REGISTERED NUMBER: 07705721 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Ship It Appliances Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Profit and Loss Account

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

Mr S Johnson

Mr B Johnson

Mrs H Johnson

REGISTERED OFFICE:

8 Coronet Way

Salford

Greater Manchester

M50 1RE

REGISTERED NUMBER:

07705721 (England and Wales)

AUDITORS:

Thompson Wright (Audit) Limited

Chartered Accountants

and Statutory Auditors

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

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

REVIEW OF BUSINESS

Business Overview

Ship It Appliances Limited specialises in the online retail of kitchen appliances, offering a diverse range of products including cooker hoods, ovens, hobs, and sinks. The company emphasizes affordability and quality, catering to both individual consumers and trade customers.

Going concern

The company is funded in part by intercompany loans within its parent For Everyone Group Limited. For Everyone Group Limited had a significantly better year in 2024 than in 2023. Despite the negative economic conditions, the group significantly reduced their losses. Work was underway to improve performance in 2024.

Ship It Appliances Limited started a programme of improving profitability through implementing operational efficiencies during the financial year and continuing into 2025. At the time of writing the report, this is ongoing. Work was underway in 2024 demonstrated through reducing revenue by £1.6m but improving gross margin by over nine percentage points, contributing to a higher gross profit.

The group continues to be funded by third party lenders, Close Invoice Finance Ltd (Close), through an invoice financing facility, stock-based lending facility and term loan which grants the company working capital to run its day-to-day operations. This funding arrangement is provided with monthly covenant conditions on debt servicing and cash headroom.

After reviewing the company forecasts and projections up to 31 December 2026, the Directors have a reasonable expectation that the group has adequate resources and support to continue in operational existence for the foreseeable future whilst meeting covenants. The group therefore continues to adopt the going concern basis in preparing its financial statements.

Business Model

Operating primarily through e-commerce platforms, Ship It Appliances sources products from various manufacturers, including its in-house brand, SIA. The company maintains a streamlined supply chain to ensure timely delivery and competitive pricing. Customer service excellence and a user-friendly online shopping experience are central to its operations.

Strategic Objectives

1. Product Range Expansion: Continuously broadening the selection of kitchen appliances to meet evolving customer preferences.

2. Brand Development: Enhancing the market presence of the SIA brand by introducing innovative and reliable products.

3. Customer Experience: Investing in website enhancements and customer support to improve the overall shopping experience.

4. Operational Efficiency: Streamlining logistics and inventory management to reduce costs and improve delivery times.

Market Environment

The UK kitchen appliance market is highly competitive, with numerous retailers offering a wide array of products. Consumer trends indicate a growing demand for energy-efficient and smart appliances. The shift towards online shopping has been accelerated by recent global events, increasing the importance of a robust digital presence.

Principal Risks and Uncertainties

1. Supply Chain Disruptions: Potential delays or shortages from suppliers could impact product availability.

2. Market Competition: Intense competition may affect market share and profit margins.

3. Economic Factors: Economic downturns could reduce consumer spending on non-essential items.

4. Technological Changes: Rapid advancements in technology require continuous adaptation to meet consumer expectations.

Key Performance Indicators (KPIs)

2024

2023

Turnover '000

£17,529

£19,146

Gross profit %

31.84%

22.65%

Future Prospects

Ship It Appliances aims to strengthen its market position by expanding its product offerings, enhancing the SIA brand, and improving the online shopping experience. The company plans to invest in marketing initiatives to increase brand awareness and attract a broader customer base. Additionally, efforts to optimize operational processes are expected to contribute to sustained growth and profitability.

ON BEHALF OF THE BOARD:

Mr S Johnson - Director

24 September 2025

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

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.

Mr S Johnson

Mr B Johnson

Mrs H Johnson

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", 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 the financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

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

- 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.

The directors 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Thompson Wright (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S Johnson - Director

24 September 2025

Opinion

We have audited the financial statements of Ship It Appliances Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 loss 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 qualified 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.

We were not appointed as auditors of Ship It Appliances Limited until after 31st December 2022 and thus did not observe the counting of physical stock at the beginning of the prior year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31st December 2022, which are stated in the balance sheet at £2,416,316.

