Talasey Ltd Company accounts

COMPANY REGISTRATION NUMBER: 05158665

Talasey Ltd

Financial Statements

For the year ended

31 December 2024

Talasey Ltd

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 comprehensive income	11

Statement of financial position	12

Statement of changes in equity	13

Statement of cash flows	14

Notes to the financial statements	15

Talasey Ltd

Officers and Professional Advisers

The board of directors	D Weighill
	M Wall

Company secretary	D Weighill

Registered office	St Vincent House
	Normanby Road
	Scunthorpe
	DN15 8QT

Auditor	Streets Audit LLP
	Chartered accountants & statutory auditor
	Tower House
	Lucy Tower Street
	Lincoln
	LN1 1XW

Bankers
	HSBC Bank plc.
	84 High Street
	Scunthorpe
	North Lincolnshire
	DN15 6HQ

Talasey Ltd

Strategic Report

Year ended 31 December 2024

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face. Business Review The company's principal activity is to provide landscaping products to a variety of customers throughout the UK and overseas. We consider our key financial performance indicators to be those that illustrate the financial performance and strength of the company, namely turnover and profit margin, these are monitored via monthly management accounts. Non-financial KPI's essential to our business which are monitored internally include employee training and development, customer satisfaction and delivery completion. The business has continued to focus on supporting our customers through a quality service proposition and ethically sourced products at competitive prices. We continue our focus on maintaining a mix of customers with no over reliance on one customer group. In 2024 we have proactively invested in our people to ensure we provide industry leading service. There continues to be a degree of uncertainty within our markets as the country responds and adapts to inflation and high levels of interest rate. Such uncertainties include foreign exchange movements and capacity within shipping and imports. Despite this, we are optimistic that 2025 will be another profitable year for the company supported by the continued investment in our people, systems and product range and offering for 2025. Profit before taxation is £1,291,421 (2023 - £1,008,538). Engagement with suppliers, customers and others in a business relationship with the company Management monitor closely how suppliers, customers, and other business relationships are managed. The company has fostered good working relationships with the various suppliers and customers, who are paid on a timely basis to ensure no disruption to the supply chain, and payments from customers are closely monitored to ensure cashflow is not affected. Promoting the success of the company Management constantly review the operations of the company to ensure the welfare of the employees, reputation of the company and its impact on the local environment are meeting the highest standards in accordance with all legal and industry requirements so that they ultimately benefit and contribute to the overall success of the company. Streamlined Energy and Carbon Reporting UK Energy use data for the period:

		2024	2023

Energy Consumption used to calculate emissions (kWh)	782,576	808,055
Emissions in metric tonnes CO2e
Purchased Electricity	51	49
Gas Consumption	7	7
Owned Vehicles	116	132
Total Emissions in metric tonnes CO2e	174	188
Emissions in metric tonnes CO2e per £million of turnover	4	5

Quantification and reporting methodology We have followed the HM Government Environmental Reporting Guidelines and have used the 2024 UK Government's Conversion Factors for Company reporting. Intensity measurement The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m of turnover which we believe is an appropriate ratio for the size of the company and the sector we operate. Measures taken to improve energy efficiency We continue to undertake full energy usage reviews across our sites to identify areas for efficiency. We have also continued the migration to electric and hybrid vehicles into our fleet. Credit risk The company seeks to manage its credit risk by dealing with established customers or otherwise checking the credit-worthiness of new customers, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner. Liquidity risk The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved by overdraft facilities. Despite the risks and uncertainties brought about by the continued economic instability and the challenges this brings, the company has achieved growth in both turnover and profit before tax. On the basis of these results the directors consider the affairs of the company to be satisfactory.

This report was approved by the board of directors on 25 September 2025 and signed on behalf of the board by:

D Weighill	M Wall
Director	Director

Registered office:

St Vincent House

Normanby Road

Scunthorpe

DN15 8QT

Talasey 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:

D Weighill
M Wall

Dividends

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

Disclosure of information in the strategic report

Information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been included in the Strategic Report.

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; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 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 25 September 2025 and signed on behalf of the board by:

D Weighill	M Wall
Director	Director

Registered office:

St Vincent House

Normanby Road

Scunthorpe

DN15 8QT

Talasey Ltd

Independent Auditor's Report to the Members of Talasey Ltd

Year ended 31 December 2024

Opinion

We have audited the financial statements of Talasey 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. 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. 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. 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.

