REGISTERED NUMBER: 04577156 (England and Wales)

Holland Bazaar Limited

Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Income Statement

13

Other Comprehensive Income

14

Statement of Financial Position

15

Statement of Changes in Equity

17

Notes to the Financial Statements

18

DIRECTORS:

Mr A Matur

Mr M S Ucar

SECRETARY:

Mrs M Matur

REGISTERED OFFICE:

239-241 Kennington Lane

London

SE11 5QU

REGISTERED NUMBER:

04577156 (England and Wales)

AUDITORS:

Alton & Co

Chartered Accountants

& Statutory Auditors

239-241 Kennington Lane

London

SE11 5QU

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

Holland Bazaar Ltd is a wholesaler of fruits, vegetables, groceries and an investment company. The company's performance in the period under review has been consistent with the directors' expectations for the year. The company has shown steady growth and the directors expect that this trend will continue in the foreseeable future.

REVIEW OF BUSINESS

Turnover for the company decreased compared to last year however overall profit for the year increased slightly. The director expects the company to remain resilient in the face of competition from other players in the industry. The director is optimistic that strategies put in place to enhance performance will enable the company's performance to improve in the coming years. The main threat to the company is its competitors. The company's main strategy is to provide a complete service to customers thereby increasing their customer base and the resulting impact on the overall performance of the company. The company's aim is to focus on specific markets (and customers) to ensure that a clear strategy to win and maintain customers is implemented and sustained.

The directors recognised the importance of the staff employed and would like to thank them for all their hard work and efforts throughout the year.

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

PRINCIPAL RISKS AND UNCERTAINTIES

The company's ability to get an insurance cover is key to its ability to acquire inputs on consignment. A significant portion of its purchases are on consignment and the consignors require an insurance cover to be in place to continue supplying on consignment. The level of cover depends on the financial health of the company. This is managed by keeping a close watch on monthly results and dealing with poor performing lines on a timely basis. Competitors are also a risk to the company, however this is managed by ensuring that prices are competitive, products are of good quality and also that the company provides a complete service in a bid to maintain existing customers.

SECTION 172(1) STATEMENT

General confirmation of Directors’ duties

The directors have a clear framework for determining the matters within their remit and have approved Terms of Reference for the matters delegated to their assistants. Certain financial and strategic thresholds have been determined to identify matters requiring directors consideration and approval.

When making decisions, each director ensures that he acts in the way he considers, in good faith, what would most likely promote the company’s success for the benefit of its members as a whole, and in doing so have considered (among other matters):

S172(1) (A) “The likely consequences of any decision in the long term”

The directors understand the business and the evolving environment in which they operate, including the challenges of navigating through the Brexit transition. Based on the company's purpose to supply quality fruits, vegetables and other groceries by sourcing the best products, the strategy set by the directors is intended to strengthen the group's position to enable it play a leading role in the supply of fruits and vegetables in the UK whilst maintaining quality and promoting social responsibility.

The rising standard of living of a growing UK population is likely to continue to drive demand for fresh fruits and vegetables for years to come. At the same time, changes in customers' shopping approach (online shopping and the need to deliver products to customers) means increased competition as a direct result of increasing customer choice. The long-term success of the business is dependent on its ability to adapt with those changes and distinguishing itself against the growing competition by way of maintaining quality and customer satisfaction. The directors also realise the importance of their business activities as a contributor to the health of society as they sell fresh produce.

S172(1) (B) “The interests of the company’s employees”

The directors recognise that the company's employees are fundamental and core to the business and necessary for the delivery of the directors' strategic ambitions. The success of the business depends on attracting, retaining and motivating employees. From ensuring that the business remains a responsible employer in all aspects, from pay and benefits to health and safety in the workplace environment, the directors factor the implications of decisions on employees and the wider workforce, where relevant and feasible. More information on this can be found within the company's policy for employees.

S172(1) (C) “The need to foster the company’s business relationships with suppliers, customers and others”

Delivering the directors' strategy requires strong mutually beneficial relationships with suppliers, customers, local authorities and governments. The company seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter into or remain in such relationships and this, alongside other standards, are described in the various policy statements of the company in the Strategic Report. The group's Business Principles are reviewed by the directors periodically. The directors also review and approve the group's approach to suppliers which is set out in the group's Supplier Policy. The business continuously assesses the priorities related to customers and those with whom they do business; the companies in the group engages with these customers based on the outcome of those assessments.

