REGISTERED NUMBER: 09158049 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

For The Year Ended 31st December 2024

for

Montpellier Domestic Appliances Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

R J Gillman

Miss A J Gillman

R Chappell

REGISTERED OFFICE:

Unit 1 Tewkesbury Retail Park

Northway Lane

Tewkesbury

Gloucestershire

GL20 8JU

REGISTERED NUMBER:

09158049 (England and Wales)

AUDITORS:

Wildin (Auditors) Limited

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

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

The results for the year and the financial position of the Company are as shown in the annexed financial statements.

REVIEW OF BUSINESS

Montpellier Domestic Appliances Limited's sales have decreased in the year by 34% to £13.72m (2023 - £20.63m); The gross profit rate fell to 3.10%(2023 - 9.7%). A Pre tax loss of £2,422,218 is shown (2023 - Profit £425,277)

A major dispute arose between the directors during the year which lead to the director Adrian Gillman being removed from the board on 14th June 2024. Adrian Gillman had always been the main operational director of the company, and was primarily involved in the day to day running and control of the company since it's incorporation.

R Chappell was appointed a directors on 13th May 2024, and is now in charge of the day to day operating of the business.

After Adrian Gillman was removed as a director from the business, the remaining directors discovered that a lot of the accounting records had been destroyed prior to his disengagement, these included but not limited to the deleting of internal and external e mails and paperwork in direct relation to the audit of the company. This made it extremely difficult for a period of time for the existing directors to trade normally. It was not until as much information as possible was recovered/recreated for the existing directors to ensure the company was trading at an adequate level.

It was decided by the existing directors during the year that the agreement which was previously in place with John Gillman & Sons( Electrical) Limited, as the main distributor of the Montpellier products in the U K, would be terminated and this took effect from January 2025. John Gillman & Sons ( Electrical) Limited (t/a DAD) had also provided warehouse facilities which ceased in January 2025. Alternative new warehousing facilities have since been occupied for the logistics operation within a central hub. This has allowed for the existing directors and staff of Montpellier to have direct control over the distribution and implement a more efficient infrastructure.

There had been considerable overdue debts owed by John Gillman & Sons ( Electrical) Limited (t/a DAD) to the company and although a substantial amount of these debts were recovered in the year. The company were still owed over £2 million at the year end. John Gillman & Sons ( Electrical) Limited (t/a DAD) went into administration on 26th August 2025. These accounts include the bad debt write off of the monies due as at 31st December 2024 from that company.

Montpellier Domestic Appliances Limited has a good range of products, and it's pricing policy within the trade makes it very popular. The company has now established many new direct sales customers, a significant number of which had previously purchased products through the distributorship of John Gillman & Sons( Electrical) Limited (t/a D.A.D).

The current level of total monthly sales has reached the levels seen in 2023 and the directors are confident of increased turnover in the coming years.The directors are also confident that, despite the losses incurred this year, it has a good financial base on which it can build . The directors have direct control over the distribution of goods and there are strong controls over debtors and stock levels. In prior years a large proportion of the trade debtors were owed by John Gillman & Sons ( Electrical) Limited (t/a DAD) and although a proportion of that debt has had to be written off there was a large influx of cash as a large proportion of the money owed by John Gillman & Sons (Electrical) limited (t/a DAD) was received in this financial year.

PRINCIPAL RISKS AND UNCERTAINTIES

The company purchases most of it's good from overseas, and the trading currency is normally dollars. The company is therefore affected by currency fluctuations.

The U K trading conditions are difficult and there is much uncertainty at present . However many of the goods sold are now classed as household necessities and therefore the directors are confident that sales will hold up well regardless of the general economic uncertainties.

The Directors appreciate the operation of business and the environment in which it trades. This is key to understanding, the likely consequences of any long term decisions. There is a clear strategy which ensures the Company continues to sell and deliver quality products in a timely manner, satisfying customer and shareholder needs, amongst other stakeholders. Continually improving efficiencies , operating methods and focusing on sustainability are integral and fundamental parts of the business strategy. This strategy is key to ensuring the Company and the Directors are delivering on their duty of care for the benefit of future generations.

In setting the strategic direction of the Company, Directors also take into account the principal risks facing the business.

The Company have invested a lot in new marketing strategies and the launch of new ranges to ensure they remain ahead of the game in the a competitive market, offering good quality products and service to the local community, while maintaining their reputation as a reliable family business.

ON BEHALF OF THE BOARD:

Miss A J Gillman - Director

22nd September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacturers and distributors of electrical products.

DIVIDENDS

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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at the annual general meeting.

FUTURE DEVELOPMENTS

The company continues to produce new products, and to improve it's existing range of electrical goods.

Contacts have been made to widen the customer base of the company, and to agree with new major retailers to stock the company's range of products.

The company's change to it's direct sales to retail suppliers is proving successful.

