REGISTERED NUMBER: 03999351 (England and Wales)

C & T RESTAURANTS LIMITED

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Strategic Report

2

to

4

Report of the Directors

5

to

9

Report of the Independent Auditors

10

to

11

Income Statement

12

Other Comprehensive Income

13

Balance Sheet

14

Statement of Changes in Equity

15

Cash Flow Statement

16

Notes to the Cash Flow Statement

17

Notes to the Financial Statements

18

to

26

Directors:

J Chapman

G G Thompson

Secretary:

J Chapman

Registered office:

C/O Cooper Parry

Sky View, Argosy Road

East Midlands Airport, Castle Donington

Derby

Derbyshire

DE74 2SA

Registered number:

03999351 (England and Wales)

Auditors:

Griffiths Marshall

4th Floor

Llanthony Warehouse

The Docks

Gloucester

GL1 2EH

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

Review of business

The company operates eighteen McDonald's restaurants in Lancashire, employing over 2,100 members of staff.

The lower than expected supply chain inflation across 2024 resulted in gross profit margin above plan. This allowed the company to invest the benefit into value driving initiatives to increase guest counts and sales.

The IEO (Informal Eating Out) and QSR (Quick Service Restaurant) markets have continued to see a decline in customer visits versus 2023, which in turn has led to challenging guest count and sales performance. Despite the challenging backdrop we have launched several trading initiatives to increase footfall in to our restaurants, which have seen strong results and led to market share gains.

Given the direct link between our approach to pricing, the external environment, and our success in relation to our customers, we will continue to remain close to understanding this relationship and look constantly to evaluate how our internal actions are impacting our customers.

The financial position of the company is healthy with the balance sheet showing net assets of £5.47 million, compared with £5.98 million in 2023.

Key performance indicators

We consider our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, including turnover and gross profit margin.

Sales for the year amounted £77.98 million, a increase of £724k from 2024 giving an overall sales increase of approximately 0.94%.

The gross profit margin is 15.64% compared to 14.26% in 2023 and is in line with expectations.

Future developments

2024 economic trends are broadly expected to continue into 2025.

In 2025 we anticipate more optimism in the market, partly driven by anticipated interest rate cuts. However, consumer sentiment remains low, as customers continue to feel the impact from the economic environment over recent years. Sales growth will be driven by our ability to meet the increasing demands of our customers, through investing in the customer experience as well as a strong marketing calendar with a continued focus on value and a number of innovative products including the Big Arch.

Our ambition for 2025 and beyond is to continue our sustainable growth of gross profit margin. To support this, we anticipate making menu board price increases in 2025 and any pricing considerations will remain customer led, with the focus being growing guest counts and sales. This will in turn strengthen gross profit and cash flow, whilst sustainably growing gross profit margin in an attempt to achieve increased margins for Q4 2025. Absolute gross profit margin will vary by store dependent on pricing and product mix amongst other factors.

The 2025 pricing strategy will provide gross profit margin growth by taking more price than supply chain inflation, whilst maintaining the business’ core value proposition. The key focus will be on driving sustainable growth by building upon the work which has been implemented on value, opportunities driven by investment in IRLX (In Real Life Experience) and refining the long-term view of pricing and menu architecture.

It is the strategy of the company to carry out store refurbishments projects at regular intervals, under the guidance of McDonald’s national store refurbishment program, in order to benefit the customers in store dining experience. The re-imaging strategy continues to have a positive impact on guest counts which in turn powers sales growth in line with directors’ expectations and objectives. The IRLX upgrade programme was carried out at store 1037 during the year.

Principal risks and uncertainties

The company operates in a highly competitive market, high street consumer behaviour impacts the company’s turnover and the variability of commodity prices impact profitability.

The company is continually assessing all risks with an aim to mitigate any future threats these may have on the business.

Economic risk

Following some very challenging times, we are optimistic about the economic future. Principal risks are increasing commodity prices, increased utility costs and labour rates adding pressure to margins.

The company’s supply chain is closely maintained by McDonald’s, who are able to negotiate effectively on behalf of franchisees to ensure enhanced purchasing terms. They have continued to work at mitigating the impact of food and paper inflation with an expectation that circa 30% of our costs will be secured.

