Giant Export Services Limited - Limited company accounts 25.1

REGISTERED NUMBER: 01621313 (England and Wales)

GIANT EXPORT SERVICES LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

Page

Company information

1

Strategic report

2

Report of the directors

3

Report of the independent auditors

5

Statement of comprehensive income

8

Balance sheet

9

Statement of changes in equity

10

Cash flow statement

11

Notes to the cash flow statement

12

Notes to the financial statements

13

DIRECTORS:

K Azad

L T Pagarani

R P Thanwani

SECRETARY:

R P Thanwani

REGISTERED OFFICE:

Unit 5 Silverdale Road

Off Pump Lane

Hayes

Middlesex

UB3 3BL

REGISTERED NUMBER:

01621313 (England and Wales)

AUDITORS:

Berringers LLP

Chartered Accountants

and Statutory Auditors

Lygon House

50 London Road

Bromley

Kent

BR1 3RA

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

REVIEW OF BUSINESS

The principal activity of the company in the year under review was importing and exporting of general merchandise .

In general company showed consistent gross profit margins of 5% (2023: 4%) and turnover is also the same level.

The net asset position of the company has remained stable year on year. As at 31 December 2024, total net assets are £1,975,600 (2023: £1,888,976).

The directors have reviewed the post year end financial information available at the time of approving these financial statements, and have concluded that the financial statements should be prepared on going concern basis.

PRINCIPAL RISKS AND UNCERTAINTIES

The main uncertainties are the economic conditions and political stability in the geographical markets the company trades with.For instance, trade in West Africa, due to increasing social and political unrest.

The company manages the risk of losing key customers by nurturing relationships and providing an enhanced responsive service.

The main financial risks arising from the company's activities are credit risk, interest rate risk, foreign currency risk and liquidity risk. As the company predominately trades with the West African countries, there is also a financial risk of restriction on foreign currency remittances in certain countries. These are monitored by the board of directors.

KEY PERFORMANCE INDICATORS

Key performance indicators are turnover, margins and geographical markets.

During the year, the turnover of the company increased to £20.9m (2023: £15.9m).

The gross margin for the year was 5.22% (2023: 3.91%) which is in line with the company's policy of charging around 4% commission on all sales orders.

ON BEHALF OF THE BOARD:

K Azad - Director

29 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of importing and exporting general merchandise.

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.

K Azad

L T Pagarani

R P Thanwani

CHARITABLE DONATIONS AND EXPENDITURE

During the year the company made charitable donations of £700,000 (2023: £320,000) to Human Capability Foundation.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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). 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 of 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 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 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.

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 company'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 company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

K Azad - Director

29 September 2025

Opinion

We have audited the financial statements of Giant Export Services Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of comprehensive income, Balance sheet, Statement of changes in equity, Cash flow statement and Notes to the 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 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 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 directors are responsible for the other information. The other information comprises the information in the 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 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 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 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 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, 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 Statement of directors' responsibilities set out on page three, 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 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.

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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and error, we considered the following:

- the nature of the industry, control environment and business performance;

- results of our enquiries to management about their own assessment of the risks of fraud and error;

- the matters discussed among the audit engagement team regarding how and where fraud may occur in the financial statements and any potential indicators of fraud.

Our procedures to respond to risk include the following:

- reviewing the financial statement disclosures and testing to supporting documentation;

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

- addressing the risk of fraud and error through management override of controls, testing the appropriateness of journals, 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.

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.

Paul Allan BSocSc FCA (Senior Statutory Auditor)

for and on behalf of Berringers LLP

Chartered Accountants

and Statutory Auditors

Lygon House

50 London Road

Bromley

Kent

BR1 3RA

29 September 2025

TURNOVER

3

20,910,019

15,915,649

Cost of sales

19,818,045

15,293,058

GROSS PROFIT

1,091,974

622,591

Administrative expenses

1,005,400

609,554

OPERATING PROFIT and

PROFIT BEFORE TAXATION

86,574

13,037

Tax on profit

6

(50

)

2,610

PROFIT FOR THE FINANCIAL YEAR

86,624

10,427

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

86,624

10,427

FIXED ASSETS

Tangible assets

8

2,806

3,741

CURRENT ASSETS

Stocks

9

707,831

461,257

Debtors

10

5,944,150

3,944,273

Cash at bank

1,191,515

1,881,703

7,843,496

6,287,233

CREDITORS

Amounts falling due within one year

11

5,870,001

4,401,247

NET CURRENT ASSETS

1,973,495

1,885,986

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,976,301

1,889,727

PROVISIONS FOR LIABILITIES

12

701

751

NET ASSETS

1,975,600

1,888,976

CAPITAL AND RESERVES

Called up share capital

13

100,000

Retained earnings

14

1,875,600

1,788,976

SHAREHOLDERS' FUNDS

1,975,600

1,888,976

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:

K Azad - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 January 2023

100,000

1,778,549

1,878,549

Changes in equity

Total comprehensive income

-

10,427

Balance at 31 December 2023

100,000

1,788,976

1,888,976

Changes in equity

Total comprehensive income

-

86,624

Balance at 31 December 2024

100,000

1,875,600

1,975,600

Cash flows from operating activities

Cash generated from operations

1

2,233,488

552,692

Tax paid

(2,226

)

(1,676

)

