Busi & Stephenson Limited Company accounts

COMPANY REGISTRATION NUMBER: 00158661

BUSI & STEPHENSON LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 August 2025

BUSI & STEPHENSON LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31st AUGUST 2025

CONTENTS	PAGE

Officers and professional advisers	1

Strategic report	2

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

BUSI & STEPHENSON LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	J B Roberts
	K P Burns

Company secretary	K Thomas

Registered office	10 Ashville Road
	Birkenhead
	CH43 8SA

Auditor	Colne Valley Business Services LLP t/a Cloke & Co
	Chartered Certified Accountants & statutory auditor
	106-107 Dowgate Hill House
	14-16 Dowgate Hill
	London
	EC4R 2SU

Bankers	Barclays Bank plc
	1 Churchill Place
	London
	E14 5HP

BUSI & STEPHENSON LIMITED

STRATEGIC REPORT

YEAR ENDED 31st AUGUST 2025

The directors present their strategic report for the year ended 31st August 2025. REVIEW OF THE BUSINESS The business has one principal business activity and the directors consider that the key financial performance indicators are those that monitor the performance in respect of this activity. The principal business activity is that of acting as buying and procurement agents for Nigerian industries. The business sources, purchases and arranges shipment of raw materials, machinery, and spare parts. The directors also monitor the gross profit and gross profit margins as other key performance indicators. The gross profit of the company was £408,532 (4.14%) compared to £387,357 (3.82%) in the previous year. PRINCIPAL RISKS AND UNCERTAINTIES During the year there has been marginal improvement in the Nigerian economy. The Naira (Nigeria's currency) appreciated slightly on the dollar during this financial year. Having said this wage increases remain well below the double figure annual rate of inflation, consequently, the purchasing power of the ordinary man in the street is limited to providing for day today living costs. FINANCIAL INSTRUMENTS The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in both sterling and foreign currencies. Foreign currency transactions are covered by suitable currency contracts to minimise exposure to exchange rate volatility. The company does not enter into any formally designated hedging arrangements. FUTURE DEVELOPMENTS Going forward into our next financial year, our order position shows an improvement upon this current year hence in this our 107th year we maintain an ongoing optimistic outlook trading with Nigeria

This report was approved by the board of directors on 12th May 2026 and signed on behalf of the board by:

J B Roberts	K P Burns
Director	Director

Registered office:

10 Ashville Road

Birkenhead

CH43 8SA

BUSI & STEPHENSON LIMITED

DIRECTORS' REPORT

YEAR ENDED 31st AUGUST 2025

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

DIRECTORS

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

J B Roberts
K P Burns

DIVIDENDS

The directors do not recommend the payment of a dividend.

FUTURE DEVELOPMENTS

There are no significant future developments to report, other than matters detailed in the strategic report.

DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT

The company has chosen in accordance with section 414C(11) of the Companies Act 2006(Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report. It has done so in respect of future developments.

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 12 May 2026 and signed on behalf of the board by:

J B Roberts	K P Burns
Director	Director

Registered office:

10 Ashville Road

Birkenhead

CH43 8SA

BUSI & STEPHENSON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BUSI & STEPHENSON LIMITED

YEAR ENDED 31st AUGUST 2025

OPINION

We have audited the financial statements of Busi & Stephenson Limited (the 'company') for the year ended 31st August 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 31st August 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.

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: 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 that were contrary to applicable laws and regulations, including fraud. 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 from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. 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 our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud. 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.

JONATHON D R HOLT BA FCCA

(Senior Statutory Auditor)

For and on behalf of

Colne Valley Business Services LLP t/a Cloke & Co

Chartered Certified Accountants & statutory auditor

106-107 Dowgate Hill House

14-16 Dowgate Hill

London

EC4R 2SU

20 May 2026

BUSI & STEPHENSON LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31st AUGUST 2025

		2025	2024
Note		£	£
TURNOVER	4	9,870,203	10,146,511

Cost of sales	( 9,461,671)	( 9,759,154)
	------------	-------------
GROSS PROFIT	408,532	387,357

Administrative expenses		( 396,092)	( 439,811)
Other operating income	5	6,600	6,300
		---------	---------
OPERATING PROFIT/(LOSS)	6	19,040	( 46,154)

Other interest receivable and similar income	10	137,328	94,833
Interest payable and similar expenses	11	( 107)	( 1,304)
		---------	---------
PROFIT BEFORE TAXATION		156,261	47,375

Tax on profit	12	( 41,410)	( 11,635)
		---------	--------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME		114,851	35,740
		---------	--------

RETAINED EARNINGS AT THE START OF THE YEAR	2,675,641	2,639,901
	------------	------------
RETAINED EARNINGS AT THE END OF THE YEAR	2,790,492	2,675,641
	------------	------------

All the activities of the company are from continuing operations.

