Company registration number 00627706 (England and Wales)
TAMAR TRADING CO.LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
TAMAR TRADING CO.LIMITED
COMPANY INFORMATION
Directors
Mr J Addicott
Ms L Squire
Mr J Stacey
Mr R Stacey
Mr A Haley
Secretary
Mr J Addicott
Company number
00627706
Registered office
Units 13/14
Cooksland Industrial Estate
Bodmin
Cornwall
PL31 2PZ
Auditor
Simpkins Edwards Audit LLP
The Summit
Woodwater Park
Pynes Hill
Exeter
EX2 5WS
TAMAR TRADING CO.LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
TAMAR TRADING CO.LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present the strategic report for the year ended 30 April 2025.

Review of the Business

The strategic report and the directors' report should be considered alongside each other for a full review of activities undertaken.

Details of the company's principal activities are shown within the directors' report.

Owing to the continued slowing in construction activity, relatively high interest rates, increased costs generally and uncertainty going forward, the market in which the company operates has remained challenging. Faced with these challenges, the directors are satisfied with the company’s turnover and profit for the year and the financial position of the company at the year end.

We continue to transition to electric-power forklift trucks to mitigate energy and environmental risks. This is alongside the previous investment made in solar PV installations.

Principal risks and uncertainties

These items are discussed within the directors report of these financial statements.

Development and performance

The overall strategy continues to be to grow the company, both in reputational and financial terms, as a significant regional independent builders’ merchant.

With this aim in mind, we are pleased to confirm that a fifth trading depot will be opened towards the end of 2025. The location of this depot works well with existing depots as it opens up a new area of Devon for trading, whilst being close enough to allow synergies with existing branches.

The opportunity this fifth depot provides will allow us to continue to grow the company and increase its geographical reach.

Alongside working towards opening the new depot, the key focus areas across the whole company continue to be providing exemplary customer service, managing overheads effectively and the further development of our loyal and valued workforce.

Results, Performance and Key Performance Indicators (KPIs)

The company’s balance sheet position shows net current assets of £2,5 43,253 (2024: £2,489,282) and net assets of £3,278,055 (2024: £3,266,501).

202 5 202 4

£000s £000s

Turnover 14,981 14,515

Gross Profit 4,117 4,359

Gross Profit Margin 27.5% 30.0%

Profit before Tax 291 578

On behalf of the board

Mr R Stacey
Director
12 January 2026
TAMAR TRADING CO.LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Principal activities

The principal activity of the company is the procurement and supply of building materials, timber, plumbing and home improvement products to the construction trades and to the general public.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £200,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J Addicott
Ms L Squire
Mr J Stacey
Mr R Stacey
Mr A Haley
Financial instruments
Principal risks and uncertainties

The principal risks and uncertainties faced by the c ompany include the prevailing economic conditions, strong competition for business locally, fluctuations in prices from suppliers, the ongoing availability of materials to purchase for stock and customer credit risk. The policies for mitigating these risks are set out below.

Economic Risk

The economic risk is based on the eventuality of a downturn in the wider economy and the potential for a slowing of demand. Through developing and maintaining a broad and diverse customer base, the company seeks to mitigate this risk.

The board continues to evaluate and address the threat of new risks as they emerge, such as increasing energy prices and fluctuating inflationary pressures. The business has been transitioning to electric-powered forklift trucks which, alongside the investment in solar PV, delivers direct savings in operating costs.

Online trading is recognised by the board as being an area for future development.

Price Risk and availability of materials

The c ompany is a partner in the National Buying Group (NBG), which puts considerable resource and effort into ensuring its members have access to optimum purchase prices. The c ompany continuously monitors all significant material and commodity costs within its supply chain and adjusts pricing accordingly.

TAMAR TRADING CO.LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -

Credit Risk

The c ompany’s principal financial assets are cash and trade debtors. The credit risk associated with cash transactions is limited. The principal credit risk arises from the c ompany’s trade debtors.

All new credit account customers are subject to credit verification procedures and approval through the use of a third-party credit reference agency. Significant resources are deployed to monitor and manage the c ompany’s debtor ledger and to minimise the occurrence of bad debts.

Liquidity Risk

The c ompany closely monitors liquidity and its cash requirements to ensure sufficient funds remain available to meet working capital requirements.

