Registration number:
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B2C Distribution Ltd
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Brebners
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B2C Distribution Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Income Statement |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
B2C Distribution Ltd
Company Information
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Directors |
P R Williams I C Homan L J Davis |
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Registered office |
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Auditor |
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B2C Distribution Ltd
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for B2C Distribution Limited ('the Company') for the year ended 31 March 2025.
The Company is one of four trading entities ultimately owned by Manufacturing Services Investment Limited (“the Group”), a company incorporated in the United Kingdom. A comprehensive Strategic Report for the group is presented in the consolidated accounts of Manufacturing Services Investment Limited, a copy of which can be obtained from Companies House.
Principal activity
The principal activity of the Company is online retailing of technical sports clothing and equipment in watersports (trading as Wetsuit Outlet) and equestrian (trading as The Drillshed) through owned websites and marketplaces, as well as the direct selling and wholesaling of owned brands. B2C Distribution Limited sells predominantly in the UK & Rest of World (excluding territories that are served directly through other group entities and operations).
The Company is able to attract and retain customers through a competitive service and value proposition, offered via localised country websites that provide timely shipping of orders from our UK based warehouses and ‘excellent’ rated [Trustpilot] multi-lingual customer service.
Fair review of the business
A full trading report for the group, providing comparable performance to previous years, is provided in the accounts of Manufacturing Services Investment Limited, which can be obtained from Companies House.
The Company reported turnover of £11,813,739 (2024: £15,277,263) in the financial year.
The Company reported a loss of £647,078 (2024: £755,295) in the financial year.
The year-on-year downturn in sales can be attributed to trading patterns reverting to more normalised pre-pandemic levels, combined with a cost-of-living crisis in the UK, the company's main individual market.
Despite the economic challenges in the financial year, we were able to improve our product net margin (before overheads) by 3.4%. Year-on-year overheads have decreased £0.8 million on a like-for-like basis. This reduction in cost will benefit the entity’s bottom line for future financial years.
During the year, the group had one exceptional transaction:
• B2C (Holdings) Limited, the immediate parent company, has written off an amount of £5.8 million payable by the entity.
The loan forgiveness highlights that the entity has supportive owners, and results in the entity having net assets of £4.8 million.
Included in current assets the company has £508k of cash at bank.
Financial KPI's
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2025 |
2024 |
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|
Turnover |
£ |
11,813,739 |
15,277,263 |
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Gross margin |
% |
17 |
14 |
Non-financial KPI's
The directors believe that the consistent adoption of reasonable business practices is essential for operational excellence. In an entity this size, the directors consider there are numerous non-financial performance indicators but none of them are individually key.
B2C Distribution Ltd
Strategic Report for the Year Ended 31 March 2025
Suppliers
The Company has continued to work closely and in partnership with its third party brands and suppliers to manage stock flow and supply chains and to protect long-term relationships throughout a volatile period across the watersports and equestrian market.
Customers
We seek and gain regular feedback from new and returning customers on our service proposition and delivery, ensuring issues are addressed promptly and opportunities to continuously improve our service are actioned. Elevation to Trust Pilot No.1 ranking watersports retailer in many of our core categories speaks to our customer focus.
Trading outlook
A comprehensive statement regarding trading outlook for the Company is provided within the accounts of Manufacturing Services Investment Limited, which can be obtained from Companies House.
The challenges that the entity has faced over the last three years are still apparent in the market today.We use market and customer feedback and data to support our decision making in order to mitigate these risks.
We expect a return to trading profitability for the entity in FY26 through aiming for stronger net margins with improvements in shipping and selling costs combined with lower overhead costs.
Further, a key focus for the company is own brand and we are expanding our product offering in FY26 and believe it will be well received by the market. In addition, our B2B portal has been launched and is already contributing significantly to revenue by fostering stronger partnerships and driving growth within the B2B sector. These efforts will help us strengthen our brand presence.
While market conditions remain challenging, we are confident that our strategic initiatives will enhance our resilience and set the stage for improved financial performance in the years to come. The company operates in a competitive market and categories with many external factors. We use market and customer feedback and data to support our decision making to mitigate these risks.
Corporate Social Responsibility
The company continues its work to minimise its direct environmental impact through significant recycling of 3rd party packaging materials alongside the use of recycled or plastic alternative materials for its own customer packaging.
The introduction of a large-scale customer recycling program for wetsuits and an increasing number of environmentally-conscious products being offered to customers are part of the company giving its customers choices to reduce their own environmental impact.
B2C Distribution Ltd
Strategic Report for the Year Ended 31 March 2025
Principal risks and uncertainties
The directors monitor on an ongoing basis, the turnover, profitability, cash stock position of the business and ensure appropriate systems and controls are in place to identify, quantify and mitigate any material risks or uncertainties that may or may not impact the group. These risks include:
• Economic and market risks: The Company actively monitors the markets in which it operates and takes appropriate action to ensure that any risks identified are mitigated. The Company continues to monitor the situation with regards to geopolitical events and the global economic environment, regularly reviewing plans to mitigate adverse impact on its operations - such as tariffs and market volatility.
