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Registered number: 00666403 (England & Wales)
| MINOLI & COMPANY LIMITED |
| ANNUAL REPORTS AND FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
MINOLI & COMPANY LIMITED
CONTENTS
| Page
Company Information | 1
Strategic Report | 2 - 3
Director's Report | 4 - 5
Independent Auditors' Report | 6 - 9
Statement of Income and Retained Earnings | 10
Balance Sheet | 11
Statement of Cash Flows | 12
Notes to the Financial Statements | 13 - 24
MINOLI & COMPANY LIMITED
COMPANY INFORMATION
Director | Jonathon Minoli
Company secretary | Kelly Marsh
Registered number | 00666403
Registered office | Minoli Buildings
| Transport Way
| Watlington Road
| Cowley
| Oxford
| OX4 6LX
Independent auditors | Lewis Golden LLP
| Chartered Accountants and Statutory Auditors
| 40 Queen Anne Street
| London
| W1G 9EL
Bankers | Santander UK plc
| Bridle Road
| Bootle
| Merseyside
| L30 4GB
- 1 -
MINOLI & COMPANY LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The director presents the Strategic Report for the year ended 31 December 2025.
Business review and key performance indicators
The company’s principal activity remains the supply of porcelain and ceramic floor and wall tiles to both residential and commercial markets. The director considers that the key financial performance indicators of the company’s performance are both turnover and gross profit margin. Turnover remained resilient in 2025 at £11.8m, compared to £12.1m in 2024, reflecting broadly stable trading despite challenging conditions across the wider construction and home improvement sectors. This very modest reduction demonstrates the company’s ability to sustain strong trading performance in what is at best a subdued market, supported by a loyal customer base and a premium product offering. Gross profit margin remained reasonably robust with a slight decrease from that of 2024. This reflects the company’s continued success in managing input cost pressures while maintaining disciplined pricing in a competitive environment. Through proactive supplier engagement, optimisation of product mix, and careful pricing strategies, the company has preserved strong margins. Net profit margin was wholly in line with the previous year. The cash position of the company continues to be a key performance metric, providing the flexibility to capitalise on opportunities and support the extensive ongoing investment programme. Cash balances increased to £8.1m (2024 - £7.8m), further strengthening the company’s already solid financial position and enhancing resilience against external uncertainties. Stock levels are also considered a key metric, with stock totalling £1.7m at 31 December 2025 (2024 - £1.5m). The company continues to treat inventory as a strategic investment, maintaining substantial UK-based stock to ensure strong product availability and rapid order fulfilment. This approach underpins high service levels and customer satisfaction, reinforcing the company’s competitive positioning.
Principal risks and uncertainties
As an ungeared company, the principal credit risk relates to the potential inability of customers to settle outstanding balances. This risk is effectively managed through a prudent and disciplined credit control process. The company offers limited credit facilities, conducts appropriate credit checks, and closely monitors customer balances. Consequently, exposure to bad debts remains low and well controlled. The company is subject to both national and global risks, including transportation disruption, inflationary pressures, exchange rate volatility, and potential trade restrictions. Ongoing political and economic uncertainty, both globally and within the United Kingdom, may also affect market demand and investment conditions. These risks are actively mitigated through strong, long-standing supplier relationships, regular review of pricing strategies, and a flexible approach to product mix. This has enabled the company to maintain consistently strong margins despite external cost pressures. The company benefits from a strong cash position and has no external borrowings, resulting in minimal liquidity risk. Robust cash generation, supported by regular cash flow forecasting and disciplined working capital management, ensures that the company is well positioned to meet its financial obligations and take advantage of future opportunities. Certain information required to be disclosed in the Director's Report has been included within the Strategic Report in accordance with section 414C(11) of the Companies Act 2006. This includes principal risks and uncertainties. - 2 -
MINOLI & COMPANY LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved and signed by the director.
Jonathon Minoli Director
Date: 30 June 2026
- 3 -
MINOLI & COMPANY LIMITED
DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The director presents his report and the audited financial statements for the year ended 31 December 2025.
