Company registration number SC367967 (Scotland)
Aydya Limited
Annual report and financial statements
for the year ended 31 December 2024
Aydya Limited
Company information
Directors
YI Okhai
S Adam
K Okhai
(Appointed 6 December 2024)
Secretary
S Adam
Company number
SC367967
Registered office
Gateway West
5 Luna Place
Dundee Technology Park
Dundee
DD2 1XF
Auditor
Henderson Loggie LLP
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
Bankers
The Royal Bank of Scotland
3 High Street
Dundee
DD1 9LY
Solicitors
Dickson Minto WS
11 Walker Street
Edinburgh
EH3 7NE
Aydya Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 23
Aydya Limited
Strategic report
for the year ended 31 December 2024
- 1 -

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

Review of the business

Aydya has remained committed to producing innovative products. This is all produced hand in hand with Aydya’s commitment to a sustainable strategy therefore focussing the business on driving consumers towards the adoption of functional and stylish yet sustainable products.

In further pursuit of this mission, the range of products has been expanded to include not only water bottles, reusable flasks, and knife sharpeners but also coffee flasks and functional accessories to give the customer the most satisfying experience possible.

Products are sold worldwide, through various channels, including direct to consumer sales online, wholesale retail and corporate customers. Sales reached £17.31m for the year ending December 2024, an 18% rise from the previous year’s turnover of £14.70m for the year ending December 2023.

A gross profit of £4.76m was achieved in the year as well compared to £4.17m the previous year. The Directors continue to invest in all parts of the business but also continue to refine each area to trend towards maximising profitability.

An operating profit of £2.32m was achieved, an 8% increase from the previous year’s total of £2.14m.

Principal risks and uncertainties

The Directors continue to find the retail environment challenging but their commitment to improved performance and products has been rewarded through commercial success. In addition, there has been investment into the staffing requirements of the business to ensure continued excellence in performance and allowing for a seamless expansion of the business’s needs.

The Directors also recognise the prolonged uncertainty of foreign exchange, and they continue to evaluate and develop an effective foreign currency strategy to accommodate for uncertainties in the markets.

Development and performance

Aydya has continued to remain committed to excellence in the products sold. Through numerous awards and an ongoing commitment to sustainable yet functional products Aydya continues to innovate and develop new products that fill gaps in its customer’s requirements and desires.

Aydya also is committed to being corporately and socially responsible and continues to involve take an active interest in participating in socially responsible programmes, some of which will come to fruition in the coming years.

Key performance indicators

The Directors consider the key performance indicators to be those measuring the financial performance of the company overall which are turnover, gross margin and net profit. In addition, to ensure a high level of operational performance is maintained, there are other measures and indicators covering safety, quality delivery and cost that are also monitored closely on a regular basis.

By order of the board

S Adam
Secretary
3 June 2025
Aydya Limited
Directors' report
for the year ended 31 December 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The company's principal activity is that of the sale of lifestyle products.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

YI Okhai
S Adam
K Okhai
(Appointed 6 December 2024)
Strategic report

Included within the strategic report is an indication of the principal risks and uncertainties including the risks associated with the market conditions, competition, foreign currency risk, and legislative and compliance risks.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

By order of the board
S Adam
Secretary
3 June 2025
Aydya Limited
Directors' responsibilities statement
for the year ended 31 December 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

Aydya Limited
Independent auditor's report
to the members of Aydya Limited
- 4 -
Opinion

We have audited the financial statements of Aydya Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Aydya Limited
Independent auditor's report
to the members of Aydya Limited (continued)
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which 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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 an auditor's report 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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, are detailed below.

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management informed us that there were no instances of known, suspected or alleged fraud;

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: Global standards for food safety, health and safety, employment law, and compliance with the UK Companies Act;

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetrated, and tailored our risk assessment accordingly; and

Aydya Limited
Independent auditor's report
to the members of Aydya Limited (continued)
- 6 -

- Using our knowledge of the company, together with the discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Inquiry of management about any known or suspected instances of non-compliance with laws and regulations and fraud;

- Reviewing applicable memberships and certifications;

- Reviewing key policies and procedures;

- Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to the carrying value of tangible fixed assets, provisions in relation to stock and bad debts, and the application of accruals;

- Testing key revenue lines, in particular cut-off, for evidence of management bias; and

