REGISTERED NUMBER: 00535975 (England and Wales)

KEN JERVIS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

to

3

Report of the Director

4

to

5

Report of the Independent Auditors

6

to

9

Statement of Income and Retained Earnings

10

Statement of Financial Position

11

Notes to the Financial Statements

12

to

19

DIRECTOR:

D W Norwood

REGISTERED OFFICE:

262 Cobridge Road

Hanley

Stoke on Trent

Staffordshire

ST1 5JU

REGISTERED NUMBER:

00535975 (England and Wales)

SENIOR STATUTORY AUDITOR:

Helen Tidyman

AUDITORS:

Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

The director presents his strategic report for the year ended 31 December 2024.

The company is an independent company that was formed in 1954, it operates one of the largest Kia franchises in the UK. With a highly experienced management team, the company prides itself on working hard to deliver class customer service, currently number one in Kia's league table for Customer Service.

REVIEW OF BUSINESS

Financial year ending 31st December 2024 was a steady year for Ken Jervis. New car retail numbers were marginally down on the previous year, whereas Used car sales were marginally up. Motability sales increased by 25%.

The government's ZEV mandate continues to put pressure on manufacturers.

Looking forward to 2025 we feel that we will at least match this year's performance in both turnover and profit.

We are in a good position with a strong data base of loyal customers, alongside the Manufacturer, as Kia continues to win numerous awards, including 'Car of the year' and 'Manufacturer of the year' in 2024.

FINANCIAL KEY PERFORMANCE INDICATORS

Turnover for the year has risen to £24m (2023: £23m) whilst the GP profit margin dropped to 8.06% (2023 9.13%) we still achieved a very strong performance against the industry.

OTHER KEY PERFORMANCE INDICATORS

The company continues to monitor and achieve manufacturer partner performance objectives in terms of sales units, market share and customer service.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's principle financial controls remain robust and in place with a strong day to day management of all key indicators and areas.

The company's principle financial instruments comprise bank balances, stocking facilities, trade debtors and trade creditors. The purpose of these financial instruments is to manage the company's day to day working capital and finance growth as required.

The company has processes in place to ensure that Company's sales are paid in full ahead of delivery, the Company does not consider that it is exposed significantly to credit risk from retail customers. Other trade debtors are managed through regular monitoring of accounts outstanding for both time and credit limits.

Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The general economic environment gives rise to the company's market risk.

FUTURE DEVELOPMENTS

Staff are a key part of the success of the business. The company is committed to the training and developing of its staff to ensure the continuity of success continues, the average employee has been employed with the company for in excess of fifteen years.

The leadership team continuously review the performance of the business and are always eager to consider opportunities for growth.

ON BEHALF OF THE BOARD:

D W Norwood - Director

30 September 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

The total distribution for dividends for the year ended 31 December 2024 will be £295,940.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

D W Norwood held office during the whole of the period from 1 January 2024 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 and future developments and financial risk management.

The strategic report can be found on page 2 of these financial statements.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors are deemed to have been appointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

D W Norwood - Director

30 September 2025

Opinion

We have audited the financial statements of Ken Jervis Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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:

o

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;

o

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

o

any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

o

Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

o

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

o

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

o

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.

Based on this approach, we were able to assess the Company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we identified Financial Conduct Authority and Health and Safety compliance risk as key audit matters related to the potential risk of fraud or irregularities.

Our procedures to respond to risks identified included the following:

o

reviewing any audits completed by regulatory bodies in the year and the outcomes of these to ensure no breach of laws and regulations;

o

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;

o

enquiring of management concerning actual and potential litigation and claims;

o

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

o

obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

o

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 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.

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement 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 company's internal control.

-	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.

-

Conclude on the appropriateness of the director's 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 Report of the Auditors 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 Report of the Auditors. 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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Helen Tidyman (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

30 September 2025

TURNOVER

24,444,816

22,900,395

Cost of sales

(22,509,843

)

(20,809,695

)

GROSS PROFIT

1,934,973

2,090,700

Administrative expenses

(1,327,886

)

(1,349,522

)

607,087

741,178

Other operating income

25,344

20,196

OPERATING PROFIT

4

632,431

761,374

Interest receivable and similar income

5,472

2,090

637,903

763,464

Interest payable and similar expenses

5

(117,429

)

(24,000

)

PROFIT BEFORE TAXATION

520,474

739,464

Tax on profit

6

(153,814

)

(180,532

)

PROFIT FOR THE FINANCIAL YEAR

366,660

558,932

Retained earnings at beginning of year

651,405

502,033

Dividends

7

(295,940

)

(409,560

)

RETAINED EARNINGS AT END OF YEAR

722,125

651,405

FIXED ASSETS

Tangible assets

8

-

56,174

CURRENT ASSETS

Stocks

9

2,582,421

2,191,393

Debtors

10

1,193,154

612,081

Cash at bank and in hand

1,072,220

1,069,572

4,847,795

3,873,046

CREDITORS

Amounts falling due within one year

11

(3,920,693

)

(3,072,838

)

NET CURRENT ASSETS

927,102

800,208

TOTAL ASSETS LESS CURRENT LIABILITIES

927,102

856,382

CAPITAL AND RESERVES

Called up share capital

13

3,436

3,436

Share premium

14

200,000

200,000

Capital redemption reserve

14

1,541

1,541

Retained earnings

14

722,125

651,405

SHAREHOLDERS' FUNDS

927,102

856,382

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

D W Norwood - Director

1.	STATUTORY INFORMATION

Ken Jervis Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company is that of a trading company operating in the motor industry.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of DPJ Norwood Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

- No cash flow statement has been presented for the company.

