Charioteer Limited Company accounts

COMPANY REGISTRATION NUMBER: NI038821

Charioteer Limited

Financial Statements

31 December 2024

Charioteer Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	6

Statement of income and retained earnings	11

Statement of financial position	12

Statement of cash flows	13

Notes to the financial statements	14

Charioteer Limited

Officers and Professional Advisers

The board of directors	Mr. P Mc Cormack
	Mrs. J Mc Cormack

Registered office	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Auditor	Maneely Mc Cann Chartered Accountants
	Chartered accountants & statutory auditor
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Allied Irish Bank
	35 University Road
	Belfast
	BT7 1ND

	Danske Bank
	Donegall Square West
	Belfast
	BT1 6JS

Solicitors	O'Hare Solicitors
	St George's Buildings
	37 - 41 High Street
	Belfast
	BT1 2AB

Charioteer Limited

Strategic Report

Year ended 31 December 2024

The principal activity in the company is the retail sale of automotive fuel and operation of a supermarket. The directors present their strategic report for the year ended 31 December 2024. Review of business and future developments The profit and loss account for the year is set out on page 12. The trading performance continued to be impacted by the rising costs of energy however the directors have initiated the necessary steps to address this. The directors are confident of the outlook in terms of sales and profits for the current year with an increasing focus on the convenience retailing and food service aspect of its operations. Principal risks and uncertainties The company's operations expose it to financial risks. The directors have in place a risk management program that seeks to limit the adverse effects on the financial performance of the group. Price risk The company is exposed to price fluctuations which can have a direct impact upon its profit margins. The directors regularly monitor this and adopt suitable strategies to manage this risk. The company has no exposure to equity securities price risk as it holds no listed investments. The company also operates in a competitive market, with players drawn from local and large scale multi-national organisations, operating in the food-to-go and convenience sectors. To mitigate this, the directors continually monitor changes in competitor activity and focus on delivering competitive prices and value for customers. Environment The company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible. Health and safety The company is committed to achieving the highest practicable standards in health and safety management and strives to make all premises safe environments for employees and customers alike. Human resources The company's most important resource is its people. Their knowledge and experience are crucial to meeting customer requirements. Retention of key staff is critical, and the company has invested in relevant employment training and development and has in place appropriate incentive and career progression arrangements. Directors The directors of the company during the year are shown on page 4.

This report was approved by the board of directors on 27 June 2025 and signed on behalf of the board by:

Mr. P Mc Cormack

Director

Registered office:

Aisling House

50 Stranmillis Embankment

Belfast

BT9 5FL

Charioteer Limited

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:

Mr. P Mc Cormack
Mrs. J Mc Cormack

Dividends

The directors do not recommend the payment of a dividend.

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; - 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.

This report was approved by the board of directors on 27 June 2025 and signed on behalf of the board by:

Mr. P Mc Cormack

Director

Registered office:

Aisling House

50 Stranmillis Embankment

Belfast

BT9 5FL

Charioteer Limited

Independent Auditor's Report to the Members of Charioteer Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Charioteer Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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 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; - 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 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, 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: Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: - the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; - results of our enquiries of management about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the company directors' documentation of the policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether the directors were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether the directors have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and Taxation Legislation. Audit response to risks identified Our procedures to respond to risks identified included the following: - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiring of management and external legal counsel concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in new making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Cathal Maneely

(Senior Statutory Auditor)

For and on behalf of

Maneely Mc Cann Chartered Accountants

Chartered accountants & statutory auditor

Aisling House

50 Stranmillis Embankment

Belfast

BT9 5FL

27 June 2025

Charioteer Limited

Statement of Income and Retained Earnings

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	16,582,477	15,832,427

Cost of sales	13,794,922	13,300,532
	-------------	-------------
Gross profit	2,787,555	2,531,895

Administrative expenses		2,513,185	2,179,745
Other operating income	5	182,973	139,104
		------------	------------
Operating profit	6	457,343	491,254

Other interest receivable and similar income	9	383	510
		------------	------------
Profit before taxation		457,726	491,764

Tax on profit	10	( 235,266)	519,714
		---------	---------
Profit/(loss) for the financial year and total comprehensive income		692,992	( 27,950)
		---------	---------

Retained losses at the start of the year	( 1,948,457)	( 1,920,507)
	------------	------------
Retained losses at the end of the year	( 1,255,465)	( 1,948,457)
	------------	------------

All the activities of the company are from continuing operations.