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Blair Davidson
Senior Statutory Auditor
For and on behalf of Henderson Loggie LLP
5 June 2025
Chartered Accountants
Statutory Auditor
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
Aydya Limited
Statement of comprehensive income
for the year ended 31 December 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
17,310,881
14,700,880
Cost of sales
(12,551,300)
(10,528,172)
Gross profit
4,759,581
4,172,708
Administrative expenses
(2,426,787)
(2,020,930)
Operating profit
4
2,332,794
2,151,778
Interest payable and similar expenses
7
(11,790)
(28)
Amounts written off investments
8
-
(7,484)
Profit before taxation
2,321,004
2,144,266
Tax on profit
9
(583,448)
(474,830)
Profit for the financial year
1,737,556
1,669,436

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Aydya Limited
Balance sheet
as at 31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
12
4,025,974
2,785,896
Debtors
13
2,813,751
2,376,099
Cash at bank and in hand
3,814,831
3,503,105
10,654,556
8,665,100
Creditors: amounts falling due within one year
14
(2,357,686)
(2,095,138)
Net current assets
8,296,870
6,569,962
Creditors: amounts falling due after more than one year
15
(4,098)
(14,746)
Net assets
8,292,772
6,555,216
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
20
8,292,672
6,555,116
Total equity
8,292,772
6,555,216

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 5 June 2025 and are signed on its behalf by:
YI Okhai
Director
Company registration number SC367967 (Scotland)
Aydya Limited
Statement of changes in equity
for the year ended 31 December 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
100
4,885,680
4,885,780
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,669,436
1,669,436
Balance at 31 December 2023
100
6,555,116
6,555,216
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,737,556
1,737,556
Balance at 31 December 2024
100
8,292,672
8,292,772
Aydya Limited
Statement of cash flows
for the year ended 31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
859,853
3,188,522
Interest paid
(11,790)
(28)
Income taxes paid
(494,576)
(193,721)
Net cash inflow from operating activities
353,487
2,994,773
Investing activities
Loans made to directors
(31,113)
-
0
Net cash used in investing activities
(31,113)
-
Financing activities
Repayment of bank loans
(10,648)
(10,649)
Net cash used in financing activities
(10,648)
(10,649)
Net increase in cash and cash equivalents
311,726
2,984,124
Cash and cash equivalents at beginning of year
3,503,105
518,981
Cash and cash equivalents at end of year
3,814,831
3,503,105
Aydya Limited
Notes to the financial statements
for the year ended 31 December 2024
- 11 -
1
Accounting policies
Company information

Aydya Limited is a private company limited by shares incorporated in Scotland. The registered office is Gateway West, 5 Luna Place, Dundee Technology Park, Dundee, DD2 1XF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Comparative information in the financial statements is derived from the company's prior year financial statements which were not audited.

1.2
Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the financial projections, forecast future cash flows and the impact of subsequent events in making their assessment. The directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios. This analysis also considers the effectiveness of available measures to assist in mitigating the impact. true

Based on these assessments and having regard to the resources available to the company, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% Straight Line
Computer equipment
30% Straight Line
Aydya Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
- 12 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cost is calculated using the weighted average method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Aydya Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies,a re initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Aydya Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Aydya Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
- 15 -
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock provision

Stock is valued at the lower of cost and net realisable value. Management will write down obsolete and damaged stock items throughout the year but in addition at the year end they will consider whether the stock value is appropriate and where required they will apply a stock provision to bring the value down to net realisable value in line with accounting standards. The provision is calculated by management based on their knowledge of the market they sell to and their products.

Trade debtor recovery

Credit control is an important function within the company which requires management to assess on an ongoing basis the recoverability of amounts due from trade debtors. Where recovery is in doubt management will adequately provide against this debt and will arrive at such conclusions based on internal and external knowledge of that customers performance and "ability to pay". Management adopt a prudent approach to credit control.

Accruals

Management estimate requirements for accruals using post year end information and information available from detailed budgets. This identifies cost and income that are expected to be incurred. Accruals are only released where there is a reasonable expectation that these costs will not be invoiced in the future.

Aydya Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 16 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Lifestyle products
17,310,881
14,700,880
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
8,031,494
5,857,642
Europe
8,641,302
7,948,426
Rest of World
638,085
894,812
17,310,881
14,700,880
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
81,776
26,289
Fees payable to the company's auditor for the audit of the company's financial statements
19,000
15,300
Operating lease charges
25,000
25,000
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
21
19

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,195,487
1,029,790
Social security costs
93,089
90,082
Pension costs
17,273
17,221
1,305,849
1,137,093
Aydya Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 17 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
214,411
217,198
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
120,000
120,000

The directors have been deemed the same as key management personnel and so no separate disclosure is made for key management remuneration.

