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REGISTERED NUMBER: 02327895 (England and Wales)

| NEVIS MARKETING LIMITED |

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2024 |

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Income Statement | 8 |

| Other Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Cash Flow Statement | 12 |

| Notes to the Cash Flow Statement | 13 |

| Notes to the Financial Statements | 14 |

| NEVIS MARKETING LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | Mr S T Empson

| Mr R Rashid

| Mr L Rigaux

| SECRETARY: | Mr S T Empson

| REGISTERED OFFICE: | Hillview Business Centre

| 2 Leybourne Avenue

| Bournemouth

| Dorset

| BH10 6HF

| REGISTERED NUMBER: | 02327895 (England and Wales)

| AUDITORS: | Alan W. Simons Limited (Statutory Auditor)

| Chartered Accountants

| Hillview Business Centre

| 2 Leybourne Avenue

| Bournemouth

| Dorset

| BH10 6HF

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activity of our Company during the year continued to be the import and distribution of motorcycle clothing and equipment with the emphasis on equipping the rider rather than the motorcycle.

Sales of new PTW's increased by 2.5% v 2023 however consumer confidence continued to be low in the broader retail market. This caused retailers to have a lesser appetite for more stock. Retail overall grew by 0.7%, and after following two years of decline, the retail market has not yet recovered to 2022 levels.

Challenges were experienced on stock availability, and performance was weaker where product lines were not refreshed until the end of 2024. These factors are all reflected in 2024's performance with overall sales reducing by 12.9%.

Partnerships agreed with new brands, product refreshes in place for key existing brands, plus continued investment in new IT technology providing streamlining and efficiencies, gives us the confidence to achieve growth in both sales and profitability in 2025 and beyond.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company is not aware of any imminent dangers to its future prospects and has financial controls and prudent planning in place to minimise such dangers.

ON BEHALF OF THE BOARD:

Mr S T Empson - Director

9 April 2025

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the import and distribution of motorcycle clothing and equipment with the emphasis on equipping the rider rather than the motorcycle.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 was £222,454.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr S T Empson

Mr R Rashid

Mr L Rigaux

Other changes in directors holding office are as follows:

Mr R J Culverwell - resigned 6 April 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr S T Empson - Director

9 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NEVIS MARKETING LIMITED

Opinion

We have audited the financial statements of Nevis Marketing Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NEVIS MARKETING LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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. However the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NEVIS MARKETING LIMITED

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alan Simons BSc FCA (Senior Statutory Auditor)

for and on behalf of Alan W. Simons Limited (Statutory Auditor)

Chartered Accountants

Hillview Business Centre

2 Leybourne Avenue

Bournemouth

Dorset

BH10 6HF

9 April 2025

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 12,200,942 |  | 14,015,984 |  |

Cost of sales | 9,279,279 |  | 10,821,830 |  |

GROSS PROFIT | 2,921,663 |  | 3,194,154 |  |

Administrative expenses | 2,423,233 |  | 2,531,760 |  |

OPERATING PROFIT | 4 | 498,430 |  | 662,394 |  |

Interest payable and similar expenses | 6 | (39,091 | ) | 16,533 |  |

PROFIT BEFORE TAXATION | 537,521 |  | 645,861 |  |

Tax on profit | 7 | 134,380 |  | 184,729 |  |

PROFIT FOR THE FINANCIAL YEAR | 403,141 |  | 461,132 |  |

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

PROFIT FOR THE YEAR | 403,141 |  | 461,132 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 403,141 |  | 461,132 |  |

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

BALANCE SHEET

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 470,739 |  | 608,136 |  |

Investments | 10 | 3,000 |  | 3,000 |  |

473,739 |  | 611,136 |  |

CURRENT ASSETS

Stocks | 11 | 5,675,116 |  | 3,857,018 |  |

Debtors | 12 | 3,411,595 |  | 3,369,304 |  |

Cash at bank and in hand | 44,457 |  | 53,200 |  |

9,131,168 |  | 7,279,522 |  |

CREDITORS

Amounts falling due within one year | 13 | 4,238,906 |  | 2,687,010 |  |

NET CURRENT ASSETS | 4,892,262 |  | 4,592,512 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,366,001 |  | 5,203,648 |  |

