Eco Vape Limited Cover
Eco Vape Limited
Company No. 09287568
Directors' Report and Audited Financial Statements
31 October 2024
Eco Vape Limited Contents
Pages
Company Information
2
Strategic Report
4 to 5
Directors' Report
6 to 7
Auditor's Report
8 to 11
Statement of Comprehensive Income
12
Statement of Financial Position
13
Statement of Changes in Equity
14
Statement of Cash Flows
15
Notes to the Financial Statements
16 to 33
Eco Vape Limited Company Information
Directors
Jane Dainty
Brett Heaps
Registered Office
HCL Building
Cotes Park Industrial Estate
Cotes Park Lane
Alfreton
DE55 4NJ
Independent Auditors
Barnett & Turner Accountants Ltd
Chartered Accountants and Registered Auditors
Cromwell House
68 West Gate
Mansfield
NG18 1RR
Accountants
Small Business Accountants Limited
Self Assessment House
85 - 87 Saltergate
Chesterfield
Derbyshire
S40 1JS
Eco Vape Limited Strategic Report
The Directors present their strategic report for the year ended 31 October 2024.
Business review
Eco Vape Limited experienced a year of significant transformation, adapting to evolving market dynamics while maintaining its core commitment to innovation, quality, and sustainability. Although the financial performance reflected a reduction in turnover and a net loss for the year, the company took decisive steps to realign its cost structure and strategic priorities for long-term resilience and growth.
In response to the loss, a comprehensive cost-saving review was undertaken. This included the downsizing of excess warehousing space to reduce rent overheads and redirect resources toward core growth areas. One such initiative was the development of a new on-site cash and carry, which is now trading successfully and offering a diverse product range designed to attract a broader base of customers — particularly those who already retail vape products.
The company also acquired and integrated several B2B e-commerce platforms to increase customer reach and extend its product offering. These acquisitions enable faster onboarding of trade clients and provide access to new wholesale sectors beyond the traditional vape market.
Eco Vape continues to diversify through substantial investment in smoking accessories and related retail verticals. This has led to the launch of a new store group, High Rollers, which aims to attract new footfall into retail spaces whilst cross-promoting Eco Vape’s full product range. The group serves as both a retail outlet and a brand engagement hub.

Eco Vape remains committed to developing premium, British-made vaping products that meet regulatory standards while delivering excellent value to customers.
Financial and other key performance indicators:
The decline in revenue during the year was primarily due to the loss of a major disposable vape client following regulatory changes and growing uncertainty around the future of disposable products in the UK. This resulted in a significant short-term impact on sales volume and overall turnover.

In response, the business has shifted its strategic focus toward more stable, independent trade customers and diversified sales channels. By restructuring underperforming divisions and reinvesting in higher-yield, sustainable opportunities — such as the on-site cash and carry, B2B platform acquisitions, and retail expansion via the High Rollers store group — Eco Vape is building a more resilient foundation for future growth.
The company's key performance indicators during the year were as follows:
Key financial performance indicators:
Unit
2024
2023
1
Turnover
£ 000s
8,198
17,261
2
Gross Profit
£ 000s
1,688
2,662
3
Operating (Loss) / Profit
£ 000s
(456)
177
4
Net Profit / (Loss)
£ 000s
(378)
29
Principal risks and uncertainties
The vaping industry continues to evolve under heightened regulatory scrutiny, particularly around disposable devices and nicotine content. The company closely monitors legislative developments and is proactively adjusting its product portfolio to maintain compliance and relevance. Key risks include:
1
Market risk: Mitigated through diversification into hardware, nicotine salt ranges, and smoking accessories, with growing emphasis on reusable systems.
2
Regulatory risk: Addressed by maintaining a robust compliance framework and engaging with legal advisors and trade associations.
3
Operational risk: Managed via investment in automation, supply chain resilience, and the optimisation of premises and inventory systems.
Signed on behalf of the board
Jane Dainty
Director
28 July 2025
Eco Vape Limited Directors Report
The Directors present their report and the financial statements for the year ended 31 October 2024.
Principal activities
The principal activity of the company during the year under review was the manufacture and distribution of e-liquid products.
Directors
The Directors who served at any time during the year were as follows:
Jane Dainty
Brett Heaps
Future developments
Eco Vape Limited is actively repositioning itself to align with the future direction of the industry, particularly with the UK’s upcoming disposable vape restrictions. Moving forward, the company will:

* Focus on developing compliant refillable and hybrid vaping systems.

