My Fish Company Limited - Limited company accounts 25.1

REGISTERED NUMBER: 09533965 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MY FISH COMPANY 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

Balance Sheet

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTOR:

G J Apps

REGISTERED OFFICE:

5 Crescent East

Thornton Cleveleys

Lancashire

FY5 3LJ

REGISTERED NUMBER:

09533965 (England and Wales)

AUDITORS:

ma2 Limited

Chartered Accountants and Statutory Auditor

5 Crescent East

Thornton Cleveleys

Lancashire

FY5 3LJ

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

REVIEW OF BUSINESS

During the accounting period the Company increased turnover to £11.41m (2023: £10.68m), representing growth of around 7%. Gross profit improved to £3.99m (2023: £3.54m) and operating profit rose to £625k (2023: £583k).

The marketplace during the year continued to demonstrate strong demand with a healthy level of enquiries across the Company’s core sectors. Despite wider UK and international economic and political uncertainties, the Company has been able to focus on margin improvements and effective cost management.

The Company has continued to strengthen its operational structure and management capability. This has allowed us to deliver increased efficiency and service quality, whilst maintaining a platform for sustainable growth.

Cash generation has remained robust, with net assets at the year-end of £1.27m (2023: £1.04m). The Company’s brand and reputation continue to develop positively, supporting our objective of becoming a leading operator within our market sector.

Projections for the forthcoming year indicate stable turnover with further opportunities to improve profitability and strengthen working capital.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors continue to place Health and Safety as the highest priority across all areas of the business.

The industry remains subject to cyclical demand trends, which could impact activity levels in the medium term. Inflationary pressures on input costs are monitored closely, though the Company views this risk as more moderate going into 2025.

The Company remains committed to controlled and manageable growth, with a continued focus on profitability and maintaining a strong financial position. The cost base of the business is regularly reviewed to identify and deliver efficiency savings.

Staff retention and recruitment remain positive, with key personnel retained and strengthened during the year. With a stable workforce and director-led strategies, the Company is well placed to meet future challenges and capitalise on opportunities within its sector.

FINANCIAL KEY PERFORMANCE INDICATORS

Turnover increased during the year to £11.41m compared with £10.68m in 2023, reflecting growth of approximately 7%. Gross profit margin also strengthened, rising to 35.0% from 33.2% in the prior year. Operating profit improved to £625k (2023: £583k), while profit before tax increased to £527k (2023: £435k).

The Company’s balance sheet remains strong, with net assets at the year end of £1.27m compared with £1.04m in 2023. representing an increase of over 22%.

The director remains satisfied with the profitability and growth trajectory of the Company and continue to focus on delivering strong returns through controlled expansion, improved margins and careful management of risk.

ON BEHALF OF THE BOARD:

G J Apps - Director

29 September 2025

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

DIVIDENDS

An interim dividend of 265 per share on the Ordinary £1 shares was paid on 31 December 2024. The director recommends that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary A £1 shares. The director recommends that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2024 will be £ 53,000 .

DIRECTOR

G J Apps 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 he 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 him to ensure that the financial statements comply with the Companies Act 2006. He 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, ma2 Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G J Apps - Director

29 September 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

As part of an audit in accordance with ISA's, we exercise professional judgement and maintain professional scepticism throughout. 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 Company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management'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 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.

Anthony Mills (Senior Statutory Auditor)

for and on behalf of ma2 Limited

Chartered Accountants and Statutory Auditor

5 Crescent East

Thornton Cleveleys

Lancashire

FY5 3LJ

29 September 2025

TURNOVER

11,412,006

10,677,622

Cost of sales

7,415,874

7,133,730

GROSS PROFIT

3,996,132

3,543,892

Administrative expenses

3,389,356

2,973,376

606,776

570,516

Other operating income

17,918

12,000

OPERATING PROFIT

4

624,694

582,516

Interest payable and similar expenses

5

97,149

147,747

PROFIT BEFORE TAXATION

527,545

434,769

Tax on profit

6

243,160

178,029

PROFIT FOR THE FINANCIAL YEAR

284,385

256,740

Retained earnings at beginning of year

675,932

471,192

Dividends

7

(53,000

)

(52,000

)

RETAINED EARNINGS AT END OF

YEAR

907,317

675,932

FIXED ASSETS

Intangible assets

8

51,691

88,831

Tangible assets

9

1,763,500

1,771,884

1,815,191

1,860,715

CURRENT ASSETS

Stocks

10

441,694

389,090

Debtors

11

1,705,228

1,330,341

Cash at bank and in hand

336,103

367,580

2,483,025

2,087,011

CREDITORS

Amounts falling due within one year

12

2,528,711

2,419,632

NET CURRENT LIABILITIES

(45,686

)

(332,621

)