Director
The director who served during the year was:
Jonathon Minoli
Director's responsibilities statement
The director is responsible for preparing the Strategic Report, the Director's Report and the audited financial statements in accordance with applicable law and regulations. Company law requires the director to prepare audited financial statements for each financial year. Under that law the director has elected to prepare the audited 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 director must not approve the financial statements unless he is 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 audited financial statements, the director is required to: ∙select suitable accounting policies for the company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; and ∙prepare the audited financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is 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 him to ensure that the audited financial statements comply with the Companies Act 2006. He is 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.
Results and dividends
The profit for the year, after taxation, amounted to £1,003,871 (2024 - £973,803). No dividends are proposed to be distributed (2024 - £nil).
Price risk, credit risk, liquidity risk and cash flow risk
Price risk, credit risk, liquidity risk and cash flow risk are considered in the Strategic Report on page 2 under principal risks and uncertainties.
Future developments
There are not expected to be any material changes to the company's business objectives going forward. The business environment remains competitive and the company will concentrate its efforts on achieving maximum return in its existing market segment.
Qualifying third party indemnity provisions
The company held third party indemnity insurance on behalf of the director of the company during the year. - 4 -
MINOLI & COMPANY LIMITED
DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditors
The director at the time when this Director's Report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information (as defined by Section 418(3) of the Companies Act 2006) of which the company's auditors are unaware, and ∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Auditors
The auditors, Lewis Golden LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the director.
Jonathon Minoli Director
Date: 30 June 2026
- 5 -
MINOLI & COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINOLI & COMPANY LIMITED
Opinion
We have audited the financial statements of Minoli & Company Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related Notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 United Kingdom, including the Financial Reporting Council'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 director's 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 director 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 Auditors' Report thereon. The director is 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. - 6 -
MINOLI & COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINOLI & COMPANY LIMITED (CONTINUED)
Opinion 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's 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 director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. - 7 -
MINOLI & COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINOLI & COMPANY 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: As part of designing our audit, we determined materiality and assessed the risk of material misstatement in the financial statements, whether due to fraud or error, and then designed and performed audit procedures responsive to those risks. In particular, we looked at where the director made subjective judgments such as making assumptions on significant accounting estimates. We tailored the scope of our audit to ensure that we performed sufficient work to be able to give an opinion on the financial statements as a whole. We used the outputs of a risk assessment, our understanding of the company, their environment, controls and critical business processes, to consider qualitative factors in order to ensure that we obtained sufficient coverage across all financial statement line items. Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. In identifying and assessing risks of material misstatement in respect to irregularities including non-compliance with laws and regulations, our procedures included but were not limited to: ∙at the planning stage, we gained an understanding of the legal and regulatory framework applicable to the company, the industry in which they operate and considered the risk of failing to comply with these legal and regulatory requirements; ∙we discussed the policies and procedures in place regarding compliance with laws and regulations; ∙we discussed amongst the engagement team the identified laws and regulations, and remained alert to any indications of non-compliance; and ∙during the audit, we focused on areas of laws and regulations that could reasonably be expected to have a material effect of the financial statements from our general commercial and sector experience and through discussions with the director (as required by auditing standards). We also considered those other laws and regulations that have a direct impact on the preparation of financial statements, such as the Companies Act 2006 and UK tax legislation. Our procedures in relation to fraud included but were not limited to: ∙inquiries of management whether they have knowledge of any actual, suspected or alleged fraud; ∙gaining an understanding of the internal controls established to mitigate risk related to fraud; ∙using analytical procedures to identify any unusual or unexpected relationships; ∙discussion amongst the engagement team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements; and ∙scrutiny review of journals and other unusual transactions including those in sensitive nominal ledger accounts. The primary responsibility for the prevention and detection of irregularities including fraud rests with both those charged with governance and management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. - 8 -
MINOLI & COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINOLI & COMPANY LIMITED (CONTINUED) 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 with laws and regulations 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. 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.
