REGISTERED NUMBER: 01459115 (England and Wales)

Euro Commercials (South Wales) Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

8

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

Directors:

J Carne

A G Hole

B Kidd

Registered office:

Ipswich Road

CARDIFF

CF23 9AQ

Registered number:

01459115 (England and Wales)

Auditors:

Menzies LLP, Statutory Auditors

5th Floor Hodge House

114-116 St Mary Street

Cardiff

CF10 1DY

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

Review of business

The directors present their strategic report for the year ended 31 December 2024.

Euro Commercials (South Wales) Limited continued with its principal activity being a commercial vehicle dealership in South Wales, for Mercedes Benz Truck, Mercedes Benz Van, Fuso, and Maxus. This entails offering the sale of New and Used Light commercial vehicles (LCV) and Heavy goods vehicles (HGV), the servicing of LCV's and HGV's and the sale of manufacturer approved parts for LCV's and HGV's.

2024 has achieved total sales of £96m, being an increase of 30% against 2023. This has produced a trading profit of £797k, being an ROS of .83%. The Board are pleased with this financial performance and are proud that this has been achieved in a challenging economic climate whilst making significant investment into the future successes of the business.

The continued financial performance improvement is a result of the fantastic company culture and values driven throughout the business. It is known that the success and strength of the business is down to the ongoing dedication, commitment and focus by its loyal staff to give excellent service to its customers and supply partners. The Board acknowledge and commend everyone who has contributed to the current positive culture and financial successes.

Principal risks and uncertainties

Commercial Relationships with suppliers and customers:

Euro Commercials (South Wales) Ltd' close working relationships with a number of key suppliers and customers. The loss of these relationships would have a material impact on the results.

To alleviate such scenarios, we ensure strong focus via our Business Development and Customer Services team to focus on maintaining our high level of customer care. We also actively canvass new opportunities and relationships to ensure stability and growth.

Price Risk:

Euro Commercials (South Wales) Ltd operate in a highly competitive sector whilst also subject to manufacturer driven price increases.

To manage such risk Euro Commercials (South Wales) Ltd has the policy of passing on price increases to its customers. Additionally, the business focuses and invests heavily on the training and development of staff and systems to ensure that the business has the ability to provide suitable choice and a high level of service to its customers, ensuring continuous custom. The business also continually works to streamline its cost base to ensure that it remains competitive across all divisions.

Credit Risk:

Euro Commercials (South Wales) Ltd manage its credit exposure using robust and established processes. All new customers are subjected to a detailed review using third party credit checks and thereon monitored on a live basis using third party software. Credit limit movement is reported daily and customer credit limits are reviewed by the Finance Director on a monthly basis.

Liquidity Risk:

The business operates using an overdraft facility and long-standing third-party stock funding lines. These facilities have been managed effectively and utilised on average to 60% during 2024.

Euro Commercials (South Wales) Ltd manages its cash closely utilising short, medium, and long-term modelling to ensure sufficient liquidity.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Section 172(1) statement

Stakeholder engagement

The Board of Directors of Euro Commercials (South Wales) Limited consider both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a)-(f) of the Act) in the decisions taken during the year ended 31 December 2024.

Euro Commercials (South Wales) Ltd has been trading for 45 years as a Mercedes Benz commercial vehicle franchise. The business is proud of its history as a privately-owned and run business. The Operational Board consists of 3 Directors and a Non-Executive Board of Directors. The Board meet monthly to discuss short, medium, and long-term objectives. These objectives cover all operational and strategic aspects of the business. The key objective of the Board is to maintain its position as being a respected and trusted employer to its valued workforce, customer to our supply partners, and supplier to our valued customers.

The following explains how we engage with the key stakeholders who help us make Euro Commercials (South Wales) Ltd a success in the present and in the future:

Our Employees

The Board recognises that our employees are the secret to our success and our most prized resource. The Operational Board meet with the staff at regular intervals throughout the year to discuss business performance and future developments, and actively encourage interaction and feedback. During these meetings there is a strong focus on employee reward and recognition, and this is also promoted throughout the business on a day-to-day basis, ensuring that all members feel valued by the Board and also their co-workers. We take pride in this culture and continue to develop it utilising the key values of Euro Commercials (South Wales) Ltd with the goal of being the employer of choice in South Wales.

