REGISTERED NUMBER: 09459013 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2024

for

MUK GLOBAL TRADING ( UK ) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

10

Statement of Financial Position

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTOR:

Mrs J Eve

REGISTERED OFFICE:

1-3 Bury Street

Guildford

Surrey

GU2 4AW

REGISTERED NUMBER:

09459013 (England and Wales)

AUDITORS:

BDA Associates Limited

Statutory Auditor

Chartered Accountants

Global House

1 Ashley Avenue

Epsom

Surrey

KT18 5AD

The director presents her strategic report for the year ended 31 December 2024.

MUK Global Trading (UK) Ltd is in the business of IT distribution. It supplies IT products produced by the A-Branded World leading manufacturers to the businesses located in Eastern Europe and Central Asia as part of the EMEA market.

MUK Global Trading (UK) Ltd works with local distributors and system integrators offering expert consultancy, business transformation and managed services to clients.

Combining deep vertical market expertise with proven technical capability, MUK Global Trading (UK) Ltd works in partnership with its clients to help increase productivity, accelerate growth and deliver outstanding user experiences.

Core to MUK Global Trading (UK) Ltd's success is the quality of its people and strength of its innovative culture, both of which are supported by a deeply integrated values-led approach. MUK Global Trading (UK) Ltd uses a workforce of many people across 18 countries, employed by the MUK Global Trading (UK) Ltd associated companies which are established as independent enterprises operating in each of the countries of the MUK Global Trading (UK) Ltd areas of interest, accommodating MUK Global Trading (UK) Ltd's portfolio of clients across these countries.

MUK Global Trading (UK) Ltd's current strategy is centred around five core strategic principles;

- Building Stronger Growth - A focus to grow revenue and profit through the selling of high value, vertical propositions to a targeted customer base in an efficient and profitable way.

- Concentrate on the sale of only complete project solutions.

- Prioritise the sale to the end clients only via the network of the local dealers / distributors.

- Delivering Client Excellence - Placing client needs at the core and centre of all we do, developing operational excellence to deliver exceptional service and experience.

- Being a Great Place to Work - Facilitating an engaging, dynamic and rewarding workplace in which our people can grow, develop and perform.

REVIEW OF BUSINESS

Throughout the year, MUK Global Trading (UK) Ltd took a series of steps to strengthen and refocus its strategic efforts. We aimed to make the most of our team's skills, delivering innovative and profitable technology solutions. Our main priorities included cutting delivery costs and speeding up distribution timelines, even if it meant a potential dip in sales volume.

MUK Global Trading (UK) Ltd also ran a variety of marketing initiatives to grow new business in Azerbaijan, Armenia, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Mongolia, Uzbekistan, Macedonia, Slovenia, Turkey, UAE, Bulgaria, and Albania. This was in response to software manufacturers requiring that their products be sold in the regions where they're consumed.

During the reporting period, our client base grew both in percentage terms and in absolute numbers across various sectors. However, due to fluctuations in the USD/GBP exchange rate and the restructuring of our distribution channels for the Asian market, our revenue for the year ending 31 December 2024 declined from £71,198,759 in 2023 to £63,022,045. The gross profit margin also slightly decreased from 6.9% to 5.3%.

In 2025 / 2026, we plan to focus on increasing our margins, which will help boost the company's profitability even if turnover declines.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company is responsible for the effectiveness of its processes of control and risk management. The management monitors and manages risks, regularly reviewing strategic, financial and operational risks. Mitigating actions and associated assurance and reporting processes are identified for all 'high' and material risks, enabling managers to better understand the context within which risks occur, and to identify probable / likely areas for mitigation and increased organisation control.

The risk management process has identified certain key risks faced by the company, these are summarised below. The risks identified do not necessarily comprise all the risks facing the company, nor are they presented in any particular order of assessed impact/severity.

Dependence on Key Vendors:

The Company is dependent upon a number of key vendors, in particular IBM, Cisco, HPE and DELL-EMC.. Should any of the principal vendors terminate or materially adversely change its agreement with MUK Global Trading (UK) Ltd, it could materially impact revenue and profit. The Board and Management team recognise both the importance of our key vendors and the actions required to mitigate this risk and to this end the company has added additional key vendors such as GN Audio Germany GmbH and HEWLETT-PACKARD SINGAPORE PTE. LTD. We continue to assign the highest priority to the maintenance and development of transparent and mutually beneficial relationships. During the year to 31 December 2024 our relationships with all key vendors have continued to be strong.

Dependence on Key Verticals:

Our vertically focused approach provides us with a depth of credibility and expertise that is clearly valued amongst our client base. However, it also creates exposure in the event of significant change within those sectors in terms of compliance, policy or economic terms. A phased and controlled plan to generate business in new verticals has been underway during the current year.

