COWAN BROS. NI LTD 31/12/2024 iXBRL

Company registration number: NI607675

COWAN BROS. NI LTD

Financial statements

31 December 2024

COWAN BROS. NI LTD

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the members

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

COWAN BROS. NI LTD

Directors and other information


	Directors	George Oliver Cowan
		David Cowan
		Martha Cowan


	Company number	NI607675


	Registered office	2 Carrakeel Drive
		Maydown Industrial Estate
		Co. Londonderry
		BT47 6UQ


	Business address	2 Carrakeel Drive
		Maydown Industrial Estate
		Co. Londonderry
		BT47 6UQ


	Auditor	McDaid McCullough Moore
		28/32 Clarendon Street
		Londonderry
		BT48 7HD




	Bankers	HSBC
		12 - 14 The Diamond
		Londonderry
		BT48 6HW

		Danske Bank
		Donegal Square West
		Belfast
		BT1 6JS


	Solicitors	Babingtons Solicitors
		9 Limavady Road
		Londonderry
		BT47 6JU

COWAN BROS. NI LTD

Strategic report

Year ended 31 December 2024

Principal activities

The Company's principal activities are that of retailing wholegood plant and machinery and related services.

Review of activities and future developments

The results for the year are set out on the following pages. Due to the straightforward nature of the business the directors are of the opinion that analysis of performance of the company using key performance indicators is not necessary. The directors are satisfied with the performance of the company and expect to increase turnover and profitability in future years. Profit for the year was £679,018 (2023 : £842,652). Net assets at the balance sheet date were £4,399,866 (2023 : £3,728,048).

Principal risks and uncertainties

The principal risks affecting the company are maintaining income and keeping direct and indirect costs at a sustainable level to promote company profitability.

Financial risk management

The company's operations expose it to financial risks that include the effects of stock turnover risk, credit risk, interest rate risk and liquidity risk. The company has in place a risk management programme to monitor its exposure to financial risk. Due to the size of the company, the directors have not delegated responsibility of monitoring financial risk to a sub committee of the board.

The company maintains significant stock levels as part of its operations. Stock control procedures are in place to minimise the risk of stock obsolescence.

The company makes sales in both cash and credit and has in place credit control procedures to minimise the risk of selling by credit.

The company manages liquidity risk by constantly monitoring cash/credit levels and has available adequate banking facilities to absorb unusual cash flow problems.

This report was approved by the board of directors on 8 August 2025 and signed on behalf of the board by:

George Oliver Cowan

Director

COWAN BROS. NI LTD

Directors report

Year ended 31 December 2024

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

Directors

The directors who served the company during the year were as follows:

George Oliver Cowan

David Cowan

Martha Cowan

Dividends

Particulars of recommended dividends are detailed in note 11 to the financial statements.

Directors responsibilities statement

The directors are responsible for preparing the strategic report, 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 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 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 judgments and accounting estimates that are reasonable and prudent; and

- 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 08 August 2025 and signed on behalf of the board by:

George Oliver Cowan

Director

COWAN BROS. NI LTD

Independent auditor's report to the members of

COWAN BROS. NI LTD

Year ended 31 December 2024

Opinion

We have audited the financial statements of COWAN BROS. NI LTD (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and 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 FRS 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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 has 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 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 the 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, 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company and the environment in which it operates, we identified that the principal risk was of non-compliance with laws and regulations related to medium sized companies and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, corporation tax, vat and payroll tax. Audit procedures performed included the following:- Inspecting correspondence with tax authorities;- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;- Considering the internal controls in place to mitigate risks of fraud and non- compliance with laws and regulations;- Identifying and testing of transactions and the rationale behiind significant or unusual transactions, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions;- Challenging assumptions and judgements made by management in their critical accounting estimates.Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Patrick Moore (Senior Statutory Auditor)

For and on behalf of

McDaid McCullough Moore

Chartered Accountants and Statutory Auditor

28/32 Clarendon Street

Londonderry

BT48 7HD

08 August 2025

COWAN BROS. NI LTD

Statement of comprehensive income

Year ended 31 December 2024

		2024	2023
	Note	£	£


Turnover	4	16,686,326	18,676,735
Cost of sales		( 14,059,057)	( 15,878,199)
		_______	_______
Gross profit		2,627,269	2,798,536

Administrative expenses		( 1,758,350)	( 1,735,667)
Other operating income	5	58,069	63,755
		_______	_______
Operating profit	6	926,988	1,126,624

Interest payable and similar expenses	9	( 146)	( 4,574)
		_______	_______
Profit before taxation		926,842	1,122,050

Tax on profit	10	( 247,824)	( 279,398)
		_______	_______
Profit for the financial year and total comprehensive income		679,018	842,652
		_______	_______

All the activities of the company are from continuing operations.