* Scale up its cash and carry and High Rollers store network.

* Expand product lines in smoking accessories, CBD, and general convenience categories.

* Leverage recent B2B platform acquisitions to grow its wholesale customer base and digital visibility.

These combined actions are designed to stabilise profitability, reduce overhead exposure, and build a more diverse and sustainable growth engine for the years ahead.
Statement of directors' responsibilities
The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts 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 accounts, the directors are required to:
*
select suitable accounting policies and then apply them consistently;
*
make judgements and 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 statments; 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 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 of disclosure of information to auditor
So far as the directors are aware, there is no relevant audit information 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 information and to establish that the company's auditors are aware of that information.
Signed on behalf of the board
Jane Dainty
Director
28 July 2025
Eco Vape Limited Audit Report Unqualified
Independent Auditor's Report to the members of Eco Vape Limited
Opinion
We have audited the financial statements of Eco Vape Limited (the 'company') for the year ended 31 October 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the Notes to the Financial Statements, including 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 October 2024 and of its loss
for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts 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 accounts are authorised for issue.
Our responsibilities and the responsibillities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based upon the work undertaken in the course of the audit:
• the information given in the strategic report and the directors' report for the financial year for which
the financial statements are prepared is consistent with the financial statements; and
• the strategic report and the directors' report have been prepared in accordance with applicable
legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us; or
• the financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement found in the directors' report, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the accounts 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:
As part of our planning process:

· We enquired of management regarding the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

· We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 and current tax legislation.

· We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

· Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

· Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

· Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

· Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the valuation of stock.

· Testing key revenue lines, in particular cut-off, for evidence of management bias.

· Performing a physical verification of key assets and stock items (including testing of the stock system).

· Obtaining third-party confirmation of material bank and loan balances.

· Documenting and verifying all significant related party balances and transactions.

· Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

· Testing all material consolidation adjustments.

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. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
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 the auditors report.
Use of this 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 auditors' 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.
Jonathan Wilson FCA CTA
Senior Statutory Auditor
For and on behalf of
Barnett & Turner Accountants Ltd
Chartered Accountants and Registered Auditors
Cromwell House
68 West Gate
Mansfield
NG18 1RR
28 July 2025
Eco Vape Limited Statement of Comprehensive Income
for the year ended 31 October 2024
Notes
2024
2023
£
£
Revenue
4
8,198,210
17,261,471
Cost of sales
(6,510,421)
(14,599,916)
Gross profit
1,687,789
2,661,555
Distribution costs and selling expenses
(358,177)
(958,058)
Administrative expenses
(1,808,612)
(1,560,695)
Other operating income
22,450
34,594
Operating (loss)/profit
5
(456,550)
177,396
Other interest receivable
8
-
8,482
Interest payable and similar charges
9
(50,815)
(40,629)
(Loss)/Profit on ordinary activities before taxation
(507,365)
145,249
Taxation
10
129,629
(116,267)
(Loss)/Profit for the financial year after taxation
(377,736)
28,982
Other comprehensive income
-
-
Total comprehensive income/(loss)
(377,736)
28,982
Eco Vape Limited Statement of Financial Position
at
31 October 2024
Company No.
09287568
Notes
2024
2023
£
£
Fixed assets
Intangible assets
11
-237,512
Tangible assets
12
1,148,0311,213,751
1,148,0311,451,263
Current assets
Stocks
13
1,541,3201,539,494
Debtors
14
1,815,6683,642,435
Cash at bank and in hand
234,466335,226
3,591,4545,517,155
Creditors: Amount falling due within one year
15
(2,148,014)
(3,889,478)
Net current assets
1,443,4401,627,677
Total assets less current liabilities
2,591,4713,078,940
Creditors: Amounts falling due after more than one year
16
(419,773)
(423,117)
Provisions for liabilities
Deferred taxation
17
-
(83,543)
Net assets
2,171,6982,572,280
Capital and reserves
Called up share capital
18
100100
Profit and loss account
19
2,171,5982,572,180
Total equity
2,171,6982,572,280
Approved by the board on 28 July 2025 and signed on its behalf by:
Jane Dainty
Director
28 July 2025
Eco Vape Limited Statement of Changes in Equity
for the year ended 31 October 2024
Share Capital
Retained earnings
Total equity
£
£
£
At 1 November 2022
100
2,617,910
2,618,010
Profit for the period
28,982
28,982
Dividends
(74,712)
(74,712)
At 31 October 2023 and 1 November 2023
1002,572,1802,572,280
Loss for the period
(377,736)
(377,736)
Dividends
(22,846)
(22,846)
At 31 October 2024
1002,171,5982,171,698
Eco Vape Limited Statement of Cash Flows
for the year ended 31 October 2024
2024
2023
£
£
Cash flows from operating activities
Operating (loss)/profit
(456,550)
177,396
Adjustments for:
Depreciation of property, plant and equipment
176,409
189,589
Amortisation of intangible assets
237,512
-
Profit on disposal of tangible fixed assets
-
(49,853)
Increase in stocks
(1,826)
(709,004)
Decrease in trade and other receivables
1,840,129
810,701
(Decrease)/Increase in trade and other payables
(1,468,918)
328,951
Net cash generated from operations
326,756
747,780
Interest paid
(50,815)
(40,629)
Income taxes paid
(110,000)
(178,416)
Net cash generated from operating activities
165,941528,735
Cash flows from investing activities
Proceeds from sales of property, plant and equipment
-92,092
Payments for property, plant and equipment
(110,689)
(631,233)
Proceeds from sale of intangible assets
-
466
Interest received
-8,482
Net cash used in investing activities
(110,689)
(530,193)
Cash flows from financing activities
Repayment of borrowings
(128,886)
222,975
Repayments of obligations under finance lease and hire purchase contracts
(4,280)
(4,281)
Proceeds from new finance lease and hire purchase contracts
-17,122
Equity dividends paid
(22,846)
(74,712)
Net cash (used in)/from financing activities
(156,012)
161,104
Net (decrease)/increase in cash and cash equivalents
(100,760)
159,646
Cash and cash equivalents at the beginning of the year
335,226
175,580
Cash and cash equivalents at the end of the year
234,466
335,226
Components of cash and cash equivalents
Cash and bank balances
234,466
335,226
234,466
335,226
Eco Vape Limited Notes to the Financial Statements
for the year ended 31 October 2024
1
General information
Eco Vape Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 09287568
Its registered office is:
HCL Building
Cotes Park Industrial Estate
Cotes Park Lane
Alfreton
DE55 4NJ
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.
1
The financial statements have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Going concern
The company’s business activities, together with the factors likely to affect its future development and financial position, are set out in the strategic report and directors' report.

