Company registration number 02005304 (England and Wales)
CITY 1ST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
CITY 1ST LIMITED
COMPANY INFORMATION
Directors
Mr Nicholas Yiannakis
Mr John Papantoniou
Secretary
Mr N Yiannakis
Company number
02005304
Registered office
Unit 10
Perth Trading Estate
Perth Avenue
Slough
SL1 4XX
Auditor
Kirk Rice LLP
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
CITY 1ST LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
CITY 1ST LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The directors present the strategic report for the year ended 31 October 2025.

The directors, in preparing this strategic report for City 1st Limited (together ‘the Company’), have complied with s414C of the Companies Act 2006.

Review of the business

The recent positive growth of the company has continued with the opening of another new location this year. This marks our first entry into the Scottish market with the establishment of our OTR service arm for the region, focusing on the supply, repair and management of earthmover and other off-highway tyres.

Continued focus on service and management has had the expected benefit of improved gross margin. This emphasis on lower priced, but highly valued services should have resulted in a turnover reduction for the year. However, organic growth has mitigated this expectation and turnover for the year is marginally increased overall. Increasing costs of labour together with the paucity of available talent are a challenge. Despite this, the company has been successful in retaining, recruiting and motivating a highly skilled workforce.

Diversification, class leading equipment, strategic initiatives, training and talent development have all contributed to another successful trading period. We intend to continue our recent focus on long term strategies to improve efficiencies and reduce the risks of current economic pressures.

The KPI’s below illustrate the inherent strength of the business and the Directors consider this year’s performance indicates that the company is well placed to take advantage of new and existing opportunities.

Principal risks and uncertainties

The UK tyre market remains challenging. Tyre prices remained largely static, but we are now beginning to see signs of some reductions, illustrating tyre manufacturers reaction to the difficult market conditions. Other inflationary cost pressures and the uncertain economic climate remains a risk. The company intends to continue to focus on margin improvement and operational efficiencies, whilst delivering added-value services to drive down the cost to serve.

Financial performance and KPIs

The Company recorded a profit for the year after taxation of £275,148(2024: profit of £208,260). Turnover continues to be the key performance indicator for the Company driving long term growth in the business. In 2025 this was £17,944,755, an increase of 0.8% on 2024.

CITY 1ST LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -
Financial position

The Directors remain satisfied with the financial position of the Company.

Financial risk management objectives and policies

The Company's activities expose it to a number of financial risks including credit risk and liquidity risk. These are managed continuously by the board in conjunction with the Company's accountants and a financial review is performed at least once per month. The Company does not currently use derivative financial instruments for hedging for any purpose.

Credit risk

The Company’s principal financial assets are bank balances and trade receivables.
The Company's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with credit-ratings assigned by international credit-rating agencies.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company uses primarily equity finance or shareholder loans, not being reliant on significant amounts of external long-term debt financing.

Further details regarding the liquidity risk can be found in the Statement of accounting policies in the financial statements.

Future developments

Business development will continue to target existing and new customers for future sales growth through a range of activities including segment specific direct approaches, PR and marketing.

Beyond that, the management team is exploring opportunities to grow its established UK business with new products and depots. We are also considering further diversification within the tyre industry.

On behalf of the board

Mr Nicholas Yiannakis
Director
4 May 2026
CITY 1ST LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -

The directors present their annual report on the affairs of the Company, and financial statements and auditor’s report, for the year ended 31 October 2025.

Principal activities

The principal activity of the company continued to be that of the provision and distribution of re-tread and new tyres.

Business review

The directors are pleased to report a successful trading performance for the year and aim to maintain the management policies and business model that is providing success. They consider that the Company is in a good position to take advantage of any opportunities that may arise in the future.

Going concern

Having reviewed the cash profile of the business and its future prospects, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Further detail is provided in note 1 to the financial statements.

Results and dividends

The results for the year are set out on page 8.

The directors do not recommend a dividend (2024: £nil).

Directors

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

Mr Nicholas Yiannakis
Mr John Papantoniou
Supplier payment policy

The Company’s policy is to settle terms of payment with suppliers when agreeing the terms of each transaction, ensure that suppliers are aware of the terms of payment and abide by the terms of payment. Trade creditors of the Company at 31 October 2025 were equivalent to 82 days (2024: 93 days) purchases, based on the average daily amount invoiced by suppliers during the year.

Auditor

During the year Kirk Rice were re-appointed auditors of the Company.

Statement of directors' responsibilities

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

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

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

- select suitable accounting policies and then apply them consistently;

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

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

CITY 1ST LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -

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.

Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr Nicholas Yiannakis
Director
4 May 2026
CITY 1ST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITY 1ST LIMITED
- 5 -
Opinion

We have audited the financial statements of City 1st Limited (the 'company') for the year ended 31 October 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

CITY 1ST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITY 1ST LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Our audit approach was developed by obtaining an understanding of the company’s activities, the key functions undertaken on behalf of the Board by management and by service organisations, and the overall control environment. Based on this understanding we assessed those aspects of the company’s transactions and balances which were most likely to give rise to a material misstatement and were most susceptible to irregularities including fraud or error. Specifically, we identified what we considered to be key audit risks and planned our audit approach accordingly.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006, UK GAAP, and regulations which affect the company’s products and services. We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We also enquired of management whether they were aware of any instances of non-compliance with applicable road safety regulations, industry standards, or other relevant laws governing tyre fitting operations, or had knowledge of any actual, suspected, or alleged fraud. In particular, for an entity reliant on tyre stock management software systems, we considered both the benefits and potential risks inherent in this environment, including the possibility of unauthorised system access, manipulation of stock records, or deliberate overrides of controls within the system that could result in misstatement, loss, or fraudulent activity.

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

CITY 1ST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITY 1ST LIMITED (CONTINUED)
- 7 -

Using the risk assessment, alongside our understanding of the company's business and their control environment, we considered our approach to ensure sufficient coverage was obtained across the entire financial statements. Our tests included, but were not limited to:

- Agreement of the financial statements disclosures to underlying supporting documentation

- Enquiries of management

- Considering the effectiveness of control environment in monitoring compliance with laws and regulations

- Agreement of the financial statements disclosures to underlying supporting documentation;

- Reviewing revenue cut off around the year end for accrued and deferred income at the year end and obtaining evidence that revenue had been recognised in the correct period;

- Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation;

- Assessing the recoverability to trade debtors to support the existence of the revenue recognised;

- Verification of existence and valuation of stock and other assets through asset inspection and review of management's processes and recordkeeping;

- Assessing significant estimates made by management for bias;

- Enquiries of management;

- Considering the effectiveness of control environment in monitoring compliance with laws and regulations;

- Addressing the risk of management override of internal controls by testing journals and evaluating bias.

As detailed throughout this summary, the audit work carried out was designed in a way to identify any occurrences of fraud during the year. We are satisfied that the risk of management override of controls has been mitigated and that no manipulation has occurred in sales through incorrect or false revenue recognition, misstated stock valuations or inappropriate journal entries. We are also satisfied that the risks of cut-off being incorrectly applied and that the trade debts are irrecoverable are sufficiently mitigated based on the work that we have performed.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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

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.

Timothy Neale (Senior Statutory Auditor)
For and on behalf of Kirk Rice LLP, Statutory Auditor
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
6 May 2026
CITY 1ST LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
17,944,755
17,799,284
Cost of sales
(12,070,087)
(12,168,331)
Gross profit
5,874,668
5,630,953
Administrative expenses
(5,460,394)
(5,257,080)
Operating profit
4
414,274
373,873
Interest receivable and similar income
7
-
0
261,164
Interest payable and similar expenses
8
(61,537)
(44,520)
Amounts written off investments
9
-
(299,998)
Profit before taxation
352,737
290,519
Tax on profit
10
(77,589)
(82,259)
Profit for the financial year
275,148
208,260

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

CITY 1ST LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
- 9 -
2025
2024
£
£
Profit for the year
275,148
208,260
Other comprehensive income
-
-
Total comprehensive income for the year
275,148
208,260
CITY 1ST LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,227,117
865,276
Investments
12
-
0
2
1,227,117
865,278
Current assets
Stocks
13
1,559,589
1,601,313
Debtors
14
3,494,799
3,735,862
Cash at bank and in hand
249,883
103,651
5,304,271
5,440,826
Creditors: amounts falling due within one year
15
(3,754,736)
(4,222,290)
Net current assets
1,549,535
1,218,536
Total assets less current liabilities
2,776,652
2,083,814
Creditors: amounts falling due after more than one year
16
(705,663)
(378,434)
Provisions for liabilities
Deferred tax liability
19
306,780
216,319
(306,780)
(216,319)
Net assets
1,764,209
1,489,061
Capital and reserves
Called up share capital
21
380,000
380,000
Profit and loss reserves
1,384,209
1,109,061
Total equity
1,764,209
1,489,061

