REGISTERED NUMBER: 15209304 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

THE KESWICK ENTERPRISES NETWORK LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

Mr G M Gillo

Mr S L Ross

Mr G D Withers BSc ACMA

Mr M Wallis LLB FCILT

Mr J A Harvey CBE BA(Hons) FCILT

REGISTERED OFFICE:

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

REGISTERED NUMBER:

15209304 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Thurairatnam Sudarshan FCCA

AUDITORS:

Xeinadin Audit Limited Chartered Accountants

Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

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

REVIEW OF BUSINESS

Keswick Enterprises was established in 2004 as a privately funded business operating as a pro-active investor and manager of European based consumer focused companies. Today it is primarily a UK based business and so reflecting this, from 1st January 2024 The Keswick Enterprises Network Ltd was formed as the parent company to bring together all activities in which the common shareholders has interest. It comprises The Keswick Enterprises Group Ltd and Keswick International Holdings Ltd the reorganisation was implemented in 2024. In these accounts, the 2023 figures are to purely give comparatives to 2024.

2024 was a year of mixed fortunes in our different subsidiaries. After a promising start, a couple of innovations faltered during the year whilst broadly the established businesses in the UK and Romania met expectation.

Group turnover grew to £55.9m (2023: £47.2m), gross margins dropped slightly to 17% (2023: 21%). Operating loss before exceptionals was at £2.0m (2023: £800k).

The Keswick Enterprises Group Ltd represents the UK activities.

Keswick International Holdings Ltd is a non-trading UK holding company for the activities in Romania and adjacent Balkan countries.

The shareholders of The Keswick Enterprises Network Ltd are also directors of the company and as appropriate it's subsidiaries. All subsidiaries are 100% owned unless otherwise stated.

The group had net liabilities of £1.5m (2023: net assets - £2.2m) at the balance sheet date.

A review of the individual business activities within the group is given below: -

The Keswick Enterprises Group Ltd

The Keswick Enterprises Group remains focused on development of its fulfilment capabilities servicing customers in the food and confectionery, the giftware and health care and consumer hospitality sectors. It offers packaging design and sourcing, supply chain management, domestic and international logistics, e-commerce fulfilment and co-packing.

In 2025 a strategic review of the group's activities was undertaken. Remedial action to return the group to a satisfactory profit and cash generative position in 2026 has been put in place which includes the closure of underperforming subsidiaries for completion by the end of 2025. Further comment is included in this report under Group Restructure.

Spatial Global Ltd

Spatial was set up over 35 years ago operating in the UK and Dubai as an air broker and freight forwarder and acquired by Keswick in 2006. The principal activities of Spatial are intercontinental freight forwarding by sea, air and intra-European road transport, international mail consolidation and increasingly domestic and international e-fulfilment. The Heathrow based freight forwarder, Hollyport Logistics Limited, acquired in early 2023, was successfully integrated into Spatial during 2024 enhancing geographical presence and capabilities. The effect of the merger of the businesses is reflected in these Accounts.

Turnover was £12.8m (2023: £10.1m), with increased gross margins. Profit before tax was £368k (2023: £103k)

Freight volumes continue to experience mixed fortunes whilst the underlying business remains firm.

Mail activity showed further growth and continues as a core activity within the overall business. The e-commerce growth continues with added service offerings for existing and new customer volumes.

SGL - SGL Co-Packing Ltd

SGL is a BRC accredited quality co-packing business established more than 30 years ago and based in the Northwest and acquired by Keswick in 2008. It is primarily focused on confectionary, food related items and selective non-foods. During the year additional business was obtained from a major customer. New customers were transferred from aps and from business development widening the portfolio of customers and services provided. These additional activities provide a sound base for further growth in 2025.

The loss for the year before tax amounted to £218k (2023: £487k). The state of affairs at the balance sheet is considered to be satisfactory with net assets of £1.25m (2023: £1.42m).

The management team continues to maintain a high-quality working environment whilst providing uninterrupted service throughout the year. SGL's high standards and excellence were again evidenced through multiple independent and customer audits during the year.

FSWW - Food Services World Wide Ltd

FSWW group support branded hospitality outlets which continue to grow in the UK but particularly in Ireland and other overseas franchised markets. It has been a wholly owned subsidiary of Keswick since 2016.