Going Concern

The business remains financially strong. The board is confident that the financial needs of the company can be met and there exists the ability to obtain further finance should it be required.

Auditor

Simpkins Edwards Audit LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr R Stacey
Director
12 January 2026
TAMAR TRADING CO.LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

TAMAR TRADING CO.LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TAMAR TRADING CO.LIMITED
- 5 -
Opinion

We have audited the financial statements of Tamar Trading Co.Limited (the 'company') for the year ended 30 April 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 30 April 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

TAMAR TRADING CO.LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TAMAR TRADING CO.LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are detailed below:

- the nature of the sector, control environment and the Company's performance;

- results of our enquiries of management and the Directors, about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company's documentation of their 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 of fraud or non-compliance with laws and regulations; and

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

TAMAR TRADING CO.LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TAMAR TRADING CO.LIMITED (CONTINUED)
- 7 -

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We identified and obtained an understanding of the laws and regulations that are of significance to the Company by discussions with directors and by updating our understanding of the sector in which the Company operated in. Laws and regulations that are of direct significance to the Company, and of which non-compliance could result in material misstatement, are considered to be the UK Companies Act, FRS 102 and UK tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, employment legislation, sale of goods acts and consumer rights laws.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;

- enquiring of Directors and management concerning actual and potential litigation and claims;

- performing procedures to confirm material compliance with the requirements of the above regulations;

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

- reading minutes of Director's meetings; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

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.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. 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.

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

TAMAR TRADING CO.LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TAMAR TRADING CO.LIMITED (CONTINUED)
- 8 -

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

James Welton BA (Hons) FCA CTA (Senior Statutory Auditor)
For and on behalf of Simpkins Edwards Audit LLP, Statutory Auditor
Chartered Accountants
The Summit
Woodwater Park
Pynes Hill
Exeter
EX2 5WS
16 January 2026
TAMAR TRADING CO.LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
14,980,845
14,515,259
Cost of sales
(10,863,555)
(10,156,057)
Gross profit
4,117,290
4,359,202
Distribution costs
(2,350,073)
(2,297,626)
Administrative expenses
(1,463,626)
(1,468,681)
Operating profit
4
303,591
592,895
Interest receivable and similar income
6
3,123
722
Interest payable and similar expenses
7
(15,875)
(15,512)
Profit before taxation
290,839
578,105
Tax on profit
8
(79,285)
(145,824)
Profit for the financial year
211,554
432,281

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 13 to 25 form part of these financial statements.

TAMAR TRADING CO.LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
9,226
18,256
Tangible assets
11
1,082,566
1,277,485
1,091,792
1,295,741
Current assets
Stocks
12
2,345,005
2,417,559
Debtors
13
2,126,084
1,968,388
Cash at bank and in hand
1,175,963
759,145
5,647,052
5,145,092
Creditors: amounts falling due within one year
14
(3,103,799)
(2,646,810)
Net current assets
2,543,253
2,498,282
Total assets less current liabilities
3,635,045
3,794,023
Creditors: amounts falling due after more than one year
15
(113,671)
(241,237)
Provisions for liabilities
Deferred tax liability
17
243,319
286,285
(243,319)
(286,285)
Net assets
3,278,055
3,266,501
Capital and reserves
Called up share capital
19
1,000
1,000
Profit and loss reserves
3,277,055
3,265,501
Total equity
3,278,055
3,266,501

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 12 January 2026 and are signed on its behalf by:
Ms L Squire
Mr R Stacey
Director
Director
Company registration number 00627706 (England and Wales)
TAMAR TRADING CO.LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2023
1,000
3,033,220
3,034,220
Year ended 30 April 2024:
Profit and total comprehensive income
-
432,281
432,281
Dividends
9
-
(200,000)
(200,000)
Balance at 30 April 2024
1,000
3,265,501
3,266,501
Year ended 30 April 2025:
Profit and total comprehensive income
-
211,554
211,554
Dividends
9
-
(200,000)
(200,000)
Balance at 30 April 2025
1,000
3,277,055
3,278,055
TAMAR TRADING CO.LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,073,628
909,642
Interest paid
(15,875)
(15,512)
Income taxes paid
(250,925)
(99,610)
Net cash inflow from operating activities
806,828
794,520
Investing activities
Purchase of intangible assets
-
0
(26,580)
Purchase of tangible fixed assets
(45,449)
(296,763)
Proceeds from disposal of tangible fixed assets
6,000
34,583
Interest received
3,123
722
Net cash used in investing activities
(36,326)
(288,038)
Financing activities
Payment of finance leases obligations
(153,684)
(160,323)
Dividends paid
(200,000)
(200,000)
Net cash used in financing activities
(353,684)
(360,323)
Net increase in cash and cash equivalents
416,818
146,159
Cash and cash equivalents at beginning of year
759,145
612,986
Cash and cash equivalents at end of year
1,175,963
759,145
TAMAR TRADING CO.LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 13 -
1
Accounting policies
Company information

