Raptor Capital Ltd - Group Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 05369999

Raptor Capital Ltd - Group

Financial Statements

31 December 2024

Raptor Capital Ltd - Group

Financial Statements

Year ended 31 December 2024

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Consolidated statement of comprehensive income	9

Consolidated statement of financial position	10

Company statement of financial position	11

Consolidated statement of changes in equity	12

Company statement of changes in equity	13

Consolidated statement of cash flows	14

Notes to the financial statements	15

Raptor Capital Ltd - Group

Strategic Report

Year ended 31 December 2024

Fair review of business The principal activity during the year continues to be that of wholesale of licenced and non-licenced goods. This is achievable through procurement of high-quality products and dealing with loyal customer base. Turnover for the Group was £12.6M in the year (2023: £13.4M). This is partly due to stronger headwinds hindering market growth. The company predominantly purchases its stock from Far East and it seeks to pass on any foreign exchange fluctuations. The overall volume is generally consistent. Gross profit for the financial year is £2.8M (2023: £2.1M) with the margin increasing from the prior year. In the current year administrative costs have increased to £2.1M (2023: £1.8M). As trading has been good the cash surplus has increased to £5.7M (2023: £5.2M). The directors are actively looking for opportunities to expand the business and the surplus is kept for potential working capital.

Management Team During the year, the management team has remained the same ensuring we are well-placed to continue the operation and development of the business. The management team is: CEO - Kisor Shah CFO - Navin Valamootoo Future development The directors anticipate few changes in the activities of the Group in the foreseeable future, and expect the Group to remain profitable.

Principal risks and uncertainties The principal risks and uncertainties facing the company are the high levels of competition, but the directors are confident that this can be overcome by the company's ability to differentiate its products and to achieve its cost management. Foreign exchange risk The company tries to manage its foreign currency fluctuation risk by hedging and entering into forward contracts. Liquidity and cash flow risk The company provide only short credit terms to regular customers, otherwise new customers pay before shipping. Working capital is largely funded by internally generated funds. Impact of supplier concentration risk The company source from multiple suppliers, and will only market those items available. Key performance indicators In the opinion of the directors there are no key performance indicators whose disclosure is necessary for an understanding of the development, performance or position of the business.

This report was approved by the board of directors on 31 December 2025 and signed on behalf of the board by:

N. Valamootoo

Director

Registered office:

99 Kenton Road

Harrow

HA3 0AN

Raptor Capital Ltd - Group

Directors' Report

Year ended 31 December 2024

The directors present their report and the financial statements of the group for the year ended 31 December 2024 .

Directors

The directors who served the company during the year were as follows:

N. Valamootoo
K Shah

Dividends

The directors do not recommend the payment of a dividend.

Disclosures in the strategic report

To enable the assessment of how the Directors have performed their duty to promote the success of the company, the Companies Act 2006 requires the Directors to set out in the Strategic report a fair review of the business during the year, the position at the end of the year, the likely future developments of the company and a description of the principal risks and uncertainties facing the company.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' 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 group and the company and the profit or loss of the group for that period.

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

- select suitable accounting policies and then apply them consistently;

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

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

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

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 31 December 2025 and signed on behalf of the board by:

N. Valamootoo

Director

Registered office:

99 Kenton Road

Harrow

HA3 0AN

Raptor Capital Ltd - Group

Independent Auditor's Report to the Members of Raptor Capital Ltd - Group

Year ended 31 December 2024

Opinion

We have audited the financial statements of Raptor Capital Ltd - Group (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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 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 group's or 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 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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 directors' report 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.

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 strategic report or the directors' report. 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 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 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' responsibilities statement, 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 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 directors either intend to liquidate the group or the parent 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 is detailed below: Based on our understanding of the company and industry we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income and payroll taxes. The Company is also subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas that are most likely to have such an effect: health and safety, anti-bribery, employment law and certain aspects of relevant applicable legislation in the countries where the company operates. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates, particularly in impairment reviews. Audit procedures performed by the audit team included: - Inspecting correspondence with regulators and tax authorities; - Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud; - Evaluating management's controls designed to prevent and detect irregularities; - Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by users outside their normal job role or with unusual descriptions, and significant transactions made outside the normal course of business; - Challenging assumptions and judgements made by management in their critical accounting estimates, including vessel impairment reviews; and - At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. Owing to the inherent limitations in our 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. 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 error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. 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 auditor’s report. 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.

