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Registered number: 04369121
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 JANUARY 2026
| XEVA LIMITED
XEVA LIMITED |  |
COMPANY INFORMATION
Directors | R D Searle
| D J Keevil
| P J Searle
Company secretary | N McDonald
Registered number | 04369121
Registered office | Unit 5 The Ringway Centre
| Edison Road
| Basingstoke
| Hampshire
| RG21 6YH
Independent auditors | Menzies LLP
| Chartered Accountants & Statutory Auditor
| 3000a Parkway
| Whiteley
| Hampshire
| PO15 7FX
XEVA LIMITED |  |
CONTENTS
| Page
Strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 7
Statement of income and retained earnings | 8
Statement of financial position | 9
Statement of cash flows | 10
Analysis of net debt | 11
Notes to the financial statements | 12 - 25
XEVA LIMITED |  |
STRATEGIC REPORT FOR THE YEAR ENDED 31 JANUARY 2026
Introduction
The Directors present the strategic report of Xeva Limited (“Company”) for the year-end 31 January 2026.
Business review
The principal activity of XEVA is the supply and distribution of communications products to a UK dealer channel. The company formed in late 2011 and has seen good growth and an expanding portfolio of products and services. There is a continuing strategy to grow the product portfolio and continue to support our longstanding client and supplier base. The business now also supplies body worn camera equipment and APC battery back up systems. We value our Partner and supplier relationships greatly and have invested heavily to ensure we have the right people and systems in place to allow sustained levels of support. We continue to improve IT systems, communications and work flows to maintain efficiency. For 2025-26, XEVA again received the Top Empower award from Motorola Solutions and remains the largest Motorola Solutions Distributor for Digital Mobile Radio (DMR), WAVE PTX and Body Worn Cameras across the EMEA.
Financial key performance indicators
2026 2025 Revenue £39.0m £29.0m Gross Profit £4.9m £3.9m Gross Profit % 12.5% 13.6% Stock Holding £3.7m £5.1m The year Feb 25 to Jan 26 saw revenue climb by 34% and produced an increase in gross profit of 26%. End of year stock levels were lower due to fulfilment of some large end of year projects. Cash and net assets are deemed reasonable for the trading year.
Principal risks and uncertainties
Business remains competitive and we work hard to retain margins through bulk buying and careful stock control. There remains good equity in the business and we feel confident the business is sustainable in the current climate. This report was approved by the board and signed on its behalf.
R D Searle Director
Date: 13 July 2026
Page 1
XEVA LIMITED |  |
DIRECTORS' REPORT FOR THE YEAR ENDED 31 JANUARY 2026 The directors present their report and the financial statements for the year ended 31 January 2026.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £2,384,499 (2025 - £1,737,488). Particulars of recommended dividends are detailed in the notes to the financial statements.
Directors
The directors who served during the year were:
R D Searle
D J Keevil
P J Searle
Future developments
The Directors will continue to focus on the growth and development of the business and its operations and will seek to maximise opportunities within its existing markets.
Matters covered in the Strategic report
The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties. The directors are aware of the matter set out in section 172(1)(a) to (f) (duty to promote the success of the company) when performing their duties and do so appropriately. Page 2
XEVA LIMITED |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2026
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director 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
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
R D Searle Director
Date: 13 July 2026
Page 3
XEVA LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF XEVA LIMITED
Opinion
We have audited the financial statements of Xeva Limited (the 'Company') for the year ended 31 January 2026, which comprise the Statement of income and retained earnings, the Analysis of net debt, the Statement of financial position, 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 January 2026 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 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 Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 4
XEVA LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF XEVA 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 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.
