Fairway Of Course Ltd Company accounts

COMPANY REGISTRATION NUMBER: 04229016

Fairway Of Course Ltd

Financial Statements

31 December 2024

Fairway Of Course Ltd

Financial Statements

Year ended 31 December 2024

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Statement of comprehensive income	9

Statement of financial position	10

Statement of changes in equity	11

Statement of cash flows	12

Notes to the financial statements	13

Fairway Of Course Ltd

Strategic Report

Year ended 31 December 2024

The directors present the Strategic Report of Fairway Of Course Ltd for the period ended 31 December 2024.

Principal activity and business review

The principal activity of the company throughout the relevant period was the online retailing of golf equipment and related products. Whilst competition within the golf market remains strong, the company's gross profits have improved compared to the prior year. The Company's key financial and other performance indicators during the year were as follows:

	2024	2023
	£	£
Turnover	11,722,632	12,625,049
Operating profit	1,315,396	266,600
Gross profit margin (%)	21	19

Future development

The directors anticipate few changes in the activities and results of the Company in the foreseeable future.

Principal risks and uncertainties

The company faces a variety of risks in the operation of its business. These risks are actively monitored and managed by the directors and include: Information technology/ Cyber risks Regular backups and updates to our software to mitigate risk of IT failure. Liquidity risk and cash flow risk Working capital is largely funded by internally generated funds and returns on investments. Foreign exchange risk The Company receives payments in Euros and other currencies which exposes it to translation and foreign exchange risks. Interest rate risk The Company has both interest-bearing assets and interest-bearing liabilities with varying interest rates. The Company is exposed to interest rate risks. Portfolio investment risk The Company faces risks of loss in the value of its investment portfolio due to increased market volatility in the recent years. Investments are monitored regularly, and appropriate strategies and decisions made.

This report was approved by the board of directors on 26 September 2025 and signed on behalf of the board by:

Mr N Patani

Director

Registered office:

Woodfield House

506 - 508 Honeypot Lane

Stanmore

HA7 1JS

Fairway Of Course 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:

Mr S Patani
Mr R Patani
Mr N Patani
Mr I D Patani

Dividends

No dividends have been recommended in the current year (2023: NIL).

Disclosures in the strategic report

To enable the assessment of how the Directors have performed their duty to promote the success of the company, the Companies Act 2006 requires the Directors to set out in the Strategic report a fair review of the business during the year, the position at the end of the year, the likely future developments of the company and a description of the principal risks and uncertainties facing the company.

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 26 September 2025 and signed on behalf of the board by:

Mr N Patani

Director

Registered office:

Woodfield House

506 - 508 Honeypot Lane

Stanmore

HA7 1JS

Fairway Of Course Ltd

Independent Auditor's Report to the Members of Fairway Of Course Ltd

Year ended 31 December 2024

Opinion

We have audited the financial statements of Fairway Of Course 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 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: Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. Owing to the inherent limitations in our 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. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Based on our understanding of the legal and regulatory frameworks that are applicable to the company, we determined the most significant to be Companies Act 2006, and taxation legislation. The company is also subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an an an effect: health and safety, employment matters, anti-bribery and corruption practices, and certain aspects of relevant legislation in the countries where the company operates. We also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls. The principal risks are determined to be the posting of inappropriate journals to revenue, and to management bias in accounting estimates. Audit procedures performed by the audit team include: Inspecting correspondence with regulators and tax authorities; Discussion with management including consideration of known or suspected instances of of non-compliance with laws and regulation and fraud; Understanding and evaluating managements' control environment designed to prevent and detect irregularities; Identifying and testing journals; Challenging assumptions and judgements made by management in their critical accounting estimates. 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 auditor's report. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarik Malde FCCA

(Senior Statutory Auditor)

For and on behalf of

Malde & Co

Chartered Certified Accountants & statutory auditor

99 Kenton Road

Kenton Harrow

Middlesex

HA3 0AN

26 September 2025

Fairway Of Course Ltd

Statement of Comprehensive Income

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	11,722,632	12,625,049

Cost of sales	9,229,386	10,219,794
	--------------	--------------
Gross profit	2,493,246	2,405,255

