ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 08221789

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

COMPANY INFORMATION

Directors	Sarah Kay
	Duncan McCulloch


Registered number	08221789


Registered office	190 Commercial Road
	Totton
	Southampton
	SO40 3AA


Independent auditors	Xeinadin Audit Limited
	Chartered Accountants & Statutory Auditor
	Wadebridge House
	16 Wadebridge Square
	Poundbury
	Dorchester
	Dorset
	DT1 3AQ

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 9
Consolidated statement of comprehensive income	10
Consolidated balance sheet	11 - 12
Company balance sheet	13 - 14
Consolidated statement of changes in equity	15 - 16
Company statement of changes in equity	17 - 18
Consolidated statement of cash flows	19 - 20
Consolidated analysis of net debt	21
Notes to the financial statements	22 - 46

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present this strategic report of the Group for the year ended 31 December 2024.

Business review

TSI continued to derive its annual revenue on a worldwide basis principally through the supply of turbocharger parts and related maintenance services to large ships and vessels within the marine and power station turbocharger markets. This includes:
• Service, repair and overhaul of Marine Turbochargers
• Supply of Turbocharger parts
• Supply of Bearings
• Service, repair and overhaul of Power station Turbochargers.

Key performance indicators

2024 2023
Total Sales (£m) £19.03m £17.98m
Gross Profit % 41.6% 41.6%
Ratio of Administrative Expenses to Gross Profit 81.8% 76.8%
Profit before Tax (£’000) 622 1,051

Page 1

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Development and performance during the year

Total sales for 2024 of £19.03m (2023 – £17.98m) represents an increase of 5.8% from the previous year. TSI achieved significant increases in parts sales and overall gross profit, whilst maintaining the overall gross profit. Parts related sales accounted for 75.1% (2023 – 73.1%) of 2023’s total sales value, with labour related sales accounting for the remaining 24.9% (2023 – 26.9%). TSI remains very much a globally focused business with 89.8% (2023 – 88.4%) of 2024 total sales value by destination being to the rest of the world.
The Directors consider the significant increase in sales in both 2024 and 2023 to be largely the result of the strategy and policies they have implemented in recent years to develop future sales growth through expansion of its network of overseas offices and continual financial investment in TSI’s personnel and operational capabilities, the benefits of which have continued to accrue in 2024.
As a result of the company’s continual focus on working capital management the values of both Trade Debtors and Trade Creditors at 31st December 2024 have actually decreased compared to 2023 values. This focus was also seen by a decrease in interest payable for 2024 even though the company’s level of activity increased.

A significant proportion of the company’s transactions are undertaken each year in either Euros or US Dollars for which the company translates and reports its results in GBP Sterling, comparison of its annual profits reported in GBP Sterling terms will inevitably be affected by the positive or negative effect of changes in the exchange rates year on year used to translate the underlying transactions for reporting purposes, which is separate to the performance of the business in terms of the underlying local currencies in which transactions are actually undertaken. GBP Sterling depreciated significantly against the Euro in 2024, ending 4.6% higher at 31st December 2024 at 1.2062 (2023: 1.1534), and appreciated against the US Dollar GBP ended 1.3% lower at 1.2565 (2023: 1.2732). This would have the effect of reducing the GBP Sterling equivalent values of 2024 sales and purchases made in Euros and marginally increased against the US Dollar compared to equivalent values reported in the previous year.
During 2024 TSI once again further invested in developing future sales growth through its network of overseas offices and other relevant overhead costs, including significantly increasing its personnel. Accordingly, the value of total administration expenditure increased in 2024 by 12.8% to £6.48m (2023 £5.75m), the ratio of overheads to Gross Profit in 2024 increased to 90.1% from the corresponding 2023 value of 83.6%.

Future developments

The Directors intend to once again increase sales through the Group's ongoing investment in supporting and developing the company’s network of overseas offices, partners and agents, as well as significantly expanding its sales of bearings. The Group has substantial long term funding from its bankers and the directors consider the Group is well placed to achieve future sales growth.

This report was approved by the board and signed on its behalf.

