REGISTERED NUMBER: 01566007 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

for

Maltacourt Limited

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 A Williams

Mr B J Beech

Mr D B Willmer

Mr J E Phillips

Janssen Group Of Companies B.V

REGISTERED OFFICE:

Suite 3D

MIOC

Styal Road

Manchester

M22 5WB

REGISTERED NUMBER:

01566007 (England and Wales)

AUDITORS:

Harts Limited

Chartered Accountants and Statutory Auditors

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

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

REVIEW OF BUSINESS

During the financial year under review, the company's performance in the financial year to 31 December 2024 has reduced, compared to the previous year with revenues down c.14.8%. This trend is primarily attributable to global market conditions, with rates reducing versus the exponential increases seen in prior years. Whilst specific disruptions in key logistical corridors contributed to an increase in administrative expenses, as we managed challenging conditions for our clients, combined with the costs associated to rebrand and merge with Logicall UK Limited softened overall performance, although improved governance in debtor management reduced bad debt risk and increased overall profits compared to prior year. Following the merger, all activity under Maltacourt Limited was hived up to sit within the Logicall UK Limited business contributing to a reduction in run rate within Q4. The Board are particularly pleased with the merger of Maltacourt Limited and Logicall UK Limited; the subsequent hive up activity and the benefits this can bring to our clients, both now and in the future. The business continues to review ways to grow trade both organically and exponentially under the Logicall brand to further enhance our client offering and operational expertise in an increasingly challenging market.

PRINCIPAL RISKS AND UNCERTAINTIES

A combination of geopolitical tensions, fluctuating fuel prices, and varying economic recoveries post pandemic have contributed to an unpredictable operating environment. Additionally, widespread disruptions in global supply chains have exacerbated these challenges, creating delays that have adversely impacted our operational efficiency and financial performance. One of the most critical disruptions has been the ongoing instability in the Red Sea region, a crucial maritime passage for international trade. The Red Sea corridor, which is pivotal for shipping routes between Europe, Asia, and Africa, has experienced repeated disturbances due to geopolitical conflicts and piracy threats. These issues have led to increased shipping times, rerouting of vessels, and higher insurance costs, all of which have directly impacted our shipping schedules and cost structures. The company has highly trained and motivated workforce who are all striving to continue taking the company forward. The company enjoys long standing trading relationships with its domestic and international trading clients, further buoyed by the addition of the Logicall brand. Post merger and hive up, it is the Directors intention to run Maltacourt Limited as a dormant subsidiary.

The following principal risks and uncertainties are relevant:

Economic and market risk

The company is subject to the impact of economic conditions on demand for its services and pricing. The directors are alert to these risks and adapt the business operations as conditions change.

Investment risk

The value of the company's investments in subsidiary undertakings may be affected by factors such as local market conditions, economic and regulatory change, and the resulting financial performance of the subsidiaries.

The directors continue to monitor these risks and uncertainties, and they are actively engaged in mitigating the potential impacts through careful oversight, and maintaining robust governance practices.

Financial key performance indicators

The financial key performance indicators are revenue and operating profit, with revenue down c. 23.99% and but profits up 152.64% compared to prior years, some of this likely due to the merger and ultimate hive up with Logicall. However the management team review multiple metrics, including job count, TEU, chargeable weight and this is benchmarked against head count and cross referenced against department performances. Key performance indicators are maintained across all parts of the business to ensure we are constantly monitoring and challenging our results.

ON BEHALF OF THE BOARD:

Mr A Williams - Director

24 July 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 international freight forwarding, supply chain management and logistics.

DIVIDENDS

There has been no distribution of dividends during the current year (2023: £74,478).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

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 A Williams

Mr B J Beech

Mr D B Willmer

Mr J E Phillips

Janssen Group Of Companies B.V

DIRECTORS' RESPONSIBILITIES STATEMENT

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

AUDITORS

The auditors, Harts Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A Williams - Director

24 July 2025

Opinion

We have audited the financial statements of Maltacourt 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

The financial statements have been prepared under a basis other than going concern. Please refer to our emphasis of matter for more detail.

Emphasis of matter

We draw attention to note 21 to the financial statements which explains that the trade and assets of the company are being hived up to the parent company within the group therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparation of the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in the basis of preparation note within the accounting policies note 2. Our opinion is not modified in respect of this matter.

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 Directors' Responsibilities Statement 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (UK GAAP and the Companies Act 2006). In addition the Company has to comply with laws and regulations relating to its operations and health and safety.

We understood how Maltacourt Limited. is complying with those frameworks by making inquiries of management and confirmation to identify any non-compliance with laws and regulations.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by discussion with directors to understand where it's considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud.

To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify and unusual or unexpected relationships; investigated the rationale behind significant or unusual transactions; and tested journal entries to identify unusual transactions.

There are inherent limitations in our audit procedures described above. The more removed that 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 enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Material misstatement that arises due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations that could materially impact the financial statements. Taking into accounts our understanding of the Company, our procedures involved enquires of management and focussed testing as appropriate with consideration to risk assessment.

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.