This forecast reflects our confidence in the stability of key cost drivers, however, there still remains some uncertainty with geopolitical uncertainty and legislative Impact. Our focus remains on working closely with supplier partners to manage inevitable cost increases.

Regulatory risks

The company's operations demand a high level of compliance within a wide range of regulatory requirements. In particular -

* Health and safety

* Hygiene procedures

* Employment laws

* Licensing

The above, along with a number of other areas, are monitored in detail by McDonald's, as being in the fast food industry brings a high level of regulatory concerns.

Consumer taste

Any material changes in the way the consumer views the fast food industry could have an adverse effect on the company. However, this can also work in the opposite direction and could assist the company to achieve growth. As a result, the company focuses, in detail, on recognising demographic trends, ensuring innovation and the use of the freshest and highest quality products through its stores. The company has strict policies to ensure that all stores are maintaining the McDonald's ethos.

Competitors

The fast food market is a very competitive market, with a high number of large competitors trading in the sector. In order to remain as one of the main players, McDonald's have dedicated teams who focus on ensuring they remain a leading company within the market. This allows them to compete with other large fast food chains.

Section 172(1) statement

Statement by the director in performance of his statutory duties in accordance with s172(1) Companies Act 2006:

The director takes into account the likely consequences of long-term decisions; build relationships with stakeholders; understand the importance of engaging with our employees; understand the impact of our operations on the communities within which we operate; and attribute importance to behaving as a responsible business.

The director considers, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 31 December 2024. In particular by reference to the approval of our business plan, which is updated on an annual basis. Our business plan was designed to have a long-term beneficial impact on the company and to contribute to its success in delivering high quality quick-service food.

Our employees are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in the way we do business.

As the director, my intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours, and in doing so, will contribute to the delivery of our plan.

On behalf of the board:

J Chapman - Director

18 September 2025

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

Principal activity

The principal activity of the company in the year under review was that of the operation of McDonald's franchised restaurants.

Dividends

Interim dividends per share were paid as follows:

Ordinary A £1 shares

£49.60

- 6 April 2024

Ordinary B £1 shares

£40.22

- 6 April 2024

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 430,000 .

Research and development

The company does not carry out any independent research and development. However the franchisor, McDonald's Restaurants Limited, carries out its own research and development on behalf of all franchisees. The company makes a contribution towards this through its existing payments to the franchisor.

Directors

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

J Chapman

G G Thompson

Going concern

The directors have considered the application of the going concern basis of accounting in doing so they have considered the period from the date of this report until 31 December 2026. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Employment of disabled persons

The company operates a policy of giving full & fair consideration to employment applications from disabled persons having regard for their aptitudes and abilities. We will support the career development and provide the appropriate training for employees who become disabled during their employment with the company.

Provision of information to employees

The company has a system for providing employees with information of concern to them. It also consults employees on a regular basis so that their views can be taken into account in making decisions affecting them.

It regularly explains to employees the financial and economic factors affecting the performance of the company and makes them aware of the provision of training, career development and employment of disabled employees.

Engagement with employees

Our employees are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to pay and benefits our employees receive. The health, safety and wellbeing of our employees is one of our primary considerations in the way we do business.

Engagement with suppliers, customers and others

The board of directors take into account the likely consequences of long-term decisions; build relationships with stakeholders; understand the impact of our operations on the communities within which we operate; and attribute importance to behaving as a responsible business.

Statement of corporate governance arrangements

The company is owned and controlled by a single director. By reference to the Corporate Governance Guidance and Principles for Unlisted Companies in the UK, published by the Institute of Directors, the director has established a framework of company processes and attitudes that add value to the business, help build its reputation and ensure its long-term continuity and success. This framework aligns with the business system and processes established by the franchisor and contributes to the continued success of the company.

Streamlined energy and carbon reporting

The company's greenhouse gas emissions, reportable under SECR from 1st January 2024 - 31st December 2024, were 2,389 tonnes of carbon dioxide equivalent (tCO2e). These include emissions associated with electricity, natural gas, transport consumption and refrigerant leaks. The number of sites contributing to this report has not changed from last year.. The company's total greenhouse gas emissions decreased by 8.7% compared to 2023 figures, because purchased electricity energy consumption (kWh) has decreased by 9% and natural gas energy consumption (kWh) has decreased by 14.3%, from 2023 to 2024.