Sarah Kay

Director

Date: 29 September 2025

Page 2

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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.

Results and dividends

The profit for the year, after taxation, amounted to £400,680 (2023 - £821,227).

Interim dividends of £412,620 (2023 - £458,467) were paid during the year. No further dividend is recommended by the directors for the year.

Directors

The directors who served during the year were:

Sarah Kay

Duncan McCulloch

Future developments

The future developments for the company are included in the Strategic Report.

Page 3

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

On 9 September 2025, the directors approved an interim dividend distribution of £275,080.

Auditors

The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Sarah Kay

Director

Date: 29 September 2025

Page 4

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

Opinion

We have audited the financial statements of Turbo Service International Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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's 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 United Kingdom, including the Financial Reporting Council'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 or 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.

Page 5

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the 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 Directors' report.

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

∙adequate accounting records have not been kept 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.

Page 6

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Page 7

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED (CONTINUED)

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the risk of material misstatement due to non-compliance with laws and regulations and fraud by:
- Obtaining an understanding of the legal and regulatory frameworks that are applicable to the entity and
determined that the most significant are those that relate to the determination of material amounts and
disclosures in the financial statements such as the UK reporting framework, UK company law and UK tax
legislation. Other laws and regulations that are fundamental to the operating aspects of the business include
employment law, health and safety regulations and maritime law;
- Making enquiries of management and reviewing documentation to understand whether there were any known
instances of non-compliance with laws and regulations including in respect of overseas subsidiaries; and
- Communicating within the audit team and maintaining professional scepticism.
Specifically in respect of fraud we discussed with those charged with governance areas in which the group was susceptible to fraud and whether there were any instances of known, suspected or alleged fraud. We also assessed the ability of internal controls to mitigate the risk of fraud.
To address the risk of non-compliance with laws and regulations we:
- Made enquiries of management and those charged with governance concerning actual and potential litigation
and claims;
- Reviewed the Group's costs (including in overseas subsidiaries) for evidence of any expenditure in relation to potential litigation or claims; and
- Considered the effectiveness of internal controls to mitigate such risks.
To address the fraud risk of management override of controls and other fraud risks we:
- Tested the validity of journal entries;
- Performed analytical procedures to identify any unusual relationships;
- Sought explanations and evidence for any significant transactions outside the normal course of business;
- Tested revenue recognition to source documentation;
- Maintained professional scepticism and challenging explanations provided by management; and

Page 8

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED (CONTINUED)

- Performed procedures on the consolidation and testing subsidiary balances to address the additional risks associated with preparation of the Group accounts.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mr P A Cattermole FCA (Senior statutory auditor)

for and on behalf of

Xeinadin Audit Limited

Chartered Accountants

Statutory Auditor

Wadebridge House

16 Wadebridge Square

Poundbury

Dorchester

Dorset

DT1 3AQ

29 September 2025

Page 9

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	19,027,851	17,980,321
Cost of sales		(11,109,830)	(10,498,467)
Gross profit		7,918,021	7,481,854
Distribution costs		(647,914)	(505,202)
Administrative expenses		(6,482,316)	(5,746,671)
Other operating income	5	-	5,670
Operating profit	6	787,791	1,235,651
Interest receivable and similar income	10	13,227	13,780
Interest payable and similar expenses	11	(178,977)	(198,807)
Profit before taxation		622,041	1,050,624
Tax on profit	12	(221,361)	(229,397)
Profit for the financial year		400,680	821,227


Currency translation differences	(21,449)	(6,983)
Other comprehensive income for the year	(21,449)	(6,983)
Total comprehensive income for the year	379,231	814,244

Profit for the year attributable to:
Owners of the parent Company	400,680	821,227
	400,680	821,227

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 22 to 46 form part of these financial statements.