The company’s forecasts and projections, taking account of reasonably possible changes in operational performance as a result of general economic conditions, show that the company is expected to generate positive cash flows for the foreseeable future.

On the basis of their assessment of the company’s financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Hence, the directors believe it is appropriate to adopt the going concern basis of preparation of the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

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

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Intangible assets
Development expenditure
Development of products is capitalised when it meets the following conditions:

• It is technically feasible to complete the research or development so that the product will be
available for use or sale.
• It is intended to use or sell the product being developed.
• The Company is able to use or sell the product.
• It can be demonstrated that the product will generate probable future economic benefits.
• Adequate technical, financial and other resources exist so that product development can be
completed and subsequently used or sold.
• Expenditure attributable to the research and development work can be reliably measured.

Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses and amortised over its useful economic life. Assessments of useful economic life range from 5 to 15 years. Amortisation expenses for the year and last year are included in administrative expenses.

All other research and development expenditure is recognised as an expense in the period in which it is incurred.
Tangible fixed assets and depreciation
Land and buildings held and used in the Company's own activities for production and supply of goods or for administrative purposes are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve. Depreciation on revalued buildings is charged to profit or loss so as to write off their value, less residual value, over their estimated useful lives, using the straight-line method.

Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.
Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment
losses. Depreciation on plant and equipment is charged to profit or loss so as to write off their value, over their estimated useful lives, using the straight-line method.

Assets held under finance leases are depreciated in the same manner as owned assets.

At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Plant and machinery
25% reducing balance
Motor vehicles
25% reducing balance
Furniture, fittings and equipment
25% reducing balance
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.
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.