Charioteer Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	11	669,593	695,370
Tangible assets	12	7,740,318	7,688,089
		------------	------------
		8,409,911	8,383,459

Current assets

Stocks	13	461,261	427,445
Debtors	14	345,530	627,819
Cash at bank and in hand		2,169,400	1,390,978
		------------	------------
		2,976,191	2,446,242

Creditors: amounts falling due within one year	15	1,629,148	1,387,611
		------------	------------
Net current assets		1,347,043	1,058,631
		------------	------------
Total assets less current liabilities		9,756,954	9,442,090

Creditors: amounts falling due after more than one year	16	3,431,554	3,431,554

Provisions	17	597,497	975,625
		------------	------------
Net assets		5,727,903	5,034,911
		------------	------------

Capital and reserves

Called up share capital	20	6,983,368	6,983,368
Profit and loss account		( 1,255,465)	( 1,948,457)
		------------	------------
Shareholders funds		5,727,903	5,034,911
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 27 June 2025 , and are signed on behalf of the board by:

Mr. P Mc Cormack

Director

Company registration number: NI038821

Charioteer Limited

Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit/(loss) for the financial year	692,992	( 27,950)

Adjustments for:
Depreciation of tangible assets	233,727	198,187
Amortisation of intangible assets	37,777	37,778
Other interest receivable and similar income	( 383)	( 510)
Loss on disposal of tangible assets	1,874	3,119
Tax on profit	( 235,266)	519,714
Accrued expenses	3,823	43,996
Other operating cash flow adjustment	1	–

Changes in:
Stocks	( 33,816)	( 80,951)
Trade and other debtors	282,289	120,538
Trade and other creditors	147,056	107,093
	------------	---------
Cash generated from operations	1,130,074	921,014

Interest received	383	510
Tax paid	( 52,205)	( 140,899)
	------------	---------
Net cash from operating activities	1,078,252	780,625
	------------	---------

Cash flows from investing activities

Purchase of tangible assets	( 287,828)	( 2,261,438)
Proceeds from sale of tangible assets	( 2)	–
Purchase of intangible assets	( 12,000)	–
	------------	------------
Net cash used in investing activities	( 299,830)	( 2,261,438)
	------------	------------

Net increase/(decrease) in cash and cash equivalents	778,422	( 1,480,813)
Cash and cash equivalents at beginning of year	1,390,978	2,871,791
	------------	------------
Cash and cash equivalents at end of year	2,169,400	1,390,978
	------------	------------

Charioteer Limited

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. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Determining and assessing the residual value of licences

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affect only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on the amounts recognised in the financial statements. Determining and assessing the residual value of licenses At each reporting date licences are reviewed to determine the residual value of the intangible assets. The directors consider the residual value of licences to be in excess of the cost at original recognition based upon their knowledge of the business, the market the company operates in and previous transactions comprising licences. Accordingly an amortisation charge of £Nil has been charged in both the current and previous financial year.

Revenue recognition

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.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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	-	Amortised over 18 years and 20 years

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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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% straight line
Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	20% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 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. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	16,582,477	15,832,427
	-------------	-------------

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
	£	£
Rent Receivable	182,973	139,104
	---------	---------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Amortisation of intangible assets	37,777	37,778
Depreciation of tangible assets	233,727	198,187
Loss on disposal of tangible assets	1,874	3,119
Impairment of trade debtors	(1,034)	(7)
	---------	---------

7. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	6,955	8,875
	-------	-------

8. Staff costs

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

	2024	2023
	No.	No.
Number of sales staff	94	80
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	1,287,059	1,106,773
Social security costs	77,240	69,443
Other pension costs	17,943	17,900
	------------	------------
	1,382,242	1,194,116
	------------	------------

9. Other interest receivable and similar income

	2024	2023
	£	£
Interest on cash and cash equivalents	383	510
	----	----

10. Tax on profit

Major components of tax (income)/expense

	2024	2023
	£	£

Current tax:

UK current tax expense	142,863	52,205

Deferred tax:

Origination and reversal of timing differences	( 378,129)	467,509
	---------	---------
Tax on profit	( 235,266)	519,714
	---------	---------

