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Registered number: 02559133 DORNACK INTERNATIONAL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
DORNACK INTERNATIONAL LIMITED COMPANY INFORMATION
Directors | P Hoornaert
| E Pintelon
Registered number | 02559133
Registered office | 609 London Road
| West Thurrock
| Essex
| RM20 3BJ
Independent auditors | Cooper Parry Group Limited
| Statutory Auditor
| New Derwent House
| 69-73 Theobalds Road
| Holborn
| London
| WC1X 8TA
DORNACK INTERNATIONAL LIMITED CONTENTS
| Page
Strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 7
Statement of comprehensive income | 8
Balance sheet | 9
Statement of changes in equity | 10
Notes to the financial statements | 11 - 22
DORNACK INTERNATIONAL LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present their strategic report for the year ended 31 December 2024.
Business review
The principal activity of the company during the year was that of freight forwarding and transportation. The key performance indicators were as follows:- Turnover: £18,694,926 (2023: £20,654,380) Gross profit: £4,901,008 (2023: £5,992,298) Gross profit percentage: 26.2% (2023: 29.0%) The operating profit of the company was £2,464,020 as compared to the previous year 2023 of £2,870,367. The directors are satisfied that the company is continuing to trade profitably and will continue its strategy to increase the turnover and its business activity in the coming year.
Principal risks and uncertainties
The principal risks and uncertainties stem from the national and global economic conditions currently being experienced, mainly due to the following:- Liquidity risk The company retains sufficient cash reserves to meet any future demand and at present there are no loans so the interest risk is small. Credit and exchange risk The company has strict controls on new and existing customers and an efficient credit control procedures. The incidence of bad debts in the past has not been material. Other risks The other risks and uncertainties relate to any unforeseen restrictions that may arise due to Brexit in the future. This report was approved by the board and signed on its behalf.
P Hoornaert Director
Date: 9 September 2025
Page 1
DORNACK INTERNATIONAL LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements 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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £1,792,493 (2023:£2,095,318). The total distribution of dividends for the year ended 31 December 2024 will be £2,000,000
Directors
The directors who served during the year were:
P Hoornaert
E Pintelon
Future developments
The company has maintained strong growth in the year by actively managing all the risk areas and the directors are confident the company will continue to trade profitably.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 2
DORNACK INTERNATIONAL LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Post balance sheet events
There have been no significant events affecting the Company since the year end. This report was approved by the board and signed on its behalf.
P Hoornaert Director
Date: 9 September 2025
Page 3
DORNACK INTERNATIONAL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DORNACK INTERNATIONAL LIMITED
Opinion
We have audited the financial statements of Dornack International 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 and the related notes, 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 United Kingdom, including the Financial Reporting Council'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 Auditors' 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. Page 4
DORNACK INTERNATIONAL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DORNACK INTERNATIONAL LIMITED (CONTINUED)
Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report. 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' responsibilities statement set out on page 2, 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. Page 5
DORNACK INTERNATIONAL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DORNACK INTERNATIONAL LIMITED (CONTINUED)
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 an Auditors' 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 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. We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We discussed with management the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. Our procedures in relation to fraud included but were not limited to: inquiries of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding the risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests include agreeing the financial statement disclosures to underlying supporting documentation. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud. 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 Auditors' report. Page 6
DORNACK INTERNATIONAL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DORNACK INTERNATIONAL LIMITED (CONTINUED)
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 Auditors' 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. Robert Blundell (Senior statutory auditor) for and on behalf of Cooper Parry Group Limited Statutory Auditor New Derwent House 69-73 Theobalds Road Holborn London WC1X 8TA 17 September 2025 Page 7
DORNACK INTERNATIONAL LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 3 | 18,694,926 | 20,654,380
Cost of sales |  | (14,091,033) | (14,662,082)
Gross profit |  | 4,603,893 | 5,992,298
Administrative expenses |  | (2,139,873) | (3,121,931)
Operating profit | 4 | 2,464,020 | 2,870,367
Interest payable and similar expenses | 8 | (178,912) | (86,615)
Profit before tax |  | 2,285,108 | 2,783,752
Tax on profit | 9 | (492,615) | (688,434)
Profit for the financial year |  | 1,792,493 | 2,095,318
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | 1,792,493 | 2,095,318
The notes on pages 11 to 22 form part of these financial statements.