7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
28
Other finance costs:
Other interest
11,790
-
0
11,790
28
8
Amounts written off investments
2024
2023
£
£
Other gains and losses
-
(7,484)
Aydya Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 18 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
582,406
506,366
Adjustments in respect of prior periods
-
0
(32,073)
Total current tax
582,406
474,293
Deferred tax
Origination and reversal of timing differences
1,042
537
Total tax charge
583,448
474,830

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,321,004
2,144,266
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2023: 24%)
580,251
504,343
Tax effect of expenses that are not deductible in determining taxable profit
249
(993)
Gains not taxable
2,948
3,521
Adjustments in respect of prior years
-
0
(32,073)
Change in tax rate
-
0
32
Taxation charge for the year
583,448
474,830

On 3 March 2021, the UK Budget 2021 announcements included measures to support economic recovery as a result of the COVID-19 pandemic. These included an increase to the UK’s main corporation tax rate to 25%, which became effective from 1 April 2023. The 25% rate was granted Royal Assent on 10 June 2021 and so was substantively enacted at the balance sheet date. As a result the closing deferred tax balances as at 31 December 202 4 are recognised at 25% (2023 - 25%) and the corporation tax rate effective in the period is the new rate of 25% (2023 - 23.5%).

Aydya Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 19 -
10
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Fixed asset investments
-
7,484
Recognised in:
Amounts written off investments
-
7,484

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

11
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
20,000
5,000
25,000
Depreciation and impairment
At 1 January 2024 and 31 December 2024
20,000
5,000
25,000
Carrying amount
At 31 December 2024
-
0
-
0
-
0
At 31 December 2023
-
0
-
0
-
0
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
4,025,974
2,785,896
Aydya Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 20 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,696,636
2,142,089
Other debtors
91,920
209,942
Prepayments and accrued income
19,261
17,092
2,807,817
2,369,123
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 17)
5,934
6,976
Total debtors
2,813,751
2,376,099
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
10,648
10,648
Trade creditors
1,421,434
1,335,800
Corporation tax
594,196
506,366
Other taxation and social security
213,703
117,201
Accruals and deferred income
117,705
125,123
2,357,686
2,095,138
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
4,098
14,746
Aydya Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 21 -
16
Loans and overdrafts
2024
2023
£
£
Bank loans
14,746
25,394
Payable within one year
10,648
10,648
Payable after one year
4,098
14,746

The bank loan is secured by a bond and floating charge over all assets held by the company.

A Bounce Back loan, amounting to £50,000, was drawn down in August 2020 and is repayable in monthly instalments over 5 years starting from September 2021. The loan attracts interest at a fixed rate of 2.5% . At the year end £14,746 (2023 - £25,394) was due to be repaid.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
5,934
6,662
Retirement benefit obligations
-
314
5,934
6,976
2024
Movements in the year:
£
Asset at 1 January 2024
(6,976)
Charge to profit or loss
1,042
Asset at 31 December 2024
(5,934)
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
17,273
17,221

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Aydya Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 22 -
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
50
50
50
50
Ordinary B shares of £1 each
50
50
50
50
100
100
100
100
20
Profit and loss reserves

This reserve records the retained earnings and accumulated losses.

21
Financial commitments, guarantees and contingent liabilities

A floating charge secured over all the assets of the company exists in favour of the company's bankers.

22
Related party transactions

During the year £50,000 (2023 - £415,000) in interest free loans were forwarded to a relative of one of the Directors. At the year end £50,000 (2023 - £200,000) remained outstanding and is included in other debtors at note 13.

During the year the company entered into a £25,000 (2023 - £nil) transactions relating to product licensing negotiations with a company of common Directorship.

23
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director 1
-
-
31,113
31,113
-
31,113
31,113
24
Ultimate controlling party

The ultimate controlling party is YI Okhai, a director of the company.

Aydya Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 23 -
25
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,737,556
1,669,436
Adjustments for:
Taxation charged
583,448
474,830
Finance costs
11,790
28
Other gains and losses
-
7,484
Movements in working capital:
Increase in stocks
(1,240,078)
(122,058)
Increase in debtors
(407,581)
(4,702)
Increase in creditors
174,718
1,163,504
Cash generated from operations
859,853
3,188,522
26
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
3,503,105
311,726
3,814,831
Borrowings excluding overdrafts
(25,394)
10,648
(14,746)
3,477,711
322,374
3,800,085
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