S172(1) (D) “The impact of the company’s operations on the community and the environment”

This aspect is inherent in the directors' strategic ambitions, most notably on their ambitions to thrive in the food wholesale and retail sector. As such, the directors constantly monitor their effect on the community and environment; an important goal for the directors is to be a benefit to both local community and the greater environment.

S172(1) (E) “The desirability of the company maintaining a reputation for high standards of business conduct”

The group aims to meet the world’s growing need for more healthy food in ways which are economically, environmentally and socially responsible. The directors periodically review and approves clear frameworks to ensure that high standards are maintained both within and outside the businesses and the business relationships they maintain. This, complemented by the ways the directors are informed and monitor compliance with relevant governance standards help ensure decisions made mean that companies in the group act in ways that perpetually promote high standards of business conduct.

S172(1) (F) “The need to act fairly as between members of the company”

After weighing up all relevant factors, the directors consider which course of action best enables delivery of their strategies through the long-term by taking into consideration the impact on stakeholders. In doing so, the directors attempt to balance the company's interests and other stakeholders' interests and this can sometimes mean that certain stakeholder interests may not be fully aligned. However, the directors attempt to be as fair as possible to all in this regard.

Culture

The directors recognise that they have an important role when assessing and ensuring that the desired culture is embedded in all the values, attitudes and behaviours they demonstrate, including in all the business activities and stakeholder relationships. The directors have established honesty, integrity and respect for people as the group's core values. The General Business Principles, Code of Conduct, and Code of Ethics help everyone act in line with these values and comply with relevant laws and regulations. The group's Commitment and Policy on Health, Safety, Security, Environment & Social Performance applies across all the companies and is designed to help protect people and the environment. The directors strive to maintain a diverse and inclusive culture.

Stakeholder engagement (including employee engagement)

The directors also recognise the important role the companies in the group have to play in society and are deeply committed to public collaboration and stakeholder engagement; this commitment is at the heart of the group's strategic ambitions. The directors believe that they will only succeed by working with customers, governments and business partners. Working together is critical, particularly at a time when society, including businesses, governments and consumers, face complex and challenging issues.

The companies continue to build on their long track record of working with others, such as customers and suppliers; the directors believe that working together, sharing knowledge and experience with others offers greater insights into their own business.

KEY PERFORMANCE INDICATORS

The main performance indicators are the turnover and the profit margins. Generally, products are sold at an agreed margin thereby leading to a positive correlation between the turnover and profit. However, due to the perishable nature of the fruits and vegetables, they may, at times, be sold at a reduced price. All other costs apart from costs of sales are fairly fixed. The directors monitor all costs on a monthly basis to ensure that poor performers are picked up on time and dealt with accordingly. Also, it is ensured that overheads are kept within their limits as their effect on profit is critical.

The key performance indicators are as follows:

2025

2024

£

£

Turnover

158,635,456

166,864,270

Gross profit

21,725,497

21,985,298

Net profit before tax and exceptional items

4,385,554

4,096,652

The directors believe that other variables of performance indicators are marginal and not the best indicators of the overall performance, development and position of the company.

FUTURE DEVELOPMENTS

The directors expect the growth in sales to continue as the company explores new products and customers.

POLICY ON EMPLOYEES

The company is committed to achieving a working environment which provides equality of opportunity and freedom from unlawful discrimination on the basis of gender, sexual orientation, marital or civil partner status, gender reassignment, race, religion or belief, colour, nationality, ethnic or national origin, disability or age, pregnancy or maternity, trade union membership or the fact that they are part-time workers. The company's Equality and Diversity policy aims to remove unfair and discriminatory practices within the company and to encourage full contribution from its diverse community. The company is committed to actively opposing all forms of discrimination. The company also aims to provide a service that does not discriminate against its clients in the means by which they can access the services supplied by the company. The company believes that the director, employees and customers are entitled to be treated with respect and dignity. The company's employment policy is to provide equal opportunity to all current and prospective employees without any discrimination. They endeavour to provide a work environment in which all individuals are treated with respect and dignity.