TOTAL ASSETS LESS CURRENT

LIABILITIES

1,769,505

1,528,094

CREDITORS

Amounts falling due after more than one

year

13

(280,834

)

(392,296

)

PROVISIONS FOR LIABILITIES

17

(221,702

)

(100,214

)

NET ASSETS

1,266,969

1,035,584

CAPITAL AND RESERVES

Called up share capital

18

200

Revaluation reserve

19

163,592

359,452

Retained earnings

19

1,103,177

675,932

SHAREHOLDERS' FUNDS

1,266,969

1,035,584

The financial statements were approved by the director and authorised for issue on 29 September 2025 and were signed by:

G J Apps - Director

Cash flows from operating activities

Cash generated from operations

1

741,292

1,132,815

Interest paid

(59,352

)

(125,538

)

Interest element of hire purchase

payments paid

(37,797

)

(22,209

)

Tax paid

(85,658

)

17,839

Net cash from operating activities

558,485

1,002,907

Cash flows from investing activities

Purchase of tangible fixed assets

(442,456

)

(227,978

)

Sale of tangible fixed assets

119,913

-

Net cash from investing activities

(322,543

)

(227,978

)

Cash flows from financing activities

Loan repayments in year

(98,565

)

(324,979

)

Capital repayments in year

21,136

5,344

Amount introduced by directors

157,757

-

Amount withdrawn by directors

(294,747

)

(159,971

)

Equity dividends paid

(53,000

)

(52,000

)

Net cash from financing activities

(267,419

)

(531,606

)

(Decrease)/increase in cash and cash equivalents

(31,477

)

243,323

Cash and cash equivalents at

beginning of year

2

367,580

124,257

Cash and cash equivalents at end of

year

2

336,103

367,580

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

2024

2023

£

Profit before taxation

527,545

434,769

Depreciation charges

344,644

294,666

Loss on disposal of fixed assets

21,455

15,408

Finance costs

97,149

147,747

990,793

892,590

(Increase)/decrease in stocks

(52,604

)

21,703

Increase in trade and other debtors

(263,199

)

(24,751

)

Increase in trade and other creditors

66,302

243,273

Cash generated from operations

741,292

1,132,815

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

Cash and cash equivalents

336,103

367,580

Year ended 31 December 2023

31.12.23

1.1.23

£

Cash and cash equivalents

367,580

124,257

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

Net cash

Cash at bank and in hand

367,580

(31,477

)

336,103

367,580

(31,477

)

336,103

Debt

Finance leases

(392,330

)

(21,136

)

(413,466

)

Debts falling due within 1 year

(115,981

)

18,084

(97,897

)

Debts falling due after 1 year

(130,783

)

101,617

(29,166

)

(639,094

)

98,565

(540,529

)

Total

(271,514

)

67,088

(204,426

)

1.	STATUTORY INFORMATION

My Fish Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

Goodwill and brand costs

Goodwill and brand costs are capitalised and written off over their estimated useful life of 20 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 balance sheet date.

Deferred tax

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

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

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

Development costs

Expenditure on development is written off over a period of 5 years..

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.

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include stocks, debtors, prepayments, and cash and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, loans, accruals and factoring liabilities, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

Wages and salaries

1,917,282

1,558,157

Social security costs

163,688

144,037

Other pension costs

31,635

28,640

2,112,605

1,730,834

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

2024

2023

Management

7

Others

50

49

57

56

2024

2023

£

Director's remuneration

15,000

4.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

Hire of plant and machinery

41,281

52,034

Other operating leases

92,369

92,512

Depreciation - owned assets

309,472

257,527

Loss on disposal of fixed assets

21,455

15,408

Goodwill and brand costs amortisation

10,338

Development costs amortisation

26,802

26,803

Auditors' remuneration

10,500

9,750

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

Factoring discount fee

34,262

56,966

Loan interest

25,090

68,572

Hire purchase costs

37,797

22,209

97,149

147,747

6.

TAXATION

Analysis of the tax charge

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

2024

2023

£

Current tax:

UK corporation tax

121,672

77,815

Deferred tax:

Deferred tax

25,318

100,214

Underprovided in previous year

96,170

-

Total deferred tax

121,488

100,214

Tax on profit

243,160

178,029

7.