• Liquidity risk: The Company produces regular forecasts to ensure that adequate liquid funds are always available to the business.
• International and foreign exchange risks: The Company has appropriate systems in place to ensure compliance with international requirements and mitigation of foreign exchange risk.
• Interest rate risk: The Company actively monitors interest rates and undertakes appropriate actions to ensure risks are identified and mitigated.
• Asset risk: The Company has controls over the movement of stock as well as ensuring that the business has adequate insurance to cover any potential losses.
There are no material matters that have not been disclosed elsewhere in this report that need to be reported at this time.
Approved by the
.........................................
Director
B2C Distribution Ltd
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Group (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report on page 2 to 4. These matters relate to future developments and principal risks and uncertainties.
Directors' liabilities
The directors benefit from a qualifying indemnity provision in the form permitted by Section 234 of the Companies Act 2006 in respect of certain third party actions against directors. No claim or notice of claim in respect of these indemnities has been received in the year. The qualifying indemnity provision was in force throughout the financial year and up to the date of approval of the Directors' Report.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the director on
.........................................
L J Davis
Director
B2C Distribution Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
B2C Distribution Ltd
Independent Auditor's Report to the Members of B2C Distribution Ltd
for the Year Ended 31 March 2025
Opinion
We have audited the financial statements of B2C Distribution Ltd (the 'company') for the year ended 31 March 2025, which comprise the Income Statement, 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 March 2025 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 Auditor’s 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
B2C Distribution Ltd
Independent Auditor's Report to the Members of B2C Distribution Ltd
for the Year Ended 31 March 2025
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 6), 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 is 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.
Auditor’s 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 an auditor’s report 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.
B2C Distribution Ltd
Independent Auditor's Report to the Members of B2C Distribution Ltd
for the Year Ended 31 March 2025
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the company is complying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
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 auditor's report.
B2C Distribution Ltd
Independent Auditor's Report to the Members of B2C Distribution Ltd
for the Year Ended 31 March 2025
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 an auditor’s report 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.
......................................
For and on behalf of
130 Shaftesbury Avenue
W1D 5AR
B2C Distribution Ltd
Income Statement for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating loss |
(665,993) |
(688,649) |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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(8,515) |
(66,646) |
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Loss before tax |
( |
( |
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Tax on loss |
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- |
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Loss for the financial year |
( |
( |
The company has no recognised gains or losses for the year other than the results above.
B2C Distribution Ltd
Statement of Financial Position as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
|||
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
|||
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Called up share capital |
100 |
100 |
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Capital contribution reserve |
5,807,123 |
- |
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Retained earnings |
(959,280) |
(312,202) |
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Shareholders' funds/(deficit) |
4,847,943 |
(312,102) |
Approved and authorised by the
......................................................................
L J Davis
Director
Company registration number: 05006514
B2C Distribution Ltd
Statement of Changes in Equity for the Year Ended 31 March 2025
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Share capital |
Capital contribution reserve |
Retained earnings |
Total |
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At 1 April 2024 |
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- |
( |
( |
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Loss for the year |
- |
- |
( |
( |
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Loan forgiveness by equity holder |
- |
5,807,123 |
- |
5,807,123 |
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At 31 March 2025 |
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( |
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Share capital |
Retained earnings |
Total |
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At 1 April 2023 |
|
|
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Loss for the year |
- |
( |
( |
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At 31 March 2024 |
100 |
(312,202) |
(312,102) |
B2C Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the online sale of water sports and equestrian technical clothing and accessories.
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Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Summary of disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(b) No cash flow statement has been presented
(c) Disclosures in respect of financial instruments have not been presented.
Going concern
The company made a loss for the year ended 31 March 2025 but had net assets of £4,847,943 at that date including cash at bank of £508,421.
The directors have considered the effect of the ongoing global economic uncertainty and, although there is no certainty as to when this will end, the directors' view is that the impact is manageable.
Current management forecasts predict the entity to return to profitability and to consistently generate future economic benefits over the next 5 years through developments in business strategy of the entity and show the entity has sufficient working capital for a period of at least 12 months from the date of approval of the financial statements.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.
B2C Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Judgements and key sources of estimation uncertainty
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time. The decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the accounting estimates are recognised in the year in which the estimate is revised, if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years.
Critical judgements in applying the Company's accounting policies
The critical judgements that the directors have made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
The directors do not consider themselves to have made any critical judgements in applying the Company's accounting policies.
Key sources of estimation uncertainty
(i) Stock valuation
The Directors have considered whether the net realisable value of inventory was lower than the carrying value. Slow-moving, excess and obsolete inventory are reviewed and provided for as necessary. The Directors, having reviewed the run off of inventory subsequent to the year end and the prices achieved have concluded that its net realisable value was not materially lower than the net carrying value at year end.