SOCIAL, ENVIRONMENT AND ETHICAL MATTERS

The company believes that by operating in an ethical and social aware manner they will help preserve the environment; that being an integral part of efficient and profitable business management. The directors recognise that success in these areas depends on the involvement and commitment of everyone in the organisation.

ON BEHALF OF THE BOARD:

Mr A Matur - Director

29 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 wholesale of fruits, vegetables and other groceries.

DIVIDENDS

An interim dividend of £28.75 per share was paid on 8 April 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 575,000 .

DIRECTORS

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

Mr A Matur

Mr M S Ucar

CHARITABLE DONATIONS AND EXPENDITURE

Donations made during the financial year were non-political.

STREAMLINED ENERGY AND CARBON REPORTING

We report in line with the SECR regulations which are provided below:

2025

2024

Total Scope 1 emissions: Consumption of gas and transport fuel (tCO2e)

544,341

575,265

Total Scope 2 emissions: Consumption of electricity (tCO2e)

716,160

615,919

Total energy use (kWh equivalent of gas, transport fuel and electricity)

5,614,182

5,255,916

Carbon intensity ratio (tCO2e/£'000 revenue)

7.94

7.14

The footprint has been calculated in accordance with the government guidance on streamline reporting using factors found on the government website.

Measures taken to improve energy efficiency

In a bid to reduce the company's carbon footprint, the company actively monitors its energy consumption. It proactively ensures that all newly acquired assets are energy efficient and has replaced lights and equipments with LED and more efficient models. Management have also made employees aware of their strategy to maximise energy efficiency in the company to ensure they are all working towards the same unified goal.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr A Matur - Director

29 December 2025

Opinion

We have audited the financial statements of Holland Bazaar Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its 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 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 eight, 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 obtained an understanding of the legal and regulatory framework that are applicable to the company and determined that the most significant are the food standards regulation, money laundering and anti bribery regulations. We understand how the company is complying with those regulations by making enquiries of management and key personel; we also reviewed correspondence files. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements using our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards) and from inspection of the company's regulatory and legal correspondence. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated those identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures, we did not become aware of actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Altan Kemal FCA FCCA (Senior Statutory Auditor)

for and on behalf of Alton & Co

Chartered Accountants

& Statutory Auditors

239-241 Kennington Lane

London

SE11 5QU

30 December 2025

REVENUE

158,635,456

166,864,270

Cost of sales

136,909,959

144,878,972

GROSS PROFIT

21,725,497

21,985,298

Administrative expenses

17,378,438

17,940,446

4,347,059

4,044,852

Other operating income

153,154

89,104

Gain/loss on revaluation of investments

38,704

113,424

OPERATING PROFIT

5

4,538,917

4,247,380

Interest receivable and similar income

172

4,298

4,539,089

4,251,678

Interest payable and similar expenses

6

114,831

41,602

PROFIT BEFORE TAXATION

4,424,258

4,210,076

Tax on profit

7

1,860,178

1,837,062

PROFIT FOR THE FINANCIAL YEAR

2,564,080

2,373,014

PROFIT FOR THE YEAR

2,564,080

2,373,014

OTHER COMPREHENSIVE

Listed investments gain on valuation

(38,704

)

(113,424

)

Fair value reserve transfer

29,028

85,068

Deferred tax

9,676

28,356

Income tax relating to components of other comprehensive

-

-

OTHER COMPREHENSIVE FOR THE YEAR, NET OF INCOME TAX

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,564,080

2,373,014

FIXED ASSETS

Intangible assets

9

1,734,608

1,982,410

Property, plant and equipment

10

2,802,096

3,005,411

Investments

11

1,330,514

1,291,810

5,867,218

6,279,631

CURRENT ASSETS

Inventories

12

9,461,120

11,854,453

Debtors

13

18,720,454

16,452,323

Cash at bank and in hand

12,765,298

9,453,718

40,946,872

37,760,494

CREDITORS

Amounts falling due within one year

14

22,412,224

22,496,688

NET CURRENT ASSETS

18,534,648

15,263,806

TOTAL ASSETS LESS CURRENT LIABILITIES

24,401,866

21,543,437

CREDITORS

Amounts falling due after more than one year

15

(294,157

)