ROBERT ANDERSON

(Senior Statutory Auditor)

For and on behalf of

Streets Audit LLP

Chartered accountants & statutory auditor

Tower House

Lucy Tower Street

Lincoln

LN1 1XW

26 September 2025

Talasey Ltd

Statement of Comprehensive Income

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	47,585,050	40,488,378

Cost of sales	( 38,332,927)	( 31,611,101)
	---------------	---------------
Gross profit	9,252,123	8,877,277

Distribution costs		( 655,554)	( 1,040,420)
Administrative expenses		( 6,954,518)	( 6,338,540)
		-------------	-------------
Operating profit	5	1,642,051	1,498,317

Interest payable and similar expenses	9	( 350,630)	( 489,779)
		-------------	-------------
Profit before taxation		1,291,421	1,008,538

Tax on profit	10	( 455,443)	( 279,182)
		-------------	-------------
Profit for the financial year and total comprehensive income		835,978	729,356
		-------------	-------------

All the activities of the company are from continuing operations.

Talasey Ltd

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	12		539,120	565,800

Current assets

Stocks	13	11,770,931	11,609,435
Debtors	14	10,597,199	10,315,023
Cash at bank and in hand		1,159,882	997,892
		---------------	---------------
		23,528,012	22,922,350

Creditors: amounts falling due within one year	15	8,046,517		7,083,310
		---------------		---------------
Net current assets			15,481,495	15,839,040
			---------------	---------------
Total assets less current liabilities			16,020,615	16,404,840

Creditors: amounts falling due after more than one year	16		–	1,108,333

Provisions

Taxation including deferred tax	17	91,807	118,677
		---------------	---------------
Net assets		15,928,808	15,177,830
		---------------	---------------

Capital and reserves

Called up share capital	20	870	870
Capital redemption reserve	21	210,150	210,150
Profit and loss account	21	15,717,788	14,966,810
		---------------	---------------
Shareholders funds		15,928,808	15,177,830
		---------------	---------------

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

M Wall

Director

Company registration number: 05158665

Talasey 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		895	210,125	14,552,454	14,763,474

Profit for the year				729,356	729,356
		----	----------	--------------	--------------
Total comprehensive income for the year		–	–	729,356	729,356

Dividends paid and payable	11	–	–	( 85,000)	( 85,000)
Redemption of shares		( 25)	25	( 230,000)	( 230,000)
		----	----------	--------------	--------------
Total investments by and distributions to owners		( 25)	25	( 315,000)	( 315,000)

At 31 December 2023		870	210,150	14,966,810	15,177,830

Profit for the year				835,978	835,978
		----	----------	--------------	--------------
Total comprehensive income for the year		–	–	835,978	835,978

Dividends paid and payable	11	–	–	( 85,000)	( 85,000)
		----	----	---------	---------
Total investments by and distributions to owners		–	–	( 85,000)	( 85,000)

		----	----------	--------------	--------------
At 31 December 2024		870	210,150	15,717,788	15,928,808
		----	----------	--------------	--------------

Talasey Ltd

Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit for the financial year	835,978	729,356

Adjustments for:
Depreciation of tangible assets	253,853	388,693
Interest payable and similar expenses	350,630	489,779
Gains on disposal of tangible assets	( 26,230)	–
Tax on profit	455,443	279,182
Accrued expenses/(income)	349,436	( 1,157,947)

Changes in:
Stocks	( 161,496)	( 26,780)
Trade and other debtors	( 282,176)	4,785,838
Trade and other creditors	( 148,128)	( 2,100,855)
	-------------	-------------
Cash generated from operations	1,627,310	3,387,266

Interest paid	( 350,630)	( 489,779)
Tax paid	( 10,701)	( 200,000)
	-------------	-------------
Net cash from operating activities	1,265,979	2,697,487
	-------------	-------------

Cash flows from investing activities

Purchase of tangible assets	( 244,652)	( 351,996)
Proceeds from sale of tangible assets	43,709	–
	-------------	-------------
Net cash used in investing activities	( 200,943)	( 351,996)
	-------------	-------------

Cash flows from financing activities

Purchase of own shares	–	( 230,000)
Repayments of borrowings	( 818,046)	( 2,454,295)
Dividends paid	( 85,000)	( 85,000)
	-------------	-------------
Net cash used in financing activities	( 903,046)	( 2,769,295)
	-------------	-------------

Net increase/(decrease) in cash and cash equivalents	161,990	( 423,804)
Cash and cash equivalents at beginning of year	997,892	1,421,696
	-------------	-------------
Cash and cash equivalents at end of year	1,159,882	997,892
	-------------	-------------

Talasey 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 St Vincent House, Normanby Road, Scunthorpe, DN15 8QT.