(ii) Determining useful economic lives of intangible fixed assets
The company amortises intangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation and product life cycles.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue from the online sale of goods when the significant risks and rewards of ownership of the goods have passed to the customer upon the receipt of goods by the customer.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
B2C Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
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Freehold buildings |
2-5% straight line |
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Motor vehicles |
4 years straight line |
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Furniture, fittings and equipment |
3 years straight line |
Intangible assets
Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their internal generation.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Website development |
5 years straight line |
|
Intellectual property |
3 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
B2C Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods - UK |
|
|
The analysis of the company's turnover for the year by destination is as follows:
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2025 |
2024 |
|
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United Kingdom |
7,048,834 |
9,503,840 |
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Europe |
3,546,869 |
4,274,231 |
|
Rest of World |
1,218,036 |
1,499,192 |
|
|
|
B2C Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Management charges receivable |
1,541,045 |
2,526,537 |
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain/loss on disposal of property, plant and equipment |
( |
- |
|
Operating loss |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Loss on disposal of property, plant and equipment |
|
- |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
B2C Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
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Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
Sales and marketing |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
394,846 |
597,690 |
The highest paid director received:
|
2025 |
2024 |
|
|
Management remuneration |
|
|
During the year retirement benefits were accruing to 2 directors (2024: 2) in respect of defined contribution pension schemes.
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
22,800 |
20,550 |
B2C Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Taxation |
Tax charged/(credited) in the income statement
|
2025 |
2024 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
- |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax movement |
( |
- |
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Tax increase from effect of unrelieved tax losses carried forward |
|
|
|
Total tax credit |
( |
- |
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
|
Accelerated capital allowances |
( |
|
Provisions |
|
|
Unused tax losses |
|
|
|
|
2024 |
Asset |
|
Accelerated capital allowances |
( |
|
Provisions |
|
|
Unused tax losses |
|
|
|
B2C Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Intangible assets |
|
Intellectual property |
Website development |
Total |
|
|
Cost or valuation |
|||
|
At 1 April 2024 |
|
|
|
|
Additions acquired separately |
- |
|
|
|
At 31 March 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 April 2024 |
|
|
|
|
Amortisation charge |
|
|
|
|
At 31 March 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 March 2025 |
|
|
|
|
At 31 March 2024 |
|
|
|
|
Tangible assets |
|
Freehold |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
Disposals |
( |
- |
- |
( |
|
At 31 March 2025 |
- |
|
|
|
|
Depreciation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
Eliminated on disposal |
( |
- |
- |
( |
|
At 31 March 2025 |
- |
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
- |
|
|
|
|
At 31 March 2024 |
|
|
|
|
B2C Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Stocks |
|
2025 |
2024 |
|
|
Stock for resale |
|
|
Stock is stated after making a provision for slow moving items of £360,150 (2024: £164,414). The replacement value of stock is not materially different to the carrying value.
|
Debtors |
|
Note |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Deferred tax assets |
|
|
|
|
Corporation tax asset |
- |
|
|
|
|
|
Amounts owed by group undertakings are unsecured, interest free and payable on demand.
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
|
|
B2C Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
- |
|
|
|
Trade creditors |
|
|
|
|
Amounts due to group undertakings |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accrued expenses |
|
|
|
|
Corporation tax liability |
126,957 |
- |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
- |
|
Amounts due to group undertakings are unsecured, interest free and repayable on demand.
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
There are no restrictions on the purchase of share capital or the distribution of dividends.
B2C Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Loans and borrowings |
|
2025 |
2024 |
|
|
Non-current loans and borrowings |
||
|
Bank loans |
- |
|
|
2025 |
2024 |
|
|
Current loans and borrowings |
||
|
Bank loans |
- |
28,493 |
|
Other loans |
- |
119,018 |
|
- |
|
|
Bank loans were secured by a fixed and floating charge over the assets and undertakings of the company. The security was released upon the repayment of the amounts due.
|
COMMITMENTS, GUARANTEES AND OBLIGATIONS |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
- |
|
|
|
|
Related party transactions |
In accordance with FRS 102 paragraph 33.1A, exemption is taken not to disclose transactions in the year between wholly owned group undertakings.
During the year the company’s freehold property was sold to significant shareholders of the parent undertaking for £350,000, an amount which the directors considered to be materially the same as market value bearing in mind likely third party sale costs.
|
Parent and ultimate parent undertaking |
The company's immediate parent undertaking is B2C (Holdings) Limited and ultimate parent undertaking is Manufacturing Services Investment Limited.
The smallest and largest group preparing group accounts including the results of the company is headed by Manufacturing Services Investment Limited whose registered office is Cumberland House, 24-28 Baxter Avenue, Southend-On-Sea, Essex, SS2 6HZ.