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Registration number: 04221947

Import Export Services Limited
Annual Report and Financial Statements
for the Year Ended 31 March 2025

Import Export Services Limited

Contents

Company Information | 1
Strategic Report | 2 to 5
Directors' Report | 6
Statement of Directors' Responsibilities | 7
Independent Auditor's Report | 8 to 11
Profit and Loss Account and Statement of Retained Earnings | 12
Balance Sheet | 13
Statement of Cash Flows | 14
Notes to the Financial Statements | 15 to 27

Import Export Services Limited

Company Information

Directors | Mr M Boyd Mr N Morch Monsted

Company secretary | Mr M Lanigan

Registered office | 1 Portview Road Avonmouth Bristol BS11 9LS

Auditors | Richardson Swift Audit Limited 11 Laura Place Bath BA2 4BL

Import Export Services Limited

Strategic Report for the Year Ended 31 March 2025

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

Principal activity

The principal activity of the company is the provision of Global Engineering and Logistical services relating to all forms of relocation, including but not limited to the moving and setting up of production lines and factories in alternative geographical areas. Other connected activities make up the portfolio of services, including the supply of electrical products and semi-conductor parts.

Our services include:
• Equipment moves
• Equipment installations
• Field Service Engineers
• Crate Manufacture and Export Packing
• UKCA Compliance Testing
• Turnkey Equipment relocations
• Used and refurbished part supply to semiconductor manufacturers
• Sales Agent for various Semiconductor OEMs for UK and Ireland
• Electrical component sales the wholesale market.
We supply into high technology markets with primary focus in semiconductor, print and pharmaceutical. Within these industries the company supports end users, OEM’s and capital equipment brokers.
The company works worldwide with concentration of supply within the UK, mainland Europe (primarily Austria, Germany, France and Italy) and North America.

Fair review of the business

The company continued to trade successfully throughout the year ending March 31, 2025. Business volumes continue to be at a high level and in line with expectation/forecast, the balance sheet remains strong, with retained earnings increasing to £3.83m.
There are no significant post-year-end events to report.
Most of the company’s sales come from customers with whom the company has long-established relationships. We annually target around 75% of turnover to come from existing customers.

Future developments

The business continues to grow and become more established in all the markets it operates in.
Staff training and development are ongoing and central to the company’s ethos. Multi skilled staff are key to our ability to deliver cost-effective multifaceted service offerings to our customer base.
IES operates primarily in the Semiconductor and print industries. Within semiconductor we continue to grow our service offerings and whilst some flattening in this market might be expected it is compensated for by expansion of capability. Notably this is with some key Equipment Manufacturers supporting installation of new semiconductor tools and providing field service support on legacy equipment.

Import Export Services Limited

Strategic Report for the Year Ended 31 March 2025

Current assets - debtors and cash flow

Cash in the business remained strong to support working capital and inward investment. Despite the high volumes of trade in a challenging economic climate, bad debts remained very low at less than 0.25% of turnover; this is because of well-controlled contracts and efficient financial collection processes. Cash flow is central to the finance team’s daily practices, working closely with the directors of the business.

Principal risks and uncertainties

The business continues to develop its people, systems, and customer base to strengthen further in the markets it operates in while being vigilant to market conditions, remaining competitive to retain key internal resources, and coping with external industry competition.

Import Export Services Limited

Strategic Report for the Year Ended 31 March 2025

Strengths | Weaknesses
Current business performance and growth in all areas | Competency/resources at times overstretched
Relationships / track record with existing customers | Response times and availability - lead times for crate supply and on-site work have increased
Customer service and appropriate subject matter experience | Reliance on key Customers, e.g. HP historically being a significant revenue stream, approx. 24% of turnover although significant growth with other customers is now spreading risk
Diversity of the organisation | Limited space and capacity becoming an internal risk in relation to potential growth opportunities
Flexibility (individual and team) and extent of service offerings, with multi-skilled resources |
Recognition of internal competence and expertise linked to effective use of sub-contract model |
Entrepreneurial approach to new opportunities i.e. development of OEM relationships |

