The directors present the strategic report for the year ended 30 June 2025.

Financial Review

Turnover was £19.2m in 2025 compared to £18m in 2024. This is driven by an increase in volume. Gross profit margin increased from 10% in 2024 to 13% in 2025.

Administrative expenses were 14% higher than 2024 mainly due to annual pay rises and inflation.

The company produced a profit before tax of £1,002,741 compared to £522,023 in the previous year.

Business Review

Direktek is a leading multi-channel distributor and wholesaler specialising in consumer electronics, including cameras, audio-visual products, batteries and mobile & PC accessories. The company supplies a broad range of customer channels, including independent retailers, mass-market outlets, rapid delivery platforms, online marketplaces, mail-order businesses and B2B resellers. The business continues to maintain strong and stable relationships with major manufacturers and brand partners.

Demand for both digital and film camera equipment remained resilient during the year, supported by increasing sales of the company’s private label product ranges. As a result, the company has maintained a strong financial position. The company’s branded product portfolio continues to expand and is now widely listed across major physical and online retail partners. The exclusive agreement to distribute product ranges and act as logistics partner for Maplin Electronics has continued to grow and represents an important strategic relationship for the business.

The company’s growing supplier partnerships in China have delivered tangible operational benefits, including improved communication, enhanced pricing arrangements and reduced shipping costs. These improvements have supported margin performance and enabled further expansion of the product portfolio, strengthening the company’s market position and customer offering.

Market outlook

The UK consumer electronics market continues to evolve, shaped by shifting consumer purchasing habits, the continued growth of online and marketplace channels, and ongoing innovation in product categories such as smart home and AI technology. Demand for traditional camera equipment has proved more resilient than market commentary anticipated, with a sustained revival in interest in film photography and entry-level digital cameras supporting volumes across the year.

The rapid-delivery and online marketplace channels continue to gain share at the expense of traditional bricks-and-mortar retail, and the directors expect this trend to persist. The company is well positioned to benefit from this shift given its established presence across all major marketplaces and rapid-delivery platforms, and its flexible drop-shipping fulfilment model.

Inflationary pressure on consumer discretionary spend remains a feature of the trading environment, though easing input cost inflation and a stabilising freight market are expected to support margins in the year ahead.

Future Developments

The directors continue to monitor consumer demand, channel mix and category performance closely, and believe the company’s diversified channel strategy and growing private label portfolio leave it well placed to navigate the market conditions ahead.

Principal risks and uncertainties

The directors have identified the following principal risks and uncertainties facing the business. Each risk is managed through a combination of operational controls, commercial arrangements and ongoing monitoring by the senior management team.

Credit risk

The company extends trade credit to a wide range of independent retailers, resellers and B2B customers. A default by a significant customer could have a material impact on results. The company mitigates this risk through customer credit checks at onboarding, internal credit limits, ongoing monitoring of aged debt, and credit insurance cover where appropriate. The company's broad customer base across multiple channels reduces concentration risk.

Price and margin risk

The consumer electronics market is competitive and pricing is subject to pressure from large retailers, online marketplaces and direct-to-consumer brand activity. The company manages this risk through its private label and exclusive distribution ranges, which offer differentiated margins, and through close monitoring of competitor pricing and category mix.

Supply chain and shipping cost risk

A significant portion of the company's private label product is sourced from suppliers in China. Volatility in freight rates, port congestion, currency movements and geopolitical disruption could affect both product availability and landed cost. The company mitigates this through long-standing supplier relationships, consolidated shipping arrangements, dual sourcing where practical, and active management of inventory cover.

Drop-shipping and logistics cost risk

A defining feature of the company's distribution model is its ability to drop-ship products direct to retail customers' end consumers. The cost of carriage in this channel can be volatile and is sensitive to carrier rate changes and parcel volumes. The company maintains commercial agreements with multiple carriers and reviews carrier performance and cost regularly to protect margins.

Foreign exchange risk

The company purchases a material proportion of its inventory in US dollars and incurs shipping costs in foreign currency. Adverse movements in exchange rates could affect cost of sales and margin. The company monitors currency exposure and considers forward cover where the underlying commitment justifies it.

Liquidity and working capital risk

As a distribution business, the company carries significant inventory and trade receivables. The directors monitor cash flow forecasts, headroom against available facilities, and working capital ratios on a regular basis to ensure the business has adequate liquidity to meet its obligations as they fall due.

