REGISTERED NUMBER: 02916888 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Tuscor Lloyds (UK) Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Income and Retained Earnings

7

Balance Sheet

8

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

11

DIRECTORS:

Ms G Morgan

Mrs A M C Manrai

Mr N Rodriguez

SECRETARY:

Ms G Morgan

REGISTERED OFFICE:

16 Blackmore Road

Trafford Park

Stretford

Greater Manchester

M32 0QY

REGISTERED NUMBER:

02916888 (England and Wales)

SENIOR STATUTORY AUDITOR:

Stephen Gray, BSc, FCA

AUDITORS:

DKR Audit Services Ltd

36 Lichfield Street

Walsall

West Midlands

WS1 1TJ

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

REVIEW OF BUSINESS

Business aims are considered as follows:

Achieve profitability by efficiently managing the international transport of cargo sourced from a broad range of clients, utilising strategic procurement practices and delivering exceptional customer service.

Cultivate a broad and varied clientele to promote consistent and balanced order volumes throughout the year.

Serve both beneficial cargo owners (BCO) as well as logistic companies, targeting a minimum ratio of 60/40 in favour of BCO clients.

Secure advantageous rates efficiently and enhance our customer service to support and justify our added value to all our clients.

Financial KPI

Revenue and profit declined year-on-year, while gross margins remained stable. This variance was primarily driven by a reduction in regional cargo volumes, resulting from shifts in international trade policies and broader macroeconomic factors.

2025

2024

Variance

Turnover

£21,902,053

£25,645,056

(£3,743,003)

Gross Profit

£4,644,698

£5,724,616

(£1,079,918)

Margin

21%

22%

Non-Financial KPI

The business maintains a diversified customer portfolio across multiple sectors to mitigate industry-specific macroeconomic risks. This strategic spread enhances revenue resilience, with performance analysis confirming the successful achievement of these diversification objectives.

PRINCIPAL RISKS AND UNCERTAINTIES

The business relies on global economic stability and secure trade corridors. To address supply chain challenges, strategies have been developed, such as rerouting after the Red Sea/Suez closure. A potential shutdown of the Strait of Hormuz poses significant risks to international trade and economies. Middle East tensions can drive up fuel prices, increasing customer costs and affecting competitiveness.

FUTURE DEVELOPMENTS

The company is investigating how advances in AI could streamline its workflow. At present, this initiative is informal, consisting mainly of casual conversations with potential service providers. Simultaneously, directors and shareholders are considering transferring part of the company's ownership to an Employee Ownership Trust (EOT). An EOT gives employees long-term value and security, allows shareholders to access capital, and leaves day-to-day operations unaffected.

CONCLUDING SUMMARY

The business continues to be profitable and stable, offering superior profit margins relative to others in the industry. Staff numbers have stayed consistent, with employees remaining actively involved with the company, management, and directors.

ON BEHALF OF THE BOARD:

Ms G Morgan - Director

5 June 2026

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

PRINCIPAL ACTIVITY

Tuscor Lloyds (UK) Limited operates as an international freight forwarder based in Manchester. The principal activity of the company is export by sea freight.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £ 210,558 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Ms G Morgan

Mrs A M C Manrai

Mr N Rodriguez

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Ms G Morgan - Secretary

5 June 2026

Opinion

We have audited the financial statements of Tuscor Lloyds (UK) Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

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 a Report of the Auditors 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:

We identified areas of laws and regulation that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors, and other management, and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws, and regulations through our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), pensions legislation, and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Whilst the the procedures undertaken to detect irregularities vary from audit to audit, based on the specific audit risks identified and assessed as material, the procedures may include the following:

* Enquiry of management and key staff

* Reviewing minutes of meetings

* Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

* Performing audit work over the risk of management override including testing of journals and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

In addition, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines. We identified the following areas as those most likely to have such an effect: health and safety, General Data Protection Regulation (GDP), fraud, bribery and corruption and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. The identified actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit matter.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Stephen Gray, BSc, FCA (Senior Statutory Auditor)

for and on behalf of DKR Audit Services Ltd

36 Lichfield Street

Walsall

West Midlands

WS1 1TJ

5 June 2026

REVENUE

3

21,902,053

25,645,056

Cost of sales

(17,296,993

)

(19,920,440

)

GROSS PROFIT

4,605,060

5,724,616

Administrative expenses

(4,142,966

)

(4,802,838

)

462,094

921,778

Other operating income

-

3,968

OPERATING PROFIT

5

462,094

925,746

Interest receivable and similar income

54,395

41,551

PROFIT BEFORE TAXATION

516,489

967,297

Tax on profit

6

(151,575

)

(243,001

)

PROFIT FOR THE FINANCIAL YEAR

364,914

724,296

Retained earnings at beginning of year

3,284,931

3,240,977

Dividends

7

(210,558

)

(680,342

)

RETAINED EARNINGS AT END OF YEAR

3,439,287

3,284,931

FIXED ASSETS

Property, plant and equipment

8

418,551

462,930

CURRENT ASSETS

Debtors

9

3,316,703

3,089,392

Cash at bank and in hand

1,792,089

2,634,533

5,108,792

5,723,925

CREDITORS

Amounts falling due within one year

10

(2,076,326

)

(2,882,892

)

NET CURRENT ASSETS

3,032,466

2,841,033

TOTAL ASSETS LESS CURRENT LIABILITIES

3,451,017

3,303,963

PROVISIONS FOR LIABILITIES

12

(11,727

)

