Leo's Import Export And Trading Ltd 31/12/2024 iXBRL

Company registration number: 09069918

Leo's Import Export And Trading Ltd

Financial statements

31 December 2024

Leo's Import Export And Trading Ltd

Contents

Directors and other information

Strategic report

Director's report

Independent auditor's report to the member

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

Leo's Import Export And Trading Ltd

Directors and other information


	Director	Mr Hakan Karacayli


	Company number	09069918


	Registered office	187 High Road Leyton
		London
		E15 2BY


	Business address	Tile Kiln Farm
		Burnt Farm Ride
		Enfield
		EN2 9DY


	Auditor	Ashford Louis
		Chartered Certified Accountants
		& Statutory Auditors
		187 High Road Leyton
		London
		E15 2BY

Leo's Import Export And Trading Ltd

Strategic report

Year ended 31 December 2024

REVIEW OF BUSINESS

The profit for the year, before taxation, amounted to £551,367 (2023: £395,530). The director expects an increase in sales and profit in the foreseeable future. The company's main strategy is to provide a complete

service to customers, thereby increasing its customer base and the resulting impact on turnover and net profit.

PRINCIPAL RISKS AND UNCERTAINTIES

The main risk faced by the company are its competitors. This is managed by ensuring that supplies are acquired at competitive prices through purchasing in bulk to facilitate competitive pricing combined with good customer services to make the company the preferred wholesale choice over its competitors.

Financial risk management objectives and policies

The company has always funded its operations from its own generated cash resources. Trade debtors are managed by credit and cash flow risk policies concerning the credit offered to customers as well as regular monitoring of amounts outstanding. Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

Liquidity Risk

In respect of bank balances, liquidity risk is managed by the regular monitoring of payments and receipts to ensure funds are available as and when required trade creditor risk is managed by efficient ordering and planning of expected payments within the confines of the company's working capital.

Foreign Currency Risk

Foreign currency risk is managed by the use of forward contracts and agreeing prices in GBP wherever possible.

KEY PERFORMANCE INDICATORS

The main performance indicators are sales and profit margins. All products are sold at an agreed margin and all other cost apart from cost of sales are fairly fixed. The director monitors these on a monthly basis to ensure that poor performers are picked up on time and dealt with.

The key performance indicators are as follows:

Turnover £21,675,458 (2023: £18,857,678)

Gross profit £3,754,194 (2023: £3,156,143)

Profit before tax £551,367 (2023: £395,530)

The director believes that other performance indicators of the company are not the best indicators of the overall performance, development and position of the company.

POLICY ON CREDITOR PAYMENTS

The policy of the company is to agree terms of payment prior to commencing trade with a supplier and to abide by those terms on a timely submission of invoices and supplier statements.

POLICY ON EMPLOYEES

The company is committed to achieving a working environment which provides equality of opportunity and freedom from unlawful discrimination on the basis of their gender, sexual orientation, marital or civil partner status, gender reassignment, race, religion or belief, colour, nationality, ethnic or national origin, disability or age, pregnancy or maternity, trade union membership or the fact that they are part-time workers.

The company's Equality and Diversity policy aims to remove unfair and discriminatory practices within the company and to encourage full contribution from its diverse community. The company is committed to actively opposing all forms of discrimination.

The company also aims to provide a service that does not discriminate against its clients in the means by which they can access the services supplied by the company. The company believes that employees and customers are entitled to be treated with respect and dignity. The company's employment policy is to provide equal opportunity to all current and prospective employees without any discrimination. We provide a work environment in which all individuals are treated with respect and dignity.

SOCIAL ENVIRONMENTAL AND ETHICAL MATTERS

The company believes that by operating in an ethical and social aware manner, it will help preserve the environment. It is an integral part of efficient and profitable business management. The director recognises that success in these areas depends on the involvement and commitment of everyone in the organisation.

This report was approved by the board of directors on 29 September 2025 and signed on behalf of the board by:

Mr Hakan Karacayli

Director

Leo's Import Export And Trading Ltd

Director's report

Year ended 31 December 2024

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

Director

The director who served the company during the year was as follows:

Mr Hakan Karacayli

Dividends

Particulars of recommended dividends are detailed in note 10 to the financial statements.