Financial instruments are recognised in the company's balance sheet 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.
Financial Instruments (Continued)
Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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.
Related parties
For the purposes of these financial statements, a party is considered to be related to the Company if:

• the party has the ability, directly or indirectly, through one or more intermediaries, to control the
Company or exercise significant influence over the company in making financial and operating policy
decisions, or has joint control over the Company;
• the Company and the party are subject to common control;
• the party is an associate of the Company or a joint venture in which the Company is a venturer;
• the party is a member of key management personnel of the Company or the Company’s parent, or a
close family member of such an individual, or is an entity under the control, joint control or
significant influence of such individuals;
• the party is a close family member of a party referred to in (i) or is an entity under the control, joint
control or significant influence of such individuals; or
• the party is a post-employment benefit plan which is for the benefit of employees of the
Company or of any entity that is a related party of the Company.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.
Foreign currencies
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Contingent rentals are recognised as expenses in the periods in which they are incurred.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Defined contribution pensions
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 payments obligations.
The contributions are recognised as an expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
3
Critical accounting judgements and key sources of estimation uncertainty
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
Depreciation of tangible fixed assets:

Determining the appropriate rate of depreciation of tangible fixed assets requires an estimation of the useful economic life and ultimate net realisable value. The useful economic life is determined to be the period during which each asset will generate positive cash flows for the company.
Stock Valuation:

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first-in, first-out basis. The shelf life of some stock lines is limited. Stock levels are continuously monitored to ensure stock obsolescence is kept to a minimum.
4
Revenue Analysis
Revenue, analysed geographically between markets, was as follows:
2024
2023
£
£
United Kingdom
7,897,09316,793,444
Europe
279,053335,940
Rest of the World
22,064132,087
8,198,21017,261,471
5
Operating (Loss)/Profit
2024
2023
This is stated after charging:
£
£
Depreciation of owned fixed assets
176,409
189,589
Amortisation of intangible fixed assets
237,512
-
Auditors' remuneration for:
Audit of the company's annual accounts
14,575
14,575
6
Staff costs
2024
2023
Staff costs during the year (including directors) were as follows:
£
£
Wages and salaries
1,056,540
1,133,417
Social security costs
94,443
100,132
Other pension costs
22,479
21,637
Total in company
1,173,462
1
1,255,186
2024
2023
The average monthly number of employees (including directors) during the year was:
Number
Number
Administration
12
21
Production
17
14
Sales and marketing
7
4
Total in company
3639
7
Directors' remuneration
2024
2023
Remuneration included within staff costs - Note 6 - in respect of directors was as follows:
£
£
Aggregate remuneration in respect of qualifying services
23,347
68,202
Total remuneration
23,347
1
68,202
8
Interest receivable
2024
2023
£
£
Other interest receivable
-8,482
-8,482
9
Interest payable and similar charges
2024
2023
£
£
Bank loan and overdraft interest payable
40,830
17,993
Other interest payable
9,256
21,259
HP interest
729
1,377
50,81540,629
10
Taxation
(a) Tax on profit on ordinary activities
2024
2023
The tax charge is made up as follows:
£
£
UK corporation tax
Charge for the period
-32,724
Credit for prior periods
(32,724)
-
Total corporation tax
(32,724)
32,724
Origination and reversal of timing differences
(96,905)
83,543
Total deferred tax
(96,905)
83,543
Tax on profit on ordinary activities
(129,629)
116,267
(b) Factors affecting the total tax charge for the period
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The differences are reconciled below:
Lower
2024
2023
-2788
£
£
Profit on ordinary activities before tax
(507,365)
145,249
Standard rate of corporation tax in the United Kingdom
25%
23%
Profit on ordinary activities multiplied by standard rate of corporation tax in the United Kingdom
(126,841)
32,681
Expenses not deductible for tax purposes
55-
Adjustments to charge in respect of prior periods
3,607
-
Book profits on chargeable assets
(79,048)
87,010
Other short term timing differences
(5)
(3,467)
Capital Allowances in excess of depreciation
72,60343
Tax on profit on ordinary activities
(129,629)
116,267
11
Intangible fixed assets
Develop- ment costs
Total
£
£
Cost
At 1 November 2023
237,512237,512
At 31 October 2024
237,512237,512
Amortisation and impairment
Charge for the year
237,512237,512
At 31 October 2024
237,512237,512
Net book values
At 31 October 2024
--
At 31 October 2023
237,512237,512
12
Tangible fixed assets
Land and buildings
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
£
£
Cost or revaluation
At 1 November 2023
513,8291,343,34368,463511,7432,437,378
Additions
92,0926,4666,1505,981110,689
At 31 October 2024
605,9211,349,80974,613517,7242,548,067
Depreciation and impairment
At 1 November 2023
-806,09641,536375,9951,223,627
Charge for the year
-134,3127,46634,631176,409
At 31 October 2024
-940,40849,002410,6261,400,036
Net book values
At 31 October 2024
605,921409,40125,611107,0981,148,031
At 31 October 2023
513,829537,24726,927135,7481,213,751
Net book values of assets held under finance leases and hire purchase contracts and included above
At 31 October 2024
-
9,583
-
9,583
At 31 October 2023
-
12,778
-
12,778
13
Stocks
2024
2023
£
£
Finished goods
1,541,3201,539,494
1,541,3201,539,494
14
Debtors
2024
2023
£
£
Trade debtors
1,000,9812,842,016
Amounts owed by group undertakings
80,66145,222
Corporation tax recoverable
143,342143,342
Deferred tax asset
13,362-
Loans to directors
376,957376,957
Other debtors
37,52114,794
Prepayments and accrued income
162,844220,104
1,815,6683,642,435
15
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
108,852120,911
Other loans
10,3538,174
Obligations under finance lease and hire purchase contracts
4,2804,280
Trade creditors
994,6692,677,647
Corporation tax
78,506221,230
Other taxes and social security
223,84642,299
Loans from directors
38,17716,810
Other creditors
5,04424,236
Accruals and deferred income
684,287773,891
2,148,0143,889,478
Bank loans and overdrafts and other loans are secured by fixed and floating charges over the assets of the company and by directors’ personal guarantees. Obligations under finance leases and hire purchase contracts are secured on the related assets.
16
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-108,852
Other loans
95,441105,595
Obligations under finance lease and hire purchase contracts
4,2818,561
Amounts owed to group undertakings
320,051200,109
419,773423,117
Obligations under finance leases and HP contracts
Amounts due within one year
4,280
4,280
Amounts due between 1 and 5 years
4,281
8,561
8,56112,841
17
Provisions for liabilities
Deferred taxation
Accelerated capital allowances, losses and other timing differences
Total
£
£
At 1 November 2023
83,543
83,543
Credit to the profit and loss account for the period
(96,905)
(96,905)
At 31 October 2024
(13,362)
(13,362)
18
Share Capital
Called-up share capital represents the nominal value of shares that have been issued.
Nominal value
2024
2024
2023
£
Number
£
£
Allotted, called up and fully paid:
Ordinary £1 Shares1100100100
100100
19
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
20
Reconciliation of net debt
At 1 November 2023
Cash flows
New HP/Finance leases
At 31 October 2024
£
£
£
£
Cash and cash equivalents
335,226
(100,760)
234,466
335,226
(100,760)
-
234,466
Borrowings
(113,769)
7,975
(105,794)
Bank loans
(229,763)
120,911
(108,852)
Obligations under HP/Finance Leases
(12,841)
4,280
-
(8,561)
(356,373)
133,166
-
(223,207)
Net debt
(21,147)
32,406
-
11,259
21
Commitments
Operating lease commitments
Annual commitments under non-cancellable operating leases are as follows:
2024
2024
2023
2023
Land and buildings
Other
Land and buildings
Other
£
£
£
£
Operating leases with expiry date:
Within one year
-
19,023
-
3,558
In the second to fifth years inclusive
-
38,387
-
96,902
-
57,410
-
100,460
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 funds. The pension cost charge represents contributions payable by the company to the fund and amounted to £22,450 (2023 - £21,637). Contributions totalling £5,404 (2023 - £5,383) were payable to the fund at the balance sheet date.
22
Dividends
2024
2023
£
£
Dividends for the period:
Dividends by type:
Equity dividends
22,84674,712
22,846
74,712
23
Advances and credits to directors
2024
£
At 1 November 2023
403,580
At 31 October 2024
403,580
24
Related party disclosures
During the year the company traded with other companies controlled by the directors of this company.

Sales amounted to £1,775,724 (2023 - £2,473,724), with £404,873 (2023 - £581,708) outstanding at the balance sheet date in respect of these sales. Purchases amounted to £231,138 (2023 - £151,984), with £270,874 (2023 - £22,862) outstanding at the balance sheet date in respect of these purchases. Extended credit is available to and from these companies.
The company occupies premises owned by a company controlled by the directors of this company. Rent paid in the year amounted to £119,047 (2023 - £76,396).

The related companies support each other financially in the form of interest-free loans. £320,051 (2023 - £45,222) was owed to the company at the balance sheet date. £80,660 (2023 - £200,109) was owed by the company at the balance sheet date. These loans have no fixed repayment terms.
Controlling party
Immediate controlling party:
Jane Dainty, together with her husband, holds the controlling interest in the shares of the company.
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