Reconciliation of tax (income)/expense

The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	457,726	491,764
	---------	---------
Profit on ordinary activities by rate of tax	114,432	122,941
Effect of expenses not deductible for tax purposes	193,234	55,486
Effect of capital allowances and depreciation	( 164,803)	( 126,222)
Origination and reversal of timing differences	( 378,129)	467,509
	---------	---------
Tax on profit	( 235,266)	519,714
	---------	---------

11. Intangible assets

	Goodwill	Patents, trademarks and licences	Total
	£	£	£
Cost
At 1 January 2024	700,000	190,000	890,000
Additions	–	12,000	12,000
	---------	---------	---------
At 31 December 2024	700,000	202,000	902,000
	---------	---------	---------
Amortisation
At 1 January 2024	194,630	–	194,630
Charge for the year	37,777	–	37,777
	---------	---------	---------
At 31 December 2024	232,407	–	232,407
	---------	---------	---------
Carrying amount
At 31 December 2024	467,593	202,000	669,593
	---------	---------	---------
At 31 December 2023	505,370	190,000	695,370
	---------	---------	---------

12. Tangible assets

	Land and Buildings	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	7,158,967	1,622,476	52,571	8,834,014
Additions	251,650	36,178	–	287,828
Disposals	–	( 2,999)	–	( 2,999)
	------------	------------	--------	------------
At 31 December 2024	7,410,617	1,655,655	52,571	9,118,843
	------------	------------	--------	------------
Depreciation
At 1 January 2024	297,407	839,644	8,874	1,145,925
Charge for the year	80,228	145,518	7,981	233,727
Disposals	–	( 1,127)	–	( 1,127)
	------------	------------	--------	------------
At 31 December 2024	377,635	984,035	16,855	1,378,525
	------------	------------	--------	------------
Carrying amount
At 31 December 2024	7,032,982	671,620	35,716	7,740,318
	------------	------------	--------	------------
At 31 December 2023	6,861,560	782,832	43,697	7,688,089
	------------	------------	--------	------------

Land and buildings are valued by the directors on an open market value for existing use basis, having regard to any recent professional valuations and marketing material provided by external agents. The directors are of the opinion that the market valuations of the land and buildings are not materially different from that shown in the accounts. The historical cost of land and buildings at 31 December 2024 was £7,032,982 (2023: £6,861,560).

13. Stocks

	2024	2023
	£	£
Goods for resale	461,261	427,445
	---------	---------

14. Debtors

	2024	2023
	£	£
Trade debtors	172,863	251,680
Prepayments and accrued income	128,362	353,814
Other debtors	44,305	22,325
	---------	---------
	345,530	627,819
	---------	---------

15. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	676,139	511,478
Accruals and deferred income	264,415	260,592
Corporation tax	142,863	52,205
Social security and other taxes	70,481	78,978
Director loan accounts	55,000	55,000
Other creditors	420,250	429,358
	------------	------------
	1,629,148	1,387,611
	------------	------------

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

	2024	2023
	£	£
Amounts owed to undertakings in which the company has a participating interest	3,431,554	3,431,554
	------------	------------

17. Provisions

	Deferred tax (note 18)
	£
At 1 January 2024	975,625
Charge against provision	( 378,128)
	---------
At 31 December 2024	597,497
	---------

18. Deferred tax

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

	2024	2023
	£	£
Included in provisions (note 17)	597,497	975,625
	---------	---------

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

	2024	2023
	£	£
Accelerated capital allowances	597,497	975,625
	---------	---------

19. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 17,943 (2023: £ 17,900 ).

20. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
Ordinary Class 2 shares of £ 1 each	6,983,268	6,983,268	6,983,268	6,983,268
	------------	------------	------------	------------
	6,983,368	6,983,368	6,983,368	6,983,368
	------------	------------	------------	------------

21. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	1,390,978	778,422	2,169,400
Debt due within one year	(55,000)	–	(55,000)
Debt due after one year	(3,431,554)	–	(3,431,554)
	------------	---------	------------
	( 2,095,576)	778,422	( 1,317,154)
	------------	---------	------------

22. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	1,274	5,094
Later than 1 year and not later than 5 years	–	1,274
	-------	-------
	1,274	6,368
	-------	-------

23. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2024	2023
	£	£
Mr. P Mc Cormack	( 55,000)	( 55,000)
	--------	--------

24. Related party transactions

Included within creditors are amounts owing to companies under common control. The total amount outstanding at the balance sheet date was £3,431,554 (2023: £3,431,554). These balances relate to general intercompany transactions and loans in the year.