs
771,148
568,267

Cost of defined contribution pension scheme
134,826
113,081

7,169,966
5,464,768


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production staff
54
53



Administrative staff
92
70

146
123

- 20 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
572,386
599,586

Company contributions to defined contribution pension schemes
41,003
38,300

613,389
637,886


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £186,677 (2023 - £244,267).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £19,321 (2023 - £8,521).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
42,062
44,473


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
12,365
12,332

Other loan interest payable
195,171
197,733

207,536
210,065

- 21 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,774,573
1,336,789

Total current tax
1,774,573
1,336,789

Deferred tax


Origination and reversal of timing differences
24,328
53,126

Adjustments in respect of prior periods
15
(3,910)

Total deferred tax
24,343
49,216


Taxation on profit on ordinary activities
1,798,916
1,386,005

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
7,041,556
5,783,213


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
1,760,389
1,360,212

Effects of:


Expenses not deductible for tax purposes
9,787
1,330

Fixed asset differences
38,411
30,726

Adjustments to tax charge in respect of prior periods - deferred tax
15
(3,910)

Remeasurement of deferred tax for changes in tax rates
-
3,176

Other differences leading to a decrease in the tax charge
-
(4,823)

Group relief claimed
(9,686)
(706)

Total tax charge for the year
1,798,916
1,386,005


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

- 22 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Dividends

2024
2023
£
£


Dividends paid during the year
825,398
655,725


14.


Intangible assets




Trademarks

£



Cost


At 1 January 2024
950,000



At 31 December 2024

950,000



Amortisation


At 1 January 2024
261,250


Charge for the year
47,500



At 31 December 2024

308,750



Net book value



At 31 December 2024
641,250



At 31 December 2023
688,750



- 23 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Equipment
Total

£
£
£
£
£



Cost


At 1 January 2024
3,100,000
971,584
818,401
380,820
5,270,805


Additions
-
4,570
123,803
14,037
142,410



At 31 December 2024

3,100,000
976,154
942,204
394,857
5,413,215



Depreciation


At 1 January 2024
599,100
952,263
634,509
297,035
2,482,907


Charge for the year
61,999
5,615
95,869
34,283
197,766



At 31 December 2024

661,099
957,878
730,378
331,318
2,680,673



Net book value



At 31 December 2024
2,438,901
18,276
211,826
63,539
2,732,542



At 31 December 2023
2,500,900
19,321
183,892
83,785
2,787,898

- 24 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Fixed asset investments





Investments in subsidiary companies

£



Cost and net book value


At 1 January 2024
200,080



At 31 December 2024
200,080





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Swirl Consumer Products Limited
Ordinary
100%
Star Wipes Ltd.
Ordinary
100%

Both subsidiaries have their registered office at The Old School House, 39 Bengal Street, Manchester, M4 6AF.


17.


Stocks

2024
2023
£
£

Finished goods and goods for resale
8,614,279
8,072,811


- 25 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Debtors

2024
2023
£
£


Trade debtors
9,630,702
9,003,736

Amounts owed from group undertakings
566,875
792,059

Amounts owed from related parties
9,406
749,919

Other debtors
546,103
469,347

Prepayments and accrued income
4,249,274
2,696,117

Corporation tax recoverable
25,427
-

15,027,787
13,711,178


Amounts owed from group undertakings are interest free and repayable on demand.


19.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,761,310
3,332,257



20.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
632,648
597,468

Invoice finance
-
26,347

Trade creditors
2,443,413
2,119,647

Amounts owed to group undertakings
1,159,547
1,352,533

Corporation tax
-
961,789

Other taxation and social security
808,825
374,200

Other creditors
857,366
1,105,198

Accruals and deferred income
2,351,274
1,386,143

8,253,073
7,923,325


The invoice finance balance is secured against certain trade debtor balances.
Amounts owed to group undertakings are interest free and repayable on demand.

- 26 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,715,357
2,262,416

Other creditors
80,000
120,000

1,795,357
2,382,416


Secured Loans
The Company enters into a short term "import loan" agreement with the bank, whereby the funds borrowed are secured on the stock purchased.
Bank loans is a mortgage, repayable in equal instalments until October 2029, with interest charged at 2.09% above HSBC Bank Plc base rate. The mortgage is secured by way of a debenture comprising a fixed and floating charge over the freehold property. An amount of £Nil (2023: £205,984) is due after more than 5 years.