Page 10

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

REGISTERED NUMBER: 08221789

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	14		164,551		217,182
Tangible Fixed Assets	15		963,578		957,213
			1,128,129		1,174,395
Current assets
Stocks	18	2,691,559		2,762,754
Debtors: amounts falling due within one year	19	2,887,697		3,537,854
Cash at bank and in hand	20	399,816		326,427
		5,979,072		6,627,035
Creditors: amounts falling due within one year	21	(5,082,802)		(5,505,150)
Net current assets			896,270		1,121,885
Total assets less current liabilities			2,024,399		2,296,280
Creditors: amounts falling due after more than one year	22		(218,745)		(452,575)
Provisions for liabilities
Deferred taxation	25	(40,463)		(38,125)
			(40,463)		(38,125)
Net assets			1,765,191		1,805,580

Page 11

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

REGISTERED NUMBER: 08221789

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Capital and reserves
Called up share capital	26	39,252	39,252
Capital redemption reserve	27	8,337	8,337
Profit and loss account	27	1,717,602	1,757,991
Equity attributable to owners of the parent Company		1,765,191	1,805,580
		1,765,191	1,805,580

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Sarah Kay

Director

Date: 29 September 2025

The notes on pages 22 to 46 form part of these financial statements.

Page 12

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

REGISTERED NUMBER: 08221789

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	14		150,000		175,000
Tangible assets	15		317,094		236,766
Investments	16		752,388		752,388
Investment property	17		730,000		763,000
			1,949,482		1,927,154
Current assets
Debtors: amounts falling due within one year	19	492,721		506,023
Cash at bank and in hand	20	16,098		8,889
		508,819		514,912
Creditors: amounts falling due within one year	21	(45,219)		(56,141)
Net current assets			463,600		458,771
Total assets less current liabilities			2,413,082		2,385,925

Creditors: amounts falling due after more than one year	22		(47,191)		(13,297)
Provisions for liabilities
Deferred taxation	25	(123,215)		(118,106)
			(123,215)		(118,106)
Net assets			2,242,676		2,254,522

Page 13

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

REGISTERED NUMBER: 08221789

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

	2024	2023
Note	£	£

Capital and reserves
Called up share capital	26		39,252		39,252
Non-distributable reserve	27		229,877		254,627
Capital redemption reserve	27		8,337		8,337
Profit and loss account brought forward		1,952,306		1,266,095
Profit for the year		400,774		1,198,678
Other changes in the profit and loss account		(387,870)		(512,467)
Profit and loss account carried forward			1,965,210		1,952,306
			2,242,676		2,254,522

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Sarah Kay

Director

Date: 29 September 2025

The notes on pages 22 to 46 form part of these financial statements.

Page 14

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£	£
At 1 January 2024	39,252	8,337	1,757,991	1,805,580	1,805,580

Profit for the year	-	-	400,680	400,680	400,680
Currency translation differences	-	-	(21,449)	(21,449)	(21,449)
Total comprehensive income for the year	-	-	379,231	379,231	379,231
Dividends: Equity capital	-	-	(412,620)	(412,620)	(412,620)
Purchase of own shares	-	-	(7,000)	(7,000)	(7,000)
At 31 December 2024	39,252	8,337	1,717,602	1,765,191	1,765,191

The notes on pages 22 to 46 form part of these financial statements.

Page 15

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Capital redemption reserve	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£	£
At 1 January 2023	39,252	8,337	1,402,214	1,449,803	1,449,803

Profit for the year	-	-	821,227	821,227	821,227
Currency translation differences	-	-	(6,983)	(6,983)	(6,983)
Total comprehensive income for the year	-	-	814,244	814,244	814,244
Dividends: Equity capital	-	-	(458,467)	(458,467)	(458,467)
At 31 December 2023	39,252	8,337	1,757,991	1,805,580	1,805,580

The notes on pages 22 to 46 form part of these financial statements.

Page 16

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Non distributable reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2024	39,252	8,337	254,627	1,952,306	2,254,522

Profit for the year	-	-	-	400,774	400,774
Total comprehensive income for the year	-	-	-	400,774	400,774
Dividends: Equity capital	-	-	-	(412,620)	(412,620)
Transfer to/from profit and loss account	-	-	(24,750)	24,750	-
Total transactions with owners	-	-	(24,750)	(387,870)	(412,620)
At 31 December 2024	39,252	8,337	229,877	1,965,210	2,242,676

The notes on pages 22 to 46 form part of these financial statements.

