The directors present the strategic report for the year ended 31 March 2025.
Through the vision of Esther and Neil Cheong, Manning Impex Limited was established in 1987 and has grown to be both a pioneer and gateway for Southeast Asian foods to the UK and Irish territories. Offering a comprehensive range of over 1,000 product lines and representing a large number of category brand leaders from countries such as Thailand, Philippines, and Malaysia. Manning Impex’s tagline of ‘The Finest Quality Foods from the Far East’ embodies wholesome food products that attain or exceed world food standards for safety and hygiene, this is further ensured through strict supply chain management which is denoted by Manning Impex’s BRC rating of ‘AA’.
It was a large shock to the business following the loss of Neil Cheong in November 2024, may he rest in peace.
For the past 15 years Manning Impex’s future has been guided by the founders two sons who have continued to drive brand awareness and category penetration, resulting in excellent growth, resulting in double digit percentage growth for the past few years. The recent investment and continued structural reorganisation of the business directs the focus for the business to one of solid ROIs. With a sound and solid financial backbone, the directors ensure an unwavering foresight and strength to ensure exceptional situations such as the new world outlook based on the current American administration, Trump-ism, War in Europe and Gaza, foreign exchange volatility, Global Shipping Crisis Part II, Cost of Living Crisis and any other unforeseen factors does not restrict the group’s development and future plans. Investing heavily in IT Manning Impex is looking strong for the future, through the deployment of an entirely new IT platform with sales applications and associated software packages planned for October 2025 rollout.
The board decision to migrate to a more modern group organisation chart has meant the continued adoption of a new senior management layer within the business. The colleagues making up this layer have excellent track records within the business sector of operation and have delivered the level of leadership and best practices that have level up all aspects of operations and allow efficiencies to be expanded from.
Sustainability in both in modern trade and traditional trade channels have seen positive returns and gains even through dramatic episodes when the ‘Big 5’ retailers were rationalising ranges. The move to partner with major ‘Bricks and Mortar’ retailers has been a proven winner and the subsequent alliance with major online retailers has returned similar healthy results. The move to build relationships with the online food retailers has mirrored the ‘Bricks and Mortar’ stores.
Maintaining a strict control on overheads and outgoings has resulted in a lean and mean operation with investment spend benefiting the group’s day to day practices. Foreign exchange protective mechanisms ensure a viable and sustainable pricing policy for all categories of Manning Impex’s business dealings. Business partners for agency brands are an integral aspect of the business and whether it is face to face meetings in the Far East or video conferencing, joint business plans are derived, adapted, and monitored during a 12-month cycle.
Risk is everywhere and sometimes arrives uninvited, e.g., American administration, Trump-ism, Gaza, Windsor Framework agreement changes. Though continued colleague training, monitoring of regulatory and legal framework changes, the group ensures an eye is always kept on the weather gauge. With strong banking partners the group has also built up a resilience towards unfavourable winds and backed up with effective credit, liquidity, overhead and market risk strategies and plans.
Interest rate risk
The group finances its operations through a mixture of borrowings and overdraft facilities. Re-financing has given the group far more control over the level of credit and risk that it is exposed to.
Currency risk
The group has been exposed to extreme foreign currency fluctuations and with USA now creating an International war on trading partners, the USD has certainly seen a loss in investor confidence. The majority of the imports are from Southeast Asia and are mainly invoiced in US dollars and to some extent Singapore dollars, and Thai Bhat. The group manages its currency risk with a number of controls including forward contracts, crash analysis and constant monitoring. This is regarded as a KPI and is highly monitored. The CFO has partnered with alternate business partners to deploy a new FX strategy.
Credit risk
The group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit that is reassessed regularly by the finance department.
Liquidity risk
Cautious liquidity management entails the maintenance of sufficient reserves of cash and the availability of sufficient credit facilities, to ensure that there are available funds to carry on operations and any planned expansions. Constant crash tests and forecasts are put together to manage this risk.
Price risk
The group is exposed to commodity price risk as a result of its operations. However, given the size of the group’s operations, the costs of managing exposure to commodity price risk exceed any potential benefits.
The directors see a positive future and solid returns on investments for the coming years and whilst strengthening its internal core future expansion will continue to be at the forefront.
The group has returned the stable outcomes it forecasted 12 month ago including:
Turnover: uplifts
Stock write-downs: within expectations with room for improvement
Wages and salaries: within expectations
Foreign exchange gains and losses: risk adequately hedged and a net gain realised
Overheads: within expectations
Environmental and health taxes: within expectations
Net returns: increased
Debt turnaround days: within expectations
Balance sheet ratios: significantly improved
New Loon Moon Limited:
Liquidated to bankable assets only.
Negative levers; prolonged USA’s International Trade war and Gaza, change of government, Windsor agreement, cost of living crisis, unreliable USD FX, raising interest rates, long-term recession effect.
Positive levers; stronger sales team, stronger importation team, capitalisation of new markets by sales team, interest cost efficiency drives, positive supplier engagements pre, during and post the annual Thaifex event held in May 2025.
The purpose of this report is to inform the members of the group and help them to assess how the directors have performed their duties under s172 of the Companies Act 2006, in promoting the success of the group.
The directors have performed their duties under s172 with regard to their responsibility to members of the group and wider stakeholder interests.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2025.