David Taylor BFP FCA (Senior Statutory Auditor)

for and on behalf of Harts Limited

Chartered Accountants and Statutory Auditors

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

24 July 2025

TURNOVER

3

20,170,738

26,537,391

Cost of sales

(16,189,920

)

(21,347,926

)

GROSS PROFIT

3,980,818

5,189,465

Administrative expenses

(3,475,363

)

(5,616,412

)

505,455

(426,947

)

Other operating income

488,342

725,433

OPERATING PROFIT

5

993,797

298,486

Profit/loss on sale of invest

7

125,819

-

1,119,616

298,486

Income from shares in group undertakings

-

135,000

Interest receivable and similar income

22,075

1,641

1,141,691

435,127

Interest payable and similar expenses

8

11,852

21,463

PROFIT BEFORE TAXATION

1,153,543

456,590

Tax on profit

9

(262,125

)

(81,397

)

PROFIT FOR THE FINANCIAL YEAR

891,418

375,193

PROFIT FOR THE YEAR

891,418

375,193

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

891,418

375,193

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

248,449

Investments

13

-

1,580,109

-

1,828,558

CURRENT ASSETS

Debtors

14

4,911,624

5,601,503

Cash at bank

765,868

1,187,823

5,677,492

6,789,326

CREDITORS

Amounts falling due within one year

15

(26,462

)

(3,847,507

)

NET CURRENT ASSETS

5,651,030

2,941,819

TOTAL ASSETS LESS CURRENT LIABILITIES

5,651,030

4,770,377

PROVISIONS FOR LIABILITIES

17

(46,824

)

(57,589

)

NET ASSETS

5,604,206

4,712,788

CAPITAL AND RESERVES

Called up share capital

18

200

200

Share premium

19

31,631

31,631

Retained earnings

19

5,572,375

4,680,957

SHAREHOLDERS' FUNDS

5,604,206

4,712,788

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2025 and were signed on its behalf by:

Mr A Williams - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

200

4,380,242

31,631

4,412,073

Changes in equity

Dividends

-

(74,478

)

-

(74,478

)

Total comprehensive income

-

375,193

-

375,193

Balance at 31 December 2023

200

4,680,957

31,631

4,712,788

Changes in equity

Total comprehensive income

-

891,418

-

891,418

Balance at 31 December 2024

200

5,572,375

31,631

5,604,206

Cash flows from operating activities

Cash generated from operations

1

(2,115,588

)

(1,641,118

)

Interest paid

11,852

21,463

Tax paid

(93,652

)

(533,864

)

Net cash from operating activities

(2,197,388

)

(2,153,519

)

Cash flows from investing activities

Purchase of tangible fixed assets

-

(102,357

)

Sale of tangible fixed assets

187,297

-

Sale of fixed asset investments

1,566,061

-

Interest received

22,075

1,641

Dividends received

-

135,000

Net cash from investing activities

1,775,433

34,284

Cash flows from financing activities

Amount introduced by directors

-

78,436

Amount withdrawn by directors

-

(21,181

)

Government grant

-

9,000

Equity dividends paid

-

(74,478

)

Net cash from financing activities

-

(8,223

)

Decrease in cash and cash equivalents

(421,955

)

(2,127,458

)

Cash and cash equivalents at beginning of year

2

1,187,823

3,315,281

Cash and cash equivalents at end of year

2

765,868

1,187,823

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

31.12.24

31.12.23

£

£

Profit before taxation

1,153,543

456,590

Depreciation charges

61,152

51,664

Loss on disposal of fixed assets

14,048

-

Case settlement

-

(358,281

)

Government grants

-

(9,000

)

Finance costs

(11,852

)

(21,463

)

Finance income

(22,075

)

(136,641

)

1,194,816

(17,131

)

Decrease in trade and other debtors

689,879

1,926,157

Decrease in trade and other creditors

(4,000,283

)

(3,550,144

)

Cash generated from operations

(2,115,588

)

(1,641,118

)

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

765,868

1,187,823

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,187,823

3,315,281

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

1,187,823

(421,955

)

765,868

1,187,823

(421,955

)

765,868

Total

1,187,823

(421,955

)

765,868

1.	STATUTORY INFORMATION

Maltacourt Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a basis other than going concern given that subsequent to the year end the trade and assets have been hived up to the parent company as part of a group restructuring process and the company will continue as a dormant subsidiary from 1 January 2025.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.

Revenue from contractual completed services rendered is accounted for in net turnover at the fair value of the consideration received or receivable, net of allowances and rebates.

For warehousing activities revenues are recognised when the product is received at the warehouse or when the value added activities has taken place as agreed upon so herewith the contractual performance obligation has been met; for international shipments (both by plain or ship) transfer occurs when the goods have been loaded by the carrier.

When the outcome of a transaction can be estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to finalisation of work completed.

Costs of outsourced work and other external costs

This concerns costs that are directly attributable to net turnover. This concerns mainly: cost of charter, sea freight and ferry.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

20% on cost

Impairment of fixed assets

Tangible and intangible fixed assets are assessed at each reporting date whether there is any indication of an impairment. If any such indication exists, the recoverable amount of the asset is estimated. The recoverable amount is the higher of value in use and net realisable value. If it is not possible to assess the recoverable amount for an individual asset, the recoverable amount of the cash-generating unit to which the asset belongs.