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

The financial statements were approved by the board of directors and authorised for issue on 4 May 2026 and are signed on its behalf by:
Mr Nicholas Yiannakis
Director
Company registration number 02005304 (England and Wales)
CITY 1ST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2023
380,000
900,801
1,280,801
Year ended 31 October 2024:
Profit and total comprehensive income
-
208,260
208,260
Balance at 31 October 2024
380,000
1,109,061
1,489,061
Year ended 31 October 2025:
Profit and total comprehensive income
-
275,148
275,148
Balance at 31 October 2025
380,000
1,384,209
1,764,209
CITY 1ST LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
800,492
398,989
Interest paid
(61,537)
(44,520)
Income taxes paid
(18,022)
(54,481)
Net cash inflow from operating activities
720,933
299,988
Investing activities
Purchase of tangible fixed assets
(767,270)
(651,305)
Proceeds from disposal of tangible fixed assets
44,657
2,256
Proceeds from disposal of subsidiaries
2
-
0
Repayment of loans
(92,468)
-
0
Dividends received
-
0
261,164
Net cash used in investing activities
(815,079)
(387,885)
Financing activities
Repayment of borrowings
(32,141)
(177,717)
Repayment of bank loans
(10,649)
(10,648)
Payment of finance leases obligations
339,111
262,301
Net cash generated from financing activities
296,321
73,936
Net increase/(decrease) in cash and cash equivalents
202,175
(13,961)
Cash and cash equivalents at beginning of year
47,708
61,669
Cash and cash equivalents at end of year
249,883
47,708
Relating to:
Cash at bank and in hand
249,883
103,651
Bank overdrafts included in creditors payable within one year
-
0
(55,943)
CITY 1ST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 13 -
1
Accounting policies
Company information

City 1st Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 10, Perth Trading Estate, Perth Avenue, Slough, SL1 4XX.

1.1
Basis of preparation

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

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

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

1.2
Going concern

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

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

- Sale of vehicle tyres

- Monitoring and servicing of tyres

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Sale of vehicle tyres

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

Monitoring and servicing of tyres

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

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

CITY 1ST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 14 -

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

Plant and equipment
20% pa on NBV
Fixtures and fittings
20% pa on NBV
Motor vehicles
25% pa on cost

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

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and net realisable value.

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

1.8
Cash and cash equivalents

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

1.9
Financial instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.

Basic financial assets

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

CITY 1ST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 15 -
Other financial assets

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Creditors are not interest bearing and are included at their nominal value.

Other financial liabilities

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

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

Derecognition of financial liabilities

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

CITY 1ST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 16 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

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

Current tax

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

Deferred tax

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

1.12
Retirement benefits

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

1.13
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the lia bility.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CITY 1ST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 17 -
3
Turnover and other revenue

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the England and Wales.

2025
2024
£
£
Other revenue
Dividends received
-
261,164
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
22,000
21,000
Depreciation of tangible fixed assets
405,419
354,312
Profit on disposal of tangible fixed assets
(44,647)
-
Operating lease charges
295,477
288,553
5
Employees

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

2025
2024
Number
Number
Sales and administrative staff
31
18
Technicians
45
52
Total
76
70

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,931,135
2,741,073
Social security costs
342,507
291,265
Pension costs
213,392
226,720
3,487,034
3,259,058
CITY 1ST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 18 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
112,560
112,193
Company pension contributions to defined contribution schemes
2,642
2,422
115,202
114,615

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

7
Interest receivable and similar income
2025
2024
£
£
Income from fixed asset investments
Income from shares in group undertakings
-
0
261,164
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
10,037
10,110
Other finance costs:
Interest on finance leases and hire purchase contracts
50,205
34,410
Other interest
1,295
-
0
61,537
44,520
9
Amounts written off investments
2025
2024
£
£
Other gains and losses
-
(299,998)
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
18,197
Adjustments in respect of prior periods
(12,871)
-
0
Total current tax
(12,871)
18,197
CITY 1ST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
10
Taxation
2025
2024
£
£
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
90,460
64,062
Total tax charge
77,589
82,259

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

2025
2024
£
£
Profit before taxation
352,737
290,519
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
88,184
72,630
Tax effect of expenses that are not deductible in determining taxable profit
2,276
76,224
Adjustments in respect of prior years
(12,871)
-
0
Permanent capital allowances in excess of depreciation
(191,817)
(153,198)
Depreciation on assets not qualifying for tax allowances
101,357
88,571
Other non-reversing timing differences
90,460
64,062
Tax at marginal rate
-
0
(739)
Dividend income
-
0
(65,291)
Taxation charge for the year
77,589
82,259
11
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2024
665,319
141,072
2,123,968
2,930,359
Additions
56,264
-
0
711,006
767,270
Disposals
-
0
-
0
(226,790)
(226,790)
At 31 October 2025
721,583
141,072
2,608,184
3,470,839
Depreciation and impairment
At 1 November 2024
543,971
104,652
1,416,460
2,065,083
Depreciation charged in the year
25,385
7,284
372,750
405,419
Eliminated in respect of disposals
-
0
-
0
(226,780)
(226,780)
At 31 October 2025
569,356
111,936
1,562,430
2,243,722
CITY 1ST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
11
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
(Continued)
- 20 -
Carrying amount
At 31 October 2025
152,227
29,136
1,045,754
1,227,117
At 31 October 2024
121,348
36,420
707,508
865,276

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Motor vehicles
1,045,755
707,508
12
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
-
0
2
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2024
2
Disposals
(2)
At 31 October 2025
-
Carrying amount
At 31 October 2025
-
At 31 October 2024
2

The company's only subsidiary was closed in the year. All of the subsidiary's trade and assets had been transferred prior to the start of this accounting period and the entity remained dormant during this accounting period until its closure.

