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Registered number: 00666403 (England & Wales)
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CONTENTS
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COMPANY INFORMATION
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director presents the Strategic Report for the year ended 31 December 2025.
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.
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.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved and signed by the director.
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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.
The director who served during the year was:
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 are considered in the Strategic Report on page 2 under principal risks and uncertainties.
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.
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DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINOLI & COMPANY LIMITED
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).
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.
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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINOLI & COMPANY LIMITED (CONTINUED)
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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINOLI & COMPANY LIMITED (CONTINUED)
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.
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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.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Chartered Accountants and Statutory Auditors
40 Queen Anne Street
W1G 9EL
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the director.
The notes on pages 13 to 24 form part of these financial statements.
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.
Functional and presentational currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
9.Taxation (continued)
There were no factors that may affect future tax charges.
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