Quest Personal Care Global Ltd Company accounts

COMPANY REGISTRATION NUMBER: 2767391

Quest Personal Care Global Ltd

Financial Statements

31 December 2025

Quest Personal Care Global Ltd

Financial Statements

Year ended 31 December 2025

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Statement of income and retained earnings	9

Statement of financial position	10

Statement of cash flows	11

Notes to the financial statements	12

Quest Personal Care Global Ltd

Strategic Report

Year ended 31 December 2025

The directors present their Strategic Report of the company for the year ended 31 December 2025.

Review of the business

The principal activity of the company during the year has been the wholesale of beauty products to the beauty industry. Quest has grown from a simple cotton and commodity products business into a trusted name in affordable beauty and personal care. During the financial year, the Company achieved a 21% increase in turnover, driven by continued planned expansion across both UK and overseas markets. This growth reflects the strength of the Company's product offering, customer relationships and operational execution. The Company's Chinese manufacturing division exceeded performance expectations during the year, delivering strong operational output, enhanced efficiencies and supporting margin stability across the supply chain. New Product Development ("NPD") continued to be a key strategic focus. The Company successfully launched a number of new products during the year, contributing to revenue growth and strengthening the Company's competitive position within its core markets. During the year, the Company successfully completed a strategic warehouse transition to a third-party logistics provider (3PL). The move was executed without disruption to customer service and provides increased operational capacity, scalability and infrastructure to support future growth. The new 3PL arrangement ensures the business is well positioned to meet current and anticipated outbound order requirements across both domestic and international markets. Gross margins were achieved in line with forecast expectations. Operating expenditure remained well controlled throughout the year, and in line with the budget. The directors consider the Company to be financially stable and well positioned for continued growth.

Results

The company made a pre-tax profit of £5,153,911 (2024: £3,038,408) for the year from a turnover of £29,122,536 (2024: £24,052,590). At 31 December 2025 the company had net assets of £6,477,898 (2024: £2,869,071).

Principal risks and uncertainties

The principal risks and uncertainties facing the company relate to political and economic conditions in certain export markets, supply chain volatility and legislative cost increases impacting the UK. The directors actively monitor these external factors and incorporate risk management considerations into the company's strategic planning and operational decision-making processes.

Performance monitoring

The delivery of the company's strategic objectives is monitored by the directors using Key Performance Indicators (KPls) and monthly review of operational and financial performance. The directors consider the following KPls to be appropriate measures of strategic delivery: New Product Development Measurement of new product launches and the contribution of new products to overall revenue, supporting innovation and long-term strategic growth. Sales Revenue Growth in sales revenue and the continued strengthening of the company's market position. Operating Profit Sustained growth in operating profit, enabling ongoing reinvestment in facilities, infrastructure and long-term development

This report was approved by the board of directors on 30 April 2026 and signed on behalf of the board by:

Mr A. L. Wagman

Director

Registered office:

Alex House

260-268 Chapel Street

Salford

Manchester

Lancashire

M3 5JZ

Quest Personal Care Global Ltd

Directors' Report

Year ended 31 December 2025

The directors present their report and the financial statements of the company for the year ended 31 December 2025 .

Principal activities

The principal activity of the company during the year was that of wholesalers of beauty products to the beauty industry.

Directors

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

Mr A. L. Wagman
Mrs N. A. Wagman
Mrs R. Hirst
Mrs H. R. Woyda
Mr K.G. Cromhout
Mr J.N. Wagman
Mr S Bradley	(Appointed 1 April 2025)
Mr R. Jorden	(Resigned 28 July 2025)

Dividends

Particulars of recommended dividends are detailed in note 11 to the financial statements.

Disclosure of information in the strategic report

In accordance with section 414C(11) of the Companies Act 2006(Strategic Report and Directors' Report)Regulations 2013 the company's strategic report is shown separately on page 1 of the financial statements. The financial risk management objectives and policies of the company are found within the strategic report.

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 company and 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 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 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 company's auditor is aware of that information.