DIRECTORS

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

R J Gillman

Miss A J Gillman

Other changes in directors holding office are as follows:

A Gillman - resigned 14th June 2024

R Chappell - appointed 13th May 2024

ENGAGEMENT WITH EMPLOYEES

The company keeps it's staff informed of the introduction of new electrical products which it is developing and of new sales customers.

Staff are encouraged to give their feedback and opinions on new proposals for the development of the company.

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;

-	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

The directors acknowledge that some of the financial information and records required to provide a clean audit report could not be produced, due to the destruction of certain electronic and paper records when Adrian Gillman was removed as a director of the company.

The current directors have made every effort to produce/recreate this information but that has not been possible in all respects.

Although the systems are now back in place the directors acknowledge that information to satisfy a "clean audit" are not available for this year.

AUDITORS

The auditors, Wildin (Auditors) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Miss A J Gillman - Director

22nd September 2025

Qualified Opinion

We have audited the financial statements of Montpellier Domestic Appliances Ltd (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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).

Due to certain electronic and paper documents having been destroyed at the time of the removal of Adrian Gillman as a director of the company, audit processes in certain areas of the financial statements could not be fully carried out.

There are unexplainable anomalies within the purchasing and stock recording items which gives rise to doubts as to the accuracy of the records/possible misappropriation of stock. There were records missing of the monthly trading results, and when recreated from the information held gave rise to abnormal unexplained variances.

The overall gross profit percentage shown for the year is abnormally low and monthly recalculated figures showed wide variances, in particular during specific periods through out the year which showed large negative gross profit results.

A large proportion of the total sales were to John Gillman & Sons ( Electrical) Limited and they were unhelpful in providing figures which would have assisted in the recreation of information which may have explained some of the variances/differences.

As a result we as auditors have determined that this is a limitation in the scope of our audit work, but in all other respects the financial statements give a true and fair view.

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 four and five, 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 are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud , the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

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 assessing risk of material misstatement in respect of irregularities , including fraud, the audit engagement team:

-obtain an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company complying with the legal and regulatory framework;

-inquired of management, those charged with governance, about their own identification and assessment of the risk of irregularities, including an known actual, suspected or alleged instances of fraud;

-inquired of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations by way of data submission report, and whether they are aware of any instances of non-compliance.

-reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations in direct relation to the company.

- performed audit work over the risk of management override of controls, including testing of 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.

-discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures, we considered the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statements disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. We tested a sample of revenue transactions recognised either side of the reporting date to determine whether revenue was recorded in the correct period.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

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.

Jacqueline Anne Mannion FCA, ACCA (Senior Statutory Auditor)

for and on behalf of Wildin (Auditors) Limited

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

22nd September 2025

TURNOVER

13,722,118

20,635,002

Cost of sales

13,297,381

18,631,998

GROSS PROFIT

424,737

2,003,004

Administrative expenses

2,822,189

1,527,568

OPERATING (LOSS)/PROFIT

4

(2,397,452

)

475,436

Interest payable and similar expenses

5

24,766

50,208

(LOSS)/PROFIT BEFORE TAXATION

(2,422,218

)

425,228

Tax on (loss)/profit

6

(603,377

)

101,510

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(1,818,841

)

323,718

(LOSS)/PROFIT FOR THE YEAR

(1,818,841

)

323,718

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,818,841

)

323,718

FIXED ASSETS

Tangible assets

7

2,155

10,219

CURRENT ASSETS

Stocks

8

3,348,125

1,695,687

Debtors

9

4,110,976

8,432,282

Cash at bank and in hand

982,512

522,247

8,441,613

10,650,216

CREDITORS

Amounts falling due within one year

10

6,926,188

7,313,501

NET CURRENT ASSETS

1,515,425

3,336,715

TOTAL ASSETS LESS CURRENT LIABILITIES

1,517,580

3,346,934

CREDITORS

Amounts falling due after more than one year

11

13,729

24,242

NET ASSETS

1,503,851

3,322,692

CAPITAL AND RESERVES

Called up share capital

13

3,000

3,000

Retained earnings

14

1,500,851

3,319,692

SHAREHOLDERS' FUNDS

1,503,851

3,322,692

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 22nd September 2025 and were signed on its behalf by:

Miss A J Gillman - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

3,000

2,995,974

2,998,974

Changes in equity

Total comprehensive income

-

323,718

323,718

Balance at 31st December 2023

3,000

3,319,692

3,322,692

Changes in equity

Total comprehensive income

-

(1,818,841

)

(1,818,841

)

Balance at 31st December 2024

3,000

1,500,851

1,503,851

Cash flows from operating activities

Cash generated from operations

1

710,561

117,581

Interest paid

(24,766

)

(50,208

)

Tax paid

(224,380

)

(493

)

Net cash from operating activities

461,415

66,880

Cash flows from investing activities

Purchase of tangible fixed assets

(1,150

)

(1,049

)

Net cash from investing activities

(1,150

)

(1,049

)

