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

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

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

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

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.

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

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.

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.

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

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

PROFIT FOR THE YEAR

403,141

461,132

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

403,141

461,132

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

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

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

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

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.

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

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

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

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.