This report was approved by the board of directors on 30 April 2026 and signed on behalf of the board by:

Mr A. L. Wagman

Director

Registered office:

Alex House

260-268 Chapel Street

Salford

Manchester

Lancashire

M3 5JZ

Quest Personal Care Global Ltd

Independent Auditor's Report to the Members of Quest Personal Care Global Ltd

Year ended 31 December 2025

Opinion

We have audited the financial statements of Quest Personal Care Global Ltd (the 'company') for the year ended 31 December 2025 which comprise the statement of income and retained earnings, statement of financial position, 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 company's affairs as at 31 December 2025 and of its 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 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. Other matter The financial statements of Quest Personal Care Global Limited for the year ended 31 December 2024, presented as comparative information, were not audited. Accordingly, we do not express an opinion on the comparative financial information for the year ended 31 December 2024. Our opinion relates solely to the financial statements for the year ended 31 December 2025.

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. 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 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, 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' 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 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 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 company through discussions with directors and other management, and from our commercial knowledge and experience of the 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 company; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company'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; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Fraser Wolff FCCA

(Senior Statutory Auditor)

For and on behalf of

Edwards Veeder LLP

Chartered Accountants & Statutory Auditor

Alex House

260-268 Chapel Street

Salford

M3 5JZ

30 April 2026

Quest Personal Care Global Ltd

Statement of Income and Retained Earnings

Year ended 31 December 2025

		2025	2024
			(restated)
Note		£	£
Turnover	4	29,112,536	24,052,590

Cost of sales	16,485,968	14,230,029
	-------------	-------------
Gross profit	12,626,568	9,822,561

Distribution costs		975,036	840,944
Administrative expenses		6,039,651	5,824,848
		-------------	------------
Operating profit	5	5,611,881	3,156,769

Interest payable and similar expenses	9	457,970	118,361
		-------------	------------
Profit before taxation		5,153,911	3,038,408

Tax on profit	10	1,294,374	886,280
		------------	------------
Profit for the financial year and total comprehensive income		3,859,537	2,152,128
		------------	------------

Dividends paid and payable	11	( 250,710)	( 338,379)

Retained earnings at the start of the year (as previously reported)	2,949,128	1,005,260
Prior period adjustments	(130,119)	–
	------------	------------
Retained earnings at the start of the year (restated)	2,819,009	1,005,260
	------------	------------
Retained earnings at the end of the year	6,427,836	2,819,009
	------------	------------

All the activities of the company are from continuing operations.

Quest Personal Care Global Ltd

Statement of Financial Position

31 December 2025

	2025		2024
			(restated)
Note	£	£	£	£

Fixed assets

Tangible assets	12		340,949		232,512

Current assets

Stocks	14	7,267,201	3,366,907
Debtors	15	7,274,989	3,718,329
Cash at bank and in hand		251,129	1,393,067
		-------------	------------
		14,793,319	8,478,303

Creditors: amounts falling due within one year	17	8,510,981		5,515,932
		-------------		------------
Net current assets			6,282,338		2,962,371
			------------		------------
Total assets less current liabilities			6,623,287		3,194,883

Creditors: amounts falling due after more than one year	18		74,342		282,648

Provisions

Taxation including deferred tax	20	71,047	43,164
		------------	------------
Net assets		6,477,898	2,869,071
		------------	------------

Capital and reserves

Called up share capital	24	50,062	50,062
Profit and loss account	25	6,427,836	2,819,009
		------------	------------
Shareholders funds		6,477,898	2,869,071
		------------	------------

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

These financial statements were approved by the board of directors and authorised for issue on 30 April 2026 , and are signed on behalf of the board by:

Mr A. L. Wagman

Director

Company registration number: 2767391

Quest Personal Care Global Ltd

Statement of Cash Flows

Year ended 31 December 2025

	2025	2024
		(restated)
Note	£	£

Cash flows from operating activities

Profit for the financial year	3,859,537	2,152,128

Adjustments for:
Depreciation of tangible assets	47,308	32,875
Amortisation of intangible assets	–	15,513
Loss on financial liabilities at fair value through profit or loss	375,669	–
Interest payable and similar expenses	457,970	118,361
Loss on disposal of tangible assets	3,608	13,106
Tax on profit	1,294,374	886,280
Accrued income	( 45,877)	( 145,010)

Changes in:
Stocks	( 3,900,294)	( 1,297,373)
Trade and other debtors	( 3,462,743)	( 1,108,062)
Trade and other creditors	2,442,047	1,537,588
	------------	------------
Cash generated from operations	1,071,599	2,205,406

