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(1) General Information
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| The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 6 The Linen Yard, South Street, Ilminster, Somerset, TA18 8AB. |
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(2) Statement of compliance
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| These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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| The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of 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. |
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Foreign currency
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| 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. |
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Intangible fixed assets
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| Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. |
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Amortisation
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Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Amortisation - 10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
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Tangible assets
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| 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. | | Asset class and depreciation rate | | Land and Buildings | | | Plant and Machinery | 25% reducing balance | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | | | Fixtures and Fittings | | | Equipment | 25% reducing balance | | Motor Cars | |
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Inventories
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| Inventories are measured at the lower of cost and net realisable value. Costs of inventories are determined on a first-in-first-out basis. Net realisable value represents the estimated selling price for inventories less all estimated costs necessary to make the sale. |
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Provisions
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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. |
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Taxation
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| 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 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. |
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Operating leases
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| Lease payments are recognised as an expense over the lease term on a straight-line basis |
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Impairment of fixed assets
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| 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. |
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(4) Business Review
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| Turnover for the year was £181,870 (2024: £1,443,703). The reduction reflects the non-recurrence of several large one-off supply contracts which drove revenue in the prior year. During the year the company has been transitioning its operating model, including restructuring supply arrangements, refining its product offering and focusing on higher-margin opportunities. The directors acknowledge that quality assurance issues within the supply chain have also impacted repeat business during the period. Despite the reduction in turnover, the company remains operationally active, and the directors are satisfied that the company continues to trade on a going concern basis. |
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(5) Employees
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| During the year, the average number of employees including director was 4 (2024 : 4). |
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(6) Deferred Tax
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| Deferred tax for the year was £909 (2024: £1,594). The movement in deferred tax during the year was £685, representing a decrease from the prior year balance. This decrease reflects the reversal of temporary differences recognised in prior periods. |
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(7) Intangible fixed assets
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| Development
Costs | | £ | | Cost | | | As at 01 September 2024 | 3,743 | | As at 31 August 2025 | 3,743 | | Amortisation | | | As at 01 September 2024 | 788 | | For the year | 374 | | As at 31 August 2025 | 1,162 | | Net book value | | | As at 31 August 2025 | 2,581 | | As at 31 August 2024 | 2,955 |
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(8) Tangible fixed assets
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| Plant and Machinery | Equipment | Totals | | £ | £ | £ | | Cost | | | | | As at 01 September 2024 | 1,891 | 17,112 | 19,003 | | As at 31 August 2025 | 1,891 | 17,112 | 19,003 | | Depreciation | | | | | As at 01 September 2024 | 1,747 | 10,881 | 12,628 | | For the year | 36 | 1,558 | 1,594 | | As at 31 August 2025 | 1,783 | 12,439 | 14,222 | | Net book value | | | | | As at 31 August 2025 | 108 | 4,673 | 4,781 | | As at 31 August 2024 | 144 | 6,231 | 6,375 |
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(9) Debtors
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Amounts falling due within one year
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| | | 2025 | | 2024 | | £ | | £ | | | | | | | Other debtors | 494 | | 338 | | Prepayments and accrued income | 1,919 | | 3,175 | | 2,413 | | 3,513 |
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(10) Creditors: Amounts falling due within one year
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| | | 2025 | | 2024 | | £ | | £ | | | Trade creditors | 71,363 | | 116,749 | | | | | | | | | | Other taxes and social security | 757 | | - | | Other creditors | 18,253 | | 2,177 | | Accruals and deferred income | 2,159 | | 2,185 | | 92,532 | | 121,111 |
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(11) Share capital and reserves
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| | Alloted, called up and fully paid: | 2025 | | 2024 | | £ | | £ | | | 100 (2024 : 100) Ordinary A of £ 1 each | 100 | | 100 | | 100 (2024 : 100) Ordinary B of £ 1 each | 100 | | 100 | | 200 | | 200 | | | A ordinary shares hold equal voting rights. B investment shares do not carry any voting rights. | | | Retained earnings | | | 2025 | | | | £ | | At 1 September 2024 | | | 375,496 | | Loss of the year | | | (46,628) | | Dividends paid | | | (146,600) | | At 31 August 2025 | | | 182,268 | |
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(12) Related party transactions
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| The aggregate emoluments of the directors for the year were £25,140 (2024: £21,087), and dividends of £73,300 (2024: £87,500.00) were paid to the directors in their capacity as shareholders. Included within other creditors is a Directors' Current Account balance of £1,875 (2024: £1,875). |
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(13) Operating lease
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The total future minimum lease payments under non-cancellable operating leases are as follow:
2025: Nil , 2024: £10,244. |
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(14) Cash and Cash equivalents
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| The company holds a significant proportion of its cash in USD (£109,230 at the year end). A net exchange loss of £9,962 (2024: £43,180) has been recognised within administrative expenses during the year. |
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