In Q2 2024 we had an opportunity to take on the UKI distribution of an international branded water. After initial strong support it has proved a slow and expensive process to build an international brand in a very competitive UK retail market. We have decided to withdraw from this by the end of 2025 and in the process have written off a substantial balance of stocks. In 2025 the business has been recapitalised to strengthen its Balance Sheet and ensure it is well placed for the future.

The group had a successful year in terms of revenue growth as it emerged from the effects of the global pandemic. Turnover increased to £26.6m (2023: £24.6m) with gross margins increasing from 2.9% to 3.4%. The loss post exceptional item but before tax amounted to £1.5m (2023: £16k). The state of affairs at the balance sheet date show a net liability of £1m (2023: net assets of £551k). The directors will ensure FSWW will have the support of the group to continue to meet any liabilities as and when they fall due.

Group Restructure

Three subsidiaries have ceased or are planned to cease operations during Q4 2025. They are APS; ICON and e-a-p.

APS, a Blythe based co-packer of giftware and personal products, was acquired in 2020 to broaden its sector base. This was immediately ahead of Covid as a consequence of which 2 major retail customers collapsed, and attention was switched to industrial co-packing. As this was slow to develop it was decided in Q4 to close aps transferring where appropriate customers to other group businesses.

The ICON Foods joint venture (78% owned) was set up at the end of 2022 and initially had early success launching an aspirational global brand. Unhappily there were supply problems and the relationship was terminated in Q4. Subsequently progress has been slow, and the business will be closed before the end of 2025.

e-a-p (78 % owned) was set up in 2023 as a UK joint venture to supply agency labour and kitchen rental facilities following the success of Entrad which was set up in Romania in 2018 and has sustained success in the hospitality sector The UK hospitality sector has suffered post Covid and the demand for kitchen facilities continues to fall short. The board has reluctantly decided the business should close.

In preparation for the cessation of operations an assessment of each has been undertaken and major provisions have been made in the Group Accounts for slow moving stock and other related cessation costs.

Keswick International Holdings Ltd

The group operates principally in Romania through its two subsidiaries Entrad and Tibbett Industrial Buildings (TIB).

Entrad (58%) retails kitchen and catering equipment to the hospitality industry. It has been operating successfully since 2018 and continues under its entrepreneurial management to develop its presence in Romania and adjacent Balkan countries. The company is profitable and well placed for further growth.

TIB owns the property from which Entrad trades in Bucharest receiving rental income.

GROUP KEY PERFORMANCE INDICATORS (KPI'S)

2024

2023

Gross profit margin

17%

21%

Debtor days

8 days

11 days

Creditor days

24 days

29 days

GROUP RESOURCES

The directors believe that with its current banking facilities and the support of its major shareholder, the group has adequate financial resources in place to meet its forecast trading requirements and all risks and uncertainties are managed appropriately.

EMPLOYEES

The group operates an equal opportunities policy. The aim of this policy is to ensure that there should be equal opportunity for all and this applies to external recruitment, internal appointments, terms of employment, conditions of service and opportunity for training and promotion regardless of gender, ethnic origin or disability.

Disabled persons are given full and fair consideration for all types of vacancy in as much as the opportunities available are constrained by the practical limitations of the disability. Should, for whatever reason, an employee of the group become disabled whilst in our employment, every step, where appropriate, will be taken to assist with rehabilitation and suitable re-training.

The group maintains its own health, safety and environmental policies covering all aspects of its operations. Regular meetings and inspections take place to ensure all legal requirements are adhered to and that the group is responsive to the needs of the employees and the environment.

PRINCIPAL RISKS AND UNCERTAINTIES

- Retention of customers - the group companies maintain strong relationships with key customers and the group has established procedures for monitoring performance and service levels.

- Consumer demand - remains fragile for our customers. This can be both a threat to volume or present promotional opportunities.

- Competitive risk - although the group operates in highly competitive markets the diversity of the operations of consultancy services, freight forwarding and courier services, warehousing, logistics and contract packing helps to mitigate the possible effect of action by any one single competitor.

- Energy costs - the group consumes significant levels of electricity supplies. The group places great importance on energy efficiencies with improved consumption levels being recorded.