- No disclosure has been given for the aggregate remuneration of key management personnel.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

The carrying value of stock at the year end is reviewed in accordance with expected selling value.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as described below.

As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidence by disposals during current and prior accounting periods.

REVENUE RECOGNITION

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

25% straight line

Improvements to property

-

25% straight line

Plant and machinery

-

25% straight line

Fixtures and fittings

-

25% straight line

CAPITALISATION POLICY

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.

This policy outlines the criteria for capitalising fixed assets in the company's financial records. It applies to all departments of the dealership, including the Sales Showroom, Service Workshop, Parts Department and Bodyshop. Any single asset with a purchase cost of £10,000 or more (excluding VAT) will be capitalised. Assets below this amount will be treated as an expense in the period in which they are purchased. Capitalised assets will be recorded in the fixed asset register, and depreciation will be applied on a straight line basis over a four year period. Routine repairs and maintenance, regardless of value, will be expensed as incurred. Only purchases meeting the capitalisation threshold will be added as fixed assets. This policy will be reviewed annually and updated where necessary to reflect current practices and compliance requirements.

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 cashgenerating 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, after making due allowance for obsolete and slow moving items.

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.

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.

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.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

PENSION COSTS AND OTHER EMPLOYEE BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The company provides a range of benefits to employees. Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

1,779,904

1,637,657

Social security costs

118,828

135,376

Other pension costs

33,234

28,592

1,931,966

1,801,625

The average number of employees during the year was as follows:

31.12.24

31.12.23

Employees

56

55

31.12.24

31.12.23

£

£

Director's remuneration

9,000

-

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Hire of plant and machinery

6,376

17,302

Other operating leases

165,829

163,600

Depreciation - owned assets

64,424

28,089

Auditors' remuneration

17,950

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

CT interest payable

9,000

-

Interest on group loans

69,458

24,000

Vehicle stocking interest

38,971

-

117,429

24,000

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

153,814

180,532

Tax on profit

153,814

180,532

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit before tax

520,474

739,464

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

130,119

184,866

Effects of:

Expenses not deductible for tax purposes

25,758

7,022

Capital allowances in excess of depreciation

(2,063

)

-

Changes in tax rates

-

(11,356

)

Total tax charge

153,814

180,532

7.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary shares of 1 each

Interim

295,940

409,560

8.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Long

to

Plant and

and

leasehold

property

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 January 2024

414,075

36,972

203,289

201,849

856,185

Additions

-

-

8,250

-

8,250

At 31 December 2024

414,075

36,972

211,539

201,849

864,435

DEPRECIATION

At 1 January 2024

414,075

36,972

167,681

181,283

800,011

Charge for year

-

-

43,858

20,566

64,424

At 31 December 2024

414,075

36,972

211,539

201,849

864,435

NET BOOK VALUE

At 31 December 2024

-

-

-

-

-

At 31 December 2023

-

-

35,608

20,566

56,174

9.

STOCKS

31.12.24

31.12.23

£

£

Finished goods

2,582,421

2,191,393

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

215,149

427,464

Amounts owed by group undertakings

751,036

-

Other debtors

119,027

-

Directors' loan accounts

73,071

146,448

Tax

24,805

24,805

Prepayments

10,066

13,364

1,193,154

612,081

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

2,244,244

1,196,974

Amounts owed to group undertakings

998,436

959,297

Tax

162,814

180,532

Social security and other taxes

48,876

50,545

VAT

45,479

2,297

Other creditors

15,576

15,369

Accruals and deferred income

405,268

667,824

3,920,693

3,072,838

Amounts owed to group undertakings are repayable as follows; i) £134,000 by September 2026, where interest is charged annually at 8.5%. ii) £218,000 by September 2027, where interest is charged annually at 8.5%. iii) £148,000 by 6 November 2028, where interest is charged annually at 8.5%. iv) £100,000 by 11 September 2029, where interest is charged annually a 8.5%. v) £100,000 by 16 September 2030, where interest is charged annually at 8.5%. vi) £150,000 on demand, with no interest charged. vii) £100,000 by 16 September 2032, where interest is charged annually at 8.5%.

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

145,134

145,134

Between one and five years

225,450

225,450

370,584

370,584

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

3,436

Ordinary

1

3,436

3,436

14.

RESERVES

Share premium - This reserve records the amount above the nominal value received for shares sold less transaction costs.

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.

15.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

D W Norwood

Balance outstanding at start of year

146,448

345,221

Amounts advanced

155,623

74,032

Amounts repaid

(229,000

)

(272,805

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

73,071

146,448

By virtue of the overdrawn loan accounts, a liability to taxation exists under section 455 of CTA 2010 in the sum of £2,616 which will be repaid or discharged when the loans are repaid. The loans were repaid within nine months of the year end and as such, no taxation has been provided for.