PROVISIONS FOR LIABILITIES | 16 | 100,511 |  | 118,845 |  |

NET ASSETS | 5,265,490 |  | 5,084,803 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 2,222 |  | 2,222 |  |

Share premium | 18 | 609,619 |  | 609,619 |  |

Retained earnings | 18 | 4,653,649 |  | 4,472,962 |  |

SHAREHOLDERS' FUNDS | 5,265,490 |  | 5,084,803 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2025 and were signed on its behalf by:

Mr S T Empson - Director

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 2,222 |  | 4,328,645 |  | 609,619 |  | 4,940,486 |  |

Changes in equity

Dividends | - |  | (316,815 | ) | - |  | (316,815 | ) |

Total comprehensive income | - |  | 461,132 |  | - |  | 461,132 |  |

Balance at 31 December 2023 | 2,222 |  | 4,472,962 |  | 609,619 |  | 5,084,803 |  |

Changes in equity

Dividends | - |  | (222,454 | ) | - |  | (222,454 | ) |

Total comprehensive income | - |  | 403,141 |  | - |  | 403,141 |  |

Balance at 31 December 2024 | 2,222 |  | 4,653,649 |  | 609,619 |  | 5,265,490 |  |

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 330,128 |  | 619,728 |  |

Interest paid | 39,091 |  | (16,533 | ) |

Tax paid | (159,873 | ) | (199,494 | ) |

Net cash from operating activities | 209,346 |  | 403,701 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (37,823 | ) | (114,064 | ) |

Sale of tangible fixed assets | 54,290 |  | 27,518 |  |

Net cash from investing activities | 16,467 |  | (86,546 | ) |

Cash flows from financing activities

Amount introduced by directors | - |  | 18,426 |  |

Amount withdrawn by directors | (12,102 | ) | 11,564 |  |

Equity dividends paid | (222,454 | ) | (316,815 | ) |

Net cash from financing activities | (234,556 | ) | (286,825 | ) |

(Decrease)/increase in cash and cash equivalents | (8,743 | ) | 30,330 |  |

Cash and cash equivalents at beginning of year | 2 | 53,200 |  | 22,870 |  |

Cash and cash equivalents at end of year | 2 | 44,457 |  | 53,200 |  |

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| Profit before taxation | 537,521 |  | 645,861 |  |

| Depreciation charges | 113,952 |  | 112,330 |  |

| Loss/(profit) on disposal of fixed assets | 6,978 |  | (4,737 | ) |

| Finance costs | (39,091 | ) | 16,533 |  |

619,360 |  | 769,987 |  |

| (Increase)/decrease in stocks | (1,818,098 | ) | 860,855 |  |

| Increase in trade and other debtors | (42,291 | ) | (288,416 | ) |

| Increase/(decrease) in trade and other creditors | 1,571,157 |  | (722,698 | ) |

| Cash generated from operations | 330,128 |  | 619,728 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 44,457 |  | 53,200 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 53,200 |  | 22,870 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 53,200 |  | (8,743 | ) | 44,457 |  |

53,200 |  | (8,743 | ) | 44,457 |  |

| Total | 53,200 |  | (8,743 | ) | 44,457 |  |

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Nevis Marketing Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02327895 and the registered office address is Hillview Business Centre, 2 Leybourne Avenue, Bournemouth, Dorset, BH10 6HF.

| The presentation currency of the financial statements is the pound sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Significant judgements and estimates

| The directors do not provide for bad debts but rather renegotiate debtor payment plans where needed.

| Similarly the directors do not provide for obsolete or slow moving stock on the basis that it is likely to be sold at a value close to purchase cost.