22.


Deferred taxation




2024
2023


£

£






At beginning of year
(49,216)
4,734


Charged to profit or loss
(24,343)
(53,950)



At end of year
(73,559)
(49,216)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(75,782)
(65,592)

Short term timing differences
2,223
16,376

(73,559)
(49,216)


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Employer pension contributions during the period totalled £134,826 (2023: £113,081). Contributions totalling £22,616 (2023: £19,311) were payable to the fund at the balance sheet date.

- 27 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



1,000 (2023 -1,000) Ordinary shares of £1.00 each
1,000
1,000

All Ordinary shares hold the right to vote and receive payments of dividends and distributions.



25.


Reserves

Profit and loss account

The balance of the profit and loss account represents the accumulated profits of the Company less any distributed dividends.


26.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

As restated
2024
2023
£
£


Not later than 1 year
675,992
382,224

Later than 1 year and not later than 5 years
1,321,235
562,322

Later than 5 years
960
2,407

1,998,187
946,953


27.


Contingencies

A composite company multilateral guarantee dated 3 December 2015 is also now held by HSBC Bank Plc.
Also the Company has given a guarantee in favour of HM Revenue and Customs for £130,000 (2023: £130,000).

- 28 -

 
151 PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

28.


Related party transactions

The Company has taken advantage of the exemption permitted by Section 33 Related Party Disclosures, not to provide disclosures of transactions entered into with other wholly-owed members of the Group.

151 Products Limited made purchases from Propeller Investments LLP amounting to £174,740 (2023: £390,000). At the Statement of Financial Position date Propeller Investments LLP owes the Company £Nil (2023: £443,731) and this is included within amounts due from joint ventures and associated undertakings due within one year. Propeller Investments LLP is a related party by virtue of common directorship (R L Shonn and S M Shonn).
151 Products Limited made purchases during the period up to 21 January 2024 from Shonn Brothers (Manchester) Limited amounting to £797 (2023: £6,855) and sales to Shonn Brothers (Manchester) Limited amounting to £Nil (2023: £1,090,062). As of 22 January 2024, Shonn Brothers (Manchester) Limited ceased to be a related party due to the termination of common directorship (R L Shonn and S M Shonn).
151 Products Limited made purchases during the year from B7 Ventures Limited amounting to £111,400 (2023: £190,969) and sales to B7 Ventures Limited amounting to £Nil (2023: £Nil). At the Statement of Financial Position date B7 Ventures Limited is owed £Nil (2023: £19,097), this is included within other creditors due within one year. B7 Ventures Limited is a related party by virtue of common directorship (R L Shonn).
151 Products Limited made purchases during the period up to 31 August 2024 from Doff Portland Limited amounting to £633,902 (2023: £569,033) and sales to Doff Portland Limited amounting to £1,009,917 (2023: £1,045,743). As of 1 September 2024, Doff Portland Limited ceased to be a related party due to the termination of common directorship (R L Shonn).
At the Statement of Financial Position date Chorio Limited owes £713 (2023: £713). Chorio Limited is a related party by virtue of common directorship (R L Shonn).
At the Statement of Financial Position date Saxwood Limited owes £713 (2023: £713). Saxwood Limited is a related party by virtue of common directorship (R L Shonn).
At the Statement of Financial Position date an amount of £6,162 was owed by EHL 2021 Limited (2023: £1,820), a company under common control and owning shares in the ultimate parent company. 
At the Statement of Financial Position date Eurostation Products (Ireland) Limited owes £1,818 (2023: £909). Eurostation Products (Ireland) Limited is a related party by virtue of common directorship (R L Shonn).
All loans to and from related parties are unsecured and repayable on demand.
Key management personnel are deemed to be the directors.
The Company has an unlimited cross company guarantee with a related party dated 21 November 2002.


29.


Controlling party

The immediate parent company is Eurostation Limited, company number 04037712. The ultimate parent company is Eurostation Holdings Limited, company number 11574848. Both the immediate and ultimate parent companies are registered in England and Wales and copies of the financial statements are available from The Old School House, 39 Bengal Street, Manchester, M4 6AF.

- 29 -