REGISTERED NUMBER: 01001233 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

FOR

ENTWISTLE & JOYNT LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

DIRECTORS:

Mr I P Entwistle

Mr D J Entwistle

Mrs E A Bilton

REGISTERED OFFICE:

62 Darlington Street East

Wigan

Lancashire

WN1 3AT

REGISTERED NUMBER:

01001233 (England and Wales)

AUDITORS:

Fairhurst Audit Services Ltd

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

The directors present their strategic report for the year ended 31 January 2025.

REVIEW OF BUSINESS

During the year 2024-2025 the company had an increase in turnover from £12m in 2023-24 to £13m in 2024-25. There was a minimal decrease in margin from 14.1% to 13.9%, however, due to the rigidity of internal structures and procedures the company produced a net profit of £9,085 which is a significant improvement on the previous year's performance and a positive step forward for the business as a whole.

From a well-structured plan to continual review and thorough analysis of the product portfolio, we have continued to maximise our stock turnover and as a result have been able to further invest in the strong relationships already established with our customers and suppliers, which has ensured positive outcomes such as the company finishing the year with a positive cash balance of £235,359.

The company has made significant changes to how it invests in the online retail platform ensuring a more thorough understanding of our marketplace and our position within our industry itself online. There has been a very positive shift within the year in not only internal ecommerce knowledge growth but also new service suppliers that together saw data linking clearly to impactful outcomes and how marketing budgets are used and reviewed. This has built a solid platform for the financial year ahead.

The wholesale arm of the business continues to nurture and maintain the already well-established customer relationships but also develops and grows new targeted customers within our industry sphere. The experienced and knowledgeable team continue to build and offer bespoke deals and packages to ensure we are always endeavouring to meet customer need. In 2024-25 the company remains a preferred supplier to many of the existing buying groups who still recognise the company's ability to offer a wide range of different products/brands that can be delivered when needed to multiple retail locations throughout the UK.

The company has invested in both our H&S systems and our HR management. This has been achieved by training key internal staff members with considerable responsibility and the entire management team to enhance their effectiveness and ensuring we are both supporting and keeping safe our wider staff team. This has been possible by partnering with a local third-party H&S consultancy and a well-established solicitors firm to ensure stability, safety and long-term building and staff investments have been bedded in and are cyclical in their reviewing periods maintaining continued improvement and regulatory conformity that is always up to date.

Other key areas of focus within the business continue to be increased performance management and training for members of staff, specifically for our management team who have taken a thorough and dedicated approach to continued quality assurance, working with less staff in a far more productive way by reviewing and improving their teams' processes and procedures to drive efficiencies. Our IT and Digital infrastructure continue to strengthen and further develop our online offering and remains adaptable and flexible to the quick turnaround of projects and website needs and updates. In line with the previous year's strategy the business has continued to make improvements in many areas such as procurement, stock control and planning, and digital marketing strategies.

The business has always placed a high emphasis on its excellent customer service, and this has been acknowledged through multiple well-known review sites where we continue to gather very positive and engaging reviews month on month.

PRINCIPAL RISKS AND UNCERTAINTIES

In terms of financial risk management, the company considers that its biggest risk is disruption to stock supply. In order to mitigate this, the company has ensured alternative stock availability across multiple manufacturers and maintains strong relationships with the key suppliers and pays to terms. Most of the company's revenue is invoiced in sterling and all of its operations and costs arise within the UK. The company does not enter into currency hedging contracts. Furthermore, the company ensures its liquidity is maintained by entering into long term or short-term financial instruments as necessary to support operational and other funding requirements.

CURRENT CLIMATE

Given the challenges faced by the wider UK economy in terms of changes in interest rates and the pressures this puts on the UK housing and building industries, the company has still been able to grow its market share by developing both processes and practices over a three-year period to work with customers closely to ensure stability and when required a flexible approach that meets our customers' needs.

FUTURE DEVELOPMENTS

The company continues to invest in the long-term future and has working capital facilities from a supportive bank in order to expand trading.

ON BEHALF OF THE BOARD:

Mrs E A Bilton - Director

30 October 2025

The directors present their report with the financial statements of the company for the year ended 31 January 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of machinery and tool distributors.