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £321,762. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In accordance with the company's articles, a resolution proposing that Gravita Audit II Limited be reappointed as auditor of the group will be put at a General Meeting.
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Medium-sized Companies and Groups Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties and a review of the key performance indicators as assessed by the directors.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of The Manning Impex Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for 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 group's and parent 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the group were identified through discussions with directors and other management, and from our commercial knowledge and experience of the food and retail sectors.
Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, food, fire, health and safety, taxation, data protection, anti-bribery, anti-money-laundering and employment legislations. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud.
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
understanding the design of the group's remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships.
tested journal entries to identify unusual transactions.
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with relevant regulators, inspection results and the group's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £321,762 (2024 - £245,730 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The Manning Impex Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Manning Impex House, 2 Doman Road, Camberley, Surrey, GU15 3DF.
The group consists of The Manning Impex Group Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The consolidated financial statements incorporate those of The Manning Impex Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries are consolidated using the merger accounting method, as permitted by section 19.29 of FRS 102.
All financial statements are made up to 31 March 2025.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
These financial statements are prepared on the going concern basis, as the directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future.
The group has a revolving credit facility with Bangkok Bank which amounts to circa US$7,000,000, equivalent to £5,490,330 at the reporting date. The current amount drawdown on the facility at the reporting date is £3,932,165. The facility is renewed on an annual basis and is due for renewal on 30 November 2025. As at the date of signing these financial statements, the group has yet to receive confirmation that the facility will be renewed however, Bangkok Bank have asked the directors to commence the facility renewal process, which has historically been concluded in the month preceding the renewal date.
The facility has been in place for several years and has always been renewed. The group has not been in breach of any of the covenants in relation to this facility and expects the facility to be renewed.
The directors continue to adopt the going concern basis of accounting in preparing these financial statements, which do not reflect any adjustments that would be necessary if the facility was not renewed.
Turnover is recognised at the fair value of the consideration receivable for goods provided in the normal course of business and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The general areas for which estimation has been applied are considered to be in calculating depreciation and the useful economic life of assets. The valuation of freehold property is of material consequence.
Management recognised the freehold property at a market value obtained from a firm of chartered surveyors. The valuation was performed in October 2022 and management estimated the split of land and buildings to be £2,050,000 each. Management estimated that the residual value of the buildings would be nil and so have depreciated the depreciable element over its remaining useful life.
An analysis of the group's turnover is as follows:
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The carrying value of land and buildings comprises:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Freehold property with a carrying amount of £3,946,382(2024 - £4,009,948) have been pledged to secure borrowings of the group. The group is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
Freehold property with a carrying amount of £3,946,382 (2024 - £4,009,948 ), which includes incidentals and improvements, was valued at £4,100,000 on 25 October 2022 by Vail Williams, an independent valuer, on an open market basis. The valuation conformed to Valuation Standards and was based on market transactions on arm's length terms, for similar properties.
Details of the company's subsidiaries at 31 March 2025 are as follows:
New Loon Moon Limited was exempt from audit by virtue of section 479A of the Companies Act 2006 for the year ended 31 March 2025.
The registered office address of all of the group companies is the same as the parent company's registered office address.
The bank facilities are secured by the following:
1) A first legal charge over the freehold property at 2 Doman Road, Camberley, Surrey, GU15 3DF of Manning Impex Limited.
2) A corporate guarantee by the company.
3) A corporate guarantee by New Loon Moon Limited.
4) A personal guarantee by Mr N I A Cheong and Dr M A Cheong.
5) A debenture from Manning Impex Limited.
6) A debenture from New Loon Moon Limited.
Bank loans include a monthly instalment loan to be matured in February 2027, and trade financing facilities to be renewed annually.
Other loans are amounts due to directors which are interest free, unsecured and payable after 12 months from the reporting date.
Finance lease payments represent rentals payable by the company for certain items of plant and equipment and computer equipment. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
The deferred tax asset set out above related to the utilisation of tax losses against future expected profits, this was utilised in the current year.
The deferred tax liability set out above relates to capital allowances and revaluations of freehold property and are expected to reverse over the remaining useful lives of the associated fixed assets.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
All ordinary shares rank pari passu.
Operating lease commitments represent rentals payable by the company for the motor vehicles that it leases. It relates to multiple leases, which have different terms. At the reporting date all leases expire within two years.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The company entered into loan arrangements for a further £352,900 with fixed payment amounts for a 4 year period, with interest charge at circa 16%.
The company entered into a new lease agreement on their leasehold premises, the the rent term commencing on 29 May 2025, for a term of 15 years.
During the year the group entered into the following transactions with related parties:
Dividends totalling £321,762 (2024 - £245,730 ) were paid in the year in respect of shares held by the company's directors.
At the reporting date the group owed the directors (including £174,689 disclosed within short term other creditors in relation to amounts owed to deceased directors ) £414,107 (2024: £414,107). The amounts are interest-free, unsecured and repayable in not less than twelve months from the reporting date.
There is a security over the bank borrowings in the form of personal guarantees from two of the directors, Mr N I A Cheong and Dr M A Cheong.
The company is owned equally by Mr N I A Cheong and Dr M A Cheong. There is no ultimate controlling party in the financial period.