Page 8
DORNACK INTERNATIONAL LIMITED REGISTERED NUMBER: 02559133 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 521,749 |  | 787,910
|  |  | 521,749 |  | 787,910
Current assets |  |  |  |  |
Debtors | 12 | 4,692,106 |  | 3,873,163 |
Cash at bank and in hand |  | 3,868,355 |  | 3,997,128 |
|  | 8,560,461 |  | 7,870,291 |
Creditors: amounts falling due within one year | 13 | (7,300,353) |  | (6,652,420) |
Net current assets |  |  | 1,260,108 |  | 1,217,871
Total assets less current liabilities |  |  | 1,781,857 |  | 2,005,781
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (4,469) |  | (20,886) |
|  |  | (4,469) |  | (20,886)
Net assets |  |  | 1,777,388 |  | 1,984,895
Capital and reserves |  |  |  |  |
Called up share capital | 15 |  | 1,000,000 |  | 1,000,000
Profit and loss account | 16 |  | 777,388 |  | 984,895
|  |  | 1,777,388 |  | 1,984,895
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P Hoornaert
Director
Date: 9 September 2025
The notes on pages 11 to 22 form part of these financial statements. Page 9
DORNACK INTERNATIONAL LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 1,000,000 | 1,489,577 | 2,489,577
Comprehensive income for the year |  |  |
Profit for the year | - | 2,095,318 | 2,095,318
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (2,600,000) | (2,600,000)
At 1 January 2024 | 1,000,000 | 984,895 | 1,984,895
Comprehensive income for the year |  |  |
Profit for the year | - | 1,792,493 | 1,792,493
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (2,000,000) | (2,000,000)
At 31 December 2024 | 1,000,000 | 777,388 | 1,777,388
| The notes on pages 11 to 22 form part of these financial statements.
Page 10
DORNACK INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Dornack International 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. The presentation currency of the financial statements is the Pound Sterling (£). 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 11
DORNACK INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 12
DORNACK INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 10-20%
|  |  |  | Plant and machinery | - | 10%
|  |  |  | Motor vehicles | - | 25%
|  |  |  | Fixtures and fittings | - | 25%
|  |  |  | Computer equipment | - | 25%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 13
DORNACK INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.13 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Page 14
DORNACK INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 15
DORNACK INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Turnover
The turnover of the company for the period has been derived from its principal activity undertaken in the United Kingdom.
4. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Depreciation - owned assets | 154,327 | 217,840
| Profit on disposal of fixed assets | (317,509) | (792)
| Auditors' remuneration | 17,100 | 17,000
| Auditors' remuneration - non-audit | 7,025 | 13,675
| Key management remuneration | 307,922 | 378,542
| Foreign exchange differences | (244,394) | (16,901)
5. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 17,100 | 17,000
Page 16
DORNACK INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 1,371,682 | 1,438,731
| Social security costs | 143,782 | 148,414
| Cost of defined contribution scheme | 94,365 | 146,931
|  | 1,609,829 | 1,734,076
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Office and management | 8 | 8
|  | Sales | 31 | 36
|  |  | 39 | 44
7. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 86,228 | 77,865
8. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other loan interest payable | 178,912 | 70,892
| Other interest payable | - | 15,723
|  | 178,912 | 86,615
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DORNACK INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 509,032 | 692,433
| Deferred tax |  |
| Origination and reversal of timing differences | (16,417) | (3,999)
| Tax on profit | 492,615 | 688,434
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023:lower than) the standard rate of corporation tax in the UK of 25% (2023:25%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,285,108 | 2,783,753
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023:25%) | 571,277 | 695,938
| Effects of: |  |