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 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.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 2, 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. Page 5
XEVA LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF XEVA 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: ∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items. ∙We understood how the Company is complying with the legal and regulatory frameworks by making inquiries to management, and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of documentation. ∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. ∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: °Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; °Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; °Challenging assumptions and judgments made by management in its significant accounting estimates; and °Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. ∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: °Posting of unusual journals and complex transactions. °Misappropriation of funds through fraudulent purchase ledger and payroll activity. °Manipulation of amounts subject to significant judgment or estimate. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 6
XEVA LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF XEVA LIMITED (CONTINUED)
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. Stephanie Hawkins FCA (Senior statutory auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor 3000a Parkway Whiteley Hampshire PO15 7FX 13 July 2026 Page 7
XEVA LIMITED |  |
STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 JANUARY 2026
| 2026 | 2025
Note | £ | £
Turnover | 4 | 39,059,848 | 29,010,495
Cost of sales |  | (34,180,090) | (25,073,855)
Gross profit |  | 4,879,758 | 3,936,640
Administrative expenses |  | (1,675,109) | (1,584,632)
Other operating income | 5 | 4,949 | (1,200)
Operating profit |  | 3,209,598 | 2,350,808
Interest receivable and similar income | 9 | 15,893 | 6,706
Interest payable and similar expenses | 10 | (27,954) | (18,254)
Profit before tax |  | 3,197,537 | 2,339,260
Tax on profit | 11 | (813,038) | (601,772)
Profit after tax |  | 2,384,499 | 1,737,488
Retained earnings at the beginning of the year |  | 8,304,766 | 7,167,278
|  | 8,304,766 | 7,167,278
Profit for the year |  | 2,384,499 | 1,737,488
Dividends declared and paid |  | (990,000) | (600,000)
Retained earnings at the end of the year |  | 9,699,265 | 8,304,766
The notes on pages 12 to 25 form part of these financial statements.
Page 8
XEVA LIMITED REGISTERED NUMBER:04369121 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 JANUARY 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 353,227 |  | 436,347
|  |  | 353,227 |  | 436,347
Current assets |  |  |  |  |
Stocks | 14 | 3,684,886 |  | 5,129,915 |
Debtors: amounts falling due within one year | 15 | 5,956,986 |  | 3,216,608 |
Cash at bank and in hand | 16 | 1,583,920 |  | 706,874 |
|  | 11,225,792 |  | 9,053,397 |
Creditors: amounts falling due within one year | 17 | (1,805,265) |  | (1,089,784) |
Net current assets |  |  | 9,420,527 |  | 7,963,613
Total assets less current liabilities |  |  | 9,773,754 |  | 8,399,960
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (74,389) |  | (95,094) |
|  |  | (74,389) |  | (95,094)
Net assets |  |  | 9,699,365 |  | 8,304,866
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 100 |  | 100
Profit and loss account | 20 |  | 9,699,265 |  | 8,304,766
|  |  | 9,699,365 |  | 8,304,866
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R D Searle
Director
Date: 13 July 2026
The notes on pages 12 to 25 form part of these financial statements. Page 9
XEVA LIMITED |  |
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2026
|  |  | 2026 | 2025
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 2,384,499 | 1,737,488
Adjustments for: |  |
Depreciation of tangible assets | 124,445 | 117,202
Loss on disposal of tangible assets | (17,495) | (7,271)
Interest paid | 27,954 | 18,254
Interest received | (15,893) | (6,706)
Taxation charge | 813,036 | 601,774
Decrease/(increase) in stocks | 1,445,029 | (930,075)
(Increase)/decrease in debtors | (2,740,376) | 511,611
Increase/(decrease) in creditors | 612,504 | (791,305)
Corporation tax (paid) | (730,649) | (339,977)
Net cash generated from operating activities | 1,903,054 | 910,995
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (51,612) | (184,373)
Sale of tangible fixed assets | 27,782 | 10,154
Interest received | 15,893 | 6,706
Net cash from investing activities | (7,937) | (167,513)
Cash flows from financing activities |  |
Repayment of/new finance leases | - | (19,627)
Movements on invoice discounting | (117) | 117
Dividends paid | (990,000) | (600,000)
Interest paid | (27,954) | (18,254)
Net cash used in financing activities | (1,018,071) | (637,764)
Net increase in cash and cash equivalents | 877,046 | 105,718
Cash and cash equivalents at beginning of year | 706,874 | 601,156
Cash and cash equivalents at the end of year | 1,583,920 | 706,874
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,583,920 | 706,874
| 1,583,920 | 706,874
The notes on pages 12 to 25 form part of these financial statements.