Page 17

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Capital redemption reserve	Non-distributable reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023	39,252	8,337	200,627	1,266,095	1,514,311

Profit for the year	-	-	-	1,198,678	1,198,678
Total comprehensive income for the year	-	-	-	1,198,678	1,198,678
Dividends: Equity capital	-	-	-	(458,467)	(458,467)
Transfer to/from profit and loss account	-	-	54,000	(54,000)	-
At 31 December 2023	39,252	8,337	254,627	1,952,306	2,254,522

The notes on pages 22 to 46 form part of these financial statements.

Page 18

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	400,680	821,227
Adjustments for:
Amortisation of intangible assets	52,506	83,291
Depreciation of tangible assets	175,030	187,686
Profit on disposal of tangible assets	(9,823)	(44,848)
Interest paid	178,977	198,807
Interest received	(13,227)	(13,780)
Taxation charge	221,361	229,397
Decrease/(increase) in stocks	71,195	(583,086)
Decrease in debtors	641,944	386,728
(Decrease)/increase in creditors	(338,052)	59,134
Corporation tax (paid)	(339,237)	(226,065)
Foreign exchange	4,477	(8,116)
Net cash generated from operating activities	1,045,831	1,090,375

Cash flows from investing activities
Purchase of tangible fixed assets	(129,894)	(229,325)
Sale of tangible fixed assets	13,681	173,920
Interest received	13,227	13,780
HP interest paid	(9,007)	(12,198)
Net cash from investing activities	(111,993)	(53,823)

Page 19

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£


Cash flows from financing activities
Repayment of loans	(240,000)	(240,000)
Repayment of/new finance leases	(37,859)	(244,763)
Dividends paid	(412,620)	(458,467)
Interest paid	(169,970)	(186,609)
Net cash used in financing activities	(860,449)	(1,129,839)
Net increase/(decrease) in cash and cash equivalents	73,389	(93,287)
Cash and cash equivalents at beginning of year	326,427	419,714
Cash and cash equivalents at the end of year	399,816	326,427

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	399,816	326,427
	399,816	326,427

The notes on pages 22 to 46 form part of these financial statements.

Page 20

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	New finance leases	At 31 December 2024
£	£	£	£

Cash at bank and in hand	326,427	73,389	-	399,816
Debt due after 1 year	(340,000)	240,000	-	(100,000)
Debt due within 1 year	(240,000)	-	-	(240,000)
Finance leases	(143,688)	37,859	(58,275)	(164,104)
	(397,261)	351,248	(58,275)	(104,288)

The notes on pages 22 to 46 form part of these financial statements.

Page 21

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Turbo Service International Holdings Limited is a private company limited by shares and incoporated in England and Wales under the Companies Act. Its registered office and principal place of business is 190 Commercial Road, Totton, Southampton, SO40 3AA.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

Management monitor the Group's working capital requirements and the directors consider it is appropriate to prepare the financial statements on a going concern basis. This assumes that the Group will continue in operational existence for the foreseeable future for at least 12 months after the signing of the financial statements..

Page 22

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 23

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the Group as lessee

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

2.7

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 24

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.12

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 25

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 26

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.14

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

				Goodwill	-	10	years
				Other intangible fixed assets	-	10	years

2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2%	straight line
Short-term leasehold property	-	10%	straight line
Plant and machinery	-	20%	straight line
Motor vehicles	-	25%	straight line
Fixtures and fittings	-	20%	straight line
Office equipment	-	20%	straight line
Computer equipment	-	20%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 27

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.18

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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

2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 28

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.22

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.23

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

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.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Page 29

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.23

Financial instruments (continued)

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

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.24

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estiamtes and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The estimates and judgements that have the most significant effect on the amounts included in the financial statements are as follows:
Property Valuation
The fair value of the investment property is determined by the Directors from a review of comparable real estate, adjusted if necessary for differences in the nature, location or condition of the specific asset. See note 17 for details of the investment property value and valuation method.