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 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. Daniel Burke BA (Hons) FCA (Senior Statutory Auditor) For and on behalf of Lewis Golden LLP Chartered Accountants and Statutory Auditors 40 Queen Anne Street London W1G 9EL 30 June 2026 - 9 -
MINOLI & COMPANY LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 11,803,539 | 12,116,463
Cost of sales |  | (5,863,349) | (5,937,685)
Gross profit |  | 5,940,190 | 6,178,778
Administrative expenses |  | (4,681,855) | (4,941,939)
Operating profit | 5 | 1,258,335 | 1,236,839
Interest receivable and similar income | 8 | 172,841 | 136,721
Interest payable and similar expenses |  | - | (1,588)
Profit before tax |  | 1,431,176 | 1,371,972
Tax on profit | 9 | (427,305) | (398,169)
Profit after tax |  | 1,003,871 | 973,803
Retained earnings at the beginning of the year |  | 19,253,537 | 18,279,734
Profit for the year |  | 1,003,871 | 973,803
Retained earnings at the end of the year |  | 20,257,408 | 19,253,537
- 10 -
Registered number: 00666403 (England & Wales) MINOLI & COMPANY LIMITED
BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 10 |  | 2,652,527 |  | 1,765,388
Current assets |  |  |  |  |
Stocks | 11 | 1,728,852 |  | 1,497,861 |
Debtors | 12 | 9,648,030 |  | 9,686,517 |
Cash at bank and in hand |  | 8,079,048 |  | 7,773,155 |
|  | 19,455,930 |  | 18,957,533 |
Creditors: amounts falling due within one year | 13 | (1,657,223) |  | (1,256,188) |
Net current assets |  |  | 17,798,707 |  | 17,701,345
Total assets less current liabilities |  |  | 20,451,234 |  | 19,466,733
Provisions for liabilities |  |  |  |  |
Deferred tax | 14 | (67,755) |  | (87,125) |
|  |  | (67,755) |  | (87,125)
Net assets |  |  | 20,383,479 |  | 19,379,608
Capital and reserves |  |  |  |  |
Called up share capital | 15 |  | 5,065 |  | 5,065
Revaluation reserve | 16 |  | 116,071 |  | 116,071
Capital redemption reserve | 16 |  | 4,935 |  | 4,935
Profit and loss account | 16 |  | 20,257,408 |  | 19,253,537
|  |  | 20,383,479 |  | 19,379,608
The financial statements were approved and authorised for issue by the director.
Jonathon Minoli
Director
Date: 30 June 2026
The notes on pages 13 to 24 form part of these financial statements. - 11 -
MINOLI & COMPANY LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,003,871 | 973,803
Adjustments for: |  |
Depreciation of tangible assets | 186,988 | 215,425
Profit on disposal of tangible assets | - | (570)
Interest received | (172,841) | (136,721)
Taxation charge | 427,305 | 398,169
(Increase)/decrease in stocks | (230,991) | 229,266
Decrease in debtors | 40,520 | 155,926
Increase in creditors | 558,751 | 197,248
Corporation tax paid | (606,424) | (300,180)
Net cash generated from operating activities | 1,207,179 | 1,732,366
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (1,074,127) | -
Sale of tangible fixed assets | - | 3,500
Interest received | 172,841 | 136,721
Net cash (used by)/generated from investing activities | (901,286) | 140,221
Net increase in cash and cash equivalents | 305,893 | 1,872,587
Cash and cash equivalents at beginning of year | 7,773,155 | 5,900,568
Cash and cash equivalents at the end of year | 8,079,048 | 7,773,155
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 8,079,048 | 7,773,155
- 12 -
MINOLI & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Minoli & Company Limited is a private company limited by share capital, incorporated in England and Wales, registration number 00666403. The address of the registered office is Minoli Buildings, Transport Way, Watlington Road, Cowley, Oxford OX4 6LX. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared on the going concern basis. As at the date these financial statements are signed, the director has considered the available information about the future, and expects the company to have sufficient financial resources and support to enable the company to meet its financial liabilities as they fall due, for a period of at least twelve months, from the date these financial statements are approved. 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' ('FRS 102') 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:
| 2.2 | Going concern
The financial statements have been prepared on the going concern basis. As at the date these financial statements are signed, the director has considered the available information about the future, and expect the company to have sufficient financial resources and support to enable the company to meet its liabilities as they fall due, for a period of at least twelve months, from the date these financial statements are approved.