Net cash from operating activities

2,231,262

551,016

Cash flows from investing activities

Purchase of tangible fixed assets

-

(2,488

)

Net cash from investing activities

-

(2,488

)

Cash flows from financing activities

Intercompany loans

(2,921,450

)

857,248

Net cash from financing activities

(2,921,450

)

857,248

(Decrease)/increase in cash and cash equivalents

(690,188

)

1,405,776

Cash and cash equivalents at beginning of
year

2

1,881,703

475,927

Cash and cash equivalents at end of year

2

1,191,515

1,881,703

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

as restated

£

Profit before taxation

86,574

13,037

Depreciation charges

935

1,155

87,509

14,192

Increase in stocks

(246,574

)

(461,257

)

(Increase)/decrease in trade and other debtors

(379,569

)

928,877

Increase in trade and other creditors

2,772,122

70,880

Cash generated from operations

2,233,488

552,692

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

1,191,515

1,881,703

Year ended 31 December 2023

31.12.23

1.1.23

as restated

£

Cash and cash equivalents

1,881,703

475,927

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

Net cash

Cash at bank

1,881,703

(690,188

)

1,191,515

1,881,703

(690,188

)

1,191,515

Total

1,881,703

(690,188

)

1,191,515

1.	STATUTORY INFORMATION

Giant Export Services 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.

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.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Revenue recognition

Revenue from the sale of general merchandise products is recognised once the goods are dispatched i.e. when the risks and rewards have passed to the customer.

Tangible fixed assets

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

Computer equipment

-

25% on reducing balance

Tangible fixed assets are written off once they are no longer in use.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement 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.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

as restated

£

United Kingdom

-

13,358

Middle East

542,516

917,746

West Africa

20,367,503

14,984,545

20,910,019

15,915,649

4.	EMPLOYEES AND DIRECTORS

2024

2023

as restated

£

Wages and salaries

190,881

191,392

Social security costs

17,031

17,320

Other pension costs

1,271

1,866

209,183

210,578

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

2024

2023

as restated

Administrative

3

No remuneration has been paid to Directors as they are being remunerated by other related undertakings.

Holiday pay accrual in the current year is £Nil (2023: £Nil) as there were no holidays outstanding at the year end.

2024

2023

as restated

£

Directors' remuneration

-

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

as restated

£

Depreciation - owned assets

935

1,155

Auditors remuneration

10,000

9,400

Foreign exchange differences

(90,021

)

40,438

Donations

700,000

320,000

Auditors' remuneration - Non audit work

2,600

6.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2024

2023

as restated

£

Current tax:

UK corporation tax

-

2,226

Deferred taxation

(50

)

384

Tax on profit

(50

)

2,610

Reconciliation of total tax (credit)/charge included in profit and loss

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

2024

2023

as restated

£

Profit before tax

86,574

13,037

Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

21,644

2,477

Effects of:

Expenses not deductible for tax purposes

-

19

Capital allowances in excess of depreciation

-

(270

)

Depreciation in excess of capital allowances

136

-

Deferred tax

(50

)

384

Group relief

(21,780

)

-

Total tax (credit)/charge

(50

)

2,610

7.	PRIOR YEAR ADJUSTMENT

The prior year adjustment is in relation to goods in transit being reallocated as stock due to a change in accounting policy. The adjustment has no net effect on the profit for the year or the balance sheet.

8.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

COST

At 1 January 2024

and 31 December 2024

2,488

3,211

5,699

DEPRECIATION

At 1 January 2024

553

1,405

1,958

Charge for year

484

451

935

At 31 December 2024

1,037

1,856

2,893

NET BOOK VALUE

At 31 December 2024

1,451

1,355

2,806

At 31 December 2023

1,935

1,806

3,741

9.

STOCKS

2024

2023

as restated

£

Stocks

707,831

461,257

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

Trade debtors

4,298,477

3,937,603

Amounts owed by group undertakings

1,620,308

-

Other debtors

5,049

4,179

VAT

20,316

2,491

5,944,150

3,944,273

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

Trade creditors

5,855,610

3,079,760

Amounts owed to group undertakings

-

1,301,142

Taxation

-

2,226

Social security and other taxes

1,611

589

Accrued expenses

12,780

17,530

5,870,001

4,401,247

12.	PROVISIONS FOR LIABILITIES

2024

2023

as restated

£

Deferred taxation

701

751

Deferred

tax

£

Balance at 1 January 2024

751

Provided during year

(50

)

Balance at 31 December 2024

701

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

as restated

£

100,000

Ordinary

1

100,000

14.

RESERVES

Retained

earnings

£

At 1 January 2024

1,788,976

Profit for the year

86,624

At 31 December 2024

1,875,600

15.	RELATED PARTY DISCLOSURES

Other related parties (affiliated companies - connected by ultimate ownership)

2024

2023

as restated

£

Purchases

(565,942

)

(388,942

)

Donations

(700,000

)

(320,000

)

Amount due to related party

1,620,309

(1,301,142

)

16.	ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The parent company is Bytco International SA, a company registered in British Virgin Islands. Majority shareholding in Bytco International SA is held by Choithram International Foundation, the ultimate controlling party.

17.	OTHER FINANCIAL COMMITMENTS

The company is party to cross guarantees with the bankers in respect of facilities granted to T Choithram & Sons (London) Limited and Natco Foods Limited. As at December 2024 the draw down amount was £Nil (2023: £Nil).