When the carrying amount of an asset (or cash-generating unit) exceeds its recoverable amount, an impairment loss is recognised for the difference between the carrying amount and the recoverable amount. If there is an impairment loss for a cash-generating unit, the loss is first allocated to goodwill allocated to the cash-generating unit. Any residual loss is allocated to the other assets of the unit pro rata to their book values.

Subsequently, at each reporting date, the entity assesses whether there is any indication that an impairment loss that was recorded in previous years has been decreased. If any such indication exists, then the recoverable amount of the asset (or cash-generating unit-) is estimated.

Reversal of previously recognised impairment loss only takes place when there is a change in the assessment used to determine the recoverable amount since the recognition of the last impairment loss. In such case, the carrying amount of the asset (or cash-generating unit) is increased to its recoverable amount, but not higher than the carrying amount that would have applied (net of depreciation) if no impairment loss had been recognised in previous years for the asset (or cash-generating unit).

Contrary to what is stated before, at each reporting date the recoverable amount is assessed for the intangible fixed assets that have not yet been taken into use yet (irrespective of whether _ there is any indicator of an impairment).

Investments in subsidiaries

Investments in subsidiary undertakings are held at cost less accumulated impairment losses.

Financial instruments

The Company does not have a material holding in complex financial instruments. The Company only holds basic financial instruments. The financial assets and financial liabilities of the Company are as follows:

Debtors - trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank - is classified as a basic financial instrument and is measured at face value.

Liabilities - trade creditors, accruals and other creditors will be classified as financial instruments, and are measured at amortised cost. Taxation and social security are not included in the Financial instruments disclosure.

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.

Current tax comprises the expected tax payable or recoverable on the taxable profit or loss for the financial year, calculated using tax rates enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous years.

If the carrying amount of assets and liabilities for financial reporting purposes differ from their values for tax purposes (tax base), this results in temporary differences.

For taxable temporary differences, a provision for deferred tax liabilities is recognised.

For deductible temporary differences, available tax losses and unused tax credits, a deferred tax asset is recognised, but only to the extent that it is probable that future taxable profits will be available for set-off or compensation.

Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Deferred tax assets and liabilities are measured at nominal value.

The measurement of deferred tax liabilities and deferred tax assets is based on the tax consequences following from the manner in which the company expects, at the balance sheet date, to realise or settle its assets, provisions, debts and accrued liabilities. Deferred tax assets and liabilities are measured at nominal value.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

The company may enter into financial and operating leases. A lease agreement under which the risks and rewards of ownership of the leased object are carried entirely by the lessee are classified as finance leases. All other leases are classified as operational leases. For the lease classification, the economic substance of the transaction is conclusive rather than the legal form.

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.

Going concern

The financial statements have been prepared on a basis other than going concern given that subsequent to the year end the trade and assets have been hived up to the parent company as part of a group restructuring process and the company will continue as a dormant subsidiary from 1 January 2025.

Provisions

A provision is recognised if the following applies:

- the company has a legal or constructive obligation, arising from a past event; and

- the amount can be estimated reliably;

- it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.

If all or part of the payments that are necessary to settle a provision are likely to be fully or partially compensated by a third party upon settlement of the provision, then the compensation amount is presented separately as an asset.

Provisions are stated at the nominal value of the best estimate of the expected cash outflow, unless stated otherwise.

Interest receivable and income and interest payable and similar charges

Interest income is recognised in the profit and loss account on an accrual basis, using the effective interest rate method. Interest expenses and similar charges are recognized in the period to which they belong.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

9,359,222

12,800,638

Europe

4,699,782

4,600,933

Rest of the World

6,111,734

9,135,820

20,170,738

26,537,391

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

1,731,068

2,543,090

Social security costs

144,043

320,097

Other pension costs

19,778

33,946

1,894,889

2,897,133

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

31.12.24

31.12.23

Management

2

8

Administration/Operations

31

40

Warehouse/Drivers

8

6

41

54

The pension expense recognised during the year under a defined contribution scheme was £23,371 (2023: £52,736).

31.12.24

31.12.23

£

£

Directors' remuneration

286,804

894,395

Information regarding the highest paid director is as follows:

31.12.24

31.12.23

£

£

Emoluments etc

166,345

226,770

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Hire of plant and machinery

10,283

9,424

Depreciation - owned assets

61,152

51,664

Loss on disposal of fixed assets

14,048

-

Foreign exchange differences

64,516

40,296

6.	AUDITORS' REMUNERATION

31.12.24

31.12.23

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

33,226

25,410

7.	EXCEPTIONAL ITEMS

31.12.24

31.12.23

£

£

Profit/loss on sale of invest

125,819

-

Included within the income statement is an exceptional item of £125,819. This relates to writing down the entire amount of investment to nil due to the fact that trade and assets of Maltacourt Limited have been hived up to the parent company as a part of group restructuring process and the company will continue as a dormant subsidiary from 1 January 2025.