Chirag Sirish Malde FCCA

(Senior Statutory Auditor)

For and on behalf of

Malde & Co

Chartered Certified Accountants & statutory auditor

99 Kenton Road

Kenton Harrow

Middlesex

HA3 0AN

31 December 2025

Raptor Capital Ltd - Group

Consolidated Statement of Comprehensive Income

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	12,649,895	13,483,262

Cost of sales	9,816,860	11,351,367
	-------------	-------------
Gross profit	2,833,035	2,131,895

Distribution costs		283,952	158,033
Administrative expenses		2,179,149	1,814,165
		------------	------------
Operating profit	5	369,934	159,697

Other interest receivable and similar income	8	227,563	187,663
Interest payable and similar expenses	9	–	1,056
		------------	------------
Profit before taxation		597,497	346,304

Tax on profit	10	164,194	73,411
		---------	---------
Profit for the financial year		433,303	272,893
		---------	---------

Reclassification from revaluation reserve to profit and loss account	–	( 10,178)
	---------	---------
Total comprehensive income for the year	433,303	262,715
	---------	---------

All the activities of the group are from continuing operations.

Raptor Capital Ltd - Group

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	11	2,783,655	2,820,368
Investments	12	16,129	16,129
		------------	------------
		2,799,784	2,836,497

Current assets

Stocks	13	1,204,214	900,791
Debtors	14	1,721,945	4,694,935
Cash at bank and in hand		5,756,294	5,283,810
		------------	-------------
		8,682,453	10,879,536

Creditors: amounts falling due within one year	15	3,053,859	5,722,533
		------------	-------------
Net current assets		5,628,594	5,157,003
		------------	------------
Total assets less current liabilities		8,428,378	7,993,500

Provisions	16	65,201	63,626
		------------	------------
Net assets		8,363,177	7,929,874
		------------	------------

Capital and reserves

Called up share capital	19	108,687	108,687
Share premium account	20	1,360,753	1,360,753
Capital redemption reserve	20	54,142	54,142
Profit and loss account	20	6,839,595	6,406,292
		------------	------------
Shareholders funds		8,363,177	7,929,874
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 31 December 2025 , and are signed on behalf of the board by:

N. Valamootoo

Director

Company registration number: 05369999

Raptor Capital Ltd - Group

Company Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	11	1,072,960	1,095,799
Investments	12	361,932	361,932
		------------	------------
		1,434,892	1,457,731

Current assets

Debtors	14	7,347,831	7,105,926
Cash at bank and in hand		5,639,222	4,920,029
		-------------	-------------
		12,987,053	12,025,955

Creditors: amounts falling due within one year	15	9,591,651	8,818,432
		-------------	-------------
Net current assets		3,395,402	3,207,523
		------------	------------
Total assets less current liabilities		4,830,294	4,665,254
		------------	------------
Net assets		4,830,294	4,665,254
		------------	------------

Capital and reserves

Called up share capital	19	108,687	108,687
Share premium account	20	1,359,583	1,359,583
Capital redemption reserve	20	29,012	29,012
Profit and loss account	20	3,333,012	3,167,972
		------------	------------
Shareholders funds		4,830,294	4,665,254
		------------	------------

The profit for the financial year of the parent company was £ 165,040 (2023: £ 88,789 ).

These financial statements were approved by the board of directors and authorised for issue on 31 December 2025 , and are signed on behalf of the board by:

N. Valamootoo

Director

Company registration number: 05369999

Raptor Capital Ltd - Group

Consolidated Statement of Changes in Equity

Year ended 31 December 2024

		Called up share capital	Share premium account	Revaluation reserve	Capital redemption reserve	Profit and loss account	Total
		£	£	£	£	£	£
At 1 January 2023		76,467	1,360,753	10,178	47,080	6,620,677	8,115,155

Profit for the year						272,893	272,893
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	–	–	( 10,178)	–	–	( 10,178)
		--------	------------	--------	--------	------------	------------
Total comprehensive income for the year		–	–	( 10,178)	–	272,893	262,715

Issue of shares		39,282	–	–	–	–	39,282
Redemption of shares		( 7,062)	–	–	7,062	( 487,278)	( 487,278)
		--------	------------	--------	--------	------------	------------
Total investments by and distributions to owners		32,220	–	–	7,062	( 487,278)	( 447,996)

At 31 December 2023		108,687	1,360,753	–	54,142	6,406,292	7,929,874

Profit for the year						433,303	433,303
		---------	------------	--------	--------	------------	------------
Total comprehensive income for the year		–	–	–	–	433,303	433,303

		---------	------------	--------	--------	------------	------------
At 31 December 2024		108,687	1,360,753	–	54,142	6,839,595	8,363,177
		---------	------------	--------	--------	------------	------------