Page 10
XEVA LIMITED |  |
ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 JANUARY 2026
| At 1 February 2025 | Cash flows | At 31 January 2026
| £ | £ | £
Cash at bank and in hand | 706,874 | 877,046 | 1,583,920
| 706,874 | 877,046 | 1,583,920
The notes on pages 12 to 25 form part of these financial statements.
Page 11
XEVA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
1. | General information
Xeva Limited (formerly Radiotrade Limited) is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The registered address is also the principal place of business. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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
At the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making their assessment the Directors have considered the company's current financial position and future cash flow. Therefore, the Directors continue to adopt the going concern basis of accounting in preparing these annual financial statements.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each 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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 12
XEVA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised: Sale of goods Revenue 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 revenue 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. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. Page 13
XEVA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 reporting 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 reporting 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 reporting date.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - | 10 years straight line
|  |  |  | Plant and machinery | - | 25 - 33% reducing balance
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Fixtures and fittings | - | 25% reducing balance
|  |  |  | Office equipment | - | 33% reducing balance
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. Page 14
XEVA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 2.Accounting policies (continued)
| 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. Cost is based on the cost of purchase on a first in first out, actual and average basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.11 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.12 | Financial instruments
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
| 2.13 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the directors do not consider they have made any significant judgements or estimations. Page 15
XEVA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Sales - Goods | 34,053,923 | 26,739,003
| Sales - Services | 5,005,925 | 2,271,492
|  | 39,059,848 | 29,010,495
Analysis of turnover by country of destination:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| United Kingdom | 37,572,293 | 27,695,095
| Europe & Rest of World | 1,487,555 | 1,315,400
|  | 39,059,848 | 29,010,495
| Performance obligations
| The company’s performance obligations arise from the sale of goods and the provision of services to customers. Performance obligations relating to the sale of goods are typically satisfied at a point in time upon delivery to the customer. Performance obligations relating to services are satisfied over time as the services are rendered.
| Payment terms typically require settlement within [x] days of invoice. Consideration is [fixed/variable], and contracts with customers do [not] include a significant financing component.
| The nature of the goods and services transferred includes [brief description of goods/services]. The company acts as principal in these arrangements, as it controls the goods or services before they are transferred to the customer. The entity does not act as an agent in any material arrangements.
| For performance obligations satisfied over time, revenue is recognised using the [input/output] method, which measures progress towards complete satisfaction of the performance obligation based on [costs incurred to date / milestones achieved / units delivered].
5. | Other operating income
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other operating income | 4,949 | (1,200)
|  | 4,949 | (1,200)
Page 16
XEVA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 16,900 | 16,275
| Fees payable to the Company's auditors for the preparation of the statutory accounts and tax computation | 2,900 | 2,510
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Wages and salaries | 1,435,801 | 1,402,122
| Social security costs | 268,897 | 226,900
| Cost of defined contribution scheme | 60,562 | 56,463
|  | 1,765,260 | 1,685,485
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2026 | 2025
|  |  | No. | No.
|  | Director | 3 | 4
|  | Management | 1 | -
|  | Administration | 18 | 21
|  | Sales | 7 | 9
|  | Service | 4 | 2
|  |  | 33 | 36
Page 17
XEVA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
8. | Directors' remuneration
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Directors' emoluments | 354,342 | 420,606
| Company contributions to defined contribution pension schemes | 14,174 | 17,395
|  | 368,516 | 438,001
| During the year retirement benefits were accruing to 3 directors (2025 - 4) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £125,000 (2025 - £125,000).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,000 (2025 - £4,536).