COWAN BROS. NI LTD

Statement of financial position

31 December 2024

			2024		2023
		Note	£	£	£	£

Fixed assets
Intangible assets		12	-		-
Tangible assets		13	2,614,489		475,192
			_______		_______
				2,614,489		475,192

Current assets
Stocks		14	5,027,291		4,677,695
Debtors:
	Amounts falling due within one year	15	1,316,575		844,527
Cash at bank and in hand			1,171,792		958,591
			_______		_______
			7,515,658		6,480,813
Creditors: amounts falling due
within one year		16	( 5,139,061)		( 3,058,903)
			_______		_______
Net current assets				2,376,597		3,421,910
				_______		_______
Total assets less current liabilities				4,991,086		3,897,102

Creditors: amounts falling due
after more than one year		17		( 527,645)		( 82,934)

Provisions for liabilities		18		( 63,575)		( 86,120)

				_______		_______
Net assets				4,399,866		3,728,048
				_______		_______

Capital and reserves
Called up share capital		21		300		300
Profit and loss account				4,399,566		3,727,748
				_______		_______
Shareholders funds				4,399,866		3,728,048
				_______		_______

These financial statements were approved by the board of directors and authorised for issue on 08 August 2025 , and are signed on behalf of the board by:

George Oliver Cowan

Director

Company registration number: NI607675

COWAN BROS. NI LTD

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 January 2023	100	2,960,266	2,960,366

Profit for the year		842,652	842,652
	_______	_______	_______
Total comprehensive income for the year	-	842,652	842,652

Issue of bonus shares	200	-	200
Dividends paid and payable		( 75,170)	( 75,170)
	_______	_______	_______
Total investments by and distributions to owners	200	( 75,170)	( 74,970)

	_______	_______	_______
At 31 December 2023 and 1 January 2024	300	3,727,748	3,728,048

Profit for the year		679,018	679,018
	_______	_______	_______
Total comprehensive income for the year	-	679,018	679,018

Dividends paid and payable		( 7,200)	( 7,200)
	_______	_______	_______
Total investments by and distributions to owners	-	( 7,200)	( 7,200)

	_______	_______	_______
At 31 December 2024	300	4,399,566	4,399,866
	_______	_______	_______

COWAN BROS. NI LTD

Statement of cash flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities
Profit for the financial year	679,018	842,652

Adjustments for:
Depreciation of tangible assets	231,135	215,156
Interest payable and similar expenses	146	4,574
Gain/(loss) on disposal of tangible assets	-	( 17,248)
Tax on profit	247,824	279,398

Changes in:
Stocks	( 349,596)	( 1,247,503)
Trade and other debtors	( 472,048)	( 299,398)
Trade and other creditors	936,767	241,009
	_______	_______
Cash generated from operations	1,273,246	18,640

Interest paid	( 146)	( 4,574)
Tax paid	( 303,844)	( 259,200)
	_______	_______
Net cash from/(used in) operating activities	969,256	( 245,134)
	_______	_______

Cash flows from investing activities
Purchase of tangible assets	( 2,370,432)	( 86,333)
Proceeds from sale of tangible assets	-	100,126
	_______	_______
Net cash (used in)/from investing activities	( 2,370,432)	13,793
	_______	_______

Cash flows from financing activities
Proceeds from issue of shares classed as financial liabilities	500,000	-
Proceeds from borrowings	1,236,866	( 20,116)
Payment of finance lease liabilities	( 115,289)	103,063
Equity dividends paid	( 7,200)	( 75,170)
	_______	_______
Net cash from financing activities	1,614,377	7,777
	_______	_______

Net increase/(decrease) in cash and cash equivalents	213,201	( 223,564)
Cash and cash equivalents at beginning of year	958,591	1,182,155
	_______	_______
Cash and cash equivalents at end of year	1,171,792	958,591
	_______	_______

COWAN BROS. NI LTD

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland (Registration No. NI607675 ). The address of the registered office is Cowan Bros. NI Ltd, 2 Carrakeel Drive, Maydown Industrial Estate, Co. Londonderry, BT47 6UQ.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

In applying company accounting policies the directors are required to make judgements and estimates on an ongoing basis about the carrying value of assets and liabilities. If revision is required the revision is recognised in that period together with future periods if necessary. The depreciation charge in respect of tangible fixed assets is based on the estimated useful life of each group of assets. Revision of estimated useful life of each grouping will affect the estimates charged in the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

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

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	25 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	2-10% straight line
Plant and machinery	-	20 %	straight line
Motor vehicles	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell on a first in first out basis. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow moving stock whre appropriate.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Turnover

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2024	2023
	£	£
Rental income	55,180	63,180
Other operating income	2,889	575
	_______	_______
	58,069	63,755
	_______	_______

6. Operating profit

Operating profit is stated after charging/(crediting):

	2024	2023
	£	£
Depreciation of tangible assets	231,135	215,156
(Gain)/loss on disposal of tangible assets	-	( 17,248)
Impairment of trade debtors	-	3,139
Foreign exchange differences	1,407	1,275
Fees payable for the audit of the financial statements	9,750	9,000
	_______	_______

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
Selling / Workshop staff	25	28
Administrative staff	5	5
	_______	_______
	30	33
	_______	_______

The aggregate payroll costs incurred during the year were:

	2024	2023
	£	£
Wages and salaries	1,043,324	1,018,350
Social security costs	108,349	96,842
Other pension costs	20,276	13,588
	_______	_______
	1,171,949	1,128,780
	_______	_______

8. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	43,000	36,000
	_______	_______

9. Interest payable and similar expenses

		2024	2023
		£	£
Bank loans and overdrafts		146	3,351
Other loans made to the company:
	Finance leases and hire purchase contracts	-	1,223
		_______	_______
		146	4,574
		_______	_______

10. Tax on profit

Major components of tax expense

	2024	2023
	£	£
Current tax:
UK current tax expense	269,386	302,127
Adjustments in respect of previous periods	983	2,543
	_______	_______
Total UK current tax	270,369	304,670

Deferred tax:
Origination and reversal of timing differences	( 22,545)	( 25,272)
	_______	_______
Tax on profit	247,824	279,398
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25.00 % (2023: 23.50%).

	2024	2023
	£	£
Profit before taxation	926,842	1,122,050
	_______	_______

Profit multiplied by rate of tax	231,711	263,682
Adjustments in respect of prior periods	983	2,543
Effect of expenses not deductible for tax purposes	250	235
Effect of capital allowances and depreciation	14,880	12,938
	_______	_______
Tax on profit	247,824	279,398
	_______	_______

11. Dividends

Equity dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year)	7,200	75,170
	_______	_______

12. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	820,000	820,000
	_______	_______
Amortisation
At 1 January 2024 and 31 December 2024	820,000	820,000
	_______	_______
Carrying amount
At 31 December 2024	-	-
	_______	_______
At 31 December 2023	-	-
	_______	_______

13. Tangible assets

	Owned Freehold property	Short leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	-	167,153	604,034	447,687	1,218,874
Additions	2,289,000	-	-	81,432	2,370,432
Transfers	167,153	( 167,153)	-	-	-
	_______	_______	_______	_______	_______
At 31 December 2024	2,456,153	-	604,034	529,119	3,589,306
	_______	_______	_______	_______	_______
Depreciation
At 1 January 2024	-	24,990	357,107	361,585	743,682
Charge for the year	54,110	-	115,968	61,057	231,135
Transfers	24,990	( 24,990)	-	-	-
	_______	_______	_______	_______	_______
At 31 December 2024	79,100	-	473,075	422,642	974,817
	_______	_______	_______	_______	_______
Carrying amount
At 31 December 2024	2,377,053	-	130,959	106,477	2,614,489
	_______	_______	_______	_______	_______
At 31 December 2023	-	142,163	246,927	86,102	475,192
	_______	_______	_______	_______	_______

14. Stocks

	2024	2023
	£	£
Stocks for resale	5,027,291	4,677,695
	_______	_______

Included within the carrying value of stocks are amounts held under finance lease or hire purchase agreements of £117,435.

15. Debtors

Debtors falling due within one year are as follows:

	2024	2023
	£	£
Trade debtors	1,250,903	782,700
Prepayments and accrued income	14,667	11,324
Other debtors	51,005	50,503
	_______	_______
	1,316,575	844,527
	_______	_______

16. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	3,186,354	2,144,384
Corporation tax	269,386	302,861
Social security and other taxes	143,120	157,923
Obligations under HP / finance leases	55,289	115,289
Director loan accounts	1,280,812	43,946
Other creditors	204,100	294,500
	_______	_______
	5,139,061	3,058,903
	_______	_______

Potential bank borrowings are secured by: A fixed and floating charge over all company assets

The directors account is unsecured and interest free.

17. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Non participating redeemable preference shares	500,000	-
Obligations under HP / finance leases	27,645	82,934
	_______	_______
	527,645	82,934
	_______	_______

18. Provisions

	Deferred tax (note 19)	Total
	£	£
At 1 January 2024	86,120	86,120
Additions	( 22,545)	( 22,545)
	_______	_______
At 31 December 2024	63,575	63,575
	_______	_______

19. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 18)	63,575	86,120
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	63,575	86,120
	_______	_______

20. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 20,276 (2023: £ 13,588 ).

21. Called up share capital

Issued and called up

	2024		2023
	No	£	No	£
Ordinary shares of £ 1.00 each	100	100	100	100
Non participating ordinary shares of £ 1.00 each	200	200	200	200
	_______	_______	_______	_______
	300	300	300	300
	_______	_______	_______	_______

The non participating ordinary shares carry no voting rights and participate in dividends only at the discretion of the directors. The nominal value of non participating ordinary shares cannot exceed £1.

22. Analysis of changes in net debt

	At 1 January 2024	Cash flows	At 31 December 2024
	£	£	£
Cash and cash equivalents	958,591	213,201	1,171,792
Debt due within one year	(159,235)	(1,176,866)	(1,336,101)
Debt due after one year	(82,934)	55,289	(27,645)
	_______	_______	_______
	716,422	( 908,376)	( 191,954)
	_______	_______	_______

23. Controlling party

David Cowan , director & major shareholder, is considered to be the Company's controlling interest.