(65,405

)

PROVISIONS FOR LIABILITIES

18

(1,858,499

)

(1,217,902

)

NET ASSETS

22,249,210

20,260,130

CAPITAL AND RESERVES

Called up share capital

19

20,000

20,000

Fair value reserve

20

143,474

29,378

Retained earnings

20

22,085,736

20,210,752

SHAREHOLDERS' FUNDS

22,249,210

20,260,130

The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2025 and were signed on its behalf by:

Mr A Matur - Director

Mr M S Ucar - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

20,000

18,112,738

29,378

18,162,116

Changes in equity

Dividends

-

(275,000

)

-

(275,000

)

Total comprehensive income

-

2,373,014

-

2,373,014

Balance at 31 March 2024

20,000

20,210,752

29,378

20,260,130

Changes in equity

Dividends

-

(575,000

)

-

(575,000

)

Total comprehensive income

-

2,449,984

114,096

2,564,080

Balance at 31 March 2025

20,000

22,085,736

143,474

22,249,210

1.	STATUTORY INFORMATION

Holland Bazaar 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 (£).

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. In determining the carrying amounts of certain assets and liabilities, the Company makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The Company’s estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. Further information about key assumptions concerning the future, and other key sources of estimation uncertainty, are set out in the notes.

Fair value measurements are estimates of the amounts for which assets or liabilities could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking highest and best use into account. Where available, fair value measurements are derived from prices quoted in active markets for identical assets or liabilities. In the absence of such information, other observable inputs are used to estimate fair value. Inputs derived from external sources are corroborated or otherwise verified, as appropriate. In the absence of publicly available information, fair value is determined using estimation techniques that take into account market perspectives relevant to the asset or liability, in as far as they can reasonably be ascertained, based on predominantly unobservable inputs.

The items in the financial statements where significant judgements have been made include the following:-

Listed investments: Their valuations are based on their stock market values at the balance sheet date.

Turnover

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

Turnover is recognised when the goods are physically delivered to or collected by the customer. Turnover is derived from ordinary activities of the company.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten 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.

Short leasehold

-

straight line over the life of the lease

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost.

Stocks

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

Cost of stocks is valued using the first in first out stock valuation method. Net realisable value is the estimated selling price less cost to sell.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

Hire purchase and leasing commitments

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 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.

Consignment stock

Goods acquired on consignment are not recognised as the company's purchases until the title of the goods changes to the company when the goods are sold.

Listed investment

Listed investments are recorded at the market values at the year end. Any aggregate surplus or deficits arising from changes in market value is recognised in the profit and loss accounts

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

8,496,125

8,554,112

Social security costs

781,560

754,926

Other pension costs

105,148

102,860

9,382,833

9,411,898

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

2025

2024

Director

2

2

Accounts and administration

24

24

Operations

278

301

304

327

4.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

273,021

271,901

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

174,014

176,504

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Hire of plant and machinery

209,347

197,584

Other operating leases

2,170,803

2,253,330

Depreciation - owned assets

911,943

977,444

Loss on disposal of fixed assets

14,239

12,903

Goodwill amortisation

247,802

247,801

Auditors' remuneration

38,000

38,000

Auditors' remuneration for non audit work

95,075

-

Taxation compliance services

-

74,153

Other non- audit services

-

23,600

Foreign exchange differences

1,279

1,709

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Interest and penalties

76,178

26,753

Hire purchase

38,653

14,849

114,831

41,602

7.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

1,219,581

1,151,026

Deferred tax

640,597

686,036

Tax on profit

1,860,178

1,837,062

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

£

£

Profit before tax

4,424,258

4,210,076

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

1,106,065

1,052,519

Effects of:

Expenses not deductible for tax purposes

17,058

18,412

Depreciation in excess of capital allowances

728,820

738,370

Group relief

(1,441

)

(595

)

Fair value adjustment

9,676

28,356

Total tax charge

1,860,178

1,837,062