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the company has transferred the significant risks and rewards of ownership to the buyer; ∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Turnover from the sale of goods represents amounts receivable from the supply of ceramic floor and wall tiling, adhesives and delivery charges and is recognised on delivery of goods to the customer. - 13 -
MINOLI & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Interest income
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
| 2.5 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.6 | Operating leases
Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.
| 2.7 | Foreign currency translation
Functional and presentational currency The company's functional and presentational currency is Sterling (£). 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 period 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 period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings. - 14 -
MINOLI & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Pensions
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 Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
| 2.9 | Tangible fixed assets
Tangible fixed assets other than land are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, and costs directly attributable to bringing the asset to its working condition for its intended use. (i) Land and buildings Land and buildings are stated at cost (or deemed cost for land and buildings held at valuation at the date of transition to FRS 102) less accumulated depreciation and accumulated impairment losses. The land and buildings were revalued in June 1994 and they were stated at their revalued amount less any subsequent depreciation and accumulated impairment losses. The company has adopted the transitional exemption under FRS 102 paragraph 35.10(d) and has elected to use the previous valuation as deemed cost. (ii) Plant and machinery etc. Plant and machinery etc. which comprise plant and machinery, fixtures, fittings and equipment, computers, motor vehicles and vehicle registrations are stated at cost less accumulated depreciation and accumulated impairment losses. (iii) Subsequent additions Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate only when it is probable that the economic benefits associated with the item will flow to the company and the cost can be measured reliably. Repairs and maintenance costs are expensed as incurred in the Statement of Income and Retained Earnings. - 15 -
MINOLI & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
(iv) Depreciation and residual values Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives . Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 3% | per annum on a straight line basis
|  |  |  | Leasehold improvements | - | 10% | per annum on a straight line basis
|  |  |  | Plant & machinery etc. | - | 15-25% | per annum on a reducing balance basis
|  |  |  | Fixtures and fittings | - | 15% | per annum on a reducing balance basis
|  |  |  | Computers | - | 33% | per annum on a straight line basis
|  |  |  | Motor vehicles | - | 25% | per annum on a reducing balance basis, vehicle registrations are not depreciated and are subject to an annual impairment review
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 profit or loss.
| 2.10 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. Cost is determined on a first in, first out basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to net realisable value and an impairment charge is recognised immediately in the Statement of Income and Retained Earnings. Where a reversal of the impairment is recognised, the impairment charge is reversed up to the original impairment loss and is recognised as a credit in the Statement of Income and Retained Earnings.
| 2.11 | Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. Financial assets and liabilities are offset, with the net amount reported in the Balance Sheet, 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. - 16 -
MINOLI & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other facts, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: (i) Useful economic lives of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 to the financial statements for the carrying amount of the tangible fixed assets and note 2.9 to the financial statements for the useful economic lives for each class of asset. (ii) Stock provisioning The company sells porcelain and ceramic floor and wall tiles. Management considers the recoverability of the cost of stock and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of goods. See note 11 to the financial statements for the net carrying amount of stock.
4. | Turnover
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 11,124,967 | 11,779,313
| Rest of Europe | 293,227 | 278,447
| Rest of the World | 385,345 | 58,703
|  | 11,803,539 | 12,116,463
| All turnover derives from a single class and is generated in the UK.
- 17 -
MINOLI & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Auditors' remuneration | 21,500 | 19,500
| Exchange differences | 35,204 | 19,619
| Other operating lease rentals | 473,557 | 203,830
| Defined contribution pension cost | 43,961 | 50,265
6. | Employees
| Staff costs, including director's remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,120,402 | 2,416,575
| Social security costs | 268,140 | 280,353
| Cost of defined contribution scheme | 43,961 | 50,265
|  | 2,432,503 | 2,747,193
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Warehouse and drivers | 16 | 17
|  | Support and administration | 9 | 8
|  | Sales | 17 | 20
|  | Directors | 1 | 1
|  |  | 43 | 46
- 18 -
MINOLI & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Director's emoluments and key management remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 257,722 | 501,253
| Company contributions to definded contribution pension schemes | 5,050 | 10,047
|  | 262,772 | 511,300
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes. The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,050 (2024 - £10,047).
| The highest paid director received remuneration of £262,772 (2024 - £511,300).