| Expenses not deductible for tax purposes | 13,036 | 27,654
| Adjustments to tax charge in respect of prior periods | 125 | -
| Non-taxable income | - | (198)
| Movement in deferred tax not recognised | (7,063) | -
| Deferred tax credit | - | (3,999)
| Group relief | (5,393) | -
| Effect of change in tax rate during the year | - | (43,554)
| Depreciation in excess of capital allowances | (79,367) | 12,593
| Total tax charge for the year | 492,615 | 688,434
10. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Dividends paid | 2,000,000 | 2,600,000
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DORNACK INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 237,054 | 966,120 | 630,695 | 115,623 | 49,206
| Additions | - | 14,548 | 27,995 | 28,115 | -
| Disposals | (237,054) | - | - | - | -
| At 31 December 2024 | - | 980,668 | 658,690 | 143,738 | 49,206
| Depreciation |  |  |  |  |
| At 1 January 2024 | 54,521 | 519,637 | 500,457 | 100,106 | 36,067
| Charge for the year on owned assets | 41 | 71,864 | 62,008 | 13,845 | 6,569
| Disposals | (54,562) | - | - | - | -
| At 31 December 2024 | - | 591,501 | 562,465 | 113,951 | 42,636
| Net book value |  |  |  |  |
| At 31 December 2024 | - | 389,167 | 96,225 | 29,787 | 6,570
| At 31 December 2023 | 182,533 | 446,483 | 130,238 | 15,517 | 13,139
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DORNACK INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11.Tangible fixed assets (continued)
|  | Total
|  | £
| Cost or valuation |
| At 1 January 2024 | 1,998,698
| Additions | 70,658
| Disposals | (237,054)
| At 31 December 2024 | 1,832,302
| Depreciation |
| At 1 January 2024 | 1,210,788
| Charge for the year on owned assets | 154,327
| Disposals | (54,562)
| At 31 December 2024 | 1,310,553
| Net book value |
| At 31 December 2024 | 521,749
| At 31 December 2023 | 787,910
12. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 3,144,563 | 3,782,628
| Amounts owed by group undertakings | 1,366,343 | -
| Other debtors | 24,681 | 38,547
| Prepayments and accrued income | 156,519 | 51,988
|  | 4,692,106 | 3,873,163
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DORNACK INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 1,914,839 | 2,590,392
| Amounts owed to group undertakings | 4,521,371 | 3,460,301
| Corporation tax | 261,038 | 392,433
| Other taxation and social security | 367,558 | 41,809
| Other creditors | 11,509 | 114,024
| Accruals and deferred income | 224,038 | 53,461
|  | 7,300,353 | 6,652,420
14. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | 20,886
| Charged to profit or loss | (16,417)
| At end of year | 4,469
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (4,469) | (20,886)
15. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 500,000 (2023:500,000) A Ordinary shares of £1.00 each | 500,000 | 500,000
|  | 500,000 (2023:500,000) B Ordinary shares of £1.00 each | 500,000 | 500,000
|  |  | 1,000,000 | 1,000,000
Page 21
DORNACK INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. | Reserves
Profit and loss account Profit and loss account represents the accumulated profits of a company that have not been distributed as dividends to shareholders
17. | Pension commitments
The company operates a defined contribution scheme. The assets are held seperately from those of the company in an independently administered fund. The pension charge represents contributions payable by the company to the fund amounting to £94,365 (2024: £146,931). Pension contributions totalling £6,474 (2023: £7,031) were payable to the fund at the year end.
18. | Related party transactions
|  | 2024 | 2023
|  | £ | £
| Entities over which the entity has control, joint control or significant influence |  |
| Sales | 9,000 | 2,500
| Interest payable | 178,912 | 70,892
| Amounts due to related party | 4,521,371 | 3,440,803
19. | Controlling party
In the opinion of the directors, the ultimate parent and controlling company is Threeps Holding Ltd, a company incorporated in England and Wales. Copies of the parent company's consolidated financial statements are available from its registered office at 609 London Road, West Thurrock, Grays, Essex, RM20 3BJ or from the Registrar of Companies.
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