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COMPANY REGISTRATION NUMBER: 6033203
Xpressfish Limited
Financial Statements
31 December 2024
Xpressfish Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Notes to the financial statements
12
Xpressfish Limited
Officers and Professional Advisers
The board of directors
S C Tomlinson
R Clutterbrook
Registered office
351 South Boulevard
Hessle Road
Hull
East Yorkshire
HU3 4DY
Auditor
M A Evans
Chartered Certified Accountants & statutory auditor
3 Constable Grove
Kirk Ella
Hull
HU10 7GW
Xpressfish Limited
Strategic Report
Year ended 31 December 2024
The directors present their strategic report of the company for the year ended 31 December 2024. Company overview The company operates from its head office in Hull and is a well established wholesale distributor of frozen at sea fish fillets and other frozen seafood from around the world. It is a leading importer of Icelandic frozen at sea cod and haddock in the UK, as well as frozen seafood from around the world. Development and performance The directors are pleased to report the company results which detail a strong performance. Market conditions were favourable and aided an improved gross margin. More challenging conditions are expected for 2025 as prices continue to rise. Principal risks and uncertainties We face the ongoing challenge of a changing competitive landscape and price pressure across our markets from both suppliers and customers. The global economic landscape, political uncertainty and currency fluctuations provide further uncertainties. Thanks largely to the agile management structure, the flexibility and robustness of the business model, and its consequent ability to respond rapidly to external change, these risks are mitigated. Financial risk management The board continues to undertake robust reviews of the risks that we believe could seriously affect the company's performance and prospects. As part of this review process, the board sets out its objectives each year and reviews the progress on a monthly basis. The company has implemented policies that require appropriate credit checks and credit insurance to be in place before sales orders are fulfilled. The exposure to bad debt and uninsured receivables is minimal. Financial key performance indicators The directors monitor the financial performance of the business through the prompt production and review of monthly management accounts and respond quickly and decisively to any issues identified. Turnover and profit before taxation being the key performance indicators, whilst we continue to grow our customer base and product range. The company is well positioned to take advantage of opportunities as they arise.
This report was approved by the board of directors on 15 May 2025 and signed on behalf of the board by:
S C Tomlinson
Director
Xpressfish Limited
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the company for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
S C Tomlinson
R Clutterbrook
Dividends
Particulars of recommended dividends are detailed in note 9 to the financial statements.
Future developments
The future developments have been disclosed together with the strategic report.
Disclosure of information in the strategic report
The strategic report is detailed on page 2 of the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 15 May 2025 and signed on behalf of the board by:
S C Tomlinson
Director
Xpressfish Limited
Independent Auditor's Report to the Members of Xpressfish Limited
Year ended 31 December 2024
Opinion
I have audited the financial statements of Xpressfish Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In my 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; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of my report. I am independent of the company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC’s Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
Conclusions relating to going concern
In auditing the financial statements, I 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 I have performed, I 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.
My 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 my auditor’s report thereon. The directors are responsible for the other information. My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon. In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am 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 I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In my 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 i am 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, I have not identified material misstatements in the strategic report or the directors' report. I have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires me to report to you if, in my opinion: - adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by me; 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 - I have not received all the information and explanations I require for my audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
My 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 my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below: We have performed various procedures throughout the audit, those include: Analytical procedures - This involves trend analysis, ratio analysis and comparative analysis together. All anomalies are discussed with the client to gain a further understanding of the business. Substantive testing - This involves 4 key tests throughout the audit. Transaction testing, account reconciliations, confirmation procedures and vouching to supporting documentation. Specific fraud detection procedures - This involves 3 procedures, journal entry testing, related party transaction testing and judgements and estimates evaluation. We have also obtained external confirmations and verifications where possible and discussed key matters directly with key personnel to identify risks and obtain further evidence for enquiries. As part of an audit in accordance with ISAs (UK), I exercise professional judgment and maintain professional scepticism throughout the audit. I also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. Use of my 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. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.
M A Evans
M A Evans
Chartered Certified Accountants & statutory auditor
3 Constable Grove
Kirk Ella
Hull
HU10 7GW
15 May 2025
Xpressfish Limited
Statement of Income and Retained Earnings
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4
33,869,447
37,216,477
Cost of sales
29,671,433
34,576,938
-------------
-------------
Gross profit
4,198,014
2,639,539
Administrative expenses
3,154,882
2,558,479
------------
------------
Operating profit
5
1,043,132
81,060
Interest payable and similar expenses
16,042
7,488
------------
------------
Profit before taxation
1,027,090
73,572
Tax on profit
8
259,801
24,875
------------
--------
Profit for the financial year and total comprehensive income
767,289
48,697
------------
--------
Dividends paid and payable
9
( 400,000)
Retained earnings at the start of the year
1,414,274
1,365,577
------------
------------
Retained earnings at the end of the year
1,781,563
1,414,274
------------
------------
All the activities of the company are from continuing operations.