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 172,841 | 136,721
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 446,675 | 441,921
| Deferred tax |  |
| Accelerated capital allowances (see note 14) | (19,370) | (43,752)
| Taxation on profit on ordinary activities | 427,305 | 398,169
- 19 -
MINOLI & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 9.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,431,176 | 1,371,972
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 357,794 | 342,993
| Effects of: |  |
| Fixed asset differences | 17,678 | 36,665
| Expenses not deductible for tax purposes | 15,625 | 20,784
| Adjustments to tax charge in respect of prior periods | 36,208 | (2,273)
| Total tax charge for the year | 427,305 | 398,169
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. - 20 -

MINOLI & COMPANY LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| 10. | Tangible fixed assets
|  | Freehold land and buildings | Leasehold improvements | Plant, machinery and computer equipment | Motor vehicles | Fixtures and fittings | Assets under construction | Total
|  | £ | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |  |
| At 1 January 2025 | 2,048,243 | 154,295 | 1,159,217 | 895,244 | 179,818 | - | 4,436,817
| Additions | - | - | - | - | - | 1,074,127 | 1,074,127
| At 31 December 2025 | 2,048,243 | 154,295 | 1,159,217 | 895,244 | 179,818 | 1,074,127 | 5,510,944
| Depreciation |  |  |  |  |  |  |
| At 1 January 2025 | 980,497 | 113,988 | 815,376 | 590,277 | 171,291 | - | 2,671,429
| Charge for the year | 61,447 | 15,315 | 51,574 | 57,373 | 1,279 | - | 186,988
| At 31 December 2025 | 1,041,944 | 129,303 | 866,950 | 647,650 | 172,570 | - | 2,858,417
| Net book value |  |  |  |  |  |  |
| At 31 December 2025 | 1,006,299 | 24,992 | 292,267 | 247,594 | 7,248 | 1,074,127 | 2,652,527
| At 31 December 2024 | 1,067,746 | 40,307 | 343,841 | 304,967 | 8,527 | - | 1,765,388
- 21 -

MINOLI & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 10.Tangible fixed assets (continued)
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 1,006,299 | 1,067,746
| Long leasehold | 24,992 | 40,307
|  | 1,031,291 | 1,108,053
Included within freehold land and buildings is non-depreciable land with a revaluation surplus of £116,071. This is based on a June 1994 valuation and is now classed as deemed cost. The historical cost of the freehold land and buildings as at 31 December 2025 was £1,932,172 (2024 - £1,932,173). The accumulated depreciation on the historical cost is £1,041,944 (2024 - £980,497).
11. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Goods for resale | 1,728,852 | 1,497,861
12. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 562,454 | 622,315
| Other debtors | 8,994,924 | 8,993,648
| Prepayments | 90,652 | 70,554
|  | 9,648,030 | 9,686,517
- 22 -
MINOLI & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 504,648 | 371,565
| Corporation tax | - | 157,716
| Other taxation and social security | 434,275 | 418,757
| Other creditors | 3,786 | 3,715
| Accruals and deferred income | 714,514 | 304,435
|  | 1,657,223 | 1,256,188
14. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (87,125)
| Charged to Statement of Income and Retained Earnings | 19,370
| At end of year | (67,755)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (67,755) | (87,125)
15. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 5,065 (2024 - 5,065) Ordinary shares of £1 each | 5,065 | 5,065
- 23 -
MINOLI & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Reserves
Revaluation reserve The revaluation reserve arose on the revaluation of land and buildings on 30 June 1994 (see note 10). Capital redemption reserve The capital redemption reserve arose when the company repurchased its own shares in 2005, 2007 and 2008. Profit and loss account Profit and loss account - includes all current and prior year retained profits and losses. The profit and loss account is 100% distributable.
17. | Capital commitments
As at 31 December 2025, the company had capital commitments of £373,727 (2024 - £nil), which are not provided for in these financial statements.
18. | Commitments under operating leases
| At 31 December 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 452,500 | 212,500
| Later than 1 year but not later than 5 years | 839,247 | 1,291,747
|  | 1,291,747 | 1,504,247
19. | Related party transactions
| During the year the company was charged rent of £409,333 (2024 - £203,830) by a company under common control. At 31 December 2025 the amount due from the company was £8,992,858 (2024 - £8,992,858). The balance is unsecured, interest free and repayable on demand. During the year the company was charged consultancy fees of £50,000 (2024 - £75,000) by a company under common control.
20. | Control
During the current and prior year the company was controlled by the sole director by virtue of his shareholding.
- 24 -