BUSI & STEPHENSON LIMITED

STATEMENT OF FINANCIAL POSITION

31 August 2025

	2025		2024
Note	£	£	£

FIXED ASSETS

Tangible assets	13		757,370	776,178

CURRENT ASSETS

Debtors	14	6,871,638	7,028,759
Cash at bank and in hand		5,735,462	2,107,565
		-------------	------------
		12,607,100	9,136,324

CREDITORS: amounts falling due within one year	15	10,321,115		6,983,565
		-------------		------------
NET CURRENT ASSETS			2,285,985	2,152,759
			------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES			3,043,355	2,928,937

PROVISIONS

Taxation including deferred tax	16	2,863	3,296
		------------	------------
NET ASSETS		3,040,492	2,925,641
		------------	------------

CAPITAL AND RESERVES

Called up share capital	19	250,000	250,000
Profit and loss account		2,790,492	2,675,641
		------------	------------
SHAREHOLDERS FUNDS		3,040,492	2,925,641
		------------	------------

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 12 May 2026 , and are signed on behalf of the board by:

J B Roberts	K P Burns
Director	Director

Company registration number: 00158661

BUSI & STEPHENSON LIMITED

STATEMENT OF CASH FLOWS

YEAR ENDED 31st AUGUST 2025

	2025	2024
	£	£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year	114,851	35,740

Adjustments for:
Depreciation of tangible assets	18,808	23,501
Other interest receivable and similar income	( 137,328)	( 94,833)
Interest payable and similar expenses	107	1,304
Gains on disposal of tangible assets	–	( 6,121)
Tax on profit	41,410	11,635
Accrued expenses	3,671	5,376

Changes in:
Trade and other debtors	157,121	299,185
Trade and other creditors	3,303,166	( 791,444)
	------------	---------
Cash generated from operations	3,501,806	( 515,657)

Interest paid	( 107)	( 1,304)
Interest received	137,328	94,833
Tax paid	( 11,130)	( 15,634)
	------------	---------
Net cash from/(used in) operating activities	3,627,897	( 437,762)
	------------	---------

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible assets	–	( 5,699)
Proceeds from sale of tangible assets	–	28,288
	------------	---------
Net cash from investing activities	–	22,589
	------------	---------

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	3,627,897	( 415,173)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	2,107,565	2,522,738
	------------	------------
CASH AND CASH EQUIVALENTS AT END OF YEAR	5,735,462	2,107,565
	------------	------------

BUSI & STEPHENSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st AUGUST 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 10 Ashville Road, Birkenhead, CH43 8SA.

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.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

GOING CONCERN

The company meets its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty over the level of demand for the company's services. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Impairment of property - Property is reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. 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 have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Deferred income tax - calculation and recognition of temporary differences giving rise to deferred tax balances includes estimates of the extent to which future taxable profits are available against which the temporary differences can be utilised.

REVENUE RECOGNITION

The company derives its revenue primarily from its principal business activity. The sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

INCOME TAX

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

FOREIGN CURRENCIES

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

OPERATING LEASES

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

TANGIBLE ASSETS

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

DEPRECIATION

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

Freehold property	-	2% on cost of buildings
Motor vehicles	-	25% reducing balance
Office equipment	-	25% reducing balance

INVESTMENT PROPERTY

Investment properties are shown at their fair value. At each reporting date any changes in the fair value are recognised in the profit and loss account. This is a departure from the requirement of the Companies Act 2006 which requires depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view. Brennan Ayre O'Neill LLP, Estate Agents, Surveyors and Property Managers, of 377 Woodchurch Road, Prenton, CH42 8PE, valued the investment properties on 31st August 2021 at £125,000. The directors have confirmed that the valuations for the investment properties as at 31st August 2025 remain unchanged at £125,000 (2024 - £125,000) that originally cost £125,000 (2024 - £125,000).

IMPAIRMENT OF FIXED ASSETS

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

PROVISIONS

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

FINANCIAL INSTRUMENTS

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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
	£	£
Sale of goods	9,870,203	10,146,511
	------------	-------------

On average year on year, 80% of the company's turnover originates from Europe, with the remainder from Africa, Asia and the Americas.