Xpressfish Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
10
157,074
55,215
Current assets
Stocks
11
5,943,178
5,357,699
Debtors
12
2,629,825
2,326,421
Cash at bank and in hand
52,517
97,443
------------
------------
8,625,520
7,781,563
Creditors: amounts falling due within one year
13
6,893,027
6,402,504
------------
------------
Net current assets
1,732,493
1,379,059
------------
------------
Total assets less current liabilities
1,889,567
1,434,274
Creditors: amounts falling due after more than one year
14
68,780
Provisions
Taxation including deferred tax
16
19,224
------------
------------
Net assets
1,801,563
1,434,274
------------
------------
Capital and reserves
Called up share capital
18
20,000
20,000
Profit and loss account
1,781,563
1,414,274
------------
------------
Shareholders funds
1,801,563
1,434,274
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 15 May 2025 , and are signed on behalf of the board by:
S C Tomlinson
Director
Company registration number: 6033203
Xpressfish Limited
Statement of Cash Flows
Year ended 31 December 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
767,289
48,697
Adjustments for:
Depreciation of tangible assets
76,328
84,077
Interest payable and similar expenses
16,042
7,488
Gains on disposal of tangible assets
( 500)
Tax on profit
259,801
24,875
Accrued income
( 67,917)
( 249,573)
Changes in:
Stocks
( 585,479)
74,877
Trade and other debtors
( 303,404)
( 485,696)
Trade and other creditors
( 609,179)
1,077
---------
---------
Cash generated from operations
( 447,019)
( 494,178)
Interest paid
( 16,042)
( 7,488)
Tax paid
( 88,630)
( 168,922)
---------
---------
Net cash used in operating activities
( 551,691)
( 670,588)
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 178,187)
( 15,451)
Proceeds from sale of tangible assets
500
---------
---------
Net cash used in investing activities
( 177,687)
( 15,451)
---------
---------
Cash flows from financing activities
Proceeds from borrowings
1,003,489
635,163
Payments of finance lease liabilities
80,963
( 47,401)
Dividends paid
( 400,000)
------------
---------
Net cash from financing activities
684,452
587,762
------------
---------
Net decrease in cash and cash equivalents
( 44,926)
( 98,277)
Cash and cash equivalents at beginning of year
97,443
195,720
--------
---------
Cash and cash equivalents at end of year
52,517
97,443
--------
---------
Xpressfish Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 351 South Boulevard, Hessle Road, Hull, East Yorkshire, HU3 4DY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: Disclosures in respect of financial instruments have not been presented. Disclosures in respect of share-based payments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Key assumptions and other sources of estimation uncertainty have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less, or to receive more tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
33,869,447
37,216,477
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
76,328
84,077
Gains on disposal of tangible assets
( 500)
Finance costs
445,725
494,137
---------
---------
6. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Distribution staff
12
10
Administrative staff
22
18
----
----
34
28
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,999,046
1,384,601
------------
------------
7. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
497,375
258,625
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
460,500
167,125
---------
---------
8. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
240,577
30,345
Deferred tax:
Origination and reversal of timing differences
19,224
( 5,470)
---------
--------
Tax on profit
259,801
24,875
---------
--------
9. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Dividends on ordinary shares
400,000
---------
----
10. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
158,539
364,809
523,348
Additions
178,187
178,187
Disposals
( 24,610)
( 24,610)
---------
---------
---------
At 31 December 2024
158,539
518,386
676,925
---------
---------
---------
Depreciation
At 1 January 2024
155,102
313,031
468,133
Charge for the year
3,437
72,891
76,328
Disposals
( 24,610)
( 24,610)
---------
---------
---------
At 31 December 2024
158,539
361,312
519,851
---------
---------
---------
Carrying amount
At 31 December 2024
157,074
157,074
---------
---------
---------
At 31 December 2023
3,437
51,778
55,215
---------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2024
104,145
---------
At 31 December 2023
42,838
---------
11. Stocks
2024
2023
£
£
Finished goods and goods for resale
5,943,178
5,357,699
------------
------------
12. Debtors
2024
2023
£
£
Trade debtors
2,463,105
2,140,327
Prepayments and accrued income
85,985
73,197
Directors loan account
31,380
Other debtors
80,735
81,517
------------
------------
2,629,825
2,326,421
------------
------------
13. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,214,497
2,292,219
Trade creditors
1,012,474
1,836,789
Accruals and deferred income
321,179
389,096
Corporation tax
240,577
88,630
Social security and other taxes
279,466
75,103
Obligations under finance leases and hire purchase contracts
27,352
15,169
Director loan accounts
81,211
Factoring account
1,574,857
1,680,334
Amounts owed to associated company
141,414
25,164
------------
------------
6,893,027
6,402,504
------------
------------
The factoring account and the bank loans are secured on the assets of the company.
14. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
68,780
--------
----
15. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
31,228
16,128
Later than 1 year and not later than 5 years
78,470
---------
--------
109,698
16,128
Less: future finance charges
( 13,566)
( 959)
---------
--------
Present value of minimum lease payments
96,132
15,169
---------
--------
16. Provisions
Deferred tax (note 17)
£
At 1 January 2024
Transfers
19,224
--------
At 31 December 2024
19,224
--------
17. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 16)
19,224
--------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
19,224
--------
----
18. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
20,000
20,000
20,000
20,000
--------
--------
--------
--------
19. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
97,443
(44,926)
52,517
Debt due within one year
(2,307,388)
(1,015,672)
(3,323,060)
Debt due after one year
(68,780)
(68,780)
------------
------------
------------
( 2,209,945)
( 1,129,378)
( 3,339,323)
------------
------------
------------
20. Directors' advances, credits and guarantees
During the year there were no directors' advances, credits and guarantees.
21. Related party transactions
During the year the company paid management charges to Simon Tomlinson Limited, a company under common control, to the value of £nil (2023 - £nil). The amount owed to Simon Tomlinson Limited at the balance sheet date was £141,414 (2023 - £25,164).