Tamar Trading Co.Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 13/14, Cooksland Industrial Estate, Bodmin, Cornwall, PL31 2PZ.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
3 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Land is not depreciated.

TAMAR TRADING CO.LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised on other assets so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
2% straight line
Plant and equipment
20% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Purchased stock cost is based on its average cost.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TAMAR TRADING CO.LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TAMAR TRADING CO.LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TAMAR TRADING CO.LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 17 -
1.13
Leases
As lessee

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.

2
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 estimation uncertainty is the calculation of supplier rebates due but not paid to the company at the year end, The outstanding amount forms part of the trade debtors balance within debtors. The estimate recognised is based on post year end receipts from suppliers for rebates due during the accounting period.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sales
14,978,784
14,512,554
Other income
2,061
2,705
14,980,845
14,515,259
2025
2024
£
£
Other revenue
Interest income
3,123
722

All turnover is derived within the UK.

TAMAR TRADING CO.LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 18 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
19,500
13,100
Depreciation of tangible fixed assets
236,837
234,371
Profit on disposal of tangible fixed assets
(2,469)
(14,213)
Amortisation of intangible assets
9,030
15,288
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
76
76

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,945,463
1,923,538
Social security costs
184,752
176,260
Pension costs
44,861
41,946
2,175,076
2,141,744
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
3,123
-
0
Other interest income
-
0
722
Total income
3,123
722
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,123
-
0
TAMAR TRADING CO.LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 19 -
7
Interest payable and similar expenses
2025
2024
£
£
Other finance costs
Interest on finance leases and hire purchase contracts
15,875
15,512
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
122,251
130,926
Deferred tax
Origination and reversal of timing differences
(42,966)
14,898
Total tax charge
79,285
145,824

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
290,839
578,105
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
72,710
144,526
Tax effect of expenses that are not deductible in determining taxable profit
1,636
220
Tax effect of income not taxable in determining taxable profit
(244)
(1,707)
Permanent capital allowances in excess of depreciation
48,149
(12,113)
Deferred tax movement
(42,966)
14,898
Taxation charge for the year
79,285
145,824
9
Dividends
2025
2024
£
£
Dividends paid
200,000
200,000
TAMAR TRADING CO.LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 20 -
10
Intangible fixed assets
Software
£
Cost
At 1 May 2024 and 30 April 2025
57,083
Amortisation and impairment
At 1 May 2024
38,827
Amortisation charged for the year
9,030
At 30 April 2025
47,857
Carrying amount
At 30 April 2025
9,226
At 30 April 2024
18,256
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2024
123,591
904,348
1,327,860
2,355,799
Additions
-
0
45,449
-
0
45,449
Disposals
-
0
(18,215)
-
0
(18,215)
At 30 April 2025
123,591
931,582
1,327,860
2,383,033
Depreciation and impairment
At 1 May 2024
3,208
470,636
604,470
1,078,314
Depreciation charged in the year
2,472
89,687
144,678
236,837
Eliminated in respect of disposals
-
0
(14,684)
-
0
(14,684)
At 30 April 2025
5,680
545,639
749,148
1,300,467
Carrying amount
At 30 April 2025
117,911
385,943
578,712
1,082,566
At 30 April 2024
120,383
433,712
723,390
1,277,485

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
12,756
15,945
Motor vehicles
391,710
517,049
404,466
532,994
TAMAR TRADING CO.LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 21 -
12
Stocks
2025
2024
£
£
Finished goods and goods for resale
2,345,005
2,417,559
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,020,435
1,893,237
Other debtors
3,123
55
Prepayments and accrued income
102,526
75,096
2,126,084
1,968,388
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
16
127,398
153,516
Trade creditors
1,602,084
1,526,459
Corporation tax
2,252
130,926
Other taxation and social security
135,991
83,104
Other creditors
1,199,497
634,269
Accruals and deferred income
36,577
118,536
3,103,799
2,646,810

Other creditors include amounts owed to connected companies. Further information is shown in the related parties note. Amounts owed total £1,1 73,691 (2024: £631,202).