9. | Interest receivable
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other interest receivable | 15,893 | 6,706
|  | 15,893 | 6,706
10. | Interest payable and similar expenses
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other interest payable | 27,954 | 18,254
| Interest payable by branches | 27,954 | 18,254
Page 18
XEVA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
11. | Taxation
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 833,743 | 571,099
| Adjustments in respect of previous periods | - | 10,891
|  | 833,743 | 581,990
| Total current tax | 833,743 | 581,990
| Deferred tax |  |
| Origination and reversal of timing differences | (20,705) | 19,782
| Total deferred tax | (20,705) | 19,782
| Profit after tax | 813,038 | 601,772
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2025 - higher than) the standard rate of corporation tax in the UK of 25% (2025 - 25%). The differences are explained below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,197,537 | 2,339,260
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%) | 799,384 | 584,815
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 12,588 | 6,066
| Adjustments to tax charge in respect of prior periods | - | 10,891
| Fixed asset differences | 1,945 | -
| Other differences leading to an increase (decrease) in the tax charge | (879) | -
| Total tax charge for the year | 813,038 | 601,772
Page 19
XEVA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
12. | Dividends
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Dividends paid | 990,000 | 600,000
|  | 990,000 | 600,000
Page 20
XEVA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
13. | Tangible fixed assets
|  | Short-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 February 2025 | 8,386 | 620,933 | 111,142 | 187,032 | 142,574
| Additions | - | 44,617 | - | 583 | 6,412
| Disposals | - | (24,685) | - | - | -
| At 31 January 2026 | 8,386 | 640,865 | 111,142 | 187,615 | 148,986
| Depreciation |  |  |  |  |
| At 1 February 2025 | 5,940 | 354,143 | 33,097 | 135,139 | 105,401
| Charge for the year on owned assets | 838 | 83,396 | 17,424 | 11,688 | 11,099
| Disposals | - | (14,398) | - | - | -
| At 31 January 2026 | 6,778 | 423,141 | 50,521 | 146,827 | 116,500
| Net book value |  |  |  |  |
| At 31 January 2026 | 1,608 | 217,724 | 60,621 | 40,788 | 32,486
| At 31 January 2025 | 2,446 | 266,790 | 78,045 | 51,893 | 37,173
Page 21
XEVA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 13.Tangible fixed assets (continued)
|  | Total
|  | £
| Cost or valuation |
| At 1 February 2025 | 1,070,067
| Additions | 51,612
| Disposals | (24,685)
| At 31 January 2026 | 1,096,994
| Depreciation |
| At 1 February 2025 | 633,720
| Charge for the year on owned assets | 124,445
| Disposals | (14,398)
| At 31 January 2026 | 743,767
| Net book value |
| At 31 January 2026 | 353,227
| At 31 January 2025 | 436,347
Page 22
XEVA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
14. | Stocks
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Raw materials and consumables | 3,684,886 | 5,129,915
|  | 3,684,886 | 5,129,915
15. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 5,886,682 | 2,942,483
| Prepayments and accrued income | 70,304 | 274,125
|  | 5,956,986 | 3,216,608
16. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,583,920 | 706,874
|  | 1,583,920 | 706,874
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 606,212 | 296,248
| Corporation tax | 548,193 | 445,099
| Other taxation and social security | 643,788 | 329,956
| Proceeds of factored debts | - | 117
| Other creditors | 3,002 | 2,137
| Accruals and deferred income | 4,070 | 16,227
|  | 1,805,265 | 1,089,784
| Financing and credit card facilities are secured over the assets of the Company.
Page 23
XEVA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
18. | Deferred taxation
|  | 2026
|  | £
| At beginning of year | 95,094
| Charged to profit or loss | (20,705)
| At end of year | 74,389
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Accelerated capital allowances | 78,040 | 96,166
| Short-term timing differences | (3,651) | (1,072)
|  | 74,389 | 95,094
19. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2025 - 100) Ordinary shares of £1.00 each | 100 | 100
| Each ordinary share has equal voting and dividend rights.
20. | Reserves
Profit and loss account The reserve records retained earnings and accumulated losses.
21. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £60,562 (2025 - £56,463). Contributions totalling £10,013 (2025 - £8,862) were payable to the fund at the reporting date and are included in creditors. Page 24
XEVA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
22. | Commitments under operating leases
| At 31 January 2026 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Not later than 1 year | 166,199 | 134,511
| Later than 1 year and not later than 5 years | 136,763 | 225,662
|  | 302,962 | 360,173
| During the year, the Company paid £175,754 (2025 - £189,746) in respect of operating lease commitments.
23. | Controlling party
The ultimate controlling party is the director, R D Searle, by virtue of his shareholding.
Page 25