- Fuel costs - diesel fuel is a major cost element of the group's activities. The group actively manages the purchasing process and carefully monitors efficient consumption.

FUTURE OUTLOOK

Following the restructuring detailed above it is considered that the group is well placed both operationally and financially to meet these challenges and will continue to focus on maximising profitability and growth through its customer offerings.

ON BEHALF OF THE BOARD:

Mr G M Gillo - Director

16 January 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 118,314 .

The total distribution of dividends for the year ended 31 December 2023 was £115,125.

DIRECTORS

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

Mr G M Gillo

Mr S L Ross

Mr G D Withers BSc ACMA

Mr M Wallis LLB FCILT

Mr J A Harvey CBE BA(Hons) FCILT

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of 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 judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Xeinadin Audit Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr G M Gillo - Director

16 January 2026

Opinion

We have audited the financial statements of The Keswick Enterprises Network Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

-	adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the group sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, employment, and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected transactions;

- agreed income to underlying contracts;

- tested the appropriateness of journal entries;

- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud, we:

- obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;

- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;

- tested a sample of revenue transactions to supporting evidence; and

- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we design procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing legal expenses for any potential issues.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Thurairatnam Sudarshan FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited Chartered Accountants

Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

16 January 2026

TURNOVER

4

55,871,860

47,150,838

Cost of sales

(46,490,176

)

(37,391,723

)

GROSS PROFIT

9,381,684

9,759,115

Distribution costs

-

(19,653

)

Administrative expenses

(11,567,251

)

(10,616,833

)

(2,185,567

)

(877,371

)

Other operating income

145,956

76,841

OPERATING LOSS

6

(2,039,611

)

(800,530

)

Exceptional item

7

(2,658,255

)

-

Profit/loss on sale of intangible fixed assets

7

-

(381,957

)

(4,697,866

)

(1,182,487

)

Interest receivable and similar income

99,030

5,765

(4,598,836

)

(1,176,722

)

Gain/loss on revaluation of investment property

205,706

-

(4,393,130

)

(1,176,722

)

Interest payable and similar expenses

8

(211,573

)

(111,675

)

LOSS BEFORE TAXATION

(4,604,703

)

(1,288,397

)

Tax on loss

9

(237,566

)

125,588

LOSS FOR THE FINANCIAL YEAR

(4,842,269

)

(1,162,809

)

Loss attributable to:

Owners of the parent

(4,736,045

)

(882,949

)

Non-controlling interests

(106,224

)

(279,860

)

(4,842,269

)

(1,162,809

)

LOSS FOR THE YEAR

(4,842,269

)

(1,162,809

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(4,842,269

)

(1,162,809

)

Total comprehensive income attributable to:

Owners of the parent

(4,864,843

)

(882,949

)

Non-controlling interests

22,574

(279,860

)

(4,842,269

)

(1,162,809

)

FIXED ASSETS

Intangible assets

12

926,807

1,231,929

Tangible assets

13

937,905

1,634,462

Investments

14

-

-

Investment property

15

800,565

561,504

2,665,277

3,427,895

CURRENT ASSETS

Stocks

16

2,808,892

2,145,830

Debtors

17

5,415,543

6,312,574

Cash at bank and in hand

3,948,661

978,296

12,173,096

9,436,700

CREDITORS

Amounts falling due within one year

18

15,904,830

9,839,642

NET CURRENT LIABILITIES

(3,731,734

)

(402,942

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,066,457

)

3,024,953

CREDITORS

Amounts falling due after more than one year

19

(237,310

)

(492,765

)

PROVISIONS FOR LIABILITIES

22

(194,305

)

(330,360

)

NET (LIABILITIES)/ASSETS

(1,498,072

)

2,201,828

CAPITAL AND RESERVES

Called up share capital

23

6,350,000

5,500,601

Revaluation reserve

24

105,765

105,765

Other reserves

24

2,000,000

2,000,000

Retained earnings

24

(9,976,411

)

(5,122,052

)

(1,520,646

)

2,484,314

NON-CONTROLLING INTERESTS

22,574

(282,486

)

TOTAL EQUITY

(1,498,072

)

2,201,828

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2026 and were signed on its behalf by:

Mr G M Gillo - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

-

-

Investments

14

5,350,000

5,350,000

Investment property

15

-

-

5,350,000

5,350,000

TOTAL ASSETS LESS CURRENT LIABILITIES

5,350,000

5,350,000

CAPITAL AND RESERVES

Called up share capital

23

5,350,000

5,350,000

5,350,000

5,350,000

Company's profit for the financial year

-

-

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2026 and were signed on its behalf by:

Mr G M Gillo - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 January 2023

-

(4,030,159

)

105,765

Changes in equity

Issue of share capital

5,500,601

-

-

Dividends

-

(115,125

)

-

Total comprehensive income

-

(976,768

)

-

Balance at 31 December 2023

5,500,601

(5,122,052

)

105,765

Changes in equity

Issue of share capital

849,399

-

-

Dividends

-

(118,314

)

-

Total comprehensive income

-

(4,736,045

)

-

Balance at 31 December 2024

6,350,000

(9,976,411

)

105,765

Other

Non-controlling

Total

reserves

Total

interests

equity

£

£

£

£

Balance at 1 January 2023

2,000,000

(1,924,394

)

(2,626

)

(1,927,020

)

Changes in equity

Issue of share capital

-

5,500,601

-

5,500,601

Dividends

-

(115,125

)

-

(115,125

)

Total comprehensive income

-

(976,768

)

(279,860

)

(1,256,628

)

Balance at 31 December 2023

2,000,000

2,484,314

(282,486

)

2,201,828

Changes in equity

Issue of share capital

-

849,399

-

849,399

Dividends

-

(118,314

)

-

(118,314

)

Total comprehensive income

-

(4,736,045

)

22,574

(4,713,471

)

Balance at 31 December 2024

2,000,000

(1,520,646

)

(259,912

)

(1,780,558

)

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

5,350,000

-

5,350,000

Balance at 31 December 2023

5,350,000

-

5,350,000

Changes in equity

Balance at 31 December 2024

5,350,000

-

5,350,000

Cash flows from operating activities

Cash generated from operations

1

(2,078,337

)

(287,490

)

Interest paid

(211,573

)

(111,597

)

Interest element of hire purchase payments paid

-

(78

)

Taxation refund

104,765

-

Net cash from operating activities

(2,185,145

)

(399,165

)

Cash flows from investing activities

Purchase of intangible fixed assets

(723,000

)

-

Purchase of tangible fixed assets

(683,136

)

(203,249

)

Purchase of fixed asset investments

-

(1,214,098

)

Sale of intangible fixed assets

603,887

-

Sale of tangible fixed assets

17,646

-

Sale of fixed asset investments

882,604

-

Sale of investment property

-

765,751

Interest received

99,030

433

Net cash from investing activities

197,031

(651,163

)

Cash flows from financing activities

Loan repayments in year

(518,201

)

-

HP repayments

-

(5,184

)

Capital repayments in year

9,348

(230,990

)

Amount introduced by directors

1,685,000

250,000

Share issue

849,399

450,000

Equity dividends paid

(118,314

)

(115,125

)

Net cash from financing activities

1,907,232

348,701

Decrease in cash and cash equivalents

(80,882

)

(701,627

)

Cash and cash equivalents at beginning of year

2

(701,627

)

-

Cash and cash equivalents at end of year

2

(782,509

)

(701,627

)

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

2024

2023

£

£

Loss before taxation

(4,604,703

)

(1,288,397

)

Depreciation charges

575,956

445,965

Profit on disposal of fixed assets

(872

)

-

Gain on revaluation of fixed assets

(205,706

)

-

Other adjustments

-

5,332

Goodwill amortisation

422,120

381,957

Finance costs

211,573

111,675

Finance income

(99,030

)

(5,765

)

(3,700,662

)

(349,233

)

(Increase)/decrease in stocks

(663,062

)

89,405

Decrease/(increase) in trade and other debtors

682,234

(296,686

)

Increase in trade and other creditors

1,603,153

269,024

Cash generated from operations

(2,078,337

)

(287,490

)

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

3,948,661

978,296

Bank overdrafts

(4,731,170

)

(1,679,923

)

(782,509

)

(701,627

)

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

978,296

-

Bank overdrafts

(1,679,923

)

-

(701,627

)

-