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

Judgements and key sources of estimation uncertainty

The directors make estimates and assumptions about the future. These estimates and assumptions impact recognised assets and liabilities, as well as revenue and expenses and other disclosures. These estimates are based on historical experience and on various assumptions considered reasonable under the prevailing conditions. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The estimates and assumptions that may have a significant effect on the carrying amounts of assets and liabilities within financial year include: Tangible fixed assets are recognised at cost, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the company's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen. The recoverability of trade debtors and associated provisioning is considered on a regular basis. When calculating the debtor provision, the directors consider the age of the debts and the financial position of its customers. The carrying value of stock is considered on a regular basis. When calculating the provision against stock, the directors consider the condition and estimated realisable value of stock held.

Revenue recognition

The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.

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 material 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.

Tangible assets

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

Depreciation

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

Leasehold property	-	10% straight line
Plant and machinery	-	25% - 33% straight line
Fixtures and fittings	-	33% reducing balance
Motor vehicles	-	25% straight line

	Equipment	-	25% straight line

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, on a first-in, first-out basis, after making due allowance for obsolete and slow moving items. Stock includes stock in transit where the company has taken responsibility for ownership.

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	47,585,050	40,488,378
	---------------	---------------

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

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Depreciation of tangible assets	253,853	388,693
Gains on disposal of tangible assets	( 26,230)	–
Impairment of trade debtors	1,793	4,089
Operating lease rentals	925,827	853,317
Foreign exchange differences	( 7,395)	( 28,907)
	----------	----------

6. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	12,500	12,000
	---------	---------

Fees payable to the company's auditor and its associates for other services:

Taxation advisory services	4,450	10,130
Other non-audit services	10,000	10,000
	---------	---------
	14,450	20,130
	---------	---------

7. 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	11	11
Management staff	6	6
Sales staff	73	72
	----	----
	90	89
	----	----

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

	2024	2023
	£	£
Wages and salaries	3,201,140	2,719,016
Social security costs	372,068	288,942
Other pension costs	345,740	52,982
	-------------	-------------
	3,918,948	3,060,940
	-------------	-------------

8. Directors' remuneration

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

	2024	2023
	£	£
Remuneration	75,300	100,867
	---------	----------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
	No.	No.
Defined contribution plans	1	2
	----	----

9. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	350,630	489,779
	----------	----------

10. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	472,880	201,268
Adjustments in respect of prior periods	9,433	–
	----------	----------
Total current tax	482,313	201,268
	----------	----------

Deferred tax:

Origination and reversal of timing differences	( 26,870)	77,914
	----------	----------
Tax on profit	455,443	279,182
	----------	----------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher 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	1,291,421	1,008,538
	-------------	-------------
Profit on ordinary activities by rate of tax	322,855	252,135
Effect of expenses not deductible for tax purposes	198,698	154,320
Effect of capital allowances and depreciation	( 66,110)	( 127,273)
	-------------	-------------
Tax on profit	455,443	279,182
	-------------	-------------

11. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2024	2023
	£	£
Equity dividends on ordinary shares	85,000	85,000
	---------	---------

12. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	75,765	993,640	622,551	351,195	227,970	2,271,121
Additions	121,663	58,564	12,587	51,838	–	244,652
Disposals	–	( 46,667)	( 135,888)	( 28,245)	( 111,324)	( 322,124)
	----------	-------------	----------	----------	----------	-------------
At 31 Dec 2024	197,428	1,005,537	499,250	374,788	116,646	2,193,649
	----------	-------------	----------	----------	----------	-------------
Depreciation
At 1 Jan 2024	4,996	875,093	542,784	141,626	140,822	1,705,321
Charge for the year	7,577	77,423	63,917	66,859	38,077	253,853
Disposals	–	( 39,773)	( 135,888)	( 28,245)	( 100,739)	( 304,645)
	----------	-------------	----------	----------	----------	-------------
At 31 Dec 2024	12,573	912,743	470,813	180,240	78,160	1,654,529
	----------	-------------	----------	----------	----------	-------------
Carrying amount
At 31 Dec 2024	184,855	92,794	28,437	194,548	38,486	539,120
	----------	-------------	----------	----------	----------	-------------
At 31 Dec 2023	70,769	118,547	79,767	209,569	87,148	565,800
	----------	-------------	----------	----------	----------	-------------

