REGISTERED NUMBER: 08031626 (England and Wales)

JLI TRADING LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTOR:

J Lear

REGISTERED OFFICE:

Unit 11-13 Thomas Court

London Road Industrial Estate

Pembroke Dock

Pembrokeshire

SA72 4RZ

REGISTERED NUMBER:

08031626 (England and Wales)

AUDITORS:

Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

The director presents his strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

JLI Trading Limited operates as an e-commerce and technology-driven recommerce business, specialising in online retail, wholesale liquidation, and proprietary software solutions for inventory optimisation. The company continues to expand its presence in the UK and internationally through platforms such as Jobalots, BargainFox and Bodysocks. Growth has been supported by strong cash reserves and investment in technology.

The Director is pleased to report strong performance for the year.

2025

2024

Turnover

£20,940,261

£16,510,722

Turnover Growth

26.8%

59.5%

Gross Profit

£6,226,534

£4,584,212

Gross Profit Margin

29%

27.8%

Profit Before Taxation

£1,394,461

£1,614,643

PRINCIPAL RISKS AND UNCERTAINTIES

The Director regularly reviews the principal risks facing the Group, including those that would impact its business model, future performance and solvency. The Director will continually monitor the principal and other risks, closely monitoring business performance. The Group faces several risks and uncertainties that could impact its performance:

Market and Economic Conditions

-

Volatility in consumer demand due to economic downturns, inflationary pressures, or changes in discretionary spending.

-

Currency fluctuations affecting international operations and procurement costs.

Supply Chain Disruption

-

Dependence on timely delivery from suppliers and logistics partners.

-

Risks from global events (e.g., geopolitical tensions, pandemics) impacting stock availability and shipping costs.

Technology and Cybersecurity

-

Reliance on proprietary software and online platforms exposes the business to risks of system failures, data breaches, and cyberattacks.

-

Continuous need for investment in IT infrastructure and compliance with data protection regulations.

Regulatory and Compliance Risks

-

Changes in consumer protection laws, e-commerce regulations, and tax legislation could increase compliance costs.

Competition and Pricing Pressure

-

Highly competitive e-commerce market with low barriers to entry.

-

Pressure to maintain competitive pricing while safeguarding margins.

Liquidity and Credit Risk

-

Although the company maintains strong cash reserves, reliance on external financing (e.g., bank facilities) introduces exposure to interest rate changes and lender requirements.

Environmental and Sustainability Risks

-

Increasing consumer and regulatory focus on sustainability may require changes in packaging, sourcing, and operations.

KEY PERFORMANCE INDICATORS

The director considers that key performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross profit, operating profit and profit/loss before taxation as set out in the financial statements income statement. These give a measure of work undertaken and measure of profit generated from core operations before the impact of taxation respectively.

The director chooses not to include the outcomes of other KPIs in the financial statements due to the commercial sensitivity of such KPIs.

FUTURE OUTLOOK

The group plans to strengthen its technology capabilities, continue to expand and diversify supply chains, and explore new markets to mitigate risks.

The director aims to achieve sustainable growth by increasing turnover, maintaining healthy margins, and continuing investment in technology and operational efficiency.

ON BEHALF OF THE BOARD:

J Lear - Director

30 December 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2025.

DIVIDENDS

No interim dividend was paid during the year. The director recommends a final dividend of £35,000 per share.

The total distribution of dividends for the year ended 31 March 2025 will be £ 35,000 .

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

J Lear held office during the whole of the period from 1 April 2024 to the date of this report.

FINANCIAL RISK MANAGEMENT

The group's operations expose it to a variety of financial risks primarily interest rate and liquidity risks. The group manages a range of short term variable interest rate finance to ensure the group has sufficient funds for its operations.

