REGISTERED NUMBER: 07875670 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

Fez Investments Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

D Fairbrother

Mrs V J Fairbrother

REGISTERED OFFICE:

Unit 8

Chichester Street

Rochdale

Lancashire

OL16 2AU

REGISTERED NUMBER:

07875670 (England and Wales)

SENIOR STATUTORY AUDITOR:

David Adams FCA

AUDITORS:

Lindley Adams Limited Chartered Accountants

Statutory Auditor

28 Prescott Street

Halifax

West Yorkshire

HX1 2LG

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

Fez Investments Limited is an investment holding company. The principal activities of the trading subsidiaries of the

group continue to be pallet distribution and pallet storage

REVIEW OF BUSINESS

We consider that our key financial performance indicators are those which communicate the financial performance and strength of the group as a whole, these being, gross margin and, profit before tax.

The gross profit margin for the group is 28.6% (2023 31%) with a subsequent profit before tax of £727,923 (2023 £1,176,548)

PRINCIPAL RISKS AND UNCERTAINTIES

The company faces a number of business risks and uncertainties due to worsening trading conditions and new

competition. In view of this, the directors are looking carefully at both existing and potential new markets. In particular, this table sets out the key risks that have been identified, with the company's approach to mitigating those risks.

Risk - Impact on company - Mitigation

Valuation of second hand trucks

Due to the economic climate numerous logistic companies are going through difficult times and some into

administration. This is causing a surplus number of second hand trucks entering the market and subsequently driving

down the market value. The company is continually monitoring this with the possibility of amending depreciation policy.

Volatility in markets

The markets continue to be extremely volatile with volume fluctuating constantly within Pallex and our own customers.The company has a loyal but diverse customer base, both in terms of revenue and concentration, reducing its exposure when there is a temporary downturn in certain markets. New markets are being constantly explored and a very strong pipeline is in place.

Inflation

Inflation is always a concern and has been constantly monitored and the effect it has on a company finances along with effect on the markets as people slow down with there spending. The company always shops around for the best deals specifically in the asset finance market for purchasing trucks.

Shrinking haulier numbers

In the current market the number of haulage companies going into administration is 3 per week. This will enable the rest of the market to increase there price due to shortage of supply. The risk is attracting new suppliers into the markets and causing uncertain competition.

ON BEHALF OF THE BOARD:

D Fairbrother - Director

23 June 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 162,269 .

DIRECTORS

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

D Fairbrother

Mrs V J Fairbrother

POLITICAL DONATIONS AND EXPENDITURE

There were no political donations and expenditure

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Lindley Adams Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Fairbrother - Director

23 June 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 three, 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 group's and the parent 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 group or the parent 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:

We identified the laws and regulations which we considered to have a direct effect on the financial statements and considered that the most significant are the Companies Act 2006, Financial Reporting Standards and UK tax legislation.

The engagement partner assessed that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations. We enquired with management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations including fraud. We also designed specific appropriate audit procedures including:

- Agreeing financial statement disclosures to supporting documentation;

- Analytical procedures to identify any unusual or unexpected relationships;

- Testing appropriateness of journal entries;

- Review of accounting estimates for potential bias;

- Review of minutes of meetings;

- Enquiring as to actual and potential litigation and claims, and;

- Testing transactions for validity.

We are not aware of any actual or suspected non-compliance with laws and regulations, and we are not responsible for preventing or detecting non-compliance with all laws and regulations. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

There are inherent limitations in audit procedures and there is an unavoidable risk that we may not have detected

material misstatements within the financial statements, even though the audit is properly planned performed in accordance with ISA's UK. The further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk due to error as fraud may involve a deliberate concealment or collusion.

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.

David Adams FCA (Senior Statutory Auditor)

for and on behalf of Lindley Adams Limited Chartered Accountants

Statutory Auditor

28 Prescott Street

Halifax

West Yorkshire

HX1 2LG

3 December 2025

TURNOVER

14,941,154

13,332,530

Cost of sales

(10,665,221

)

(9,200,689

)

GROSS PROFIT

4,275,933

4,131,841

Distribution costs

(610,756

)

(519,417

)

Administrative expenses

(2,855,452

)

(2,366,424

)

809,725

1,246,000

Other operating income

264

285

OPERATING PROFIT

4

809,989

1,246,285

Interest receivable and similar income

7,531

5,871

817,520

1,252,156

Interest payable and similar expenses

5

(89,597

)

(75,608

)

PROFIT BEFORE TAXATION

727,923

1,176,548

Tax on profit

6

(291,874

)

(284,566

)

PROFIT FOR THE FINANCIAL YEAR

436,049

891,982

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

436,049

891,982

Profit attributable to:

Owners of the parent

342,566

375,238

Non-controlling interests

93,483

516,744

436,049

891,982

Total comprehensive income attributable to:

Owners of the parent

342,566

375,238

Non-controlling interests

93,483

516,744

436,049

891,982

FIXED ASSETS

Intangible assets

9

880,269

946,549

Tangible assets

10

3,073,181

2,846,689

Investments

11

255,000

125,000

4,208,450

3,918,238

CURRENT ASSETS

Stocks

12

29,493

38,914

Debtors

13

5,650,745

5,128,333

Cash at bank and in hand

82,115

112,586

5,762,353

5,279,833

CREDITORS

Amounts falling due within one year

14

4,719,174

4,344,506

NET CURRENT ASSETS

1,043,179

935,327

TOTAL ASSETS LESS CURRENT LIABILITIES

5,251,629

4,853,565

CREDITORS

Amounts falling due after more than one year

15

(965,573

)

(904,809

)

PROVISIONS FOR LIABILITIES

19

(654,853

)

(591,334

)