Future developments

The company expects to grow organically throughout 2025 by further investing and expanding its product range. The expected growth will be financed through the use of retained profits. Every effort is being driven towards customer satisfaction with efficient cost management and competitive pricing.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company 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.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgments 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

A resolution to reappoint Ashford Louis as auditor will be proposed at the forthcoming Annual General Meeting.

This report was approved by the board of directors on 29 September 2025 and signed on behalf of the board by:

Mr Hakan Karacayli

Director

Leo's Import Export And Trading Ltd

Independent auditor's report to the member of

Leo's Import Export And Trading Ltd

Year ended 31 December 2024

Opinion

We have audited the financial statements of Leo's Import Export And Trading Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report has 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 director's report. 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 the returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 auditor’s 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 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 obtained an understanding of the legal and regulatory requirements applicable to the company.- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.- We inquired from management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. We designed our audit procedures to identify instances of non-compliance throughout the audit and remained alert to instances of non-compliance throughout the audit.- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.Due to 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. However, the primary responsibility for prevention and detection of fraud rests with both management and those charged with governance of the company. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditorresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member, 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 member those matters we are required to state to him 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 member as a body, for our audit work, for this report, or for the opinions we have formed.

Eric Ashong (FCCA) (Senior Statutory Auditor)

For and on behalf of

Ashford Louis

Chartered Certified Accountants and Statutory Auditors

187 High Road Leyton

London

E15 2BY

29 September 2025

Leo's Import Export And Trading Ltd

Statement of comprehensive income

Year ended 31 December 2024

		2024	2023
	Note	£	£


Turnover	4	21,675,458	18,857,678
Cost of sales		( 17,921,264)	( 15,701,535)
		_______	_______
Gross profit		3,754,194	3,156,143

Administrative expenses		( 2,808,339)	( 2,513,863)
		_______	_______
Operating profit	5	945,855	642,280

Interest payable and similar expenses	8	( 394,488)	( 246,750)
Profit before taxation		551,367	395,530

Tax on profit	9	( 215,282)	( 124,694)
		_______	_______
Profit for the financial year and total comprehensive income		336,085	270,836
		_______	_______

All the activities of the company are from continuing operations.

Leo's Import Export And Trading Ltd

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	11	1,838,818		1,525,732
		_______		_______
			1,838,818		1,525,732

Current assets
Stocks	12	504,762		770,566
Debtors	13	6,338,091		6,827,146
Cash at bank and in hand		228,527		355,689
		_______		_______
		7,071,380		7,953,401
Creditors: amounts falling due
within one year	15	( 5,436,106)		( 6,437,319)
		_______		_______
Net current assets			1,635,274		1,516,082
			_______		_______
Total assets less current liabilities			3,474,092		3,041,814

Creditors: amounts falling due
after more than one year	16		( 2,561,357)		( 2,391,846)

Provisions for liabilities	18		( 26,682)		-

			_______		_______
Net assets			886,053		649,968
			_______		_______

Capital and reserves
Called up share capital	21		100		100
Profit and loss account			885,953		649,868
			_______		_______
Shareholder funds			886,053		649,968
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

Mr Hakan Karacayli

Director

Company registration number: 09069918

Leo's Import Export And Trading Ltd

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 January 2023	100	479,032	479,132

Profit for the year		270,836	270,836
	_______	_______	_______
Total comprehensive income for the year	-	270,836	270,836

Dividends paid and payable		( 100,000)	( 100,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 100,000)	( 100,000)

	_______	_______	_______
At 31 December 2023 and 1 January 2024	100	649,868	649,968

Profit for the year		336,085	336,085
	_______	_______	_______
Total comprehensive income for the year	-	336,085	336,085

Dividends paid and payable		( 100,000)	( 100,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 100,000)	( 100,000)

	_______	_______	_______
At 31 December 2024	100	885,953	886,053
	_______	_______	_______

Leo's Import Export And Trading Ltd

Statement of cash flows

Year ended 31 December 2024

		2024	2023
	Note	£	£

Cash flows from operating activities
Profit for the financial year		336,085	270,836