Raptor Capital Ltd - Group

Company Statement of Changes in Equity

Year ended 31 December 2024

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total
	£	£	£	£	£
At 1 January 2023	76,467	1,359,583	21,950	3,566,461	5,024,461

Profit for the year				88,789	88,789
	--------	------------	--------	------------	------------
Total comprehensive income for the year	–	–	–	88,789	88,789

Issue of shares	39,282	–	–	–	39,282
Redemption of shares	( 7,062)	–	7,062	( 487,278)	( 487,278)
	--------	------------	--------	------------	------------
Total investments by and distributions to owners	32,220	–	7,062	( 487,278)	( 447,996)

At 31 December 2023	108,687	1,359,583	29,012	3,167,972	4,665,254

Profit for the year				165,040	165,040
	---------	------------	--------	------------	------------
Total comprehensive income for the year	–	–	–	165,040	165,040

	---------	------------	--------	------------	------------
At 31 December 2024	108,687	1,359,583	29,012	3,333,012	4,830,294
	---------	------------	--------	------------	------------

Raptor Capital Ltd - Group

Consolidated Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit for the financial year	433,303	272,893

Adjustments for:
Depreciation of tangible assets	59,109	62,669
Other interest receivable and similar income	( 227,563)	( 187,663)
Interest payable and similar expenses	–	1,056
Gains on disposal of tangible assets	( 12,278)	–
Tax on profit	164,194	73,411
Accrued (income)/expenses	( 815,402)	1,058,941

Changes in:
Stocks	( 303,423)	642,626
Trade and other debtors	1,292,279	1,211,708
Trade and other creditors	( 321,470)	( 1,887,042)
	------------	------------
Cash generated from operations	268,749	1,248,599

Interest paid	–	( 1,056)
Interest received	227,563	187,663
Tax paid	( 13,711)	( 110,375)
	---------	------------
Net cash from operating activities	482,601	1,324,831
	---------	------------

Cash flows from investing activities

Purchase of tangible assets	( 22,397)	( 23,523)
Proceeds from sale of tangible assets	12,280	–
	---------	------------
Net cash used in investing activities	( 10,117)	( 23,523)
	---------	------------

Cash flows from financing activities

Proceeds from issue of ordinary shares	–	32,220
Purchase of own shares	–	( 487,278)
	---------	------------
Net cash used in financing activities	–	( 455,058)
	---------	------------

Net increase in cash and cash equivalents	472,484	846,250
Cash and cash equivalents at beginning of year	5,283,810	4,437,560
	------------	------------
Cash and cash equivalents at end of year	5,756,294	5,283,810
	------------	------------

Raptor Capital Ltd - Group

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 99 Kenton Road, Harrow, HA3 0AN.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Raptor Capital Ltd - Group and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Investment properties are measured at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses in accordance with the revaluation model under FRS 102. Revaluations are performed regularly to ensure the carrying amount does not differ materially from fair value at the reporting date.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	Straight line basis over 50 years
Motor vehicles	-	20% straight line
Fixtures, fittings and equipment	-	25% straight line

Investment property

Investment properties are carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of Comprehensive Income. Any surplus on fair valuation is transferred to the revaluation reserve net of deferred tax.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Investments in joint ventures

Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

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

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	12,649,895	13,483,262
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Operating (loss)/profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Depreciation of tangible assets	59,109	62,669
Gains on disposal of tangible assets	( 12,278)	–
Impairment of trade debtors	5,764	(10,634)
Foreign exchange differences	( 34,321)	( 169,561)
	--------	---------

6. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Administrative staff	26	33
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	1,314,558	1,092,793
Social security costs	114,458	123,236
Other pension costs	30,786	29,513
	------------	------------
	1,459,802	1,245,542
	------------	------------

7. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	178,300	254,900
	---------	---------

Remuneration of the highest paid director in respect of qualifying services:

	2024	2023
	£	£
Aggregate remuneration	70,000	112,700
	--------	---------

8. Other interest receivable and similar income

	2024	2023
	£	£
Interest on loans and receivables	–	280
Interest on cash and cash equivalents	227,563	187,383
	---------	---------
	227,563	187,663
	---------	---------

9. Interest payable and similar expenses

	2024	2023
	£	£
Other interest payable and similar charges	–	1,056
	----	-------

10. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	108,510	30,961
Adjustments in respect of prior periods	–	( 4,722)
	---------	--------
Total current tax	108,510	26,239
	---------	--------

Deferred tax:

Origination and reversal of timing differences	55,684	47,172
	---------	--------
Tax on profit	164,194	73,411
	---------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23.50 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	597,497	346,304
	---------	---------
Profit on ordinary activities by rate of tax	149,374	81,381
Effect of capital allowances and depreciation	14,820	–
Utilisation of tax losses	–	( 7,970)
	---------	---------
Tax on profit	164,194	73,411
	---------	---------