Interest paid	( 457,970)	( 118,361)
Tax paid	( 1,638,537)	( 24,515)
	------------	------------
Net cash (used in)/from operating activities	( 1,024,908)	2,062,530
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 162,853)	( 154,253)
Proceeds from sale of tangible assets	3,500	48,488
Proceeds from sale of intangible assets	–	7,000
Proceeds from sale of other investments	–	63,520
	------------	------------
Net cash used in investing activities	( 159,353)	( 35,245)
	------------	------------

Cash flows from financing activities

Proceeds from borrowings	189,281	( 398,227)
Payments of finance lease liabilities	38,623	( 112)
Dividends paid	( 250,710)	( 338,379)
	------------	------------
Net cash used in financing activities	( 22,806)	( 736,718)
	------------	------------

Net (decrease)/increase in cash and cash equivalents		( 1,207,067)	1,290,567
Cash and cash equivalents at beginning of year		1,393,067	102,500
		------------	------------
Cash and cash equivalents at end of year	16	186,000	1,393,067
		------------	------------

Quest Personal Care Global Ltd

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alex House, 260-268 Chapel Street, Salford, Manchester, Lancashire, M3 5JZ.

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.

Judgements and key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that would have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities was the assets and liabilities held in foreign currencies. These assets and Liabilities are translated to the companies' functional currency at the balance sheet date and the foreign exchange gain or loss transferred to the Profit and Loss account. Useful life of fixed assets: In making decisions regarding the depreciation of non-current assets, management must estimate the useful life of said assets to the business. A change in estimate would result in a change in the depreciation charged to the profit or loss in each year. The carrying amount of depreciation at 31st December 2025 was £204,088 (2024: £157,570).

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.

Taxation

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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.

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:

Leasehold Property	-	10% reducing balance
Fixtures & Fittings	-	10% reducing balance
Motor Vehicles	-	10% reducing balance
Equipment	-	20% reducing balance

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Derivatives including forward foreign contracts are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit and loss in finance costs or finance income as appropriate.

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:

	2025	2024
		(restated)
	£	£
Sale of goods	29,112,536	24,052,590
	-------------	-------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
		(restated)
	£	£
United Kingdom	11,539,633	11,026,996
Overseas	17,572,903	13,025,594
	-------------	-------------
	29,112,536	24,052,590
	-------------	-------------

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
		(restated)
	£	£
Amortisation of intangible assets	–	15,513
Depreciation of tangible assets	47,308	32,875
Loss on disposal of tangible assets	3,608	13,106
Impairment of trade debtors	17,245	396,346
Foreign exchange differences	( 13,237)	236,288
Operating leases	102,860	97,875
	---------	---------

6. Auditor's remuneration

	2025	2024
		(restated)
	£	£
Fees payable for the audit of the financial statements	12,500	–
	--------	----

7. Staff costs

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

	2025	2024
	No.	No.
Administrative staff	56	43
Management staff	8	7
	----	----
	64	50
	----	----

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

	2025	2024
		(restated)
	£	£
Wages and salaries	3,715,121	3,155,259
Social security costs	406,220	313,279
Other pension costs	134,278	313,510
	------------	------------
	4,255,619	3,782,048
	------------	------------

8. Directors' remuneration

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

	2025	2024
		(restated)
	£	£
Remuneration	1,095,338	1,202,378
Company contributions to defined contribution pension plans	95,715	280,926
	------------	------------
	1,191,053	1,483,304
	------------	------------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
		(restated)
	No.	No.
Defined contribution plans	6	7
	----	----

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

	2025	2024
		(restated)
	£	£
Aggregate remuneration	273,204	600,000
Company contributions to defined contribution pension plans	128,523	72,545
	---------	---------
	401,727	672,545
	---------	---------

9. Interest payable and similar expenses

	2025	2024
		(restated)
	£	£
Interest on banks loans and overdrafts	75,120	113,275
Interest on obligations under finance leases and hire purchase contracts	7,181	5,086
Loss on fair value adjustment of financial liabilities at fair value through profit or loss	375,669	–
	---------	---------
	457,970	118,361
	---------	---------

10. Tax on profit

Major components of tax expense

	2025	2024
		(restated)
	£	£

Current tax:

UK current tax expense	1,360,408	812,039
Adjustments in respect of prior periods	–	59,952
	------------	---------
Total current tax	1,360,408	871,991
	------------	---------

Deferred tax:

Origination and reversal of timing differences	( 66,034)	14,289
	------------	---------
Tax on profit	1,294,374	886,280
	------------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
		(restated)
	£	£
Profit on ordinary activities before taxation	5,153,911	3,038,408
	------------	------------
Profit on ordinary activities by rate of tax	1,288,478	759,602
Adjustment to tax charge in respect of prior periods	–	59,950
Effect of expenses not deductible for tax purposes	100,080	64,420
Effect of capital allowances and depreciation	( 28,150)	( 11,981)
Movement in deferred tax	( 66,034)	14,289
	------------	------------
Tax on profit	1,294,374	886,280
	------------	------------

11. Dividends

	2025	2024
		(restated)
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	250,710	338,379
	---------	---------

12. Tangible assets

	Leasehold property	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2025 (as restated)	14,449	57,915	106,844	210,874	390,082
Additions	–	70,850	60,863	31,140	162,853
Disposals	–	–	( 7,898)	–	( 7,898)
Transfers	–	–	( 44,692)	44,692	–
	--------	---------	---------	---------	---------
At 31 December 2025	14,449	128,765	115,117	286,706	545,037
	--------	---------	---------	---------	---------
Depreciation
At 1 January 2025	3,594	11,096	5,013	137,867	157,570
Charge for the year	1,031	8,601	11,136	26,540	47,308
Disposals	–	–	( 790)	–	( 790)
	--------	---------	---------	---------	---------
At 31 December 2025	4,625	19,697	15,359	164,407	204,088
	--------	---------	---------	---------	---------
Carrying amount
At 31 December 2025	9,824	109,068	99,758	122,299	340,949
	--------	---------	---------	---------	---------
At 31 December 2024	10,855	46,819	101,831	73,007	232,512
	--------	---------	---------	---------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 December 2025	90,571
	--------
At 31 December 2024	52,019
	--------

13. Investments

	Other investments other than loans
	£
Cost
At 1 January 2025 as restated and 31 December 2025	21,174
	--------
Impairment
At 1 January 2025 as restated and 31 December 2025	21,174
	--------

Carrying amount
At 31 December 2025	–
	--------
At 31 December 2024	–
	--------

14. Stocks

	2025	2024
		(restated)
	£	£
Finished goods and goods for resale	7,267,201	3,366,907
	------------	------------

15. Debtors

	2025	2024
		(restated)
	£	£
Trade debtors	6,595,931	3,321,482
Deferred tax asset	93,917	–
Prepayments and accrued income	310,952	264,041
Directors loan account	205,001	105,000
Other debtors	69,188	27,806
	------------	------------
	7,274,989	3,718,329
	------------	------------

16. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2025	2024
		(restated)
	£	£
Cash at bank and in hand	251,129	1,393,067
Bank overdrafts	( 65,129)	–
	---------	------------
	186,000	1,393,067
	---------	------------

17. Creditors: amounts falling due within one year

	2025	2024
		(restated)
	£	£
Bank loans and overdrafts	1,650,186	1,154,109
Trade creditors	3,049,774	138,998
Accruals and deferred income	138,679	184,556
Corporation tax	569,347	847,476
Social security and other taxes	502,682	1,113,549
Obligations under finance leases and hire purchase contracts	6,058	796
Derivative financial liability	375,669	–
Factoring loan	2,218,951	2,078,455
Other creditors	( 365)	( 2,007)
	------------	------------
	8,510,981	5,515,932
	------------	------------

HSBC UK Bank PLC holds a legal assignment of contract monies containing a negative pledge dated 13 November 2023.

HSBC Invoice Finance (UK) LTD holds a floating charge which covers all the property and undertakings of the company dated 25 February 2019.

HSBC Bank PLC hold a legal assignment for all monies due or to become due from the company to the chargee on any account whatsoever, and any credit balance due to the company under the agreement for the purchase of debts and any discounting allowance due under the contract, dated 7 October 2009.

HSBC Bank PLC hold a debenture for all monies due or to become due from the company to the chargee on any account whatsoever dated 4 December 2000.

Midland Bank PLC hold a fixed and floating charge over all undertaking and all property and assets present and future including uncalled capital, goodwill, bookdebts and patents dated 29 November 1995.

Finance lease and hire purchase creditors are secured on the assets for which the finance was provided.

The aggregate amount of creditors due within one year for which security was given amounted to £2,225,009 (2024: £2,079,251).

18. Creditors: amounts falling due after more than one year

	2025	2024
		(restated)
	£	£
Bank loans and overdrafts	–	241,667
Obligations under finance leases and hire purchase contracts	74,342	40,981
	--------	---------
	74,342	282,648
	--------	---------

HSBC UK Bank PLC holds a legal assignment of contract monies containing a negative pledge dated 13 November 2023.