Increase in cash and cash equivalents

460,265

65,831

Cash and cash equivalents at beginning of year

2

522,247

456,416

Cash and cash equivalents at end of year

2

982,512

522,247

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

31.12.24

31.12.23

£

£

(Loss)/profit before taxation

(2,422,218

)

425,228

Depreciation charges

9,213

16,964

Finance costs

24,766

50,208

(2,388,239

)

492,400

(Increase)/decrease in stocks

(1,652,438

)

2,576,110

Decrease/(increase) in trade and other debtors

5,576,665

(2,430,708

)

Decrease in trade and other creditors

(825,427

)

(520,221

)

Cash generated from operations

710,561

117,581

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 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

982,512

522,247

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

522,247

456,416

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

522,247

460,265

982,512

522,247

460,265

982,512

Debt

Debts falling due after 1 year

(24,242

)

10,513

(13,729

)

(24,242

)

10,513

(13,729

)

Total

498,005

470,778

968,783

1.	STATUTORY INFORMATION

Montpellier Domestic Appliances 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.

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.

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires the Directors to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgement had a significant effect on the amounts recognised in the

financial statements:

Depreciation of tangible fixed assets

Tangible fixed assets are depreciated over their useful lives considering residual values were appropriate. The actual lives of the assets may vary depending on many factors. The Directors exercise judgement when completing an annual assessment of the validity of asset residual values.

Warranty Provisions

The Company completes warranty work upon completed installations. At the financial year end, an estimate of the future liability is calculated using historic performance and Directors judgement.

Impairment of financial assets

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, the Directors consider factors including the current credit rating of the debtor, ageing profile of the debtors and historical experience.

Turnover

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

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Stocks

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

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest.Subsequent measurement is at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate the currently effective rate under the contract is used.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset, and the net amount reported in the statement of financial position when there is an 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. At present, the Company has not offset any 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.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash & cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable, and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, considering the related risks and uncertainties, and the related increases are generally charged as an expense to profit or loss.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Warranty Provisions

Retail and commercial customers are offered the option to purchase a warranty over the goods supplied which extends beyond the suppliers' guarantee. Income arising as a result of then sale of these warranties is held on the balance sheet as deferred income until the suppliers' guarantee have been extinguished, and they are credited to turnover over the period of the extended warranty on a straight line basis.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

609,819

784,361

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

31.12.24

31.12.23

Office, Admin, Sales

9

16

31.12.24

31.12.23

£

£

Directors' remuneration

-

-

4.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

31.12.24

31.12.23

£

£

Depreciation - owned assets

9,214

16,963

Auditors' remuneration

13,800

13,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank Charges

24,766

50,208

6.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

(601,442

)

98,497

Prior Year & Interest

(1,935

)

3,013

Tax on (loss)/profit

(603,377

)

101,510

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st January 2024

692,969

158,118

851,087

Additions

-

1,150

1,150

At 31st December 2024

692,969

159,268

852,237

DEPRECIATION

At 1st January 2024

688,373

152,495

840,868

Charge for year

4,594

4,620

9,214

At 31st December 2024

692,967

157,115

850,082

NET BOOK VALUE

At 31st December 2024

2

2,153

2,155

At 31st December 2023

4,596

5,623

10,219

Tangible fixed assets are measured using the cost model. These assets are stated at historical cost less depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-lie method as follows:

Rental Equipment 33% on cost

Fixtures & Fittings 33% on cost

Motor vehicles 25% on cost

Computer equipment 33% on cost

Assets held under finance leases are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership, in which case the depreciation period is the useful life.

The residual values, useful lives and depreciation methods of tangible fixed assets are reviewed annually and revised if necessary. The effect of any revisions is accounted for prospectively. There were no material revisions in the periods covered by these financial statements.

Gains and losses on disposals are determined by comparing the proceed with the carrying amount and are recognised in profit and loss.

8.

STOCKS

31.12.24

31.12.23

£

£

Stocks

3,348,125

1,695,687

Stocks are stated at the lower of cost and net realizable value, being the estimated selling prices less costs to complete and sell. Cost is based on the cost of last purchase price less any adjustments for obsolete stock. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amounts is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

2,736,391

7,175,140

Tax

601,442

-

VAT

237,778

-

Prepayments

535,365

1,257,142

4,110,976

8,432,282

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

1,539,707

2,481,834

Amounts owed to associates

4,893,404

3,919,487

Tax

-

226,315

Social security and other taxes

17,597

13,343

VAT

-

237,883

Other creditors

70,000

70,000

Accrued expenses

405,480

364,639

6,926,188

7,313,501

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans (see note 12)

13,729

24,242

12.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

13,729

24,242

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

3,000

Ordinary

£1

3,000

3,000

14.

RESERVES

Retained

earnings

£

At 1st January 2024

3,319,692

Deficit for the year

(1,818,841

)

At 31st December 2024

1,500,851

15.	ULTIMATE PARENT COMPANY

There is no ultimate controlling shareholder.