| Turnover

| Turnover is derived from the sale of goods and is measured at the fair value of the consideration received or receivable, excluding discounts and value added tax.

| Tangible fixed assets

| Tangible fixed assets are recognised at cost. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Fixtures and fittings |  | - 10% straight line and 20% straight line |  |

| Motor vehicles |  | - 25% straight line and 20% reducing balance |  |

| Computer equipment |  | - 20% straight line |  |

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Foreign currencies

| Transactions in foreign currencies are translated into sterling at the rate of exchange in operation on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the balance sheet date, with provision for any significant adjustment relative to exchange rates at the date nearest to the compilation of financial statements. Exchange gain and losses are taken to the profit and loss account.

| Financial instruments

| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Trade and other debtors

| Trade and other debtors are recognised and carried forwards at invoiced amounts. Bad debts are written off when identified.

| Finance lease agreements

| Assets held under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

| Operating lease agreements

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 975,046 |  | 975,297 |  |

| Social security costs | 96,802 |  | 78,251 |  |

| Other pension costs | 34,094 |  | 92,029 |  |

1,105,942 |  | 1,145,577 |  |

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Number of distribution staff | 10 |  | 9 |  |

| Number of administrative staff | 16 |  | 17 |  |

| Number of management staff | 1 |  | 2 |  |

27 |  | 28 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 57,750 |  | 52,796 |  |

| Directors' pension contributions to money purchase schemes | 18,796 |  | 75,185 |  |

4. | OPERATING PROFIT

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

| 2024 |  | 2023

£ | £ |

| Depreciation - owned assets | 113,952 |  | 112,330 |  |

| Loss/(profit) on disposal of fixed assets | 6,978 |  | (4,737 | ) |

| Operating lease costs | 166,410 |  | 164,296 |  |

| Foreign exchange gains and losses | (39,091 | ) | 15,763 |  |

5. | AUDITORS' REMUNERATION

| 2024 |  | 2023

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 15,500 |  | 14,470 |  |

| Non-audit fees paid to the auditor totalled £19,500 (2023: £19,058).

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Bank interest | - |  | 770 |  |

| Foreign exchange gains and losses | (39,091 | ) | 15,763 |  |

(39,091 | ) | 16,533 |  |

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 152,714 |  | 178,098 |  |

| Deferred tax | (18,334 | ) | 6,631 |  |

| Tax on profit | 134,380 |  | 184,729 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is the same as the standard rate of corporation tax in the UK.

| 2024 |  | 2023

£ | £ |

| Profit before tax | 537,521 |  | 645,861 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) | 134,380 |  | 161,465 |  |

| Effects of:

| Expenses not deductible for tax purposes | 1,745 |  | 73 |  |

| Depreciation in excess of capital allowances | 16,589 |  | 11,525 |  |

| Adjustments to tax charge in respect of previous periods | - |  | 15,277 |  |

| Deferred tax movement | (18,334 | ) | 6,631 |  |

| Adjustment to tax charge in respect of lower rate to 31 March 2023 | - |  | (10,242 | ) |

| Total tax charge | 134,380 |  | 184,729 |  |

8. | DIVIDENDS

| 2024 |  | 2023

£ | £ |

| Ordinary shares of 1 each

| Interim | 222,454 |  | 316,815 |  |

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 547,548 |  | 352,418 |  | 65,104 |  | 965,070 |  |