Administrative expenses		1,630,022	2,140,155
Other operating income	5	452,172	1,500
		-------------	-------------
Operating profit	6	1,315,396	266,600

Income from other fixed asset investments	10	63,599	49,886
Other interest receivable and similar income	11	241,802	1,088,873
Interest payable and similar expenses	12	112,222	150,937
		-------------	-------------
Profit before taxation		1,508,575	1,254,422

Tax on profit	13	285,253	274,159
		-------------	-------------
Profit for the financial year and total comprehensive income		1,223,322	980,263
		-------------	-------------

All the activities of the company are from continuing operations.

Fairway Of Course Ltd

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Intangible assets	14	1,248	1,498
Tangible assets	15	70,743	93,216
Investments	16	5,297,910	5,494,221
		-------------	-------------
		5,369,901	5,588,935

Current assets

Stocks	17	1,964,482	2,051,376
Debtors	18	3,503,135	3,311,369
Cash at bank and in hand		1,202,684	362,101
		-------------	-------------
		6,670,301	5,724,846

Creditors: amounts falling due within one year	19	3,350,105		3,921,574
		-------------		-------------
Net current assets			3,320,196	1,803,272
			-------------	-------------
Total assets less current liabilities			8,690,097	7,392,207

Provisions

Taxation including deferred tax	20	217,009	142,441
		-------------	-------------
Net assets		8,473,088	7,249,766
		-------------	-------------

Capital and reserves

Called up share capital	23	112	112
Capital redemption reserve	24	38	38
Profit and loss account	24	8,472,938	7,249,616
		-------------	-------------
Shareholders funds		8,473,088	7,249,766
		-------------	-------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 26 September 2025 , and are signed on behalf of the board by:

Mr S Patani

Director

Company registration number: 04229016

Fairway Of Course Ltd

Statement of Changes in Equity

Year ended 31 December 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Total
	£	£	£	£
At 1 January 2023	150	–	8,495,428	8,495,578

Profit for the year			980,263	980,263
	----	----	-------------	-------------
Total comprehensive income for the year	–	–	980,263	980,263

Cancellation of subscribed capital	( 38)	38	( 2,226,075)	( 2,226,075)
	----	----	-------------	-------------
Total investments by and distributions to owners	( 38)	38	( 2,226,075)	( 2,226,075)

At 31 December 2023	112	38	7,249,616	7,249,766

Profit for the year			1,223,322	1,223,322
	----	----	-------------	-------------
Total comprehensive income for the year	–	–	1,223,322	1,223,322

	----	----	-------------	-------------
At 31 December 2024	112	38	8,472,938	8,473,088
	----	----	-------------	-------------

Fairway Of Course Ltd

Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit for the financial year	1,223,322	980,263

Adjustments for:
Depreciation of tangible assets	24,280	32,287
Amortisation of intangible assets	250	249
Income from other fixed asset investments	( 63,599)	( 49,886)
Other interest receivable and similar income	( 241,802)	( 1,088,873)
Interest payable and similar expenses	112,222	150,937
(Gains)/loss on disposal of investment property	( 227,459)	361,191
Tax on profit	285,253	274,159
Accrued (income)/expenses	( 28,507)	120,633

Changes in:
Stocks	86,894	163,248
Trade and other debtors	( 191,766)	( 548,658)
Trade and other creditors	281,963	171,084
	-------------	-------------
Cash generated from operations	1,261,051	566,634

Interest paid	( 112,222)	( 150,937)
Interest received	38,495	52,273
Tax paid	( 135,610)	( 64,756)
	-------------	----------
Net cash from operating activities	1,051,714	403,214
	-------------	----------

Cash flows from investing activities

Purchase of tangible assets	( 1,807)	( 109,879)
Purchases of other investments	( 2,666,316)	( 966,088)
Proceeds from sale of other investments	3,293,393	3,023,589
Dividends received	63,599	49,886
	-------------	-------------
Net cash from investing activities	688,869	1,997,508
	-------------	-------------

Cash flows from financing activities

Purchase of own shares	–	( 2,226,075)
Repayments of borrowings	( 900,000)	( 800,000)
	-------------	-------------
Net cash used in financing activities	( 900,000)	( 3,026,075)
	-------------	-------------

Net increase/(decrease) in cash and cash equivalents	840,583	( 625,353)
Cash and cash equivalents at beginning of year	362,101	987,454
	-------------	----------
Cash and cash equivalents at end of year	1,202,684	362,101
	-------------	----------

Fairway Of Course 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 England and Wales. The address of the registered office is Woodfield House, 506 - 508 Honeypot Lane, Stanmore, HA7 1JS.

