REGISTERED NUMBER: 03776042 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

DATA DIRECT THAMES VALLEY LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

M E Chamberlain

P E Cowan

P M Winterbotham

SECRETARY:

M S O'Brien

REGISTERED OFFICE:

11 Ivanhoe Road

Hogwood Industrial Estate

Finchampstead

Wokingham

Berkshire

RG40 4QQ

REGISTERED NUMBER:

03776042 (England and Wales)

AUDITORS:

TGFP

Chartered Accountants & Statutory Auditors

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

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

REVIEW OF BUSINESS

Data Direct Thames Valley Limited has developed a strategic plan which is reviewed every year. This is being delivered in all areas of the business to:

- Maintain and strengthen our position in the marketplace

- Develop and support our customers to ensure that we maintain high standards of professionalism

- Maintain and build upon our financial performance

PRINCIPAL RISKS AND UNCERTAINTIES

Credit Risk

The company manages credit risk through export insurance, and monitoring levels of credit given to customers.

Competitive Risk

The company operates in a competitive environment, to mitigate this risk, we ensure that the services provided are in line with our customers needs, and that strong relationships are maintained with our key customers.

Technical Risk

The company ensures that it has appropriate professional indemnity insurance.

KEY PERFORMANCE INDICATORS

Turnover increased from £20.5m in 2024 to £21.8m in 2025.

Gross profit margin has increased from 21.97% in 2024 to 23.62% in 2025.

We have continued to sustain a net current asset position within the company, and our key performance indicators of debtor days have decreased from 69 days last year to 58 days this year. Stock days have decreased to 70 days from 75 days in 2024. This is representative of the market conditions, and our move to ensure we have appropriate stock levels in place to counter any delays in shipping.

FUTURE DEVELOPMENTS

The directors continue to ensure strategies are in place to innovate and ensure efficiencies throughout the business. The directors continue to remain agile to current market conditions.

ON BEHALF OF THE BOARD:

P M Winterbotham - Director

23 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of computer consumables.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £ 300,000 .

DIRECTORS

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

M E Chamberlain

P E Cowan

P M Winterbotham

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors Report) Regulations 2013, the company has prepared a Strategic Report, which includes information that would have previously been included in the Directors' Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, TGFP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P M Winterbotham - Director

23 December 2025

Opinion

We have audited the financial statements of Data Direct Thames Valley Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We have considered how irregularities, including fraud, can be detected in this business and how they may occur.

To mitigate these risks we have carried out the following risk assessment procedures:

- Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;

- Performing analytical review procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- Testing of journal entries throughout the year and post year end which met a defined risk criteria.

In respect of non- compliance with laws and regulations we have carried out the following enquiries:

- Review of correspondence with tax authorities for any instances of non-compliance with tax laws and regulations;

- Reviewing the financial statements disclosures and agreeing to supporting documentation

- Review of legal expenditure and understanding the nature of expenditure incurred.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

BENJAMIN REYNOLDS BSc(Hons) FCA (Senior Statutory Auditor)

for and on behalf of TGFP

Chartered Accountants & Statutory Auditors

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

23 December 2025

TURNOVER

3

21,769,781

20,451,132

Cost of sales

16,627,298

15,957,508

GROSS PROFIT

5,142,483

4,493,624

Distribution costs

1,777,048

1,423,616

Administrative expenses

2,439,355

2,198,001

4,216,403

3,621,617

926,080

872,007

Other operating income

4

67,666

99,198

OPERATING PROFIT

6

993,746

971,205

Interest receivable and similar income

59,604

-

1,053,350

971,205

Amounts written off investments

8

1,700,000

-

(646,650

)

971,205

Interest payable and similar expenses

9

156,844

175,288

(LOSS)/PROFIT BEFORE TAXATION

(803,494

)

795,917

Tax on (loss)/profit

10

241,998

213,401

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(1,045,492

)

582,516

OTHER COMPREHENSIVE INCOME

Property revaluations

781,848

-

Deferred tax on revaluations

(242,122

)

-

Accumulated depreciation on revaluations

239,087

-

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

778,813

-

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR

(266,679

)

582,516

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

2,817,286

1,825,459

Investments

14

-

1,700,000

2,817,286

3,525,459

CURRENT ASSETS

Stocks

15

3,186,337

3,258,187

Debtors

16

10,917,628

10,019,767

Cash at bank

248,852

517,733

14,352,817

13,795,687

CREDITORS

Amounts falling due within one year

17

8,585,845

8,250,378

NET CURRENT ASSETS

5,766,972

5,545,309

TOTAL ASSETS LESS CURRENT LIABILITIES

8,584,258

9,070,768

CREDITORS

Amounts falling due after more than one year

18

(1,325,285

)

(1,483,452

)

PROVISIONS FOR LIABILITIES

22

(262,356

)

(24,020

)

