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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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SHARPS PIXLEY LIMITED
COMPANY INFORMATION
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SHARPS PIXLEY LIMITED
CONTENTS
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SHARPS PIXLEY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their Strategic Report for Sharps Pixley Limited (“the company”) for the year ended 31 December 2025.
Business Review and Principal Activities Sharps Pixley Limited specialises in the buying and selling of physical precious metals, including investment bars and bullion coins. The company also provides vaulting services and safety deposit box facilities for clients. Sales are conducted through three principal channels: the company’s London showroom, its online webshop, and a dedicated voice broking service serving private clients and family offices. This multi-channel model allows the company to serve a broad range of customers, from retail investors purchasing through the showroom or webshop to high-net-worth individuals and institutional clients requiring a personalised, relationship-led service. The company delivered a strong trading performance in 2025. Turnover increased by 27.4% from £169,454,319 in 2024 to £215,827,218 in 2025, reflecting both heightened investor demand for physical precious metals and the benefit of significantly higher gold and silver prices throughout the year. Gross profit increased from £5,402,226 in 2024 to £6,500,451 in 2025, an improvement of 20.3% in absolute terms. Gross margin reflects the competitive pricing environment in the physical precious metals market, where the company prioritises volume growth and client retention alongside margin management. Profit after taxation for the year amounted to £1,044,900 (2024: £1,119,788). The modest reduction in profit after tax compared to the prior year reflects increased investment in compliance infrastructure, staffing, and digital systems, which the directors consider essential to support the company’s continued growth and regulatory obligations. Trading activity during 2025 benefited from sustained and growing investor demand for physical precious metals. Geopolitical uncertainty, persistent inflationary pressures, and ongoing volatility in equity and currency markets drove significant inflows into gold and silver as stores of value. Record gold prices during the year also stimulated increased customer buy-back activity, contributing to higher transaction volumes across both retail and institutional client segments. The company continued to expand its client base and strengthen its position as a leading specialist in the UK physical precious metals market. Investment in operational processes, compliance procedures, and digital infrastructure continued throughout the year, enhancing the customer experience and ensuring the company remains well placed to meet evolving regulatory requirements.
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SHARPS PIXLEY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Principal Risks and Uncertainties
The directors continually monitor the principal risks and uncertainties facing the business. The key areas of focus are set out below. Market and pricing risk: The company’s revenues are influenced by the prices of gold, silver, platinum, and palladium. Whilst volatility in precious metal stock exchange prices generally support revenue growth it also affects customer purchasing behaviour. The directors manage this exposure through active inventory management and responsive pricing policies. Regulatory and compliance risk: The precious metals sector is subject to increasing regulatory scrutiny, including anti-money laundering obligations and sanctions compliance requirements. The company maintains robust compliance procedures and invests in ongoing training and systems to meet these obligations. The directors are not aware of any sanctions affecting existing clients. Geopolitical risk: The company continues to monitor geopolitical developments, including the ongoing conflict in Ukraine and broader international tensions. Certain suppliers may experience operational delays due to international trade restrictions. The directors do not consider current geopolitical developments to present a material risk to the company’s operations, though the position continues to be monitored closely. Operational risk: The company’s continued investment in digital infrastructure and operational processes is designed to reduce operational risk and support scalable growth. Future Outlook The directors view the outlook for the business with confidence. Demand for physical precious metals and related storage services remains robust. The company’s strong revenue growth in 2025 demonstrates its ability to capitalise on favourable market conditions, and the investments made in compliance, technology, and customer service during the year are expected to deliver tangible operational and commercial benefits in the periods ahead. Looking forward, the directors intend to build on the company’s established position in the UK market by deepening relationships with existing clients, broadening its reach across the private client and family office segment, and continuing to develop the webshop as a channel for retail investors. The business is well placed to benefit from structural trends driving long-term demand for physical precious metals, and the directors remain committed to growing the company in a sustainable and responsible manner.
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SHARPS PIXLEY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board on 21 May 2026 and signed on its behalf.
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SHARPS PIXLEY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £1,044,900 (2024 - £1,119,788).
No dividends were paid in the current year or prior year. No dividends have been declared post year end.
Going concern assumption The directors have reviewed the financial position and the liquidity of the company and note that the company is profitable, has net current assets of £11,384,449 (2024 - £9,999,566) and cash and cash equivalent as at the year end of £9,111,103 (2024 - £9,179,810). The directors’ cashflow projection shows that the company will be able to meet its liabilities as they fall due, and for a period of not less than 12 months from the approval of these financial statements, and will continue to operate as a going concern. Based on their assessment, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The directors who served during the year were:
The directors did not benefit from third party indemnities during the year (2024 - £Nil).
Post balance sheet events
There are no post balance sheet events that require disclosure or amendments to the financial statements.
The auditors, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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SHARPS PIXLEY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board on 21 May 2026 and signed on its behalf.
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SHARPS PIXLEY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Annual Report and the audited 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
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SHARPS PIXLEY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHARPS PIXLEY LIMITED
We have audited the financial statements of Sharps Pixley Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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SHARPS PIXLEY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHARPS PIXLEY LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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.
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.
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SHARPS PIXLEY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHARPS PIXLEY LIMITED (CONTINUED)
Auditors' 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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
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SHARPS PIXLEY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHARPS PIXLEY LIMITED (CONTINUED)
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
∙Reviewing the financial statements and testing the disclosures against supporting documentation;
∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
∙Inspecting and testing journal entries to identify unusual or unexpected transactions;
∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
∙Management bias in the estimates and judgements made;
∙Management override of controls; and
∙Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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SHARPS PIXLEY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHARPS PIXLEY LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Middlesex
UB8 2FX
21 May 2026
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SHARPS PIXLEY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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SHARPS PIXLEY LIMITED
REGISTERED NUMBER: 06629106
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 May 2026.
The notes on pages 17 to 31 form part of these financial statements.
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SHARPS PIXLEY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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SHARPS PIXLEY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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SHARPS PIXLEY LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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SHARPS PIXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Sharps Pixley Limited (the Company) is a private Company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company’s registered office is 54 St. James's Street, London, SW1A 1JT.
The continuing activity of the company is that of bullion brokers.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have reviewed the financial position and the liquidity of the company and note that the company is profitable, has net current assets of £11,384,449 (2024 - £9,999,566) and cash and cash equivalent as at the year end of £9,111,103 (2024 - £9,179,810).
The directors’ cashflow projection shows that the company will be able to meet its liabilities as they fall due, and for a period of not less than 12 months from the approval of these financial statements, and will continue to operate as a going concern. Based on their assessment, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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SHARPS PIXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each year end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income.
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SHARPS PIXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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SHARPS PIXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
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SHARPS PIXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
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SHARPS PIXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
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SHARPS PIXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Comparable amounts have been restated to reflect a change in presentation whereby payments on account, which were previously included within trade and other creditors, are now presented separately as “payments on account”. This change is presentational only and has no impact on previously reported profits or net assets.
As set out in 2.4 above, one of the conditions for recognition of revenue is the transfer of significant risks and rewards of ownership to the buyer. A key judgment around certain purchases undertaken to manage market risk, is whether the Company becomes exposed to the risks and rewards of ownership and consequently whether any onward sale should be recognised as revenue. Where the Company is not exposed to the risks and rewards of ownership, the initial purchase and the subsequent sale are not included within cost of sales and revenue respectively. Other than as noted above, there are no significant judgments and or sources of estimation uncertainty in preparing the financial statements.
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SHARPS PIXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
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SHARPS PIXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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SHARPS PIXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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SHARPS PIXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Taxation (continued)
There are no significant factors affecting future tax charges.
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