The company's bank overdraft facility is secured by unlimited cross guarantees from J.E.Stacey & Co. Limited and J.E.Stacey & Co. (Holdings) Limited, which are related companies under common control. Reciprocal guarantees have been given by this company. At 30 April 202 5, there was combined net indebtedness of £nil (202 4: £Nil) to the bank.

15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
16
113,671
241,237
TAMAR TRADING CO.LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 22 -
16
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
127,398
153,516
After more than one year
113,671
241,237
241,069
394,753
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
127,398
153,516
In two to five years
113,671
241,237
241,069
394,753

Finance lease payments represent rentals payable by the company for certain items of plant and machinery and motor vehicles. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. All leases are secured against the assets to which they relate.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
243,319
286,285
2025
Movements in the year:
£
Liability at 1 May 2024
286,285
Credit to profit or loss
(42,966)
Liability at 30 April 2025
243,319
TAMAR TRADING CO.LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 23 -
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
44,861
41,946

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The pension cost charge represents contributions payable by the company to the fund. Contributions totalling £18,303 (2024: £8,668) were payable to the fund at the reporting date and are included in creditors.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
10,000
10,000
1,000
1,000
20
Directors' transactions

Dividends totalling £162,080 (2024 - £162,080) were paid in the year in respect of shares held by the company's directors.

TAMAR TRADING CO.LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 24 -
21
Related party transactions
Transactions with related parties

At the year end, four of the Directors were also Directors of J.E.Stacey & Co. Limited and Tamar Land & Property Company Limited, which are related companies under common control. Three of the Directors are also Directors of J.E.Stacey & Co. (Holdings) Limited and Tamar Land & Property (Holdings) Company Limited, which are related companies under common control.

J.E.Stacey & Co. (Holdings) Limited owns property which is rented to Tamar Trading Co.Limited. Rents totalling £276,316 (2024: £200,130) were paid in the year.

During the year, Tamar Trading Co.Limited supplied building materials and other goods totalling £485,708 (2024: £451,150) to J.E.Stacey & Co. Limited.

J.E.Stacey & Co. Limited carried out building works for Tamar Trading Co.Limited of £71,925 (2024: £220,057).

J.E.Stacey & Co. Limited raised a management charge to Tamar Trading Co.Limited of £309,149 (2024: £403,586).

At the year end, Tamar Trading Co.Limited owed £352,338 (2024: £97,609) to J.E.Stacey & Co. (Holdings) Limited.

At the year end, the company owed £388,528 (2024: £461,475) to J.E.Stacey & Co. Limited, as shown in other creditors.

At the year end, the company owed £432,825 (2024: £72,118) to Tamar Land & Property Company Limited, as shown in other creditors.

The related companies balances are unsecured and repayable on demand.

22
Ultimate controlling party

The ultimate controlling party of the company is the Stacey family, by virtue of their collective shareholdings.

TAMAR TRADING CO.LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 25 -
23
Cash generated from operations
2025
2024
£
£
Profit after taxation
211,554
432,281
Adjustments for:
Taxation charged
79,285
145,824
Finance costs
15,875
15,512
Investment income
(3,123)
(722)
Gain on disposal of tangible fixed assets
(2,469)
(14,213)
Amortisation and impairment of intangible assets
9,030
15,288
Depreciation and impairment of tangible fixed assets
236,837
234,371
Movements in working capital:
Decrease/(increase) in stocks
72,554
(113,187)
(Increase)/decrease in debtors
(157,696)
109,696
Increase in creditors
611,781
84,792
Cash generated from operations
1,073,628
909,642
24
Analysis of changes in net funds
1 May 2024
Cash flows
30 April 2025
£
£
£
Cash at bank and in hand
759,145
416,818
1,175,963
Lease liabilities
(394,753)
153,684
(241,069)
364,392
570,502
934,894
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