REGISTERED NUMBER: 02167762 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Giant UK Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

7

Statement of Financial Position

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

I J Beasant

F N Kao

Ms C Pan

SECRETARY:

A Bargewell

REGISTERED OFFICE:

Charnwood Edge

Syston Road

Cossington

Leicestershire

LE7 4UZ

REGISTERED NUMBER:

02167762 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

Alexandra House

43 Alexandra St

Nottingham

Nottinghamshire

NG5 1AY

SOLICITORS:

Nelsons Solicitors LLP

Pennine House

8 Stanford Street

Nottingham

NG1 7BQ

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

REVIEW OF BUSINESS

As anticipated 2024 remained challenging for the UK bicycle market as it continued to address the overstock of product and slow-down of sales in the global market post the COVID period. While Giant UK was not heavily burdened with aged product many other suppliers took aggressive measures to address their own challenges, creating a heavily discounted position for both retailer and consumer. Importantly during the second half of the year Giant experienced the return of revenue as industry stock balanced and improved numbers from many of its retail network partners. Giant finished the year stronger in key areas of its business such as performance Road, Gravel and Women's cycling and has seen better sell through as we emerge as a key brand in the E bike segment and more competitive within the hardtrial mountain bike market. Alongside the market performance Giant made strong improvements in operating costs, stock levels and established its new service and training facility.

While revenue has seen a small reduction in the year the business is much cleaner and in a stronger position for the year ahead. Alongside some exciting new products in 2025 it also has a strong, expanding and committed network to work alongside.

2025 will bring challenges as companies still try to reclaim market share in a price sensitive market, with little account for the long-term consequence . For Giant we have some exciting new products and will continue its partnership play as it continues to build its strong, expanding and committed network to work alongside. We anticipate more normal stock days on hand and a return to profitability.

PRINCIPAL RISKS AND UNCERTAINTIES

We cannot ignore the potential risk of more global stock being pushed into the UK market as we are in a cleaner state than other European countries. Also while the market is predicted to level in 2025 the continued reduction in market size through 2023 and 2024 remains the greatest challenge as we await the return of leisure and commute cyclist to the market. It is important that Giant UK keep control over its operating costs, margins and AR to ensure we deliver a strong and profitable performance in 2025.

SECTION 172(1) STATEMENT

The directors of the company must act in accordance with a set of general duties, as detailed in section 172 of the UK Companies Act 2006. The directors fulfil these duties as follows:

Risk management

The company has a long-term strategic plan that effectively identifies, evaluates and mitigates the risks which it faces, ensuring they are sufficiently considered and, if applicable, hedged against for the future. The directors will invariably delegate day-to-day management and decision making to executive management, but will ensure that management is acting in accordance with the strategy and plans agreed by the board.

The interest of the company's employees

The board recognises that employees are central to the long-term success of the company. The company systematically provides employees with information on matters of concern to them, consulting them or their representatives regularly, so that their views can be taken into account when making decisions that are likely to affect their interests.

Business relationships with suppliers, customers and others

The company employs dedicated relationship managers to foster these relationships which also ensures the board has a high degree of visibility to take stakeholder considerations into account.

Community and environment

The company's approach is to use its position of strength to ensure it is an asset to the communities and people with which it interacts. The company strives to create positive change in reducing the environmental impact of its business.

ANALYSIS OF KEY PERFORMANCE INDICATORS

Giant UK considers revenue, profitability and market share to be key performance indicators of the business. While Giant UK saw a reduction to normal revenue and an impact on profitability it continues to operate a lean and efficient model, it will ensure its stock holdings remain at optimal operational levels, whilst reducing provisions and costs.

ON BEHALF OF THE BOARD:

A Bargewell - Secretary

30 October 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

I J Beasant has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

F N Kao and Ms C Pan were appointed as directors after 31 December 2024 but prior to the date of this report.

J K H Koo and P Wang ceased to be directors after 31 December 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The directors are of the opinion that an assessment of the company's assets, liabilities, financial position and profit/loss can be determined from the information contained within the accounts.

Details of the company's financial risk management objectives and policies and the exposure to price, credit, liquidity and cash flow risk have been documented within the company's Strategic Report.

PROFESSIONAL INDEMNITY INSURANCE

The company takes out indemnity insurance on behalf of the directors.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The company seeks to treat all supplier, customers and other stakeholders in a fair and reasonable manner in accordance with the company's culture. Payment terms for supplier payments are adhered to where these are consistent with the company's supplier payment processes.