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.

Research and development policy

Research expenditure is written off in the period in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Judgements and key sources of estimation uncertainty

In the applications of the Company's accounting policies, management are required to make judgements, estimates and assumptions about carrying amounts 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 estimates. The following summaries the judgements, estimates and assumptions that may cause amounts recognised or or disclosed to change in following reporting periods: Stock Management estimates the net realisable values of stock, taking into account the most reliable evidence available at each reporting date. The future realisation of these inventories may be affected by market-driven changes that may reduce future selling prices.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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. Rebate income Rebate income is recognised on an accrual basis, calculated based on the expected entitlement that has been earned up to the balance sheet date. The rebate income is recognised as a deduction from cost of sales.

Taxation

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.

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.

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	-	straight line basis over 10 years
Patents, trademarks and licences	-	straight line basis over 10 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:

Fixtures and fitting	-	25% reducing balance
Equipment	-	33% straight line

Investments

Fixed asset investments are initially recognised at its transaction price. For investments where there is an active market or the fair value can be measured reliably, the company's subsequent measurement will be at fair value, with changes in fair value recognised in profit or loss. Where fair value cannot be measured reliably, investments are included at cost less impairment.

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 after making allowance for obsolete and slow moving items. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Trade discounts, rebates and other similar items are deducted in determining the costs of purchase.

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 company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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	11,722,632	12,625,049
	--------------	--------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2024	2023
	£	£
United Kingdom	9,585,214	10,708,311
Overseas	2,137,418	1,916,738
	--------------	--------------
	11,722,632	12,625,049
	--------------	--------------

5. Other operating income

	2024	2023
	£	£
Other operating income	452,172	1,500
	----------	-------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Amortisation of intangible assets	250	249
Depreciation of tangible assets	24,280	32,287
(Gains)/loss on disposal of investment property	( 227,459)	361,191
Foreign exchange differences	11,906	17,076
	----------	----------

7. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	19,000	17,000
	---------	---------

8. Staff costs

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

	2024	2023
	No.	No.
Administrative staff	23	24
Management staff	3	3
	----	----
	26	27
	----	----

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

	2024	2023
	£	£
Wages and salaries	782,844	743,136
Social security costs	70,233	59,501
Other pension costs	193,934	192,270
	-------------	----------
	1,047,011	994,907
	-------------	----------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	115,723	139,851
Company contributions to defined contribution pension plans	180,000	180,000
	----------	----------
	295,723	319,851
	----------	----------

10. Income from other fixed asset investments

	2024	2023
	£	£
Dividend received	63,599	49,886
	---------	---------

11. Other interest receivable and similar income

	2024	2023
	£	£
Interest on bank deposits	5,135	3,689
Gain on fair value adjustment of financial assets at fair value through profit or loss	203,307	1,036,601
Other interest receivable and similar income	33,360	48,583
	----------	-------------
	241,802	1,088,873
	----------	-------------

12. Interest payable and similar expenses

	2024	2023
	£	£
Other interest payable and similar charges	112,222	150,937
	----------	----------

13. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	209,083	119,995
Adjustments in respect of prior periods	1,602	14,013
	----------	----------
Total current tax	210,685	134,008
	----------	----------

Deferred tax:

Origination and reversal of timing differences	74,568	140,151
	----------	----------
Tax on profit	285,253	274,159
	----------	----------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23.52 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	1,508,575	1,254,422
	-------------	-------------
Profit on ordinary activities by rate of tax	377,144	295,040
Adjustment to tax charge in respect of prior periods	1,602	14,013
Effect of expenses not deductible for tax purposes	( 167,370)	( 148,917)
Effect of capital allowances and depreciation	( 691)	( 26,128)
Deferred tax provision	74,568	140,151
	-------------	-------------
Tax on profit	285,253	274,159
	-------------	-------------