13. Stocks

	2024	2023
	£	£
Finished goods and goods for resale	11,770,931	11,609,435
	---------------	---------------

Stock is stated after provisions for impairment of £460,372 (2023 - £286,219). Year end stock values include an amount of £1,048,640 (2023 - £1,336,564) of stock in transit.

14. Debtors

	2024	2023
	£	£
Trade debtors	5,636,667	4,329,156
Prepayments and accrued income	231,135	206,413
Other debtors	4,729,397	5,779,454
	---------------	---------------
	10,597,199	10,315,023
	---------------	---------------

Trade debtors are stated after provisions for impairment of £11,000 (2023 - £11,000).

15. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	2,283,216	2,178,134
Trade creditors	958,246	1,092,626
Accruals and deferred income	2,263,736	1,914,300
Corporation tax	472,880	1,268
Social security and other taxes	544,959	410,056
Director loan accounts	207,668	22,463
Other creditors	1,315,812	1,464,463
	-------------	-------------
	8,046,517	7,083,310
	-------------	-------------

Bank loans and overdrafts include amounts for a Loan Against Import account of £2,283,216 (2023 - £1,478,134) and a Government backed CBIL loan of £Nil (2023 - £700,000), this is secured by a legal agreement and a first floating charge over all the assets of the company.

Other creditors includes Invoice Discounting balances at the year end of £1,313,312 (2023 - £1,461,963).

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

	2024	2023
	£	£
Bank loans and overdrafts	–	1,108,333
	----	-------------

17. Provisions

	Deferred tax (note 18)
	£
At 1 January 2024	118,677
Charge against provision	( 26,870)
	----------
At 31 December 2024	91,807
	----------

18. Deferred tax

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

	2024	2023
	£	£
Included in provisions (note 17)	91,807	118,677
	---------	----------

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

	2024	2023
	£	£
Accelerated capital allowances	91,807	118,677
	---------	----------

19. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 345,740 (2023: £ 52,982 ).

20. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.01 each	85,000	850	85,000	850
Ordinary 'B' shares of £ 0.01 each	2,000	20	2,000	20
	---------	----	---------	----
	87,000	870	87,000	870
	---------	----	---------	----

Both ordinary and ordinary 'B' shares have full dividend, voting and equity rights.

21. Reserves

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

22. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	997,892	310,641	1,308,533
Debt due within one year	(3,662,560)	(290,287)	(3,952,847)
Debt due after one year	(1,108,333)	1,108,333	–
	-------------	-------------	-------------
	( 3,773,001)	1,128,687	( 2,644,314)
	-------------	-------------	-------------

23. Operating leases

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

	2024	2023
	£	£
Not later than 1 year	883,421	828,789
Later than 1 year and not later than 5 years	1,972,491	1,932,105
Later than 5 years	1,343,333	1,863,333
	-------------	-------------
	4,199,245	4,624,227
	-------------	-------------

Talasey Ltd

Notes to the Financial Statements (continued)

Year ended 31 December 2024

24. Directors' advances, credits and guarantees

The company was under the control of M Wall throughout the current and previous year. M Wall is the Managing Director and majority shareholder. In relation to his interests in the company, M Wall received dividends totalling £70,000 (2023 - £70,000).

25. Related party transactions

Included within other debtors are balances due from other related parties under common control of £4,686,017 (2023 - £5,724,993). Other related parties under common control charged the company rent of £496,000 (2023 - £532,167) in the year of which £Nil (2023 - £Nil) was outstanding at the year end. Other transactions with related parties under common control include sales of £29,372 (2023 - £136,341). There are balances relating to related parties in trade debtors of £Nil (2023 - £Nil) and trade creditors of £13,493 (2023 - £50,893). No other transactions with related parties under common control were undertaken such as are required to be disclosed under FRS 102. The only key management personnel are considered to be the directors. See note 8 for their remuneration.

26. Controlling party

The ultimate controlling party is M Wall.