The directors and management engage actively with suppliers, customer and other stakeholders on a regular basis to foster strong working relationships for the benefit of all parties.

STREAMLINED ENERGY AND CARBON REPORTING

The Directors are of the opinion that an accurate assessment of carbon and energy reporting is not possible due to the volume of overseas freight which is incurred with operating the business and sourcing materials from overseas.

The UK footprint of the company's carbon usage is small compared to the overseas contribution, which cannot be calculated.

The Directors actively implement initiatives within the UK operation to minimise energy consumption where ever possible.

DISCLOSURE IN THE STRATEGIC REPORT

The directors have prepared a review of the business, together with a summary of the principal risks and uncertainties affecting the company, and these are detailed within the Strategic Report. The report includes an explanation of the company's financial risk management policies.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

A Bargewell - Secretary

30 October 2025

Opinion

We have audited the financial statements of Giant UK 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 and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

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 included obtaining an understanding of the legal and regulatory frameworks that are applicable to the company and we determined those that are most significant. Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations. The specific procedures included enquiry of management and those charged with governance around actual and potential litigation and claims.

In addition, and based on the results of our risk assessment we designed audit procedures to identify and address material misstatements in relation to fraud. Specifically we considered the risk of fraud through management override that may lead to a misappropriation of assets or inappropriate financial reporting. In response, we performed audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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

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

Kevin Shaw BSc (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

Alexandra House

43 Alexandra St

Nottingham

Nottinghamshire

NG5 1AY

30 October 2025

TURNOVER

3

50,454,248

54,511,630

Cost of sales

41,217,835

43,541,071

GROSS PROFIT

9,236,413

10,970,559

Distribution costs

2,487,095

3,178,911

Administrative expenses

7,235,856

7,852,534

9,722,951

11,031,445

OPERATING LOSS

5

(486,538

)

(60,886

)

Interest payable and similar expenses

6

1,311,665

1,314,610

LOSS BEFORE TAXATION

(1,798,203

)

(1,375,496

)

Tax on loss

7

(533,757

)

-

LOSS FOR THE FINANCIAL YEAR

(1,264,446

)

(1,375,496

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,264,446

)

(1,375,496

)

FIXED ASSETS

Intangible assets

9

20,078

23,207

Tangible assets

10

2,663,326

1,866,015

2,683,404

1,889,222

CURRENT ASSETS

Stocks

11

22,963,731

33,312,887

Debtors

12

17,523,428

17,222,107

Cash at bank and in hand

693,463

742,222

41,180,622

51,277,216

CREDITORS

Amounts falling due within one year

13

28,954,831

36,992,797

NET CURRENT ASSETS

12,225,791

14,284,419

TOTAL ASSETS LESS CURRENT LIABILITIES

14,909,195

16,173,641

CAPITAL AND RESERVES

Called up share capital

17

200,000

200,000

Other reserves

18

1,784,700

1,784,700

Retained earnings

18

12,924,495

14,188,941

SHAREHOLDERS' FUNDS

14,909,195

16,173,641

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2025 and were signed on its behalf by:

I J Beasant - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2023

200,000

15,564,437

1,784,700

17,549,137

Changes in equity

Total comprehensive income

-

(556,481

)

-

(556,481

)

Balance at 31 December 2023

200,000

15,007,956

1,784,700

16,992,656

Prior year adjustment

-

(819,015

)

-

(819,015

)

As restated

200,000

14,188,941

1,784,700

16,173,641

Changes in equity

Total comprehensive income

-

(1,264,446

)

-

(1,264,446

)

Balance at 31 December 2024

200,000

12,924,495

1,784,700

14,909,195

1.	STATUTORY INFORMATION

Giant UK Ltd 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 principal activity of the company in the year was the marketing and distribution of bicycles and gear to the retail sector.

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.

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

The company has taken advantage of exemption from the requirement to produce a statement of cash flows because its results are included in a parent company's consolidated financial statements.

Preparation of consolidated financial statements

The company is entitled to exemption under the Companies Act 2006 from the obligation to prepare group accounts on the grounds that its results are included within the consolidated accounts of a parent undertaking.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Stock valuations and recoverability of trading assets - these involve judgements as to the extent to which provisions are required to account for the risk of irrecoverability or obsolescence.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten 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

-

33% on cost

Fixtures and fittings

-

20 - 33% on cost

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

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.

Investments in subsidiaries

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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.

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, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

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.

Taxation

The taxation expense represents the aggregate amount of current tax 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 these cases, 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 be payable or recoverable using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax

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

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the income statement.