Page 30

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Parts	14,287,635	13,140,800
Labour	4,740,216	4,839,521
	19,027,851	17,980,321

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	1,934,991	2,082,349
Rest of the world	17,092,860	15,897,972
	19,027,851	17,980,321

5.	Other operating income
		2024	2023
		£	£

Government grants receivable	-	5,670
	-	5,670

	Exchange differences	102,276	28,903
	Other operating lease rentals	42,243	41,375

Page 31

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Auditors' remuneration
		2024	2023
		£	£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

14,000

12,000

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2024	2023
		£	£


Wages and salaries	4,072,997	3,706,527
Social security costs	477,591	418,329
Cost of defined contribution scheme	281,448	260,935
	4,832,036	4,385,791

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Engineering	33	30
Administration	35	32

	68	62

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

Page 32

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	895,488	767,079
Group contributions to defined contribution pension schemes	41,859	36,154
	937,347	803,233

	During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £507,563 (2023 - £463,256).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,167 (2023 - £10,000).

Management consider the key management personnel to be the directors of the Company.

10.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	13,227	13,780
		13,227	13,780

11.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	51,799	66,085
Other loan interest payable	4,366	13,197
Finance leases and hire purchase contracts	9,007	12,198
Other interest payable	113,805	107,327
	178,977	198,807

Page 33

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	220,862	294,614
Adjustments in respect of previous periods	-	(16,079)
	220,862	278,535

Total current tax	220,862	278,535

Deferred tax
Origination and reversal of timing differences	499	(49,138)
Total deferred tax	499	(49,138)


	Tax on profit	221,361	229,397

Profit on ordinary activities before tax

622,041

1,050,624

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	155,510	247,107
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	73,751	67,659
Capital allowances for year in excess of depreciation	1,669	(44,840)
Lower rate taxes on overseas earnings	(9,025)	(24,655)
Adjustments to tax charge in respect of prior periods	-	(16,079)
Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax	-	205
Other differences leading to an increase (decrease) in the tax charge	(544)	-
Total tax charge for the year	221,361	229,397

Page 34

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.Taxation (continued)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Dividends
		2024	2023
		£	£

	Dividends paid	412,620	458,467
		412,620	458,467

14.	Intangible assets
	Group

	Computer software	Goodwill	Total
	£	£	£
Cost
At 1 January 2024	250,000	337,003	587,003
Foreign exchange movement	-	2,016	2,016
At 31 December 2024	250,000	339,019	589,019
Amortisation
At 1 January 2024	75,000	294,821	369,821
Charge for the year on owned assets	25,000	27,506	52,506
Foreign exchange movement	-	2,141	2,141
At 31 December 2024	100,000	324,468	424,468
Net book value
At 31 December 2024	150,000	14,551	164,551
At 31 December 2023	175,000	42,182	217,182

Page 35

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.Intangible assets (continued)

	Company

		Computer software
		£
	Cost
	At 1 January 2024	250,000
	At 31 December 2024	250,000
	Amortisation
	At 1 January 2024	75,000
	Charge for the year	25,000
	At 31 December 2024	100,000
	Net book value
	At 31 December 2024	150,000
	At 31 December 2023	175,000

Page 36

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Tangible fixed assets
	Group

	Land and buildings	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	661,110	450,700	389,529	218,182	1,719,521
Additions	-	89,824	69,735	28,610	188,169
Disposals	-	-	(20,000)	-	(20,000)
Exchange adjustments	(2,900)	2,121	-	(8,860)	(9,639)
At 31 December 2024	658,210	542,645	439,264	237,932	1,878,051
Depreciation
At 1 January 2024	143,366	330,757	202,588	85,597	762,308
Charge for the year on owned assets	16,614	51,737	12,071	41,657	122,079
Charge for the year on financed assets	-	-	52,951	-	52,951
Disposals	-	-	(16,398)	-	(16,398)
Exchange adjustments	(2,900)	(1,374)	-	(2,193)	(6,467)
At 31 December 2024	157,080	381,120	251,212	125,061	914,473
Net book value
At 31 December 2024	501,130	161,525	188,052	112,871	963,578
At 31 December 2023	517,744	119,943	186,941	132,585	957,213