Paramount to our success is the ongoing investment in the training and development of our employees to ensure they are the best they can be and, in turn, reward our customers with the fantastic service levels that has seen our

Aftersales performance improve year on year for the last 5 years. This improved performance places us in the top quartile with our dealer peers for customer service levels.

The safety and wellbeing of our employees is of utmost importance to us and is supported by a dedicated Health & Safety manager.

The business continues to make significant investment in facilities, machinery and equipment. It is currently reviewing its facility and infrastructure requirements to take us into the era of "electrification".

Our Customers & Suppliers

We work very closely with our franchise partners so we can continue to offer an industry leading product and service to our customers and ultimately be the commercial vehicle supplier and repairer of choice. We take pride in our reputation of supplying a high level of service to a broad range of businesses, both local and national, and continue to build on this reputation with our ethos of being a fair-trading business with both customers and suppliers. This ongoing objective requires continuous focus and investment in employee personal development and role specific training along with the latest technology and facilities.

Our Community & Environment

We are a local business mainly serving the South Wales community. We actively support local charities and events and run monthly charitable donation schemes with our employees. We actively engage and comply with environmental legislation and pursue ways in which to limit our impact on the environment.

Business Conduct and Corporate Governance

As the Board of Directors, our intention is to behave responsibly and ensure that the management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours and in doing so, will contribute to the delivery of our plan. The intention is to nurture our reputation, through both the construction and delivery of our plan, that reflects our responsible behaviour. As the Board of Directors, our intention is to behave responsibly towards our shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan.

Equal Opportunities

Euro Commercials (South Wales) Ltd does not discriminate in employment on the basis of race, colour, religion, sex (including pregnancy and gender identity), national origin, political affiliation, sexual orientation, marital status, disability, genetic information, age, membership in an employee organization, retaliation, parental status, military service, or other non-merit factor. It is policy that any persons shall be considered for employment, career development and promotion on the basis of their aptitude and abilities in common with all employees.

On behalf of the board:

J Carne - Director

29 September 2025

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

Incorporation

Euro Commercials (South Wales) Limited was incorporated on 5 November 1979.

Dividends

No dividends will be distributed for the year ended 31 December 2024.

Directors

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J Carne

A G Hole

B Kidd

Other changes in directors holding office are as follows:

G O Edwards - resigned 19 April 2024

D Salway - resigned 19 April 2024

Streamlined energy and carbon reporting

Euro Commercials (South Wales) Ltd understands that its trading activities and the industry that it operates within has an impact on the environment. We therefore focus on ensuring we minimise our impact on the environment with a strong and proactive view on embracing and investing in new technologies, whilst also continuously improving internal processes to reduce energy consumption and overall environmental impact.

Throughout the course of 2024 we have continued and developed our existing initiatives by ensuring that everyone at Euros always considers their impact on the environment, with particular focus on waste management and energy use.

-

Recycling/Waste management - The business continues to focus heavily on its recycling processes and has seen further improvement on the amount of waste that is recycled. There are specific recycling points at every site, and the continued focus has seen our recycling rate improve from 48% in 2020 to 75% in 2024, with the balance being converted into energy.

-

Energy use - LED lighting continues to be used in our buildings.

-

Vehicle travel - We focus on reducing unnecessary travel by utilising new technologies for meetings.

Company Vehicles - The company vehicle programme only offers company vehicle drivers more energy efficient vehicles of either fully electric through or hybrid with a minimum of 40 miles electric range.

-

Cycle2work - The company vehicle programme only offers company vehicle drivers more energy efficient vehicles of either fully electric through or hybrid with a minimum of 40 miles electric range.

-

Paper management - We continue to strive looking for greener ways of working and encourage staff to think about their consumption of paper waste and greener ways of working. Furthermore, any paper that is used is collected and recycled via a shredding management company. Initiatives are also in the pipeline for 2025 allowing a further significant reduction in the amount of paper we are using by investing in advanced technologies.

-

Sales product range - We continue to embrace the electric commercial vehicle range with our franchise partners of Mercedes Benz Truck and Van, Fuso and Maxus. This has seen significant investment in fleet demonstrators, specialist tooling, vehicle charging infrastructure and staff training. This significant investment is to support us in achieving the government's current target for "net zero".