| Additions | 1,412 |  | 31,740 |  | 4,671 |  | 37,823 |  |

| Disposals | - |  | (126,209 | ) | - |  | (126,209 | ) |

| At 31 December 2024 | 548,960 |  | 257,949 |  | 69,775 |  | 876,684 |  |

| DEPRECIATION

| At 1 January 2024 | 153,180 |  | 161,787 |  | 41,967 |  | 356,934 |  |

| Charge for year | 56,555 |  | 49,668 |  | 7,729 |  | 113,952 |  |

| Eliminated on disposal | - |  | (64,941 | ) | - |  | (64,941 | ) |

| At 31 December 2024 | 209,735 |  | 146,514 |  | 49,696 |  | 405,945 |  |

| NET BOOK VALUE

| At 31 December 2024 | 339,225 |  | 111,435 |  | 20,079 |  | 470,739 |  |

| At 31 December 2023 | 394,368 |  | 190,631 |  | 23,137 |  | 608,136 |  |

| Finance lease agreements

| Included within the net book value of £470,739 is £nil (2023 - £nil) relating to assets held under finance lease agreements. The depreciation charged to the accounts in the year in respect of such assets amounted to £nil (2023 - £nil).

10. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 3,000 |  |

| NET BOOK VALUE

| At 31 December 2024 | 3,000 |  |

| At 31 December 2023 | 3,000 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Associated company

| Nevis Marketing Limited owns a share of an associate. There were no dividends or other distributions received from the associate in the year.

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

11. | STOCKS

2024 | 2023 |

£ | £ |

| Finished goods | 5,675,116 |  | 3,857,018 |  |

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 3,231,382 |  | 3,156,393 |  |

| Other debtors | 48,012 |  | 49,121 |  |

| Prepayments and accrued income | 132,201 |  | 163,790 |  |

3,411,595 |  | 3,369,304 |  |

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade creditors | 2,177,719 |  | 970,065 |  |

| Amounts owed to associates | 158,664 |  | 61,030 |  |

| Tax | 152,714 |  | 159,873 |  |

| Social security and other taxes | 24,535 |  | 21,879 |  |

| VAT | 371,584 |  | 316,784 |  |

| Other creditors | 1,239,669 |  | 1,048,509 |  |

| Directors' current accounts | 50,823 |  | 62,925 |  |

| Accruals and deferred income | 63,198 |  | 45,945 |  |

4,238,906 |  | 2,687,010 |  |

| Included within other creditors is £1,239,669 (2023 - £1,045,429) for advances under invoice discounting, secured on the related trade debtors and by fixed and floating charges on the assets of the company.

14. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 | 2023 |

£ | £ |

| Within one year | 186,885 |  | 186,885 |  |

| Between one and five years | 747,540 |  | 747,540 |  |

| In more than five years | 93,443 |  | 280,328 |  |

1,027,868 |  | 1,214,753 |  |

| During the year finance charges of £nil (2023: £nil) were incurred in relation to hire purchase agreements.

15. | SECURED DEBTS

| Bank securities held by the Company are secured by debenture deeds which provide for first fixed charges over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets.

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

16. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax | 100,511 |  | 118,845 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 118,845 |  |

| Credit to Income Statement during year | (18,334 | ) |

| Balance at 31 December 2024 | 100,511 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 2,222 | Ordinary | 1 | 2,222 |  | 2,222 |  |

18. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 January 2024 | 4,472,962 |  | 609,619 |  | 5,082,581 |  |

| Profit for the year | 403,141 |  | 403,141 |  |

| Dividends | (222,454 | ) | (222,454 | ) |

| At 31 December 2024 | 4,653,649 |  | 609,619 |  | 5,263,268 |  |

19. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

20. | RELATED PARTY DISCLOSURES

| Entities over which the entity has significant influence

2024 | 2023 |

£ | £ |

| Purchases of goods for resale | 2,405,068 |  | 2,549,760 |  |

| Amount due to related party | 158,664 |  | 61,797 |  |

| The related party transactions and balances disclosed above are part of normal trade and normal trade terms apply to the balances.

| NEVIS MARKETING LIMITED (REGISTERED NUMBER: 02327895) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

20. | RELATED PARTY DISCLOSURES - continued

| Other related parties

2024 | 2023 |

£ | £ |

| Purchases | 3,056,239 |  | 2,245,044 |  |

| Amount due to related party | 528,781 |  | 188,816 |  |

| The controlling party is Mr L Rigaux.