Included in land and buildings is freehold property with a net book value of £423,498 and improvements to short-term leasehold property of £77,632.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


Motor vehicles	158,547	158,758
	158,547	158,758

Page 37

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.Tangible fixed assets (continued)

	Company

	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	320,467	147,870	30,207	102,455	600,999
Additions	88,809	69,735	7,150	17,091	182,785
Disposals	-	(20,000)	-	-	(20,000)
At 31 December 2024	409,276	197,605	37,357	119,546	763,784
Depreciation
At 1 January 2024	237,477	84,081	5,050	37,625	364,233
Charge for the year on owned assets	34,884	12,071	7,950	21,787	76,692
Charge for the year on financed assets	-	22,163	-	-	22,163
Disposals	-	(16,398)	-	-	(16,398)
At 31 December 2024	272,361	101,917	13,000	59,412	446,690
Net book value
At 31 December 2024	136,915	95,688	24,357	60,134	317,094
At 31 December 2023	82,990	63,789	25,157	64,830	236,766

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


Motor vehicles	66,183	35,606
	66,183	35,606

Page 38

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	752,388
	At 31 December 2024	752,388

	Net book value
	At 31 December 2024	752,388
	At 31 December 2023	752,388

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

TSI Turbo Services International Limited	190 Commercial Road, Totton, Southampton, Hampshire, SO40 3AA	Ordinary	100%
TSI Turbo Service International BV	Griendweg 4, 3295 KV, S-Gravendeel, The Netherlands	Ordinary	100%
TSI Turbo Service International LLC	602 N 1st Street, La Porte, Texas 77571, Houston, USA	Ordinary	100%
TSI Turbo Service Mediterranean Limited	41, J.Micallef industrial Complex, Triq Tal-Isqof, L-Imqabba MQB 9057, Malta	Ordinary	100%
TSI Turbo Service International Hellas	100 Kolokotroni Street, 18535 Piraeus, Greece	Ordinary	100%
Turbo Services International Limited	190 Commercial Road, Totton, Southampton, Hampshire, SO40 3AA	Ordinary	100%

Page 39

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Investment property
	The investment property held by the Company is rented to a group undertaking and on consolidation, as it is used by the Group has been reflected as a tangible fixed asset (see note 15). The 2024 valuation was undertaken by Ramon Heijblom MRICS, RT RICS Registered Valuer, on an open market value for existing use basis on 15 July 2024. The directors believe that this value materially reflects the value of the property at the year-end.
	Group

The Group does not hold any investment property.

	Company

		Freehold investment property
		£
	Valuation
	At 1 January 2024	763,000
	Foreign exchange movement	(33,000)
	At 31 December 2024	730,000

18.	Stocks
		Group	Group
		2024	2023
		£	£

Finished goods and goods for resale	2,691,559	2,762,754
	2,691,559	2,762,754

The carrying value of stocks are stated net of impairment losses totalling £38,296 (2023 - £38,296). Impairment losses totalling £NIL (2023 - £6,781) were recognised in profit and loss.

Page 40

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	2,333,387	2,792,288	-	-
Amounts owed by group undertakings	-	-	478,063	504,536
Other debtors	385,847	504,167	13,681	-
Prepayments and accrued income	168,463	241,399	977	1,487
	2,887,697	3,537,854	492,721	506,023

20.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	399,816	326,427	16,098	8,889
	399,816	326,427	16,098	8,889

Page 41

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Bank loans	240,000	240,000	-	-
Trade creditors	2,268,440	2,727,954	656	185
Corporation tax	197,421	295,963	5,305	18,972
Other taxation and social security	175,806	206,541	3,718	12,782
Obligations under finance lease and hire purchase contracts	45,359	31,113	18,539	14,205
Other creditors	1,611,538	1,528,778	7,000	-
Accruals and deferred income	544,238	474,801	10,001	9,997
	5,082,802	5,505,150	45,219	56,141

Bank loans comprises a coronavirus business interruption loan which is 80% guaranteed by the Government. The interest rate on the loan is 4.09% and the loan is due to be repaid by May 2026. The loan is secured by a fixed and floating charge over all the assets and undertakings of the Group and a personal guarantee of £120,000 provided by a director.
Obligations under finance leases and hire purchase contracts are secured on the respective assets.
Other creditors includes amounts advanced by an invoicing finance company in relation to trade debtor balances. Amounts advanced are secured against the trade and assets of the Group. The Group retains the risk of slow-payment, non-payment and foreign exchange movements in respect of the secured receivables. At the balance sheet date the liability to the invoice financing company was £1,430,188 (2023 - £1,472,578).