11. Tangible assets

Group	Freehold property	Long leasehold property	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	2,517,935	270,000	96,943	128,669	3,013,547
Additions	–	–	14,547	7,850	22,397
Disposals	–	–	( 20,650)	( 9,193)	( 29,843)
	------------	---------	--------	---------	------------
At 31 December 2024	2,517,935	270,000	90,840	127,326	3,006,101
	------------	---------	--------	---------	------------
Depreciation
At 1 January 2024	46,136	–	77,145	69,897	193,178
Charge for the year	22,839	–	12,323	23,947	59,109
Disposals	–	–	( 20,648)	( 9,193)	( 29,841)
	------------	---------	--------	---------	------------
At 31 December 2024	68,975	–	68,820	84,651	222,446
	------------	---------	--------	---------	------------
Carrying amount
At 31 December 2024	2,448,960	270,000	22,020	42,675	2,783,655
	------------	---------	--------	---------	------------
At 31 December 2023	2,471,799	270,000	19,798	58,772	2,820,369
	------------	---------	--------	---------	------------

Company	Freehold property
	£
Cost
At 1 January 2024 and 31 December 2024	1,141,935
	------------
Depreciation
At 1 January 2024	46,136
Charge for the year	22,839
	------------
At 31 December 2024	68,975
	------------
Carrying amount
At 31 December 2024	1,072,960
	------------
At 31 December 2023	1,095,799
	------------

Included within the above is investment property as follows:

	Group	Company
	£	£
At 1 January 2024 and 31 December 2024	1,646,000	–
	------------	----
At 1 January 2024	1,646,000	–
	------------	----

The directors provided their valuation as at 31 December 2023, made an open market value for existing use basis.

12. Investments

Group	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	16,129
	--------
Impairment
At 1 January 2024 and 31 December 2024	–
	--------

Carrying amount
At 1 January 2024 and 31 December 2024	16,129
	--------
At 31 December 2023	16,129
	--------

Company	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	361,932
	---------
Impairment
At 1 January 2024 and 31 December 2024	–
	---------

Carrying amount
At 1 January 2024 and 31 December 2024	361,932
	---------
At 31 December 2023	361,932
	---------

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Only 4 U Limited	Ordinary	100
Raptor Capital UK Limited	Ordinary	100
Hox Global Limited	Ordinary	100
House of Xpressions Ltd	Ordinary	100
Earthmere Limited	Ordinary	100
Jesham Limited	Ordinary	100

13. Stocks

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Raw materials and consumables	1,204,214	900,791	–	–
	------------	---------	----	----

14. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	1,637,717	2,929,109	–	–
Amounts owed by group undertakings	–	–	7,347,481	6,971,782
Deferred tax asset	–	54,107	–	–
Prepayments and accrued income	83,181	1,709,785	–	133,510
Other debtors	1,047	1,934	350	634
	------------	------------	------------	------------
	1,721,945	4,694,935	7,347,831	7,105,926
	------------	------------	------------	------------

15. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade creditors	1,185,117	1,504,871	–	–
Amounts owed to group undertakings	–	–	9,436,265	8,468,406
Accruals and deferred income	1,260,485	3,065,512	114,867	127,962
Corporation tax	109,999	15,200	41,395	27,014
Social security and other taxes	293,123	306,004	–	–
Shareholder loans	157,074	185,000	157,074	185,000
Other creditors	48,061	645,946	( 157,950)	10,050
	------------	------------	------------	------------
	3,053,859	5,722,533	9,591,651	8,818,432
	------------	------------	------------	------------

16. Provisions

Group	Deferred tax (note 17)
	£
At 1 January 2024	63,626
Additions	4,050
Charge against provision	( 2,475)
	--------
At 31 December 2024	65,201
	--------

The company does not have any provisions.

17. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in debtors (note 14)	–	54,107	–	–
Included in provisions (note 16)	( 65,201)	( 63,626)	–	–
	--------	--------	----	----
	( 65,201)	( 9,519)	–	–
	--------	--------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	4,051	–	–	–
Revaluation of tangible assets	61,151	63,626	–	–
Unused tax losses	–	( 54,107)	–	–
	--------	--------	----	----
	65,202	9,519	–	–
	--------	--------	----	----

18. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 30,786 (2023: £ 29,513 ).

19. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	108,687	108,687	108,687	108,687
	---------	---------	---------	---------

20. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

21. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	5,283,810	472,484	5,756,294
	------------	---------	------------