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
	£	£
West Africa - by destination	9,870,203	10,146,511
	------------	-------------

5. OTHER OPERATING INCOME

	2025	2024
	£	£
Rental income	6,600	6,300
	-------	-------

6. OPERATING PROFIT/(LOSS)

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	18,808	23,501
Gains on disposal of tangible assets	–	( 6,121)
Foreign exchange differences	2,037	613
	--------	--------

7. AUDITOR'S REMUNERATION

	2025	2024
	£	£
Fees payable for the audit of the financial statements	6,000	6,500
	-------	-------

Fees payable to the company's auditor and its associates for other services:

Audit-related assurance services	6,500	6,000
Other non-audit services	2,000	2,000
	-------	-------
	8,500	8,000
	-------	-------

8. 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	3	5
Management staff	2	2
	----	----
	5	7
	----	----

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

	2025	2024
	£	£
Wages and salaries	241,267	300,029
Social security costs	36,513	30,120
Other pension costs	12,425	13,440
	---------	---------
	290,205	343,589
	---------	---------

The directors are the company's only key management personnel.

9. DIRECTORS' REMUNERATION

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

	2025	2024
	£	£
Remuneration	125,860	167,733
Company contributions to defined contribution pension plans	4,293	4,060
	---------	---------
	130,153	171,793
	---------	---------

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

	2025	2024
	No.	No.
Defined contribution plans	1	1
	----	----

10. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME

	2025	2024
	£	£
Interest on cash and cash equivalents	137,328	94,833
	---------	--------

11. INTEREST PAYABLE AND SIMILAR EXPENSES

	2025	2024
	£	£
Other interest payable and similar charges	107	1,304
	----	-------

12. TAX ON PROFIT

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	41,843	11,146

Deferred tax:

Origination and reversal of timing differences	( 433)	489
	--------	--------
Tax on profit	41,410	11,635
	--------	--------

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 24.32 % (2024: 19.83 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	156,261	47,375
	---------	--------
Profit on ordinary activities by rate of tax	38,004	9,394
Effect of expenses not deductible for tax purposes	70	159
Effect of capital allowances and depreciation	2,606	2,124
Other timing differences	730	( 42)
	---------	--------
Tax on profit	41,410	11,635
	---------	--------

13. TANGIBLE ASSETS

	Freehold property	Motor vehicles	Equipment	Investment properties	Total
	£	£	£	£	£
Cost
At 1st September 2024 and 31st August 2025	652,262	42,520	32,429	125,000	852,211
	---------	--------	--------	---------	---------
Depreciation
At 1st September 2024	33,216	14,617	28,200	–	76,033
Charge for the year	10,776	6,976	1,056	–	18,808
	---------	--------	--------	---------	---------
At 31st August 2025	43,992	21,593	29,256	–	94,841
	---------	--------	--------	---------	---------
Carrying amount
At 31st August 2025	608,270	20,927	3,173	125,000	757,370
	---------	--------	--------	---------	---------
At 31st August 2024	619,046	27,903	4,229	125,000	776,178
	---------	--------	--------	---------	---------

Brennan Ayre O'Neill LLP, Estate Agents, Surveyors and Property Managers, of 377 Woodchurch Road, Prenton, CH42 8PE, valued the investment properties on 31st August 2021 at £125,000. The directors have confirmed that the valuations for the investment properties as at 31st August 2025 remain unchanged at £125,000 (2024 - £125,000) that originally cost £125,000 (2024 - £125,000).

14. DEBTORS

	2025	2024
	£	£
Trade debtors	6,829,806	6,985,539
Prepayments and accrued income	28,926	23,459
Other debtors	12,906	19,761
	------------	------------
	6,871,638	7,028,759
	------------	------------

15. CREDITORS: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	10,233,910	6,927,083
Accruals and deferred income	37,105	33,434
Corporation tax	41,859	11,146
Social security and other taxes	8,241	11,902
	-------------	------------
	10,321,115	6,983,565
	-------------	------------

16. PROVISIONS

	Deferred tax (note 17)
	£
At 1st September 2024	3,296
Additions	( 433)
	-------
At 31st August 2025	2,863
	-------

17. DEFERRED TAX

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

	2025	2024
	£	£
Included in provisions (note 16)	2,863	3,296
	-------	-------

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

	2025	2024
	£	£
Accelerated capital allowances	2,863	3,296
	-------	-------

18. EMPLOYEE BENEFITS

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 12,425 (2024: £ 13,440 ).

19. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	250,000	250,000	250,000	250,000
	---------	---------	---------	---------

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

20. ANALYSIS OF CHANGES IN NET DEBT

	At 1 Sep 2024	Cash flows	At 31 Aug 2025
	£	£	£
Cash at bank and in hand	2,107,565	3,627,897	5,735,462
	------------	------------	------------

21. RELATED PARTY TRANSACTIONS

During the year there were no related party transactions that were required to be disclosed under FRS 102.