13
Stocks
2025
2024
£
£
Finished goods and goods for resale
1,559,589
1,601,313
CITY 1ST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 21 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,144,174
2,951,048
Corporation tax recoverable
12,871
-
0
Other debtors
121,909
18,600
Prepayments and accrued income
215,845
766,214
3,494,799
3,735,862
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
5,319
65,943
Obligations under finance leases
18
333,401
327,487
Other borrowings
17
89,484
121,625
Trade creditors
2,718,107
3,110,222
Amounts owed to group undertakings
-
0
2
Corporation tax
-
0
18,023
Other taxation and social security
466,702
375,470
Other creditors
10,727
9,284
Accruals and deferred income
130,996
194,234
3,754,736
4,222,290
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
-
0
5,968
Obligations under finance leases
18
705,663
372,466
705,663
378,434
CITY 1ST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 22 -
17
Loans and overdrafts
2025
2024
£
£
Bank loans
5,319
15,968
Bank overdrafts
-
0
55,943
Loans from related parties
89,484
121,625
94,803
193,536
Payable within one year
94,803
187,568
Payable after one year
-
0
5,968

Bounce Back Loan

During 2020 the Company drew down a bounce back loan. The Loan is denominated in £, accrues interest at 2.5% and the final instalment will fall due on 30 September 2026.

Invoice Financing Arrangement

Under an invoice factoring arrangement secured by a Charge over Contract Monies dated 29 November 2022 and a Fixed Charge over Book Debts together with a Floating Charge over all other assets dated 18 November 1996, the balance due to the invoice factoring agent at 31 October 2024 of £55,943 was included within creditors due within one year. At 31 October 2025, the arrangement was in a net debit position and is presented within current assets.

18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
333,401
327,487
In two to five years
705,663
372,466
1,039,064
699,953

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
306,780
216,319
CITY 1ST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
19
Deferred taxation
(Continued)
- 23 -
2025
Movements in the year:
£
Liability at 1 November 2024
216,319
Charge to profit or loss
90,461
Liability at 31 October 2025
306,780

£90,461 (2024 - £76,206) of the deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
213,392
226,720

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

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
Redeemable ordinary of £1 each
379,900
379,900
379,900
379,900
380,000
380,000
380,000
380,000

All classes of ordinary shares carry equal dividend and voting rights.

The redeemable shares issued at par value are redeemable at the option of the shareholder at any time.

22
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
141,472
163,633
Years 2-5
123,187
87,074
264,659
250,707
CITY 1ST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 24 -
23
Related party transactions
Remuneration of key management personnel

The directors do not consider any employees other than the statutory directors, whose remuneration is disclosed, to be key management personnel within the definition contained in FRS102.

Transactions with related parties

During the year the company entered into the following transactions with related parties:

The Company occupies a property owned by another company registered in Jersey, C.I, both entities are under common control of one of more directors. The Company is not charged rent for occupation of the property.

24
Directors' transactions

The following loan has been granted to a company director and is repayable on demand. Interest has been charged at 2.25% pa.

Loans
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Directors' Loan Account
2.25
-
91,524
200
91,724
-
91,524
200
91,724
25
Ultimate controlling party

The Company is controlled by its director Mr N Yiannakis, who at 31 October 202 5 owned 70% of the total shares in the Company.

26
Cash generated from operations
2025
2024
£
£
Profit after taxation
275,148
208,260
Adjustments for:
Taxation charged
77,589
82,259
Finance costs
61,537
44,520
Investment income
-
0
(261,164)
Gain on disposal of tangible fixed assets
(44,647)
-
Depreciation and impairment of tangible fixed assets
405,419
354,312
Other gains and losses
-
299,998
Movements in working capital:
Decrease/(increase) in stocks
41,724
(292,838)
Decrease in debtors
346,402
206,620
Decrease in creditors
(362,680)
(242,978)
Cash generated from operations
800,492
398,989
CITY 1ST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 25 -
27
Analysis of changes in net debt
1 November 2024
Cash flows
31 October 2025
£
£
£
Cash at bank and in hand
103,651
146,232
249,883
Bank overdrafts
(55,943)
55,943
-
0
47,708
202,175
249,883
Borrowings excluding overdrafts
(137,593)
42,790
(94,803)
Lease liabilities
(699,953)
(339,111)
(1,039,064)
(789,838)
(94,146)
(883,984)
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