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.

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. 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.

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.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2024

2023

as restated

£

£

United Kingdom

46,399,461

48,831,174

Europe

4,054,787

5,680,456

50,454,248

54,511,630

4.	EMPLOYEES AND DIRECTORS

2024

2023

as restated

£

£

Wages and salaries

2,019,170

1,650,950

Social security costs

221,983

198,574

Other pension costs

95,526

137,158

2,336,679

1,986,682

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

2024

2023

as restated

Distribution and retail

15

18

Management and administration

31

23

46

41

2024

2023

as restated

£

£

Directors' remuneration

121,458

79,306

Directors' pension contributions to money purchase schemes

10,423

24,161

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

5.	OPERATING LOSS

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

2024

2023

as restated

£

£

Other operating leases

135,561

49,898

Depreciation - owned assets

812,514

525,100

Loss on disposal of fixed assets

-

341,086

Goodwill amortisation

3,129

279

Auditors' remuneration

15,000

15,000

Foreign exchange differences

(767,796

)

(432,262

)

Impairment of trade debtors

(308,661

)

835,331

Operating lease rentals- property

490,772

398,087

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

as restated

£

£

Bank interest

1,311,665

1,314,610

7.

TAXATION

Analysis of the tax credit

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

2024

2023

as restated

£

£

Deferred tax

(533,757

)

-

Tax on loss

(533,757

)

-

Reconciliation of total tax credit included in profit and loss

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

2024

2023

as restated

£

£

Loss before tax

(1,798,203

)

(1,375,496

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 21.380%)

(449,551

)

(294,081

)

Effects of:

Expenses not deductible for tax purposes

(28,280

)

74,422

Depreciation in excess of capital allowances

126,224

44,554

Adjustments to tax charge in respect of previous periods

-

175,105

Recognition of tax losses

(182,150

)

-

Total tax credit

(533,757

)

-

8.	PRIOR YEAR ADJUSTMENT

During the year it has been detected that certain prior year creditor balances had been understated due to an error in the foreign currency retranslation. This error related entirely to balances that existed at the prior year end, and so a prior year adjustment totalling £819,015 has been processed through the financial statements to correct this error. The resulting exchange loss has been recognised within the prior year financial results.

9.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

536,179

AMORTISATION

At 1 January 2024

512,972

Amortisation for year

3,129

At 31 December 2024

516,101

NET BOOK VALUE

At 31 December 2024

20,078

At 31 December 2023

23,207

10.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2024

142,312

7,209,821

7,352,133

Additions

31,203

1,578,622

1,609,825

Disposals

-

(2,945

)

(2,945

)

At 31 December 2024

173,515

8,785,498

8,959,013

DEPRECIATION

At 1 January 2024

71,156

5,414,962

5,486,118

Charge for year

52,910

759,604

812,514

Eliminated on disposal

-

(2,945

)

(2,945

)

At 31 December 2024

124,066

6,171,621

6,295,687

NET BOOK VALUE

At 31 December 2024

49,449

2,613,877

2,663,326

At 31 December 2023

71,156

1,794,859

1,866,015

11.

STOCKS

2024

2023

as restated

£

£

Finished goods

22,963,731

33,312,887

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Trade debtors

14,929,926

13,420,363

Amounts owed by group undertakings

-

1,334,845

Other debtors

70,011

303,832

Deferred tax asset

533,757

-

Prepayments

1,989,734

2,163,067

17,523,428

17,222,107

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Bank loans and overdrafts (see note 14)

19,554,518

22,293,813

Trade creditors

1,106,384

1,392,657

Amounts owed to group undertakings

5,397,738

10,294,225

Tax

(8,244

)

-

Social security and other taxes

201,759

-

VAT

1,328,494

1,901,210

Accruals and deferred income

1,374,182

1,110,892

28,954,831

36,992,797

14.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

as restated

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

4,554,518

2,293,813

Bank loans

15,000,000

20,000,000

19,554,518

22,293,813

15.	LEASING AGREEMENTS

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

2024

2023

as restated

£

£

Within one year

351,562

344,283

Between one and five years

1,228,152

1,280,870

In more than five years

565,643

789,813

2,145,357

2,414,966

16.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

as restated

£

£

Bank overdrafts

4,554,518

2,293,813

Bank loans

15,000,000

20,000,000

19,554,518

22,293,813

The bank holds as security a fixed charge over the company's book debts and a floating charge over all other assets.

17.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

as restated

£

£

200,000

Ordinary share

1

200,000

200,000