14. Intangible assets

	Goodwill	Patents, trademarks and licences	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	8,500	111,650	120,150
	-------	----------	----------
Amortisation
At 1 January 2024	8,500	110,152	118,652
Charge for the year	–	250	250
	-------	----------	----------
At 31 December 2024	8,500	110,402	118,902
	-------	----------	----------
Carrying amount
At 31 December 2024	–	1,248	1,248
	-------	----------	----------
At 31 December 2023	–	1,498	1,498
	-------	----------	----------

15. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2024	267,618	35,632	303,250
Additions	341	1,466	1,807
	----------	---------	----------
At 31 December 2024	267,959	37,098	305,057
	----------	---------	----------
Depreciation
At 1 January 2024	175,296	34,738	210,034
Charge for the year	23,184	1,096	24,280
	----------	---------	----------
At 31 December 2024	198,480	35,834	234,314
	----------	---------	----------
Carrying amount
At 31 December 2024	69,479	1,264	70,743
	----------	---------	----------
At 31 December 2023	92,322	894	93,216
	----------	---------	----------

16. Investments

	Other investments other than loans
	£
Cost
At 1 January 2024	5,494,221
Additions	2,666,316
Disposals	( 3,065,934)
Revaluations	203,307
	-------------
At 31 December 2024	5,297,910
	-------------
Impairment
At 1 January 2024 and 31 December 2024	–
	-------------

Carrying amount
At 31 December 2024	5,297,910
	-------------
At 31 December 2023	5,494,221
	-------------

Cost or valuation at 31 December 2024 is represented by:

		Other Investments
		£
	Cost	4,395,341
	Fair value adjustment	902,569
		-------------
		5,297,910
		-------------

Fair values have been determined by reference to market price in an active market.

17. Stocks

	2024	2023
	£	£
Goods for resale	1,964,482	2,051,376
	-------------	-------------

18. Debtors

	2024	2023
	£	£
Trade debtors	35,003	59,519
Prepayments and accrued income	565,989	42,683
Other debtors	2,902,143	3,209,167
	-------------	-------------
	3,503,135	3,311,369
	-------------	-------------

19. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	1,300,000	2,200,000
Trade creditors	1,181,037	957,344
Accruals and deferred income	478,448	506,955
Corporation tax	209,083	134,008
Social security and other taxes	181,537	123,267
	-------------	-------------
	3,350,105	3,921,574
	-------------	-------------

The bank loan is secured by way of a charge over the company's investments included in note 16.

20. Provisions

	Deferred tax (note 21)
	£
At 1 January 2024	142,441
Charge against provision	( 1,087)
Unused amounts reversed	75,655
	----------
At 31 December 2024	217,009
	----------

21. Deferred tax

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

	2024	2023
	£	£
Included in provisions (note 20)	217,009	142,441
	----------	----------

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

	2024	2023
	£	£
Accelerated capital allowances	20,892	21,979
Other revaluations	196,117	120,462
	----------	----------
	217,009	142,441
	----------	----------

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 193,934 (2023: £ 192,270 ).

23. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.10 each	1,125	113	1,125	113
	-------	----	-------	----

24. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses, and includes £710,913 (2023: £583,258) of non-distributable reserves in relation to the company's investments .

25. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	362,101	840,583	1,202,684
Debt due within one year	(2,200,000)	900,000	(1,300,000)
	-------------	-------------	-------------
	( 1,837,899)	1,740,583	( 97,316)
	-------------	-------------	-------------

26. Related party transactions

During the year, the company received a part repayment of the loan amounting to £50,000 from a company under common control. The amount outstanding at the year end was £800,000. The loans are free of interest and repayable on demand. During the year, the company received a part repayment of the loan amounting to £100,000 from another company under common control. The amount outstanding at year end was £2,100,000. The loans are free of interest and repayable on demand. During the year rent amounting to £240,000 was payable to an entity under common control .