NET ASSETS

6,996,617

7,563,296

CAPITAL AND RESERVES

Called up and paid share capital

23

500,000

500,000

Revaluation reserve

24

586,386

-

Retained earnings

24

5,910,231

7,063,296

SHAREHOLDERS' FUNDS

6,996,617

7,563,296

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

P M Winterbotham - Director

Called up

and paid

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

500,000

6,780,780

-

7,280,780

Changes in equity

Total comprehensive income

-

582,516

-

582,516

Dividends

-

(300,000

)

-

(300,000

)

Balance at 31 March 2024

500,000

7,063,296

-

7,563,296

Changes in equity

Total comprehensive loss

-

(266,679

)

-

(266,679

)

Dividends

-

(300,000

)

-

(300,000

)

Transfer

-

(586,386

)

586,386

-

Balance at 31 March 2025

500,000

5,910,231

586,386

6,996,617

1.	STATUTORY INFORMATION

Data Direct Thames Valley Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£), which is the functional currency of the company, and rounded to the nearest £1.

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 as modified by the revaluation of certain assets.

FRS 102 allows a qualifying entity certain disclosure exemptions. The company has taken advantage of the following available exemptions:

1 - the requirement to prepare a statement of cash flows;

2 - financial instruments disclosures, including categories of financial instruments; and

3 - the disclosure of key management personnel remuneration in total.

Judgements and key sources of estimation uncertainty

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

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

A key area of uncertainty is the recoverability of all related party debtor balances. Please refer to note 15 in the financial statements.

Key accounting estimates include the assessment of impairment of the loans to a related party. This is considered by the directors on an annual basis, based on the expectations of repayment by the related party. In the current year no impairment was required.

Going concern

The financial statements have been prepared on the going concern basis. The director, having made due and careful inquiry into the budgets for the next 12 months, has made an informed judgement, at the time of approving these financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Turnover

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.

Revenue from the sale of goods is recognised when the following conditions have been satisfied:

- Significant risks and rewards of ownership have been transferred to the buyer which is generally considered to occur when the goods have been delivered to the customer's specified location;

- The amount of revenue can be measured reliably;

- It is probable that the economic benefits associated with the transactions will flow to the company;

- The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 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.

Freehold property

-

2% on cost

Long leasehold

-

in accordance with the lease

Plant and machinery

-

25% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

In respect of freehold property, no depreciation is being provided for subsequent to the date that the land and buildings were revalued.

Freehold property is initially recorded at cost and subsequently at fair value, with revaluation gains or losses recognised in other comprehensive income and then transferred to a revaluation reserve.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less cost to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At the balance sheet date, stocks are assessed for impairment. If stock is 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.

Financial instruments

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement. Equity instruments are those that entitle the holder to a residual interest in the company's assets after deducting all of its liabilities.

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Pension costs and other post-retirement benefits

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

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade debtors are recognised initially at 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price and subsequently at amortised cost using the effective interest method.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

17,236,385

16,005,653

Overseas

4,533,396

4,445,479

21,769,781

20,451,132

4.	OTHER OPERATING INCOME

2025

2024

£

£

Management fees

67,666

99,198

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,481,125

2,194,747

Social security costs

251,186

224,670

Other pension costs

107,845

96,801

2,840,156

2,516,218

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

2025

2024

Distribution staff

11

12

Administrative staff

10

10

Sales staff

25

23

46

45

2025

2024

£

£

Directors' remuneration

219,793

217,600

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

110,000

135,000

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Other operating leases

147,850

189,652

Depreciation - owned assets

48,198

76,976

Goodwill amortisation

-

2,250

7.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

14,070

21,000

8.

AMOUNTS WRITTEN OFF INVESTMENTS

2025

2024

£

£

Impairment loss on investments

1,700,000

-

Full details are disclosed in note 13 to the financial statements.

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

143,493

172,304

Hire purchase

1,895

220

Other interest paid

11,456

2,764

156,844

175,288

10.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

243,016

225,404

Tax under/(over) provision

2,768

-

Total current tax

245,784

225,404

Deferred tax

(3,786

)

(12,003

)

Tax on (loss)/profit

241,998

213,401

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

(Loss)/profit before tax

(803,494

)

795,917

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

(200,874

)

198,979

Effects of:

Expenses not deductible for tax purposes

11,713

8,300

Depreciation in excess of capital allowances

7,177

18,125

Adjustments to tax charge in respect of previous periods

2,768

-

Impairment loss on investments

425,000

-

Deferred tax movement

(3,786

)

(12,003

)

Total tax charge

241,998

213,401

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

£

£

Property revaluations

781,848

-

781,848

Deferred tax on revaluations

(242,122

)

-

(242,122

)

Accumulated depreciation on revaluations

239,087

-

239,087

778,813

-

778,813

11.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Final

300,000

300,000