DIVIDENDS

The total distribution of dividends for the year ended 31 January 2025 will be £ 193,748 .

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2024 to the date of this report.

Mr I P Entwistle

Mr D J Entwistle

Mrs E A Bilton

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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;

-	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.

AUDITORS

The auditors, Fairhurst Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr I P Entwistle - Director

31 October 2025

Opinion

We have audited the financial statements of Entwistle & Joynt Limited (the 'company') for the year ended 31 January 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, 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 January 2025 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 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 Statement of Directors' Responsibilities set out on page 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:

Extent to which the audit was considered capable of detecting irregularities including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we have identified included Companies Act 2006, Tax legislation, Price Regulation Legislation, data protection, employment, environmental and health & safety legislation.

-

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing minutes of meetings and inspecting legal correspondence.

In assessing the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur;

-

We gained an understanding of the controls that management have in place to prevent and detect fraud. We enquired of management about any instances of fraud that had taken place during the year.

To address the risk of fraud through management bias and override of controls;

-

We performed analytical procedures to identify any unusual or unexpected relationships;

-

We tested journal entries to identify unusual transactions; and

-

We assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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.

Jane Dennis BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Fairhurst Audit Services Ltd

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

31 October 2025

TURNOVER

4

13,027,108

11,968,744

Cost of sales

11,220,249

10,285,579

GROSS PROFIT

1,806,859

1,683,165

Administrative expenses

1,798,437

1,854,816

OPERATING PROFIT/(LOSS)

8,422

(171,651

)

Interest receivable and similar income

663

588

PROFIT/(LOSS) BEFORE TAXATION

6

9,085

(171,063

)

Tax on profit/(loss)

7

-

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

9,085

(171,063

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

9,085

(171,063

)

FIXED ASSETS

Tangible assets

9

482,059

481,613

CURRENT ASSETS

Stocks

10

1,471,954

1,437,854

Debtors

11

1,998,395

1,681,707

Cash at bank and in hand

235,359

285,049

3,705,708

3,404,610

CREDITORS

Amounts falling due within one year

12

2,104,661

1,618,454

NET CURRENT ASSETS

1,601,047

1,786,156

TOTAL ASSETS LESS CURRENT LIABILITIES

2,083,106

2,267,769

CAPITAL AND RESERVES

Called up share capital

16

10,000

10,000

Share premium

17

160,003

160,003

Capital redemption reserve

17

1

1

Retained earnings

17

1,913,102

2,097,765

SHAREHOLDERS' FUNDS

2,083,106

2,267,769

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2025 and were signed on its behalf by:

Mr I P Entwistle - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 February 2023

10,000

2,449,726

160,003

1

2,619,730

Changes in equity

Total comprehensive income

-

(171,063

)

-

-

(171,063

)

Dividends

-

(180,898

)

-

-

(180,898

)

Balance at 31 January 2024

10,000

2,097,765

160,003

1

2,267,769

Changes in equity

Total comprehensive income

-

9,085

-

-

9,085

Dividends

-

(193,748

)

-

-

(193,748

)

Balance at 31 January 2025

10,000

1,913,102

160,003

1

2,083,106

Cash flows from operating activities

Cash generated from operations

1

578,646

(298,631

)

Tax paid

-

15,805

Net cash from operating activities

578,646

(282,826

)

Cash flows from investing activities

Purchase of tangible fixed assets

(28,417

)

(6,701

)

Sale of tangible fixed assets

2,000

-

Interest received

663

588

Net cash from investing activities

(25,754

)

(6,113

)

Cash flows from financing activities

Amount introduced by directors

125,120

114,270

Amount withdrawn by directors

(126,142

)

(114,496

)

Equity dividends paid

(193,748

)

(180,898

)

Net cash from financing activities

(194,770

)

(181,124

)

Increase/(decrease) in cash and cash equivalents

358,122

(470,063

)

Cash and cash equivalents at beginning of year

2

(122,763

)

347,300

Cash and cash equivalents at end of year

2

235,359

(122,763

)

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit/(loss) before taxation

9,085

(171,063

)

Depreciation charges

27,971

29,796

Profit on disposal of fixed assets

(2,000

)

-

Finance income

(663

)

(588

)