Notable factors that could have contributed to the movement in emissions are as follows:

- A change in the methodology for missing data estimation will have affected the emissions associated with electricity, natural gas and purchased fuel. In 2023, extrapolation was conducted by Aligned Incentives, whereas in 2024, extrapolation was conducted by Mitie.

- A change in the market-based methodology led to an increase in electricity emissions under the market-based methodology. In 2023, all electricity consumption was considered renewable, whereas in 2024, only meters where electricity is supplied by Npower are considered renewable. This has been confirmed by the Mitie Energy Team, who procure electricity for McDonald’s sites supplied by Npower. It is not known whether the other meters/sites use renewable electricity.

- Improved refrigerant leak data capture from suppliers compared to the prior year, which has been confirmed by McDonald's, has led to an increase in emissions associated with refrigerants.

As per SECR guidelines, the company's emission intensity is calculated as the ratio of annual emissions (tCO2e) to the turnover (in £million). For FY 2024, this resulted in an emission intensity of 30.6 tCO2e per £million, which represents a 9.73% decrease compared to the previous year (33.9 tCO2e per £million).

Greenhouse Gas Emissions

Table 1: Greenhouse gas emissions by year (tCO2e) - location-based

Emissions Source

2023

2024

% change

% share

Electricity

2,222

2,026

-9

84.8

Natural Gas

295

252

-15

10.6

Purchased fuel (LPG)

-

-

-

-

Transportation - direct

-

-

-

-

Transportation - indirect

-

4

-

0.2

Refrigerants

99

107

-8

4.0

Total emissions (tC02e)

2,616

2,389

-9

Turnover (£m)

77

78

1

Intensity (tC02e per £m)

33.9

30.6

-10

Location-based reporting uses a national carbon emissions factor to calculate the emissions from the generation of electricity, reflecting the diverse source of electricity generation supplied to the national grid.

Table 2: Greenhouse gas emissions by scope (tonnes CO2e) - location-based

Emissions Source

2023

2024

% change

% share

Scope 1

394

360

-9

15

Scope 2

2,045

1,861

-9

78

Scope 3

177

168

-5

7

Total emissions (tC02e)

2,616

2,389

-9

Scope 1: Natural gas and purchased fuel (LPG). Scope 2: Electricity (generation). Scope 3: Losses from electricity distribution and transmission (T&D). This only includes emissions reportable under SECR and may not reflect the entire carbon footprint of the organisation.

Energy Consumption

Table 3: Greenhouse gas emissions by source (tCO2e) - market-based

Emissions Source

2023

2024

% change

% share

Electricity

177

164

-7

31

Natural Gas

295

252

-15

48

Purchased fuel

-

-

-

-

Transportation - direct

-

-

-

-

Transportation - indirect

-

4

-

1

Refrigerants

99

107

8

20

Total emissions (tC02e)

571

527

-8

Turnover (£m)

77

78

1

Intensity (tC02e per £m)

7.4

6.8

-8

Market-based emissions figure for purchased electricity reflects our investment in zero-carbon electricity tariffs for our buildings. In terms of the Greenhouse Gas Protocol, the accounting of zero carbon electricity tariffs is called ‘market-based’, as opposed to ‘location-based’ reporting. Location-based reporting does not consider the electricity supply contracts, which a company has procured and instead uses a national carbon emissions factor to calculate the emissions from the generation of electricity, reflecting the diverse sources of electricity generation supplied to the national grid. Thus, the emissions reported for electricity only consider transmission and distribution losses.

Table 4: Greenhouse gas emissions by scope (tonnes CO2e) - market-based

Emissions Source

2023

2024

% change

% share

Scope 1

394

360

-9

68

Scope 2

-

-

-

Scope 3

177

157

-5

32

Total emissions (tC02e)

571

527

-8

Scope 1: Natural gas and purchased fuel (LPG). Scope 2: Electricity (generation). Scope 3: Losses from electricity distribution and transmission (T&D). This only includes emissions reportable under SECR and may not reflect the entire carbon footprint of the organisation.