Opportunities | Threats
Complete end-to-end service offering | Brexit: loss of European business due to restricted movement of workers, ref visas / trip duration
Value added bolt on services | Worldwide economic uncertainty: inflation / cost of living, energy and fuel. Recession
Trust from existing customers to test and pilot new services | Potential significant loss of revenue stream
Recruitment of additional resources | Business partners may view IES as being overstretched or not providing enough focus
Multiple Customers are going through significant expansions | Poaching of workers
Increase in key customer packing business and new Customers continue to be gained due to the closure of a packing competitor | Cyber attack
EQP agency business has gained a high-profile vendor, and we are seeing some significant sales commissions in the pipeline | Loss of semiconductor strategic partnerships
Additional strategic partnerships with semiconductor companies for on-site contracts | Potential levelling-off in semiconductor industry
Potential opportunity to take over major OEM service contracts |
Improved utilisation of workforce |
EQP/ERS industry expansion |
Bio-based alternatives to plastic packaging where possible |

Import Export Services Limited

Strategic Report for the Year Ended 31 March 2025

Approved and authorised by the Board on 9 December 2025 and signed on its behalf by:

......................................... Mr M Lanigan Company secretary

Import Export Services Limited

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:

Mr M Boyd

Mr N Morch Monsted

Disclosure of information to the auditors

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 and authorised by the Board on 9 December 2025 and signed on its behalf by:

......................................... Mr M Lanigan Company secretary

Import Export Services Limited

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:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

Import Export Services Limited

Independent Auditor's Report to the Members of Import Export Services Limited

Opinion

We have audited the financial statements of Import Export Services Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, 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 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 auditor 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 director's 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.

Import Export Services Limited

Independent Auditor's Report to the Members of Import Export Services Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | 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 7], 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.

Import Export Services Limited

Independent Auditor's Report to the Members of Import Export Services Limited

Auditor 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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which are procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by discussion with key personnel and consideration of our experience of this and similar sectors.
We determined that the most significant laws and regulations which have a direct impact on the form and content of the financial statements of the entity are the Companies Act and UK GAAP, specifically FRS102.
We determined that the most significant operational laws and regulations for the entity are health and safety and employment law, plus regulations surrounding the import and export of goods and services, including taxation legislation.
Based on the results or our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, with no issues arising.
We gained an understating of the entity’s policy and procedures by discussion with key personnel and substantive audit work.
We assessed the risk of material misstatement in respect of fraud through our planning processes, and no significant risks were identified.
We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach.
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

Import Export Services Limited

Independent Auditor's Report to the Members of Import Export Services Limited

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.

......................................
Catherine Edwards BSc FCA (Senior Statutory Auditor)
For and on behalf of Richardson Swift Audit Limited, Statutory Auditor
11 Laura Place
Bath
BA2 4BL

10 December 2025

Import Export Services Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 13,727,509 | 15,022,240
Cost of sales |  | (9,875,998) | (11,267,288)
Gross profit |  | 3,851,511 | 3,754,952
Administrative expenses |  | (3,611,567) | (3,660,713)
Other operating income | 4 | 9,665 | -
Operating profit | 6 | 249,609 | 94,239
Other interest receivable and similar income | 7 | 1,397 | 207
Interest payable and similar charges | 8 | (47,994) | 67,999
|  | (46,597) | 68,206
Profit before tax |  | 203,012 | 162,445
Taxation | 12 | (64,338) | (34,434)
Profit for the financial year |  | 138,674 | 128,011
Retained earnings brought forward |  | 3,693,951 | 3,565,940
Retained earnings carried forward |  | 3,832,625 | 3,693,951

Import Export Services Limited

(Registration number: 04221947)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 13 | 220,980 | 331,300
Current assets |  |  |
Stocks | 14 | 1,833,968 | 1,674,290
Debtors | 15 | 3,942,782 | 3,879,576
Cash at bank and in hand |  | 897,794 | 1,161,402
|  | 6,674,544 | 6,715,268
Creditors: Amounts falling due within one year | 17 | (2,713,182) | (3,300,227)
Net current assets |  | 3,961,362 | 3,415,041
Total assets less current liabilities |  | 4,182,342 | 3,746,341
Creditors: Amounts falling due after more than one year | 17 | (317,831) | (9,948)
Provisions for liabilities | 18 | (29,886) | (40,442)
Net assets |  | 3,834,625 | 3,695,951
Capital and reserves |  |  |
Called up share capital |  | 2,000 | 2,000
Retained earnings |  | 3,832,625 | 3,693,951
Shareholders' funds |  | 3,834,625 | 3,695,951

Approved and authorised by the Board on 9 December 2025 and signed on its behalf by:

......................................... Mr N Morch Monsted Director

Import Export Services Limited

Statement of Cash Flows for the Year Ended 31 March 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 138,674 | 128,011
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 6 | 144,561 | 139,239
Profit on disposal of tangible assets | 5 | (1,619) | (8,775)
Finance income | 7 | (1,397) | (207)
Finance costs | 8 | 36,980 | 30,877
Income tax expense | 12 | 64,338 | 34,434
|  | 381,537 | 323,579
Working capital adjustments |  |  |
(Increase)/decrease in stocks | 14 | (159,678) | 377,668
(Increase)/decrease in trade debtors | 15 | (63,206) | 966,221
Decrease in trade creditors | 17 | (687,354) | (610,948)
Cash generated from operations |  | (528,701) | 1,056,520
Income taxes paid | 12 | (18,794) | (224,697)
Net cash flow from operating activities |  | (547,495) | 831,823
Cash flows from investing activities |  |  |
Interest received | 7 | 1,397 | 207
Acquisitions of tangible assets |  | (59,122) | (269,415)
Proceeds from sale of tangible assets |  | 26,499 | 8,775
Net cash flows from investing activities |  | (31,226) | (260,433)
Cash flows from financing activities |  |  |
Interest paid | 8 | (36,980) | (30,877)
Repayment of other borrowing |  | 352,093 | (19,490)
Net cash flows from financing activities |  | 315,113 | (50,367)
Net (decrease)/increase in cash and cash equivalents |  | (263,608) | 521,023
Cash and cash equivalents at 1 April |  | 1,161,402 | 640,379
Cash and cash equivalents at 31 March |  | 897,794 | 1,161,402

Import Export Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Portview Road
Avonmouth
Bristol
BS11 9LS

These financial statements were authorised for issue by the Board on 9 December 2025.

2 | Accounting policies

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.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Import Export Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Judgements

In preparing these financial statements judgement is required in the recognition of income on projects, in that the directors need to assess the stage of completion of the contracts in order to apply the revenue recognition accounting policy.
Stock has been assessed for items that are considered slow-moving/obsolete, and have been written down to their estimated recoverable value.
Within stock and work in progress are classic cars, which are bought in a dilapidated condition and reconditioned. The classic cars are initially recognised and cost and then written down to an estimate of market value.
No other significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Money due on government grants are recognised in the profit and loss account in the period to which it relates.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Import Export Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

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 balance sheet 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
Plant and machinery | Straight Line over 2 Years and 4 Years
Office equipment, fixtures & fittings | Straight Line over 2 Years and 4 Years
Motor vehicles | Straight Line over 4 Years

Amortisation

Asset class | Amortisation method and rate
Goodwill | Over useful economic life changing to straight line over 10 years

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Import Export Services Limited

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 first-in, first-out (FIFO) 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line bases over the period of the lease.

Import Export Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

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.

Financial instruments

Classification
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Import Export Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

3 | Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 3,514,121 | 3,512,900
Rendering of services | 10,213,388 | 11,509,340
| 13,727,509 | 15,022,240

The analysis of the company's turnover for the year by geographical area is as follows:

| 2025 £ | 2024 £
United Kingdom | 8,483,687 | 7,954,395
Rest of Europe | 1,419,871 | 2,127,651
Rest of the World | 3,823,951 | 4,940,194
| 13,727,509 | 15,022,240

4 | Other operating income

The analysis of the company's other operating income for the year is as follows:

| 2025 £ | 2024 £
Miscellaneous other operating income | 9,665 | -

5 | Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

| 2025 £ | 2024 £
Gain on disposal of Tangible assets | 1,619 | 8,775

6 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 144,561 | 139,239
Profit on disposal of property, plant and equipment | (1,619) | (8,775)

Import Export Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

7 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 1,393 | 207
Other finance income | 4 | -
| 1,397 | 207

8 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 36,980 | 30,665
Interest expense on other finance liabilities | - | 212
Foreign exchange gains/(losses) | 11,014 | (98,876)
| 47,994 | (67,999)

9 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 4,374,015 | 4,573,148
Social security costs | 399,233 | 407,055
Pension costs, defined contribution scheme | 282,716 | 217,647
Other employee expense | 88,842 | 66,878
| 5,144,806 | 5,264,728

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Production | 43 | 43
Administration and support | 21 | 22
Research and development | 1 | 1
Sales, marketing and distribution | 5 | 6
| 70 | 72

Import Export Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

10 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 193,127 | 238,980
Contributions paid to money purchase schemes | 82,856 | 37,690
| 275,983 | 276,670

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 2 | 2

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 137,976 | 150,715
Company contributions to money purchase pension schemes | 61,952 | 31,686

11 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 9,500 | 7,750

Import Export Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

12 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 74,900 | 18,800
UK corporation tax adjustment to prior periods | (6) | (40)
| 74,894 | 18,760
Deferred taxation |  |
Arising from origination and reversal of timing differences | (10,556) | 15,674
Tax expense in the income statement | 64,338 | 34,434