Given the size of the group, the director has not delegated the responsibility of monitoring the financial risk management to a sub-committee of senior management. The policies set by the director are implemented by the group's finance department.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with s414C(11) of the Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the director's report. It has done so in respect of future developments and financial risk management.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

J Lear - Director

30 December 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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.

Prior year not audited

The comparative information for the year ended 31 March 2024 was not audited. As part of our audit of the current year’s financial statements, we have performed audit procedures on the opening balances as at 1 April 2024 in order to obtain reasonable assurance that they did not contain material misstatements which would affect the current year’s financial statements.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2024 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

enquiring of management, including obtaining and reviewing supporting documentation, concerning the Group's policies and procedures relating to:

-

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud;

-

the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

-

discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas;

-

Assumptions used when valuing amounts recoverable on contract

-

obtaining an understanding of the legal and regulatory frameworks that the Group operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Group, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

-

enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

-

assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

-

evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Llinos Williams (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

30 December 2025

TURNOVER

20,940,261

16,510,722

Cost of sales

14,713,727

11,926,510

GROSS PROFIT

6,226,534

4,584,212

Administrative expenses

4,899,389

2,984,054

1,327,145

1,600,158

Other operating income

446

1,428

OPERATING PROFIT

4

1,327,591

1,601,586

Income from interest in associated undertakings

18,521

2,795

Interest receivable and similar income

61,412

40,862

79,933

43,657

1,407,524

1,645,243

Interest payable and similar expenses

5

13,063

30,600

PROFIT BEFORE TAXATION

1,394,461

1,614,643

Tax on profit

6

504,703

275,442

PROFIT FOR THE FINANCIAL YEAR

889,758

1,339,201

Profit attributable to:

Owners of the parent

883,359

1,336,458

Non-controlling interests

6,399

2,743

889,758

1,339,201

PROFIT FOR THE YEAR

889,758

1,339,201

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

889,758

1,339,201

Total comprehensive income attributable to:

Owners of the parent

883,359

1,336,458

Non-controlling interests

6,399

2,743

889,758

1,339,201

FIXED ASSETS

Intangible assets

9

157,956

3,000

Tangible assets

10

854,097

795,303

Investments

11

Interest in associate

325,850

307,329

1,337,903

1,105,632

CURRENT ASSETS

Stocks

12

1,898,776

835,152

Debtors

13

873,299

1,064,741

Cash at bank and in hand

1,511,377

1,695,675

4,283,452

3,595,568

CREDITORS

Amounts falling due within one year

14

2,688,515

2,654,576

NET CURRENT ASSETS

1,594,937

940,992

TOTAL ASSETS LESS CURRENT LIABILITIES

2,932,840

2,046,624

CREDITORS

Amounts falling due after more than one year

15

(34,208

)

(153,512

)

PROVISIONS FOR LIABILITIES

19

(150,762

)

-

NET ASSETS

2,747,870

1,893,112

CAPITAL AND RESERVES

Called up share capital

20

1

1

Other reserves

21

(13

)

(13

)

Retained earnings

21

2,738,344

1,889,985

SHAREHOLDERS' FUNDS

2,738,332

1,889,973

NON-CONTROLLING INTERESTS

22

9,538

3,139

TOTAL EQUITY

2,747,870

1,893,112

The financial statements were approved by the director and authorised for issue on 30 December 2025 and were signed by:

J Lear - Director

FIXED ASSETS

Intangible assets

9

157,956

3,000

Tangible assets

10

589,342

601,259

Investments

11

301,000

301,942

1,048,298

906,201

CURRENT ASSETS

Stocks

12

1,898,776

835,152

Debtors

13

840,265

789,710

Cash at bank

1,135,444

1,635,753

3,874,485

3,260,615

CREDITORS

Amounts falling due within one year

14

2,968,607

2,440,440

NET CURRENT ASSETS

905,878

820,175

TOTAL ASSETS LESS CURRENT LIABILITIES

1,954,176

1,726,376

CREDITORS

Amounts falling due after more than one year

15

(34,208

)

(153,512

)

PROVISIONS FOR LIABILITIES

19

(150,762

)