Energy Consumption

Table 5: Energy consumption per source (kWh)

Emissions Source

2023

2024

% change

% share

Electricity

9,874,580

8,987,084

-9

86.6

Natural Gas

1,611,172

1,380,070

-14

13.3

Purchased fuel

-

-

-

-

Transportation - direct

-

-

-

-

Transportation - indirect

-

15,580

-

0.2

Refrigerants

-

-

-

-

Total energy consumption (kWh)

11,485,752

10,382,734

-10

Turnover (£m)

77

78

1

Intensity (kWh per £m)

148,667

133,143

-10

Boundary, Methodology and Exclusions

An 'operational control' approach has been used to define the Greenhouse Gas emissions boundary. An operational control approach is defined as ''Your organisation has operational control over an operation if it, or one of its subsidiaries, has the full authority to introduce and implement its operating policies at the operation''.

This approach captures emissions associated with the operation of all buildings, such as warehouses, offices and manufacturing sites, plus company-owned and leased transport. This report covers UK operations only, as required by SECR for Non-Quoted Large Companies.

This information was collected and reported in line with the methodology set out in the UK Government's Environmental Reporting Guidelines, 2019.

Emissions have been calculated using the latest conversion factors provided by the UK Government. No other material omissions from the mandatory reporting scope. For Refrigerant emissions, GWP conversion factors have been used [High-GWP Refrigerants | California Air Resources Board, Greenhouse Gas Inventory Guidance: Fugitive Emissions (epa.gov)]. There are no material omissions from the mandatory reporting scope.

Regarding market-based reporting, all electricity supplied by NPower is confirmed to be covered by Renewable Energy Guarantees of Origin (REGOs). All RoadChef MSA sites and ASDA sites (up until 31 March 2024) are also covered by REGOs (confirmed by the supplier). Due to a lack of information, the remaining electricity supply is assumed to be non-renewable.

Energy consumption (in kWh) for the period 1st January 2024 - 31st December 2024 have been used to calculate emissions for the company's financial year.

Energy Efficiency Initiatives

The company has continued to seek and implement energy efficiency measures within both the work processes and the use of work equipment. McDonald’s Restaurants Limited is actively participating in mandatory compliance schemes, such as the Energy Savings Opportunity Scheme, TCFD, and is considering implementing the recommendations outlined in the ESOS audit reports.

The following are examples of energy efficiency initiatives that are being implemented at McDonald's Restaurants Limited and its franchisees’ restaurants after recommendations from site energy audits conducted by the Mitie Energy Optimisation Team:

-Reductions to the time schedule for internal lighting, external lighting (signage, car parking lighting, etc.), Air Handling Unit (AHU) conditioning, kitchen extract system, etc.

-Improvements to the car park lighting schedule.

-Decreased temperature set points in dining and kitchen areas, e.g. overdoor heater setpoint reduced from 28 degrees celsius to 22 degrees celsius.

-Increased temperature deadbands in dining and kitchen areas, especially to AHUs.

-Local control settings change from ‘always on’ to ‘normal.

-Heating set point temperature reduction.

-BMS time adjusted to sync with actual time.

Disclosure in the strategic report

The company is owned and controlled by a single director. By reference to the Corporate Governance Guidance and Principles for Unlisted Companies in the UK, published by the Institute of Directors, the director has established a framework of company processes and attitudes that add value to the business, help build its reputation and ensure its long-term continuity and success. This framework aligns with the business system and processes established by the franchisor and contributes to the continued success of the company.

Statement of directors' responsibilities

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

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

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

Griffiths Marshall, will be proposed for appointment at the forthcoming Annual General Meeting.

On behalf of the board:

J Chapman - Director

18 September 2025

Opinion

We have audited the financial statements of C & T Restaurants 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 loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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:

Based on our understanding of the industry, we identified that the principal risks of non-compliance related to breaches of health and safety, including food hygiene. We considered the extent to which non-compliance might have a material affect on the financial statements. We also considered those laws and regulations that have a direct impact on preparation of the financial statements, such as the Companies Act 2006. We examined management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of overriding of controls) and determined that the principal risks were relating to management bias in accounting estimates, in particular those of accrued liabilities and the useful life of tangible assets. We also discussed with management the possibility of non-compliance with health and safety and food hygiene regulations and reviewed the management controls in place to detect such irregularities. Audit procedures included challenging assumptions made by management in their significant accounting estimates. There are inherent limitations in the Audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions described in the financial statements, the less likely we would become aware of it. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one due to error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Mr Greg Lewis (Senior Statutory Auditor)

for and on behalf of Griffiths Marshall

4th Floor

Llanthony Warehouse

The Docks

Gloucester

GL1 2EH

18 September 2025

Turnover

3

77,981,936

77,258,358

Cost of sales

(65,786,965

)