As a result of this matter, we were unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded stock, and the elements making up the profit and loss account, statement of changes in equity and statement of cash flows.

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 Directors' Responsibilities Statement set out on page four, 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the domestic appliances sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental consumer rights act, other industry specific accreditations and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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.

Richard Thompson BA FCA (Senior Statutory Auditor)

for and on behalf of Thompson Wright (Audit) Limited

Chartered Accountants

and Statutory Auditors

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

24 September 2025

TURNOVER

3

17,529,409

19,146,229

Cost of sales

11,949,149

14,811,207

GROSS PROFIT

5,580,260

4,335,022

Distribution costs

2,208,619

1,560,571

Administrative expenses

4,401,148

5,019,963

6,609,767

6,580,534

OPERATING LOSS

5

(1,029,507

)

(2,245,512

)

Interest payable and similar expenses

7

1,161

7,368

LOSS BEFORE TAXATION

(1,030,668

)

(2,252,880

)

Tax on loss

8

-

157,411

LOSS FOR THE FINANCIAL YEAR

(1,030,668

)

(2,410,291

)

LOSS FOR THE YEAR

(1,030,668

)

(2,410,291

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,030,668

)

(2,410,291

)

FIXED ASSETS

Tangible assets

9

171,566

202,795

CURRENT ASSETS

Stocks

10

30,330

2,707,664

Debtors

11

5,264,264

2,934,709

Cash at bank and in hand

250,846

92,231

5,545,440

5,734,604

CREDITORS

Amounts falling due within one year

12

10,211,515

9,401,240

NET CURRENT LIABILITIES

(4,666,075

)

(3,666,636

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,494,509

)

(3,463,841

)

CAPITAL AND RESERVES

Called up share capital

15

137

137

Share premium

16

99,963

99,963

Retained earnings

16

(4,594,609

)

(3,563,941

)

SHAREHOLDERS' FUNDS

(4,494,509

)

(3,463,841

)

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

Mr S Johnson - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

137

(1,153,650

)

99,963

(1,053,550

)

Changes in equity

Total comprehensive income

-

(2,410,291

)

-

(2,410,291

)

Balance at 31 December 2023

137

(3,563,941

)

99,963

(3,463,841

)

Changes in equity

Total comprehensive income

-

(1,030,668

)

-

(1,030,668

)

Balance at 31 December 2024

137

(4,594,609

)

99,963

(4,494,509

)

1.	STATUTORY INFORMATION

Ship It Appliances 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the group will continue its operations for the foreseeable future. This assessment is based on detailed forecasts prepared by management and reviewed by the group's principal lender. These forecasts demonstrate that the group is expected to maintain sufficient working capital and cash flow to meet its obligations as they fall due over the 12 months from the date of approval of these financial statements, including servicing debt, funding operations, and meeting commitments to employees and suppliers.

The group's ability to continue as a going concern is dependent on maintaining adequate headroom within its invoice financing facility and the continued support of suppliers. The directors are continuing to address the position, working closely with the group's stakeholders to ensure that this position continues to be maintained.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

The company has taken advantage of the exemption under paragraph 1.12(b) from preparing a statement of cash flows, on the basis that it is a qualifying entity and its ultimate parent company For Everyone Group Limited includes the company's cash flows in its consolidated financial statements.

Critical Accounting Judgements and Key Estimates of Estimation Uncertainty.

The preparation of financial statements in conformity with generally accepted principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Some of these estimates and judgements are inherently uncertain and subject to change.

The impact of any change in accounting estimates is reflected in the period in which the estimate is revised, if the revision only affects the period, or in the period of the revision and future periods if the revision affects both current and future periods. In this respect the directors believe that the critical accounting policies where judgements or estimations are necessarily applied are as follows.

Critical judgements in applying the company's accounting policies

There were no critical judgements made in applying the company's accounting policies.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Turnover is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the previously agreed upon payment. These criteria are considered to be met when the goods are delivered to the buyer.

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

-

Straight line over 10 years

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

33% on reducing balance

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimates of useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, of economic utilisation of the assets.

Stocks

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

Cost is calculated using the average cost method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

At each reporting date stocks are assessed for their impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in the profit and loss account.