Dependence on Key Personnel:

Recruiting, developing and retaining key staff, remains a challenge in a buoyant IT industry. During the year, the Company continued to enhance and extended existing initiatives around training, and the development of product awareness.

Exposure to Foreign Exchange Fluctuations:

Most of the revenues and the vast majority of operating costs are generated in US Dollars and Euros. As well as impacting the overall cost-base within the company's offerings, this exposes MUK Global Trading (UK) Ltd to foreign exchange risks.

DEVELOPMENTS DURING THE YEAR

Building upon the significant investments in the marketing programme in countries such as Azerbaijan, Armenia, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Georgia and Mongolia the company has continued the trend by extending its presence into Slovenia and Macedonia.

DEVELOPMENTS AFTER YEAR-END - LOOKING FORWARD

Looking forward, whilst the markets within which MUK Global Trading (UK) Ltd operates remain subject to challenges, the director continues to believe that the company continues to be in a position to deliver higher margin, differentiated services to both new and existing customers, whilst also expanding into new countries.

ON BEHALF OF THE BOARD:

Mrs J Eve - Director

30 September 2025

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

DIVIDENDS

Interim dividends per share were paid as follows:

£4100.00

- 16 May 2024

£10012.35

- 13 June 2024

£41500.00

- 15 November 2024

£55612.35

The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 5,561,235 .

DIRECTOR

Mrs J Eve held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director 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 she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 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 her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, BDA Associates Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs J Eve - Director

30 September 2025

Opinion

We have audited the financial statements of Muk Global Trading ( UK ) Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of 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 director

As explained more fully in the Statement of Director's Responsibilities set out on page four, 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 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.

Auditors' responsibilities for the audit of the financial statements

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

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. Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering, non-compliance with implementation of government support schemes relating to COVID-19, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

- Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;

- Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

- Gaining an understanding of the internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud; and

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Rajesh Amin (Senior Statutory Auditor)

for and on behalf of BDA Associates Limited

Statutory Auditor

Chartered Accountants

Global House

1 Ashley Avenue

Epsom

Surrey

KT18 5AD

30 September 2025

TURNOVER

3

63,022,245

71,198,759

Cost of sales

(59,682,515

)

(66,309,911

)

GROSS PROFIT

3,339,730

4,888,848

Administrative expenses

(448,448

)

(988,565

)

2,891,282

3,900,283

Other operating income

132,284

18,746

OPERATING PROFIT

5

3,023,566

3,919,029

Interest receivable and similar income

39,719

18,781

PROFIT BEFORE TAXATION

3,063,285

3,937,810

Tax on profit

6

(765,822

)

(923,214

)

PROFIT FOR THE FINANCIAL YEAR

2,297,463

3,014,596

Retained earnings at beginning of year

5,461,947

6,220,546

Dividends

7

(5,561,235

)

(3,773,195

)

RETAINED EARNINGS AT END OF YEAR

2,198,175

5,461,947

FIXED ASSETS

Tangible assets

8

115,087

116,427

CURRENT ASSETS

Stocks

9

1,488,136

3,089,039

Debtors

10

14,561,788

23,512,488

Cash at bank and in hand

8,675,206

3,286,020

24,725,130

29,887,547

CREDITORS

Amounts falling due within one year

11

20,689,928

23,012,921

NET CURRENT ASSETS

4,035,202

6,874,626

TOTAL ASSETS LESS CURRENT LIABILITIES

4,150,289

6,991,053

CREDITORS

Amounts falling due after more than one year

12

(923,342

)

(500,000

)

PROVISIONS FOR LIABILITIES

14

(28,772

)

(29,106

)

NET ASSETS

3,198,175

6,461,947

CAPITAL AND RESERVES

Called up share capital

15

1,000,000

1,000,000

Retained earnings

16

2,198,175

5,461,947

SHAREHOLDERS' FUNDS

3,198,175

6,461,947

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

Mrs J Eve - Director

Cash flows from operating activities

Cash generated from operations

1

10,389,499

3,043,123

Tax paid

(796,169

)

(928,884

)

Net cash from operating activities

9,593,330

2,114,239

Cash flows from investing activities

Purchase of tangible fixed assets

(12,346

)

(129,363

)

Interest received

39,719

18,781

Net cash from investing activities

27,373

(110,582

)

Cash flows from financing activities

Loans received in year

4,485,285

500,000

Loan repayments in year

(61,943

)

420,577

Loans made in year

(2,798,741

)

-

Equity dividends paid

(5,856,118

)

(4,787,429

)

Net cash from financing activities

(4,231,517

)