(19,029

)

NET ASSETS

3,439,290

3,284,934

CAPITAL AND RESERVES

Called up share capital

13

2

2

Capital redemption reserve

14

1

1

Retained earnings

14

3,439,287

3,284,931

SHAREHOLDERS' FUNDS

3,439,290

3,284,934

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 5 June 2026 and were signed on its behalf by:

Ms G Morgan - Director

Cash flows from operating activities

Cash generated from operations

1

(572,434

)

1,015,928

Tax paid

(19,995

)

(705,142

)

Net cash from operating activities

(592,429

)

310,786

Cash flows from investing activities

Purchase of tangible fixed assets

(124,394

)

(265,392

)

Sale of tangible fixed assets

30,050

68,886

Interest received

54,395

41,551

Net cash from investing activities

(39,949

)

(154,955

)

Cash flows from financing activities

Amounts owed by related parties

492

(23,256

)

Equity dividends paid

(210,558

)

(680,342

)

Net cash from financing activities

(210,066

)

(703,598

)

Decrease in cash and cash equivalents

(842,444

)

(547,767

)

Cash and cash equivalents at beginning of year

2

2,634,533

3,182,300

Cash and cash equivalents at end of year

2

1,792,089

2,634,533

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

516,489

967,297

Depreciation charges

139,517

154,310

Profit on disposal of fixed assets

(794

)

(2,983

)

Finance income

(54,395

)

(41,551

)

600,817

1,077,073

(Increase)/decrease in trade and other debtors

(366,860

)

446,401

Decrease in trade and other creditors

(806,391

)

(507,546

)

Cash generated from operations

(572,434

)

1,015,928

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

1,792,089

2,634,533

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,634,533

3,182,300

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

2,634,533

(842,444

)

1,792,089

2,634,533

(842,444

)

1,792,089

Total

2,634,533

(842,444

)

1,792,089

1.	STATUTORY INFORMATION

Tuscor Lloyds (UK) 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with the parent or wholly owned members of the group.

Turnover

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

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Tangible fixed assets, with the exception of freehold property, are measured using the cost model. These assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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 instruments

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.

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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 subsequently 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 through 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 management or investment strategy.

Derecognition of financial liabilities

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

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Provision for liabilities:

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable, and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, considering the related risks

and uncertainties, and the related increases are generally charged as an expense to profit or loss.

3.

REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by geographical market is given below:

2025

2024

£

£

United Kingdom

13,616,587

14,333,945

Europe

1,704,062

1,674,920

Rest of World

6,581,404

9,636,191

21,902,053

25,645,056

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,400,337

3,200,690

Social security costs

344,396

431,875

Other pension costs

206,089

163,627

2,950,822

3,796,192

The average number of employees during the year was as follows:

2025

2024

Management

4

4

Sales

12

12

Accounts & Administration

12

12

28

28

2025

2024

£

£

Directors' remuneration

495,216

459,916

Directors' pension contributions to money purchase schemes

82,643

61,492

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

204,957

173,856

Pension contributions to money purchase schemes

40,991

29,730

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Hire of plant and machinery

-

1,572

Depreciation - owned assets

139,517

154,310

Profit on disposal of fixed assets

(794

)

(2,983

)

Auditors' remuneration

14,150

14,953

Foreign exchange differences

-

(3,968

)

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

158,877

264,739

Deferred tax

(7,302

)

(21,738

)

Tax on profit

151,575

243,001

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

516,489

967,297

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

129,122

241,824

Effects of:

Expenses not deductible for tax purposes

22,452

12,315

Depreciation in excess of capital allowances

7,303

10,600

Deferred tax movement

(7,302

)

(21,738

)

Total tax charge

151,575

243,001

7.

DIVIDENDS

2025

2024

£

£

Interim

210,558

680,342

8.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2025

253,825

713,631

269,432

1,236,888

Additions

6,481

117,913

-

124,394

Disposals

-

(52,010

)

-

(52,010

)

At 31 December 2025

260,306

779,534

269,432

1,309,272

DEPRECIATION

At 1 January 2025

226,783

294,777

252,398

773,958

Charge for year

8,381

126,878

4,258

139,517

Eliminated on disposal

-

(22,754

)

-

(22,754

)

At 31 December 2025

235,164

398,901

256,656

890,721

NET BOOK VALUE

At 31 December 2025

25,142

380,633

12,776

418,551

At 31 December 2024

27,042

418,854

17,034

462,930

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

3,103,674

2,728,490

Amounts owed by related parties

10,287

10,954

Other debtors

20,648

31,310

Corporation tax

101,292

240,174

VAT

76,252

73,914

Prepayments

4,550

4,550

3,316,703

3,089,392

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

1,362,164

2,223,526

Amounts owed to group undertakings

27,339

27,339

Amounts owed to related parties

-

175

Other creditors

19,412

33,478

Accrued expenses

667,411

598,374

2,076,326

2,882,892

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

92,344

90,000

Between one and five years

4,932

10,774

97,276

100,774

12.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

11,727

19,029

Deferred

tax

£

Balance at 1 January 2025

19,029

Credit to Income Statement during year

(7,302

)

Balance at 31 December 2025

11,727

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

20

Ordinary a

10p

2

2

14.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2025

3,284,931

1

3,284,932

Profit for the year

364,914

364,914

Dividends

(210,558

)

(210,558

)

At 31 December 2025

3,439,287

1

3,439,288