-

NET ASSETS

1,769,206

1,572,864

CAPITAL AND RESERVES

Called up share capital

20

1

1

Retained earnings

21

1,769,205

1,572,863

SHAREHOLDERS' FUNDS

1,769,206

1,572,864

Company's profit for the financial year

231,342

1,062,128

The financial statements were approved by the director and authorised for issue on 30 December 2025 and were signed by:

J Lear - Director

Called up

share

Retained

Other

capital

earnings

reserves

£

£

£

Balance at 1 April 2023

1

640,927

(13

)

Changes in equity

Dividends

-

(87,400

)

-

Total comprehensive income

-

1,336,458

-

Balance at 31 March 2024

1

1,889,985

(13

)

Changes in equity

Dividends

-

(35,000

)

-

Total comprehensive income

-

883,359

-

Balance at 31 March 2025

1

2,738,344

(13

)

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 April 2023

640,915

396

641,311

Changes in equity

Dividends

(87,400

)

-

(87,400

)

Total comprehensive income

1,336,458

2,743

1,339,201

Balance at 31 March 2024

1,889,973

3,139

1,893,112

Changes in equity

Dividends

(35,000

)

-

(35,000

)

Total comprehensive income

883,359

6,399

889,758

Balance at 31 March 2025

2,738,332

9,538

2,747,870

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

1

598,135

598,136

Changes in equity

Dividends

-

(87,400

)

(87,400

)

Total comprehensive income

-

1,062,128

1,062,128

Balance at 31 March 2024

1

1,572,863

1,572,864

Changes in equity

Dividends

-

(35,000

)

(35,000

)

Total comprehensive income

-

231,342

231,342

Balance at 31 March 2025

1

1,769,205

1,769,206

Cash flows from operating activities

Cash generated from operations

1

434,402

2,348,812

Interest paid

(12,745

)

(29,749

)

Interest element of hire purchase payments paid

(318

)

(851

)

Tax paid

(88,337

)

(570,142

)

Net cash from operating activities

333,002

1,748,070

Cash flows from investing activities

Purchase of intangible fixed assets

(173,285

)

-

Purchase of tangible fixed assets

(255,580

)

(851,554

)

Sale of tangible fixed assets

7,958

-

Interest received

61,412

40,862

Dividends received

-

2,795

Net cash from investing activities

(359,495

)

(807,897

)

Cash flows from financing activities

Loan repayments in year

(130,680

)

(111,925

)

Capital repayments in year

(17,125

)

(18,285

)

Amount introduced by directors

65,000

87,400

Amount withdrawn by directors

(40,000

)

(117,700

)

Equity dividends paid

(35,000

)

(87,400

)

Net cash from financing activities

(157,805

)

(247,910

)

(Decrease)/increase in cash and cash equivalents

(184,298

)

692,263

Cash and cash equivalents at beginning of year

2

1,695,675

1,003,412

Cash and cash equivalents at end of year

2

1,511,377

1,695,675

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

2025

2024

£

£

Profit before taxation

1,394,461

1,614,643

Depreciation charges

207,157

138,005

-

(2,795

)

Finance costs

13,063

30,600

Finance income

(79,933

)

(43,657

)

1,534,748

1,736,796

Increase in stocks

(1,063,624

)

(117,675

)

Increase in trade and other debtors

(223,291

)

(64,380

)

Increase in trade and other creditors

186,569

794,071

Cash generated from operations

434,402

2,348,812

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,511,377

1,695,675

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,695,675

1,003,412

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

1,695,675

(184,298

)

1,511,377

1,695,675

(184,298

)

1,511,377

Debt

Finance leases

(22,417

)

17,125

(5,292

)

Debts falling due within 1 year

(124,341

)

16,669

(107,672

)

Debts falling due after 1 year

(148,220

)

114,012

(34,208

)

(294,978

)

147,806

(147,172

)

Total

1,400,697

(36,492

)

1,364,205