Adjustments for:
Depreciation of tangible assets		302,638	296,055
Interest payable and similar expenses		394,488	246,750
Gain/(loss) on disposal of tangible assets		84,286	( 1,062)
Tax on profit		215,282	124,694
Accrued expenses/(income)		40,400	1,000

Changes in:
Stocks		265,804	81,635
Trade and other debtors		489,055	( 3,431,616)
Trade and other creditors		( 1,255,097)	2,430,900
		_______	_______
Cash generated from operations		872,941	19,192

Interest paid		( 394,488)	( 246,750)
Tax paid		( 19,842)	( 422,589)
		_______	_______
Net cash from/(used in) operating activities		458,611	( 650,147)
		_______	_______

Cash flows from investing activities
Purchase of tangible assets		( 134,217)	( 178,766)
Proceeds from sale of tangible assets		203,037	34,885
		_______	_______
Net cash from/(used in) investing activities		68,820	( 143,881)
		_______	_______

Cash flows from financing activities
Proceeds from borrowings		( 230,645)	1,388,386
Payment of finance lease liabilities		( 323,170)	( 241,910)
Equity dividends paid		( 100,000)	( 100,000)
		_______	_______
Net cash (used in)/from financing activities		( 653,815)	1,046,476
		_______	_______

Net increase/(decrease) in cash and cash equivalents		( 126,384)	252,448
Cash and cash equivalents at beginning of year	14	306,377	53,929
		_______	_______
Cash and cash equivalents at end of year	14	179,993	306,377
		_______	_______

Leo's Import Export And Trading Ltd

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 187 High Road Leyton, London, E15 2BY.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Going concern

Having reviewed the company's financial activities, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of the signing off the accounts. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 December 2024.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are bases on historical experience andother factors that are considered to be relevant. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or the period of the revision and future period where the revision affects both current and future periods.Key sources of estimation uncertainty:The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.Amortisation and depreciation, useful lives and residual value of tangible fixed assets;The director estimates the useful lives and residual values of tangible assets in order to calculate the depreciation charge. Changes in these estimates could result in changes being required to the annual charges in the income statement and the carrying value of these assets in the balance sheet.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities. Turnover is recognised when the goods are physically delivered to the customer.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Improvement to property	-	20 %	reducing balance
Plant and machinery	-	20 %	reducing balance
Fittings fixtures and equipment	-	10 %	reducing balance
Motor vehicles	-	20 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	21,675,458	18,857,678
	_______	_______

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit is stated after charging/(crediting):

	2024	2023
	£	£
Depreciation of tangible assets	302,638	296,055
(Gain)/loss on disposal of tangible assets	84,286	( 1,062)
Impairment of trade debtors	77,612	1,155
Operating lease rentals	131,525	140,345
Foreign exchange differences	( 37,337)	41,447
Fees payable for the audit of the financial statements	8,000	7,000
	_______	_______

6. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2024	2023
Staff	45	43
	_______	_______

The aggregate payroll costs incurred during the year were:

	2024	2023
	£	£
Wages and salaries	950,606	761,920
Social security costs	72,820	52,229
Other pension costs	16,824	11,723
	_______	_______
	1,040,250	825,872
	_______	_______

7. Directors remuneration

The director's aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	106,966	107,093
	_______	_______

8. Interest payable and similar expenses

		2024	2023
		£	£
Bank loans and overdrafts		247,641	190,627
Other loans made to the company:
	Finance leases and hire purchase contracts	101,831	55,088
	Other interest on other loans made to the company	14,496	-
Other interest payable and similar expenses		30,520	1,035
		_______	_______
		394,488	246,750
		_______	_______

9. Tax on profit

Major components of tax expense

	2024	2023
	£	£
Current tax:
UK current tax expense	188,600	124,694
	_______	_______

Deferred tax:
Origination and reversal of timing differences	26,682	-
	_______	_______
Tax on profit	215,282	124,694
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25.00 % (2023: 22.00%).