22.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Bank loans	100,000	340,000	-	-
Net obligations under finance leases and hire purchase contracts	118,745	112,575	47,191	13,297
	218,745	452,575	47,191	13,297

See note 21 for details of security provided in respect of bank loans and obligations under finance lease and hire purchase contracts.

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TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

23.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2024	2023
		£	£

Amounts falling due within one year
Bank loans	240,000	240,000
	240,000	240,000
Amounts falling due 1-2 years
Bank loans	100,000	240,000
	100,000	240,000
Amounts falling due 2-5 years
Bank loans	-	100,000
	-	100,000

	340,000	580,000

24.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Within one year	50,350	42,863	23,530	16,043
Between 1-5 years	140,470	130,773	51,650	15,133
	190,820	173,636	75,180	31,176

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TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

25.	Deferred taxation
	Group

	2024	2023
	£	£

At beginning of year	(38,125)	(87,263)
Charged to the profit or loss	(2,338)	49,138
At end of year	(40,463)	(38,125)

Company

	2024	2023
	£	£

At beginning of year	(118,106)	(163,411)
Charged to profit or loss	(5,109)	45,305
At end of year	(123,215)	(118,106)

The provision for deferred taxation is made up as follows:
	Group	Group	Company	Company
	2024	2023	2024	2023
	£	£	£	£

Accelerated capital allowances	(47,162)	(42,412)	(46,589)	(33,230)
Pension surplus	6,699	4,287	-	-
Deferred tax on fair value gain on property	-	-	(76,626)	(84,876)
	(40,463)	(38,125)	(123,215)	(118,106)

Page 44

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

26.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

2,292,333 (2023 - 2,292,333) Ordinary Shares shares of £0.01 each	22,923	22,923
1,632,887 (2023 - 1,632,887) B Shares shares of £0.01 each	16,329	16,329

	39,252	39,252

Ordinary shares carry one vote per share at general meetings and participate pari passu in distribution as respect of dividends and any distribution on a winding up. Ordinary shares are not subject to a right of redemption.
B shares do not carry a right to vote or to participate in distribution as respect of dividends. B shares entitle the holder to proceeds on winding up or sale of the business and are subject to a right of redemption upon the holder ceasing to be an employee or director of any company within the Group.

27.

Reserves

Capital redemption reserve

The capital redemption reserve includes amounts realised on the redemption or purchase of the Group's shares. It is not distributable.

Profit and loss account

The profit and loss account comprises aggregate profits of the Group net of distributions via dividend payments. It includes foreign exchange amounts recognised through other comprehensive income which are non distributable.

28.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £281,428 (2023 - £260,936). Contributions totalling £26,890 (2023 - £28,809) were payable to the fund at the balance sheet date and are included in creditors and accruals.

Page 45

TURBO SERVICE INTERNATIONAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

29.	Commitments under operating leases
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2024	2023
		£	£

Not later than 1 year	187,475	82,955
Later than 1 year and not later than 5 years	555,226	211,950
	742,701	294,905

30.	Transactions with directors

During the year advances were paid to directors totalling £377,933. Repayments totalling £436,459 were made resulting in total amounts owed by the directors to the Group of £243,360 (2023: £301,886). Interest of £6,483 was charged at the official rate and the balance is unsecured and repayable on demand.

31.	Post balance sheet events

On 9 September 2025 the directors approved a dividend of £275,080.

32.	Controlling party

The Company is under the control of Duncan McCulloch by virtue of his interest in Turbo Service International Holdings Limited.

Page 46