NET ASSETS

3,631,203

3,357,422

CAPITAL AND RESERVES

Called up share capital

20

200

200

Capital redemption reserve

21

11

11

Retained earnings

21

2,535,142

2,354,845

SHAREHOLDERS' FUNDS

2,535,353

2,355,056

NON-CONTROLLING INTERESTS

22

1,095,850

1,002,366

TOTAL EQUITY

3,631,203

3,357,422

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2025 and were signed on its behalf by:

D Fairbrother - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

1,000,091

1,000,091

1,000,091

1,000,091

CURRENT ASSETS

Debtors

13

569,134

534,370

Cash at bank

60

603

569,194

534,973

CREDITORS

Amounts falling due within one year

14

1,440,754

1,395,615

NET CURRENT LIABILITIES

(871,560

)

(860,642

)

TOTAL ASSETS LESS CURRENT LIABILITIES

128,531

139,449

CAPITAL AND RESERVES

Called up share capital

20

200

200

Retained earnings

128,331

139,249

SHAREHOLDERS' FUNDS

128,531

139,449

Company's loss for the financial year

(10,918

)

(12,986

)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2025 and were signed on its behalf by:

D Fairbrother - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

£

£

Balance at 1 January 2023

200

2,183,278

11

Changes in equity

Dividends

-

(203,671

)

-

Total comprehensive income

-

375,238

-

Balance at 31 December 2023

200

2,354,845

11

Changes in equity

Dividends

-

(162,269

)

-

Total comprehensive income

-

342,566

-

Balance at 31 December 2024

200

2,535,142

11

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2023

2,183,489

485,622

2,669,111

Changes in equity

Dividends

(203,671

)

-

(203,671

)

Total comprehensive income

375,238

516,744

891,982

Balance at 31 December 2023

2,355,056

1,002,366

3,357,422

Changes in equity

Dividends

(162,269

)

-

(162,269

)

Total comprehensive income

342,566

93,483

436,049

Balance at 31 December 2024

2,535,353

1,095,849

3,631,202

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

200

152,235

152,435

Changes in equity

Deficit for the year

-

(12,986

)

(12,986

)

Total comprehensive income

-

(12,986

)

(12,986

)

Total transactions with owners, recognised directly in equity

-

-

-

Balance at 31 December 2023

200

139,249

139,449

Changes in equity

Deficit for the year

-

(10,918

)

(10,918

)

Total comprehensive income

-

(10,918

)

(10,918

)

Total transactions with owners, recognised directly in equity

-

-

-

Balance at 31 December 2024

200

128,331

128,531

Cash flows from operating activities

Cash generated from operations

1

2,030,769

1,043,899

Interest paid

(10,867

)

(17,470

)

Interest element of hire purchase payments paid

(78,730

)

(58,138

)

Tax paid

(331,043

)

(106,688

)

Net cash from operating activities

1,610,129

861,603

Cash flows from investing activities

Purchase of tangible fixed assets

(1,379,834

)

(1,061,769

)

Purchase of fixed asset investments

(130,000

)

-

Sale of tangible fixed assets

344,757

325,395

Interest received

7,531

5,871

Net cash from investing activities

(1,157,546

)

(730,503

)

Cash flows from financing activities

Loan repayments in year

(16,671

)

61,385

Capital repayments in year

63,066

277,012

Amount introduced by directors

310,207

341,340

Amount withdrawn by directors

(677,387

)

(511,672

)

Equity dividends paid

(162,269

)

(203,671

)

Net cash from financing activities

(483,054

)

(35,606

)

(Decrease)/increase in cash and cash equivalents

(30,471

)

95,494

Cash and cash equivalents at beginning of year

2

112,586

17,092

Cash and cash equivalents at end of year

2

82,115

112,586

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

31.12.24

31.12.23

£

£

Profit before taxation

727,923

1,176,548

Depreciation charges

852,975

666,606

Loss/(profit) on disposal of fixed assets

21,891

(35,615

)

Provisions

(10,000

)

10,000

Finance costs

89,597

75,608

Finance income

(7,531

)

(5,871

)

1,674,855

1,887,276

Decrease/(increase) in stocks

9,421

(11,066

)

Decrease/(increase) in trade and other debtors

14,038

(936,867

)

Increase in trade and other creditors

332,455

104,556

Cash generated from operations

2,030,769

1,043,899

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

82,115

112,586

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

112,586

17,092

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

112,586

(30,471

)

82,115

112,586

(30,471

)

82,115

Debt

Finance leases

(1,700,615

)

(63,066

)

(1,763,681

)

Debts falling due within 1 year

(1,124,274

)

(19,148

)

(1,143,422

)

Debts falling due after 1 year

(35,819

)

35,819

-

(2,860,708

)

(46,395

)

(2,907,103

)

Total

(2,748,122

)

(76,866

)

(2,824,988

)

1.	STATUTORY INFORMATION

Fez Investments 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 General 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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

Straight line over 3 years

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and equipment

-

10% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

2,539,796

2,440,273

Social security costs

243,977

245,992

Other pension costs

268,268

135,495

3,052,041

2,821,760

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

31.12.24

31.12.23

Drivers

42

38

Logistics

13

15

Administrative

28

30

83

83

31.12.24

31.12.23

£

£

Directors' remuneration

47,925

87,164

Directors' pension contributions to money purchase schemes

133,466

43,891

4.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Hire of plant and machinery

475,575

378,147

Other operating leases

632,914

468,841

Depreciation - owned assets

172,034

192,207

Depreciation - assets on hire purchase contracts

614,660

408,121

Loss/(profit) on disposal of fixed assets

21,891

(35,615

)

Goodwill amortisation

66,280

66,280

Auditors' remuneration

9,000

5,500

Auditors' remuneration for non audit work

12,925

12,606