	2024	2023
	£	£
Profit before taxation	551,367	395,530
	_______	_______

Profit multiplied by rate of tax	137,842	87,017
Effect of capital allowances and depreciation	77,440	37,677
	_______	_______
Tax on profit	215,282	124,694
	_______	_______

10. Dividends

Equity dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year)	100,000	100,000
	_______	_______

11. Tangible assets

	Long leasehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	145,289	118,833	439,764	1,742,292	2,446,178
Additions	-	-	-	903,047	903,047
Disposals	-	-	-	( 447,402)	( 447,402)
	_______	_______	_______	_______	_______
At 31 December 2024	145,289	118,833	439,764	2,197,937	2,901,823
	_______	_______	_______	_______	_______
Depreciation
At 1 January 2024	66,067	23,767	110,582	720,030	920,446
Charge for the year	15,844	19,013	32,918	234,863	302,638
Disposals	-	-	-	( 160,079)	( 160,079)
	_______	_______	_______	_______	_______
At 31 December 2024	81,911	42,780	143,500	794,814	1,063,005
	_______	_______	_______	_______	_______
Carrying amount
At 31 December 2024	63,378	76,053	296,264	1,403,123	1,838,818
	_______	_______	_______	_______	_______
At 31 December 2023	79,222	95,066	329,182	1,022,262	1,525,732
	_______	_______	_______	_______	_______

Obligations under finance leases

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


		Motor vehicles
		£
	At 31 December 2024	1,055,148
		_______
	At 31 December 2023	609,487
		_______

12. Stocks

	2024	2023
	£	£
Finished goods and goods for resale	504,762	770,566
	_______	_______

13. Debtors

	2024	2023
	£	£
Trade debtors	2,397,838	2,366,917
Prepayments and accrued income	16,577	23,993
Other debtors	3,923,676	4,436,236
	_______	_______
	6,338,091	6,827,146
	_______	_______

14. Cash and cash equivalents

	2024	2023
	£	£
Cash at bank and in hand	228,527	355,689
Bank overdrafts	( 48,534)	( 49,312)
	_______	_______
	179,993	306,377
	_______	_______

15. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	362,714	287,265
Trade creditors	3,958,021	5,300,541
Accruals and deferred income	47,400	7,000
Corporation tax	343,559	174,801
Social security and other taxes	412,585	408,736
Obligations under finance leases	222,865	253,588
Other creditors	88,962	5,388
	_______	_______
	5,436,106	6,437,319
	_______	_______

16. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans	1,729,074	2,035,946
Hire purchase contracts	832,283	355,900
	_______	_______
	2,561,357	2,391,846
	_______	_______

Bank loans are secured by fixed and floating charges over all the company's assets and undertakings.

17. Obligations under finance leases

Company lessee

The total future minimum lease payments under finance lease agreements are as follows:

	2024	2023
	£	£
Not later than 1 year	222,865	253,588
	_______	_______
Present value of minimum lease payments	222,865	253,588
	_______	_______

18. Provisions

	Deferred tax (note 19)	Total
	£	£
At 1 January 2024	-	-
Other movements 2	26,682	26,682
	_______	_______
At 31 December 2024	26,682	26,682
	_______	_______

19. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 18)	26,682	-
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	26,682	-
	_______	_______

20. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 16,824 (2023: £ 11,723 ).

21. Called up share capital

Issued, called up and fully paid

	2024		2023
	No	£	No	£
Ordinary shares shares of £ 1.00 each	100	100	100	100
	_______	_______	_______	_______

22. Analysis of changes in net debt

	At 1 January 2024	Cash flows	Other changes	At 31 December 2024
	£	£	£	£
Cash and cash equivalents	355,689	(127,162)	-	228,527
Bank overdrafts	(49,312)	778	-	(48,534)
Debt due within one year	(491,541)	(45,504)	-	(537,045)
Debt due after one year	(2,391,846)	599,319	(768,830)	(2,561,357)
	_______	_______	_______	_______
	( 2,577,010)	427,431	( 768,830)	( 2,918,409)
	_______	_______	_______	_______

23. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
Entities with control over the entity	-	-	-	-
Other related parties	1,318,102	312,430	3,702,325	4,912,318
Other related parties	( 5,626,697)	( 4,544,781)	( 648)	( 61,616)
	_______	_______	_______	_______

.

24. Controlling party

During the current and the previous years, the company was controlled by director, by virtue of their ownership of the issued share capital.