Key customer and supplier risk

The company's exclusive distribution and logistics arrangement with Maplin Electronics is an important strategic relationship. Loss or material change to this, or any other significant customer or supplier relationship could affect revenue and margin. The company manages this risk through active relationship management, contractual arrangements, and continued diversification of both its customer base and its supplier panel.

Cyber and information security risk

The company is reliant on its IT systems and e-commerce platforms for order processing, stock management and fulfilment. A material cyber incident could disrupt operations. The company maintains layered IT security controls, regular backups, business continuity arrangements and ongoing staff awareness training.

The directors monitor a range of financial and operational key performance indicators to assess the performance of the business against its strategic objectives. The principal KPIs are:

• Revenue growth – tracked by channel (independent retail, mass market, online marketplaces, B2B reseller and rapid delivery) and by product category, to monitor the diversification of the customer base and the contribution of private label ranges. Revenue has increased from £18m in 2024 to £19.2m in 2025. This is consistent with revenue growth trend driven by volume increases.

• Gross margin – monitored at both a total company level and by product category, with particular focus on the margin uplift delivered by private label and exclusive distribution ranges. Gross profit margin increased from 10% in 2024 to 13% in 2025, reflecting revenue growth and continued focus on improving cost of sales efficiency.

• Return on invested capital (ROIC) – the directors regard ROIC as the principal measure of capital efficiency. ROIC remained strong during the year, reflecting disciplined working capital management and the company's asset-light distribution model. This has increased from 0.52% in 2024 to 4.4% in 2025 mainly due to an increase in the operating profit.

• Stock turn and stock cover (days) – central to a distribution business; the directors monitor stock ageing and slow-moving lines monthly. Stock has increased from £2.1m in 2024 to £3.9m in 2025. The increase in the stock holding was due to elevated sales.

• Customer concentration – the proportion of revenue derived from the largest customers, monitored to ensure the business does not become unduly dependent on any single channel or account.

The directors are satisfied with the company's performance against each of these measures during the year.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 June 2025.

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

The results for the year are set out on page 9.

In accordance with the company's articles, a resolution proposing that BK Plus Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

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

We have audited the financial statements of Direktek Limited (the 'company') for the year ended 30 June 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' 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.

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.

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.

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.

From the preliminary stage of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

• Enquiry of management and those charged with governance around actual and potential litigation and claims;

• Reviewing minutes of meetings of those charged with governance, if available;

• Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions. There is always the unavoidable risk that material misstatements in the financial statements may not be detected despite the audit being properly performed in accordance with UK Auditing standards.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Direktek Limited is a private company limited by shares incorporated in England and Wales. The registered office is Direktek House, 5 Century Point, Halifax Road, High Wycombe, Bucks, United Kingdom, HP12 3SL.

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

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

The financial statements have been prepared on the historical cost convention.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

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

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

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

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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

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

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 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.

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

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.

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.

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, 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.

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.

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

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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

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

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

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

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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

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

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets are depreciated to write off the cost of the asset, less any residual value, over its useful life. Estimates of useful lives are based on the nature of the asset and management's experience. The actual useful lives of assets may vary.

The company estimates the recoverable amount of trade and other receivables. In assessing potential impairment, management consider factors including the debtor’s credit rating, the age of outstanding balances, and past collection experience.

The company estimates a provision for obsolete or slow-moving stock based on management’s estimate of the value of stock identified as slow moving or obsolete. The provision represents management’s best estimate of the provision as at the reporting date.

Management assess all operating lease agreements to consider whether a dilapidations provision is required. The provision raised is based on management’s best estimate of the provision as at the reporting date.

Deferred tax liabilities are recognised for taxable temporary differences between the carrying amounts of assets and liabilities and their tax bases. The amount recognised is based on expected future taxable amounts, which are estimated using business plans incorporating assumptions about economic growth, interest rates, inflation, and tax rates.

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

Their aggregate remuneration comprised:

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

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

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

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

During the year, Direktek Limited made sales of £412,871 (2024: £357,357) with a related company. Direktek also charged £24,000 (2024: £48,000) as management fees to the same company.

During the year, Direktek Limited was charged licence fees totalling £Nil (2024: £35,863) by a company in which T Marshall is a director and shareholder.

At the balance sheet date, the company owed £5,448 (2024: £25,694) to companies in which T Marshall is a director and shareholder.

At the balance sheet date, the company was owed £592,169 (2024: £697,756) by companies under common control.

The company is controlled by T Marshall as the sole director and shareholder.