-

A dedicated "eConsultant" - This role works in closely with our customers to guide them on their journey from ICE to electric. Focussing specifically on:o Product range awareness and demonstrationso Business suitability assessmento Whole life cycle cost analysiso Electric charging infrastructure review resulting in a tailored design and implementation plan

The table below includes total energy consumption (reported as kWh) and greenhouse gas emissions for the sources required by the regulations along with our intensity ration. It has been collated using a financial control approach to define our organisational boundary and covers all material sources required by the regulations.

2024

2023

tC02e

tC02e

Total emissions generated through combustion of gas

104.93

102.26

Total emissions generated through use of purchased electricity

137.52

124.56

Total emissions generated through use of other fuels

1.63

20.18

Total emissions generated through business travel

514.06

384.46

Total Gross emissions

758.14

631.46

Intensity ratio/ Total gross emissions per employee

4.21

3.66

Climate Legislation Risk

The effects of climate change and associated future legislation requirements may potentially have an impact on our business model and how we engage with our stakeholders in the future.

The business is committed to making changes and the main aspects of these are disclosed within the energy and carbon report in the directors report. These represent the opportunities available to the company to meet current guidelines and help future proof the business model.

Electric vehicle adoption risk

The adoption of electric and hybrid vehicles is likely to see acceleration as the Government seeks to meet environmental thresholds which places pressure on the traditional side of the business model.

As detailed in the directors report, we continue to embrace the move to electric vehicles and have close relationships with our manufacturing partners that enable us to better meet our customer demands as they change. We also have an investment plan to upskill our staff and equipment to meet the new electric infrastructure.

Statement of directors' responsibilities

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director 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 group's auditors are aware of that information.

Auditors

The auditors, Menzies LLP, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

J Carne - Director

29 September 2025

Opinion

We have audited the financial statements of Euro Commercials (South Wales) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 Statement of Directors' Responsibilities set out on page six, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have 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:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the company. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, UK GAAP (FRS 102) and relevant tax legislation.

Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include:

-

Discussing with Directors and management which areas of the business they believe to be more susceptible to fraud, and whether they have any knowledge or suspicion of fraudulent activities;

-

Obtaining an understanding of the key controls put in place by the company to address risks identified, assessing the effectiveness of those and discussing how these are maintained and monitored internally;

-

Assessing the risk of management override and review and testing of journal entries made into the accounting system;

-

Challenging assumptions and judgements made by the company in relation to the significant accounting estimates employed in the preparation of the financial statements;

-

Discussing with Directors and Management the legal and regulatory obligations of the business and whether they have any knowledge or suspicion of non compliance.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls.

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 Report of the Auditors.

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.

Clive Edwards (Senior Statutory Auditor)

for and on behalf of Menzies LLP, Statutory Auditors

5th Floor Hodge House

114-116 St Mary Street

Cardiff

CF10 1DY

29 September 2025

Turnover

98,604,294

73,913,991

Cost of sales

(91,988,843

)

(69,622,680

)

Gross profit

6,615,451

4,291,311

Administrative expenses

(5,204,296

)

(3,293,912

)

Operating profit

1,411,155

997,399

Interest payable and similar expenses

4

(367,157

)

(122,619

)

Profit before taxation

5

1,043,998

874,780

Tax on profit

6

(164,081

)

(228,836

)

Profit for the financial year

879,917

645,944

Other comprehensive income

Capital

Distribution

(1,166,769

)

-

Income tax relating to other comprehensive income

-

-

Other comprehensive income for the year, net of income tax

(1,166,769

)

-

Total comprehensive income for the year

(286,852

)

645,944

Profit attributable to:

Owners of the parent

879,917

645,944

Total comprehensive income attributable to:

Owners of the parent

(286,852

)

645,944

Fixed assets

Intangible assets

8

523,545

-

Tangible assets

9

4,327,773

2,738,951

Investments

10

22,430

22,430

4,873,748

2,761,381

Current assets

Stocks

11

18,938,712

27,107,078

Debtors

12

4,753,390

7,447,832

Cash at bank and in hand

3,177,974

2,340,216

26,870,076

36,895,126

Creditors

Amounts falling due within one year

13

(24,400,785

)

(33,640,082

)

Net current assets

2,469,291

3,255,044

Total assets less current liabilities

7,343,039

6,016,425

Creditors

Amounts falling due after more than one year

14

(2,597,826

)

(1,127,956

)

Provisions for liabilities

18

(796,182

)

(606,027

)