(66,244,716

)

Gross profit

12,194,971

11,013,642

Administrative expenses

(11,915,942

)

(10,162,375

)

Operating profit

5

279,029

851,267

Interest receivable and similar income

-

338

279,029

851,605

Interest payable and similar expenses

6

(246,600

)

(295,174

)

Profit before taxation

32,429

556,431

Tax on profit

7

(110,706

)

(113,184

)

(Loss)/profit for the financial year

(78,277

)

443,247

(Loss)/profit for the year

(78,277

)

443,247

Other comprehensive income

-

-

Total comprehensive income for the year

(78,277

)

443,247

Fixed assets

Intangible assets

9

4,351,184

4,687,212

Tangible assets

10

5,307,967

6,026,643

Investments

11

22,500

22,500

9,681,651

10,736,355

Current assets

Stocks

12

413,291

389,839

Debtors

13

694,335

839,539

Cash at bank

5,555,744

4,895,308

6,663,370

6,124,686

Creditors

Amounts falling due within one year

14

6,537,852

6,926,267

Net current assets/(liabilities)

125,518

(801,581

)

Total assets less current liabilities

9,807,169

9,934,774

Creditors

Amounts falling due after more than one year

15

(3,615,814

)

(3,146,926

)

Provisions for liabilities

19

(717,147

)

(805,363

)

Net assets

5,474,208

5,982,485

Capital and reserves

Called up share capital

20

9,100

9,100

Retained earnings

21

5,465,108

5,973,385

Shareholders' funds

5,474,208

5,982,485

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

J Chapman - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

9,100

5,850,138

5,859,238

Changes in equity

Dividends

-

(320,000

)

(320,000

)

Total comprehensive income

-

443,247

443,247

Balance at 31 December 2023

9,100

5,973,385

5,982,485

Changes in equity

Dividends

-

(430,000

)

(430,000

)

Total comprehensive income

-

(78,277

)

(78,277

)

Balance at 31 December 2024

9,100

5,465,108

5,474,208

Cash flows from operating activities

Cash generated from operations

1

2,068,609

2,986,340

Interest paid

(246,600

)

(295,174

)

Tax paid

(232,364

)

322,380

Net cash from operating activities

1,589,645

3,013,546

Cash flows from investing activities

Purchase of tangible fixed assets

(1,086,736

)

(1,273,616

)

Interest received

-

338

Net cash from investing activities

(1,086,736

)

(1,273,278

)

Cash flows from financing activities

New loans in year

1,330,000

-

Loan repayments in year

(736,273

)

(1,927,072

)

Amount introduced by directors

430,000

3,462

Amount withdrawn by directors

(436,200

)

2,762

Equity dividends paid

(430,000

)

(320,000

)

Net cash from financing activities

157,527

(2,240,848

)

Increase/(decrease) in cash and cash equivalents

660,436

(500,580

)

Cash and cash equivalents at beginning of year

2

4,895,308

5,395,888

Cash and cash equivalents at end of year

2

5,555,744

4,895,308

1.	Reconciliation of profit before taxation to cash generated from operations

2024

2023

£

£

Profit before taxation

32,429

556,431

Depreciation charges

2,233,263

2,278,081

Reclassify fixed assets

(91,823

)

-

Finance costs

246,600

295,174

Finance income

-

(338

)

2,420,469

3,129,348

Increase in stocks

(23,452

)

(64

)

Decrease in trade and other debtors

145,204

314,052

Decrease in trade and other creditors

(473,612

)

(456,996

)

Cash generated from operations

2,068,609

2,986,340

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

5,555,744

4,895,308

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

4,895,308

5,395,888

3.	Analysis of changes in net funds

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank

4,895,308

660,436

5,555,744

4,895,308

660,436

5,555,744

Debt

Debts falling due within 1 year

(746,046

)

(124,839

)

(870,885

)

Debts falling due after 1 year

(3,146,926

)

(468,888

)

(3,615,814

)

(3,892,972

)

(593,727

)

(4,486,699

)

Total

1,002,336

66,709

1,069,045