34,393

(141,855

)

(Increase)/decrease in stocks

(34,100

)

186,327

Increase in trade and other debtors

(316,736

)

(374,149

)

Increase in trade and other creditors

895,089

31,046

Cash generated from operations

578,646

(298,631

)

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 January 2025

31/1/25

1/2/24

£

£

Cash and cash equivalents

235,359

285,049

Bank overdrafts

-

(407,812

)

235,359

(122,763

)

Year ended 31 January 2024

31/1/24

1/2/23

£

£

Cash and cash equivalents

285,049

472,885

Bank overdrafts

(407,812

)

(125,585

)

(122,763

)

347,300

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1/2/24

Cash flow

At 31/1/25

£

£

£

Net cash

Cash at bank and in hand

285,049

(49,690

)

235,359

Bank overdrafts

(407,812

)

407,812

-

(122,763

)

358,122

235,359

Total

(122,763

)

358,122

235,359

1.	STATUTORY INFORMATION

Entwistle & Joynt 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.

Going concern

The directors have prepared a cashflow forecast which demonstrates that the company should be able to work within its agreed banking facilities, whilst being able to continue to meet its liabilities as they fall due for payment during the 12 month period following approval of the accounts. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements::

-

Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - carrying amounts, interest income/expense and net gains/losses for each category of financial instrument, loan defaults;

-

Section 33 'Related Party Disclosures' - Compensation for key management personnel.

Turnover

Turnover represents amounts receivable for the sale of goods as machinery and tool distributors, net of VAT and trade discounts.

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

Tangible fixed assets

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

Freehold property

-

2% per annum straight line

Long leasehold

-

2% per annum straight line

Plant and machinery

-

25% per annum straight line

Fixtures and fittings

-

10% per annum straight line

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. The cost of stock is measured using the weighted average cost formula.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

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 balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

The company does not have any financial assets which are not classified as basic financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Other financial liabilities

The company does not have any financial liabilities which are not classified as basic financial instruments.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. 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 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 exchange

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.

Development expenditure

Identifiable development expenditure is written off against profits in the year in which it is incurred, even if the technical, commercial and financial feasibility can be demonstrated.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates..

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic life of tangible fixed assets

The useful economic life of tangible fixed assets is judged at the point of purchase and is then reassessed at each reporting date. A useful economic life of 50 years is applied to land and buildings, 4 years for plant and machinery and motor vehicles, and 10 years for fixtures, fittings and equipment.

Classification of finance and operating leases

At the inception of each lease, management undertake an assessment of the terms of the lease including the payments to be made over the life of the lease, the fair value of the asset subject to the lease, the length of the lease and whether the terms of the lease transfer substantially all of the risks and rewards of ownership.

Based on this assessment, management will determine whether the lease should be classified as a finance or operating lease.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provision for irrecoverable trade debtors

At each balance sheet date, management undertake a review of the outstanding trade debtor balances and estimate the balance that should either be impaired or provided against.

This calculation is based on the financial position of the customers, the historical speed of payment and any ongoing discussions.

Provision for slow moving and obsolete stock

At each balance sheet date, management undertake an assessment of the value at which stock items are held within the accounts. The provision is calculated on an individual stock line basis, with due regards to previous and expected future stock movements. The provision is reviewed and updated at each reporting date.

4.

TURNOVER

The turnover and profit (2024 - loss) before taxation are attributable to the principal activities of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

12,937,646

11,880,450

Overseas sales

89,462

88,294

13,027,108

11,968,744

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

773,893

738,652

Social security costs

62,599

60,056

Other pension costs

15,176

14,091

851,668

812,799

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

2025

2024

Directors

3

3

Management and office administration

5

4

Sales and distribution

23

25

31

32

2025

2024

£

£

Directors' remuneration

27,300

40,438

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

Money purchase schemes

3

3

6.	PROFIT/(LOSS) BEFORE TAXATION

The profit (2024 - loss) is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

27,971

29,795

Profit on disposal of fixed assets

(2,000

)

-

Auditors' remuneration

8,321

7,850

Foreign exchange differences

6,175

(496

)

Operating lease charges

41,700

38,979

7.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 January 2025 nor for the year ended 31 January 2024.