Net assets

3,949,031

4,282,442

Capital and reserves

Called up share capital

19

603,441

650,000

Retained earnings

20

3,345,590

3,632,442

Shareholders' funds

3,949,031

4,282,442

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

J Carne - Director

Fixed assets

Intangible assets

8

-

-

Tangible assets

9

3,937,362

2,738,951

Investments

10

2,181,977

22,430

6,119,339

2,761,381

Current assets

Stocks

11

18,209,552

27,107,078

Debtors

12

4,299,169

7,447,832

Cash at bank and in hand

2,519,681

2,340,216

25,028,402

36,895,126

Creditors

Amounts falling due within one year

13

(24,070,262

)

(33,640,082

)

Net current assets

958,140

3,255,044

Total assets less current liabilities

7,077,479

6,016,425

Creditors

Amounts falling due after more than one year

14

(2,496,990

)

(1,127,956

)

Provisions for liabilities

18

(714,581

)

(606,027

)

Net assets

3,865,908

4,282,442

Capital and reserves

Called up share capital

19

603,441

650,000

Retained earnings

3,262,467

3,632,442

Shareholders' funds

3,865,908

4,282,442

Company's profit for the financial year

796,794

645,944

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

J Carne - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

650,000

2,986,498

3,636,498

Changes in equity

Total comprehensive income

-

645,944

645,944

Balance at 31 December 2023

650,000

3,632,442

4,282,442

Changes in equity

Reduction in share capital

(46,559

)

-

(46,559

)

Total comprehensive income

-

(286,852

)

(286,852

)

Balance at 31 December 2024

603,441

3,345,590

3,949,031

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

650,000

2,986,498

3,636,498

Changes in equity

Total comprehensive income

-

645,944

645,944

Balance at 31 December 2023

650,000

3,632,442

4,282,442

Changes in equity

Reduction in share capital

(46,559

)

-

(46,559

)

Total comprehensive income

-

(369,975

)

(369,975

)

Balance at 31 December 2024

603,441

3,262,467

3,865,908

Cash flows from operating activities

Cash generated from operations

1

5,395,464

483,843

Interest paid

(367,157

)

(88,638

)

Interest element of hire purchase payments paid

-

(33,981

)

Tax paid

(381,754

)

(50,672

)

Net cash from operating activities

4,646,553

310,552

Cash flows from investing activities

Purchase of intangible fixed assets

(565,995

)

-

Purchase of tangible fixed assets

(3,346,290

)

(2,215,621

)

Sale of tangible fixed assets

925,616

941,597

Net cash from investing activities

(2,986,669

)

(1,274,024

)

Cash flows from financing activities

Loan movement

1,251,365

307,113

Loan repayments in year

(8,164

)

-

Capital repayments in year

-

729,641

Amount withdrawn by directors

(21,995

)

-

Share issue

(46,559

)

-

Acquisition of Subsidiary

(1,593,552

)

-

Cash acquired

763,548

-

Capital distributions

(1,166,769

)

-

Net cash from financing activities

(822,126

)

1,036,754

Increase in cash and cash equivalents

837,758

73,282

Cash and cash equivalents at beginning of year

2

2,340,216

2,266,934

Cash and cash equivalents at end of year

2

3,177,974

2,340,216

1.	Reconciliation of profit before taxation to cash generated from operations

2024

2023

£

£

Profit before taxation

1,043,998

874,780

Depreciation charges

1,040,524

767,983

Finance costs

367,157

122,619

2,451,679

1,765,382

Decrease/(increase) in stocks

8,505,498

(10,377,039

)

Decrease/(increase) in trade and other debtors

4,169,627

(546,119

)

(Decrease)/increase in trade and other creditors

(9,731,340

)

9,641,619

Cash generated from operations

5,395,464

483,843

2.	Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

3,177,974

2,340,216

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

2,340,216

2,266,934

3.	Analysis of changes in net funds/(debt)

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

2,340,216

837,758

3,177,974

2,340,216

837,758

3,177,974

Debt

Finance leases

(1,528,319

)

(382,877

)

(1,911,196

)

Debts falling due within 1 year

(400,335

)

(206,606

)

(606,941

)

Debts falling due after 1 year

-

(1,363,444

)

(1,363,444

)

(1,928,654

)

(1,952,927

)

(3,881,581

)

Total

411,562

(1,115,169

)

(703,607

)