HSBC Invoice Finance (UK) LTD holds a floating charge which covers all the property and undertakings of the company dated 25 February 2019.

HSBC Bank PLC hold a legal assignment for all monies due or to become due from the company to the chargee on any account whatsoever, and any credit balance due to the company under the agreement for the purchase of debts and any discounting allowance due under the contract, dated 7 October 2009.

HSBC Bank PLC hold a debenture for all monies due or to become due from the company to the chargee on any account whatsoever dated 4 December 2000.

Midland Bank PLC hold a fixed and floating charge over all undertaking and all property and assets present and future including uncalled capital, goodwill, bookdebts and patents dated 29 November 1995.

Finance lease and hire purchase creditors are secured on the assets for which the finance was provided.

The aggregate amount of creditors due after more than one year for which security was given amounted to £74,342 (2024: £40,981).

19. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2025	2024
		(restated)
	£	£
Not later than 1 year	13,059	5,396
Later than 1 year and not later than 5 years	80,572	47,704
	--------	--------
	93,631	53,100
Less: future finance charges	( 13,231)	( 11,323)
	--------	--------
Present value of minimum lease payments	80,400	41,777
	--------	--------

20. Provisions

	Deferred tax (note 21)
	£
At 1 January 2025 (as restated)	43,164
Additions	27,883
	--------
At 31 December 2025	71,047
	--------

21. Deferred tax

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

	2025	2024
		(restated)
	£	£
Included in debtors (note 15)	93,917	–
Included in provisions (note 20)	( 71,047)	( 43,164)
	--------	--------
	22,870	( 43,164)
	--------	--------

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

	2025	2024
		(restated)
	£	£
Accelerated capital allowances	71,047	43,164
Fair value adjustment of financial assets	( 93,917)	–
	--------	--------
	(22,870)	43,164
	--------	--------

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 38,563 (2024: £ 32,584 ).

23. Prior period errors

During the year ended 31 December 2025, it was identified that closing stock as at 31 December 2024 was overstated by £173,494 due to valuation method being used by the company. In accordance with FRS 102 Section 10, the comparative figures for the year ended 31 December 2024 have been restated to correct this error. The effect of the restatement on the comparative year is as follows: Decrease in closing stock (£173,494) Increase in cost of sales £173,494 Decrease in gross profit (£173,494) Decrease in tax charge (£43,375) Decrease in profit after tax (£130,119) Decrease in stock on balance sheet (£173,494) Decrease in tax liability (£43,375) Decrease in net assets and retained earnings (£130,119) There is no direct impact on the profit and loss account for the year ended 31 December 2025, however opening stock has been restated from £3,540,401 to £3,366,907 which has the effect of reducing cost of sales and increasing gross profit by £173,494 in the current year.

24. Called up share capital

Issued, called up and fully paid

	2025		2024
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	50,000	50,000	50,000	50,000
Ordinary B shares of £ 1 each	2	2	2	2
Ordinary C shares of £ 1 each	60	60	60	60
	--------	--------	--------	--------
	50,062	50,062	50,062	50,062
	--------	--------	--------	--------

Ordinary shares have full voting rights and are entitled to dividends. Ordinary B shares have no voting rights and are entitled to dividends. Ordinary C shares have no voting rights and are entitled to dividends.

25. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

26. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
		(restated)
	£	£
Not later than 1 year	76,313	95,009
Later than 1 year and not later than 5 years	289,391	283,500
Later than 5 years	212,625	283,500
	---------	---------
	578,329	662,009
	---------	---------

27. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr A. L. Wagman	105,000	100,001	205,001
	---------	---------	---------

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr A. L. Wagman	69,000	36,000	105,000
	--------	--------	---------

28. Related party transactions

At 31 December 2025 the company was owed £205,001 (2024: £105,000) from the directors. No interest has been charged to the directors in respect of this loan which is repayable on demand and is classified in debtors. During the year dividends of £250,710 (2024: £338,379) were paid to two of the shareholders of the company. The directors are considered the key management personnel of the company. The total compensation paid to key management personnel during the year was £1,189,732 (2024: £1,202,378)

29. Controlling party

The company was under the control of Mr A.L. Wagman throughout the current and previous year. Mr A.L. Wagman is the managing director and majority shareholder.