Impairment of debtors

Management perform ongoing reviews of the recoverability of debtor balances. An allowance for doubtful debts is maintained for potential credit losses based on management's assessment of the expected collectability of amounts receivable. The allowance for bad debts is reviewed periodically to assess the adequacy of the allowance.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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 loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

17,529,409

19,146,229

17,529,409

19,146,229

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

510,684

652,556

Social security costs

52,257

62,581

Other pension costs

10,843

15,282

573,784

730,419

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

2024

2023

Administration

2

5

Operations

9

16

11

21

2024

2023

£

£

Directors' remuneration

-

-

5.	OPERATING LOSS

The operating loss is stated after charging:

2024

2023

£

£

Hire of plant and machinery

10,959

16,883

Other operating leases

170,177

292,618

Depreciation - owned assets

34,562

50,733

Loss on disposal of fixed assets

-

8,110

Auditors' remuneration

12,000

10,000

6.	EXCEPTIONAL ITEMS

2024

2023

£

£

Exceptional items

-

(427,019

)

During 2023, the exceptional items related to a one off transaction relating to dilapidation on the leased building.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank loan interest

1,161

-

Other interest payable

-

7,043

Hire purchase

-

325

1,161

7,368

8.

TAXATION

Analysis of the tax charge

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

2024

2023

£

£

Current tax:

Adjustment in respect of prior

years

-

56,668

Deferred tax

-

100,743

Tax on loss

-

157,411

9.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2024

61,845

445,013

-

506,858

Additions

519

1,326

1,488

3,333

At 31 December 2024

62,364

446,339

1,488

510,191

DEPRECIATION

At 1 January 2024

40,544

263,519

-

304,063

Charge for year

6,581

27,572

409

34,562

At 31 December 2024

47,125

291,091

409

338,625

NET BOOK VALUE

At 31 December 2024

15,239

155,248

1,079

171,566

At 31 December 2023

21,301

181,494

-

202,795

10.

STOCKS

2024

2023

£

£

Stocks

30,330

2,707,664

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

376,002

141,189

Amounts owed by group undertakings

4,280,166

2,595,669

Other debtors

487,845

114,817

Directors' current accounts

6,936

-

Prepayments

113,315

83,034

5,264,264

2,934,709

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

415,814

285,840

Amounts owed to group undertakings

9,076,953

8,249,589

Social security and other taxes

-

30,104

VAT

191,606

238,973

Other creditors

88,056

108,109

Accrued expenses

439,086

488,625

10,211,515

9,401,240

13.	LEASING AGREEMENTS

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

2024

2023

£

£

Within one year

186,413

203,360

Between one and five years

-

223,696

186,413

427,056

The financial commitments noted above represents the total amount of payments remaining on property leases.

14.	SECURED DEBTS

A fixed and floating charge over all company assets and undertakings is held by Lloyds Bank Commercial Finance Ltd, this charge contains a negative pledge.

The group has entered into a multilateral guarantee with the Lloyds Bank Commercial Finance Ltd as follows:

Debentures consisting of fixed and floating charged over all the assets and undertaking of the reporting entity, OEM Appliances, Coolmed Limited, Xingbang UK Limited, Ship It Appliances Limited, For Everyone Group Ltd, Evec Ltd, CWW Holdings Limited and Coolmed Calibration Ltd.

In addition a further debenture has been entered into with Close Brothers Limited which includes a fixed and floating charges of the assets of the company and its fellow group companies, Coolmed Limited, Evec Limited, OEM Appliances Limited and Xingbang UK Limited.

As at 31 December 2024, the group had an invoice finance facility of £3,337,066 (2023 - £3,865,346), a cashflow loan of £958,338 (2023 - £1,208,334) and a stock facility of £309,606 (2023 - £Nil).

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

66

A ordinary

£1

66

66

4

B ordinary

£1

4

4

33

C ordinary

£1

33

33

17

D ordinary

£1

17

17

17

E ordinary

£1

17

17

137

137

16.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2024

(3,563,941

)

99,963

(3,463,978

)

Deficit for the year

(1,030,668

)

(1,030,668

)

At 31 December 2024

(4,594,609

)

99,963

(4,494,646

)

17.	OTHER FINANCIAL COMMITMENTS

Pension Commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge in respect of contributions to the fund amounts to £10,843 (2023 £15,282).

18.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.