REGISTERED NUMBER: 05555450 (England and Wales)

10K USED GEAR LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

B Reavley

T Hogg

REGISTERED OFFICE:

Unit 163 Maple Leaf Business Park

Manston

Ramsgate

CT12 5GY

REGISTERED NUMBER:

05555450 (England and Wales)

AUDITORS:

Spurling Cannon Audit Limited

424 Margate Road

Westwood

Ramsgate

Kent

CT12 6SJ

FIXED ASSETS

Intangible assets

4

1,540

2,947

Tangible assets

5

149,777

143,240

151,317

146,187

CURRENT ASSETS

Stocks

960,720

683,716

Debtors

6

4,045,584

2,716,915

Cash at bank

831,414

678,278

5,837,718

4,078,909

CREDITORS

Amounts falling due within one year

7

(1,349,089

)

(205,059

)

NET CURRENT ASSETS

4,488,629

3,873,850

TOTAL ASSETS LESS CURRENT LIABILITIES

4,639,946

4,020,037

PROVISIONS FOR LIABILITIES

(2,100

)

(2,100

)

NET ASSETS

4,637,846

4,017,937

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

4,636,846

4,016,937

4,637,846

4,017,937

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2026 and were signed on its behalf by:

B Reavley - Director

1.	STATUTORY INFORMATION

10k Used Gear Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Going concern

The Directors have prepared financial projections, taking into consideration the current economic conditions and have, at the time of approving these accounts, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Straight line over 50 years

Long leasehold

-

Straight line over 5 years

Fixture & Fittings

-

25% on reducing balance

Motor vehicles

-

Straight line over 3 years

Computer equipment

-

Straight line over 5 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2024 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 September 2024

24,569

Disposals

(916

)

At 31 August 2025

23,653

AMORTISATION

At 1 September 2024

21,622

Charge for year

659

Eliminated on disposal

(168

)

At 31 August 2025

22,113

NET BOOK VALUE

At 31 August 2025

1,540

At 31 August 2024

2,947

5.	TANGIBLE FIXED ASSETS

Freehold

Long

Fixture &

property

leasehold

Fittings

£

£

£

COST

At 1 September 2024

137,304

46,576

26,849

Additions

-

-

-

At 31 August 2025

137,304

46,576

26,849

DEPRECIATION

At 1 September 2024

1,152

46,575

19,762

Charge for year

383

-

1,772

At 31 August 2025

1,535

46,575

21,534

NET BOOK VALUE

At 31 August 2025

135,769

1

5,315

At 31 August 2024

136,152

1

7,087

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2024

-

-

210,729

Additions

4,750

5,334

10,084

At 31 August 2025

4,750

5,334

220,813

DEPRECIATION

At 1 September 2024

-

-

67,489

Charge for year

1,056

336

3,547

At 31 August 2025

1,056

336

71,036

NET BOOK VALUE

At 31 August 2025

3,694

4,998

149,777

At 31 August 2024

-

-

143,240

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

840,845

16,562

Amounts owed by group undertakings

3,124,220

2,602,640

Sundry debtors

289

400

VAT

20,860

81,764

Prepayments and accrued income

59,370

15,549

4,045,584

2,716,915

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

960,195

228,831

Corporation Tax

131,198

(73,906

)

Social security and other taxes

12,525

11,483

Sundry creditors

228

1,542

Accruals and deferred income

209,865

19,009

Accrued expenses

35,078

18,100

1,349,089

205,059

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathan Spurling (Senior Statutory Auditor)

for and on behalf of Spurling Cannon Audit Limited

9.	RELATED PARTY DISCLOSURES

The company Ultimate holding entity is Montadale Limited, and company immediate parent which hold 100% of the share capital is 10K Limited. The transactions between these companies qualify as related party transactions. The list of related parties, their relationships, and the balances due to and from related parties with transactions are detailed below:

Name

Relationship

Montadale Limited

Ultimate Holdings Company

10k Limited

Immediate Parent Company

Merino Management Limited

Associate Company

Merino Industries Limited

Associate Company

FiveTwelve Consultancy Limited Associate Company

Associate Company

SR & R Limited

Associate Company

Amount Owed to Group Undertakings

Amount (£)

10k Used Gear Limited

34,757

Montadale Limited

3,089,463

3,124,220

The company has an amount owed by 10K Limited and Montadale Limited which relates to intercompany transactions. All transactions were conducted on an arm's length basis.

The Company has entered into the following purchase transactions with related parties during the year:

Name

Amount (£

)

Merino Management Limited

7,975

Merino Industries Limited

780,402

FiveTwelve Consultancy Limited

1,699

SR & R Limited

16,400

Total

806,476

10.	ULTIMATE CONTROLLING PARTY

The Ultimate Controlling Party is Montadale Limited (Company No. 15509011) & Registered Office Address:

Milestone House, Millbrook, Guildford, United Kingdom, GU1 3YA.

The Immediate Parent Company is 10k Limited (Company No. 04506869) & Registered Office Address:

Unit 163 Maple Leaf Business Park, Manston, Ramsgate, England, CT12 5GY. 10K Limited holds 100% of the issued share capital of the 10K Used Gear Limited.