(3,866,852

)

Increase/(decrease) in cash and cash equivalents

5,389,186

(1,863,195

)

Cash and cash equivalents at beginning of year

2

3,286,020

5,149,215

Cash and cash equivalents at end of year

2

8,675,206

3,286,020

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

31.12.24

31.12.23

£

£

Profit before taxation

3,063,285

3,937,810

Depreciation charges

13,686

12,936

Finance income

(39,719

)

(18,781

)

3,037,252

3,931,965

Decrease/(increase) in stocks

1,600,903

(1,092,267

)

Decrease/(increase) in trade and other debtors

11,749,441

(9,677,500

)

(Decrease)/increase in trade and other creditors

(5,998,097

)

9,880,925

Cash generated from operations

10,389,499

3,043,123

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

8,675,206

3,286,020

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

3,286,020

5,149,215

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

3,286,020

5,389,186

8,675,206

3,286,020

5,389,186

8,675,206

Debt

Debts falling due after 1 year

(500,000

)

(423,342

)

(923,342

)

(500,000

)

(423,342

)

(923,342

)

Total

2,786,020

4,965,844

7,751,864

1.	STATUTORY INFORMATION

Muk Global Trading ( UK ) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the process of applying its accounting policies, the company is required to make certain estimates, judgements and assumptions that it believes are reasonable based on the information available. These judgements, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented. On an ongoing basis, the company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the distribution of IT products or licenses as specified in the strategic report is recognised when all the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the company 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 economic benefits associated with the transaction will flow to the company; and

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

Specifically, revenue from the sale of components is recognised when the goods are delivered, and legal title has passed.

Tangible fixed assets

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

Computer equipment

-

10% on cost

Stocks

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

Cost is measured on purchase price.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

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

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

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

Foreign currencies

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

Related parties

Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, seperate disclosure is necessary to understand the effect of the transactions on the financial statements.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

Europe and rest of world

63,022,245

71,198,759

63,022,245

71,198,759

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

211,858

232,384

Social security costs

22,071

27,213

Other pension costs

1,185

1,375

235,114

260,972

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

31.12.24

31.12.23

Directors

1

1

Administration

3

3

Operational

8

8

12

12

31.12.24

31.12.23

£

£

Director's remuneration

92,880

90,996

5.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Depreciation - owned assets

13,686

12,936

Auditors' remuneration

18,000

15,000

Foreign exchange differences

(131,970

)

528,410

6.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

766,156

898,810

Deferred tax

(334

)

24,404

Tax on profit

765,822

923,214

Reconciliation of total tax charge included in profit and loss

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

31.12.24

31.12.23

£

£

Profit before tax

3,063,285

3,937,810

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

765,821

926,212

Effects of:

Capital allowances in excess of depreciation

-

(27,402

)

Depreciation in excess of capital allowances

335

-

Deferred tax movement

(334

)

24,404

Total tax charge

765,822

923,214

7.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary shares of £10,000.00 each

Interim

5,561,235

3,773,195

8.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2024

237,010

Additions

12,346

At 31 December 2024

249,356

DEPRECIATION

At 1 January 2024

120,583

Charge for year

13,686

At 31 December 2024

134,269

NET BOOK VALUE

At 31 December 2024

115,087

At 31 December 2023

116,427

9.

STOCKS

31.12.24

31.12.23

£

£

Stocks

1,488,136

3,089,039

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

8,004,016

11,772,551

Amounts owed by group undertakings

2,871,126

72,385

Other debtors

3,556,423

11,548,278

VAT

130,223

119,274

14,561,788

23,512,488

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

3,890,207

9,933,194

Amounts owed to group undertakings

4,290,363

585,246

Corporation tax

427,240

457,253

Social security and other taxes

-

6,354

Other creditors

887

887

Accruals & deferred income

12,081,231

12,029,987

20,689,928

23,012,921

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other loans (see note 13)

923,342

500,000

13.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Loans

923,342

500,000

14.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

28,772

29,106

Deferred

tax

£

Balance at 1 January 2024

29,106

Decrease in provision

(334

)

Balance at 31 December 2024

28,772

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£10,000.00

1,000,000

1,000,000

16.

RESERVES

Retained

earnings

£

At 1 January 2024

5,461,947

Profit for the year

2,297,463

Dividends

(5,561,235

)

At 31 December 2024

2,198,175

17.	ULTIMATE PARENT COMPANY

MUK Global Trading H Ltd is regarded by the director as being the company's ultimate parent company.

The registered office address is 1-3 Bury Street, Guildford, Surrey, GU2 4AW.

The immediate parent company is also the ultimate parent company.

18.	RELATED PARTY DISCLOSURES