DIVIDENDS

2024

2023

£

Ordinary shares of £1 each

Interim

53,000

52,000

8.	INTANGIBLE FIXED ASSETS

Goodwill

and brand

Development

costs

Totals

£

COST

At 1 January 2024

and 31 December 2024

99,544

184,281

283,825

AMORTISATION

At 1 January 2024

37,515

157,479

194,994

Amortisation for year

10,338

26,802

37,140

At 31 December 2024

47,853

184,281

232,134

NET BOOK VALUE

At 31 December 2024

51,691

-

51,691

At 31 December 2023

62,029

26,802

88,831

9.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

COST OR VALUATION

At 1 January 2024

844,345

1,061,593

103,522

Additions

-

101,065

81,389

Disposals

-

(121,535

)

-

At 31 December 2024

844,345

1,041,123

184,911

DEPRECIATION

At 1 January 2024

101,338

503,358

52,907

Charge for year

39,105

133,712

20,417

Eliminated on disposal

-

(68,591

)

-

At 31 December 2024

140,443

568,479

73,324

NET BOOK VALUE

At 31 December 2024

703,902

472,644

111,587

At 31 December 2023

743,007

558,235

50,615

Motor

Office

vehicles

equipment

Totals

£

COST OR VALUATION

At 1 January 2024

681,232

56,449

2,747,141

Additions

247,807

12,195

442,456

Disposals

(162,774

)

-

(284,309

)

At 31 December 2024

766,265

68,644

2,905,288

DEPRECIATION

At 1 January 2024

301,499

16,155

975,257

Charge for year

106,011

10,227

309,472

Eliminated on disposal

(74,350

)

-

(142,941

)

At 31 December 2024

333,160

26,382

1,141,788

NET BOOK VALUE

At 31 December 2024

433,105

42,262

1,763,500

At 31 December 2023

379,733

40,294

1,771,884

Cost or valuation at 31 December 2024 is represented by:

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

Valuation in 2018

158,418

201,034

-

Cost

685,927

840,089

184,911

844,345

1,041,123

184,911

Motor

Office

vehicles

equipment

Totals

£

Valuation in 2018

-

359,452

Cost

766,265

68,644

2,545,836

766,265

68,644

2,905,288

If tangible fixed assets had not been revalued they would have been included at the following historical cost:

2024

2023

£

Cost

2,387,689

Tangible fixed assets were valued on an open market basis on 30 June 2018 by the director .

At the year end tangible fixed assets held under hire purchase contracts were £673,055 (2023: £439,906). The depreciation charged on these assets was £81,284 (2023: £71,109).

10.

STOCKS

2024

2023

£

Stocks

441,694

389,090

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

1,163,951

1,059,230

Amounts owed by associates

200,721

-

Other debtors

300

-

Directors' current accounts

294,747

157,757

VAT

12,042

15,486

Prepayments

33,467

97,868

1,705,228

1,330,341

The directors' current accounts balance was repaid to the company in May 2025.

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts (see note 14)

97,897

115,981

Hire purchase contracts (see note 15)

161,798

130,817

Trade creditors

1,084,493

934,639

Factoring creditor

819,079

865,314

Amounts owed to associates

-

6,134

Tax

131,668

95,654

PAYE/Pensions

48,300

104,528

Accruals and sundry creditors

185,476

166,565

2,528,711

2,419,632

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR

2024

2023

£

Bank loans (see note 14)

29,166

130,783

Hire purchase contracts (see note 15)

251,668

261,513

280,834

392,296

14.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

Amounts falling due within one year or on demand:

Bank loans

97,897

115,981

Amounts falling due between one and two years:

Bank loans - 1-2 years

29,166

101,617

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

29,166

15.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024

2023

£

Net obligations repayable:

Within one year

161,798

130,817

Between one and five years

251,668

261,513

413,466

392,330

16.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank loans

127,063

246,764

Hire purchase contracts

413,466

392,330

Invoice finance facilities

819,079

865,314

1,359,608

1,504,408

Loans and invoice finance facilities, included in trade creditors, are secured by fixed and floating charges over the assets of the company. Hire purchase liabilities are secured over the assets to which they relate.

17.	PROVISIONS FOR LIABILITIES

2024

2023

£

Deferred tax

Accelerated capital allowances

221,702

100,214

Deferred

tax

£

Balance at 1 January 2024

100,214

Provided during year

25,318

Underprovided in previous year

96,170

Balance at 31 December 2024

221,702

18.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

100

Ordinary

£1

100

Ordinary A

£1

100

200

19.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

At 1 January 2024

675,932

359,452

1,035,384

Profit for the year

284,385

Dividends

(53,000

)

(53,000

)

Tfr from revaluation reserve

195,860

(195,860

)

-

At 31 December 2024

1,103,177

163,592

1,266,769

The movement in reserves from Revaluation reserve to Profit and loss reserves represents additional accumulated depreciation on revlaued assets to date.

20.	RELATED PARTY DISCLOSURES

At the year end the director's current account was overdrawn, and disclosed in debtors £294,747 (2023: £157,757). This loan was repaid to the company in May 2025 (September 2024).

21.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G J Apps.

22.	GOING CONCERN

The company has substantial net assets at the balance sheet date, but is in a net current liability position (£45,686 - 2023 £332,621), acknowledging that it relies on the support of its bankers.