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 203,012 | 162,445
Corporation tax at standard rate | 50,753 | 40,611
Decrease in UK and foreign current tax from adjustment for prior periods | (6) | (40)
Tax increase/(decrease) from effect of capital allowances and depreciation | 12,772 | (7,112)
Decrease from effect of different UK tax rates on some earnings | - | (116)
Tax increase from other short-term timing differences | 48 | 10
Effect of expense not deductible in determining taxable profit (tax loss) | 771 | 1,081
Total tax charge | 64,338 | 34,434

Import Export Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

13 | Tangible assets

| Fixtures and fittings £ | Plant and machinery £ | Motor vehicles £ | Total £
Cost or valuation
At 1 April 2024 | 455,505 | 247,634 | 282,479 | 985,618
Additions | 11,220 | 12,523 | 35,379 | 59,122
Disposals | (91,943) | (90,705) | (32,885) | (215,533)
At 31 March 2025 | 374,782 | 169,452 | 284,973 | 829,207
Depreciation
At 1 April 2024 | 322,437 | 161,024 | 170,857 | 654,318
Charge for the year | 45,402 | 47,297 | 51,863 | 144,562
Eliminated on disposal | (91,943) | (76,364) | (22,346) | (190,653)
At 31 March 2025 | 275,896 | 131,957 | 200,374 | 608,227
Carrying amount
At 31 March 2025 | 98,886 | 37,495 | 84,599 | 220,980
At 31 March 2024 | 133,068 | 86,610 | 111,622 | 331,300

14 | Stocks

| 2025 £ | 2024 £
Raw materials and consumables | 188,668 | 161,362
Work in progress | 818,656 | 601,505
Other inventories | 826,644 | 911,423
| 1,833,968 | 1,674,290

15 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 2,148,965 | 2,361,065
Amounts owed by related parties | 22 | 1,242,120 | 913,221
Other debtors |  | 303,683 | 279,658
Prepayments |  | 248,014 | 325,632
|  | 3,942,782 | 3,879,576

Import Export Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

16 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash on hand | 4,449 | 655
Cash at bank | 893,345 | 1,160,747
| 897,794 | 1,161,402

17 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 21 | 66,544 | 22,335
Trade creditors |  | 1,046,029 | 1,401,585
Amounts due to related parties | 22 | 78,291 | 42,476
Social security and other taxes |  | 331,716 | 409,542
Other payables |  | 21,398 | 23,537
Accruals |  | 1,094,304 | 1,381,952
Income tax liability | 12 | 74,900 | 18,800
|  | 2,713,182 | 3,300,227
Due after one year |  |  |
Loans and borrowings | 21 | 317,831 | 9,948

Floating charges over the stock and work in progress present and future are held by the directors pension fund.
Those secured creditors due within one year totalled £66,544 (2024: £22,335) at the year end, and due after one year £317,831 (2024: £9,948) at the year end.

18 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 April 2024 | 40,442 | 40,442
Increase (decrease) in existing provisions | (10,556) | (10,556)
At 31 March 2025 | 29,886 | 29,886

Import Export Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

19 | 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 £282,716 (2024 - £217,647).

20 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary A of £1,700 each | 1 | 1,700 | 1 | 1,700
Ordinary B of £300 each | 1 | 300 | 1 | 300
| 2 | 2,000 | 2 | 2,000

All shares rank pari passu.

Import Export Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

21 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Other borrowings | 317,831 | 9,948

Current loans and borrowings

| 2025 £ | 2024 £
Other borrowings | 66,544 | 22,335

22 | Related party transactions

Transactions with directors

2025 | At 1 April 2024 £ | Advances to director £ | Repayments by director £ | At 31 March 2025 £
Director 2 | 6,000 | - | (7,882) | (1,882)
Director 1 | 200,569 | 24,812 | - | 225,381

2024 | At 1 April 2023 £ | Advances to director £ | Repayments by director £ | At 31 March 2024 £
Director 1 | 338,562 | 42,408 | (11,200) | 200,569
Director 2 | 25,110 | 6,000 | (25,110) | 6,000

The company has also obtained a new loan from the directors pension fund and the amount outstanding was £384,374. The loan is agreed to be repaid over 5 years, ending in the year ended 31 March 2030, and annual interest is charged at 10.0%.

Summary of transactions with parent

23 | Parent and ultimate parent undertaking

The company's immediate parent is Import Export Services (GRP) Limited, incorporated in England and Wales.