REGISTERED NUMBER: 03981617 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

R.A. TRADING LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTOR:

N Uludag

SECRETARY:

N Uludag

REGISTERED OFFICE:

Unit H3

Leeside Road

London

N17 0QJ

REGISTERED NUMBER:

03981617 (England and Wales)

AUDITORS:

G. George Associates Limited

Chartered Certified Accountants

and Statutory Auditors

12 Gateway Mews

Ring Way

London

N11 2UT

The director presents his strategic report for the year ended 31 October 2025.

REVIEW OF BUSINESS

The principal activity of the company in the year under review is that of a distributor of soft drinks and confectionery for the United Kingdom and European market.

The turnover for 2025 has decreased to £21.67 million from £23.04 million.

The UK sales have decreased to £21.00 million in 2025 from £22.38 million in 2024, whereas exports to EU have increased from £0.66 million in 2024 to £0.67 million in 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The company faces a number of business risks and uncertainties due to the competitive market environment mainly with the large chain of supermarkets and other wholesalers of food and soft drinks operating in the same geographical market.

KEY PERFORMANCE INDICATORS

The directors use a number of key performance indicators to enable a consistent method of analysing performance, in addition to allowing the directors to benchmark performance against similar businesses. The key performance indicators utilised by the directors are gross profit margin and net result after tax.

Gross profit margin has decreased from 7.96% to 7.27%. The net profit after tax has decreased to £248,668 from £467,101 because of decrease in margins and increase in overheads.

The directors continue to monitor the performance of the company against budgets and forecasts, taking necessary action to improve the profitability of the business further.

ON BEHALF OF THE BOARD:

N Uludag - Director

30 July 2026

The director presents his report with the financial statements of the company for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a distributor of soft drinks and confectionery for the United Kingdom and European market.

DIVIDENDS

No interim dividend was paid during the year. The director recommends a final dividend of £15 per share.

The total distribution of dividends for the year ended 31 October 2025 will be £ 150,000 .

DIRECTOR

N Uludag held office during the whole of the period from 1 November 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the 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 financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The 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 enable him to ensure that the 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

N Uludag - Director

30 July 2026

Opinion

We have audited the financial statements of R.A. Trading Limited (the 'company') for the year ended 31 October 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of 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 director

As explained more fully in the Statement of Director's Responsibilities set out on page three, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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. As part of an audit in accordance with International Standards on Auditing, we exercise professional judgement and maintain professional scepticism throughout the audit.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

-We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We further considered the risk of acts by the company that could be contrary to the applicable laws and regulations, including fraud. We assessed the extent of compliance with the laws and regulations identified through making enquiries of management and through our commercial knowledge and experience with businesses in the wholesale food and soft drinks industry.

-We considered the company's compliance with laws and regulations that have a significant impact on the financial statements including, but not limited to United Kingdom Generally Accepted Accounting Practice, Companies Act 2006 and UK tax legislation.

-We assessed the susceptibility of the company's financial statements to material misstatement due to non-compliance, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

-We addressed the risk of fraud through management bias and override of controls. Our procedures included, but were not limited to, performing analytical procedures to identify any unusual or unexpected relationships and testing journal entries to identify unusual transactions.

-In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to agreeing financial statement disclosures to underlying supporting documentation and enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Philip Onissiphorou (Senior Statutory Auditor)

for and on behalf of G. George Associates Limited

Chartered Certified Accountants

and Statutory Auditors

12 Gateway Mews

Ring Way

London

N11 2UT

31 July 2026

TURNOVER

21,676,926

23,045,851

Cost of sales

20,100,155

21,210,462

GROSS PROFIT

1,576,771

1,835,389

Administrative expenses

1,258,441

1,155,530

318,330

679,859

Other operating income

13,228

11,224

OPERATING PROFIT

4

331,558

691,083

Prior year adjustments

5

-

540,000

Loan written off

5

-

(150,000

)

331,558

1,081,083

Interest payable and similar expenses

6

-

70,404

PROFIT BEFORE TAXATION

331,558

1,010,679

Tax on profit

7

82,890

543,578

PROFIT FOR THE FINANCIAL YEAR

248,668

467,101

PROFIT FOR THE YEAR

248,668

467,101

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

248,668

467,101

FIXED ASSETS

Intangible assets

9

12,420

18,630

Tangible assets

10

100,940

96,373

113,360

115,003

CURRENT ASSETS

Stocks

11

1,210,023

460,511

Debtors

12

4,966,190

5,201,856

Cash at bank

1,173,347

728,148

7,349,560

6,390,515

CREDITORS

Amounts falling due within one year

13

3,156,308

2,301,668

NET CURRENT ASSETS

4,193,252

4,088,847

TOTAL ASSETS LESS CURRENT LIABILITIES

4,306,612

4,203,850

PROVISIONS FOR LIABILITIES

14

20,899

16,805

NET ASSETS

4,285,713

4,187,045

CAPITAL AND RESERVES

Called up share capital

15

10,000

10,000

Retained earnings

16

4,275,713

4,177,045

SHAREHOLDERS' FUNDS

4,285,713

4,187,045

The financial statements were approved by the director and authorised for issue on 30 July 2026 and were signed by:

N Uludag - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

10,000

3,759,944

3,769,944

Changes in equity

Dividends

-

(50,000

)

(50,000

)

Total comprehensive income

-

467,101

467,101

Balance at 31 October 2024

10,000

4,177,045

4,187,045

Changes in equity

Dividends

-

(150,000

)

(150,000

)

Total comprehensive income

-

248,668

248,668

Balance at 31 October 2025

10,000

4,275,713

4,285,713

Cash flows from operating activities

Cash generated from operations

1

1,190,241

477,313

Interest paid

-

(70,404

)

Tax paid

(560,718

)

(184,923

)

Net cash from operating activities

629,523

221,986

Cash flows from investing activities

Purchase of tangible fixed assets

(34,324

)

(24,594

)

Net cash from investing activities

(34,324

)

(24,594

)

Cash flows from financing activities

Amount withdrawn by directors

-

(37,151

)

Equity dividends paid

(150,000

)

(50,000

)

Net cash from financing activities

(150,000

)

(87,151

)

Increase in cash and cash equivalents

445,199

110,241

Cash and cash equivalents at beginning of year

2

728,148

617,907

Cash and cash equivalents at end of year

2

1,173,347

728,148

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

31.10.25

31.10.24

£

£

Profit before taxation

331,558

1,010,679

Depreciation charges

36,737

37,405

Profit on disposal of fixed assets

(770

)

-

Finance costs

-

70,404

367,525

1,118,488

(Increase)/decrease in stocks

(749,512

)

207,610

Decrease in trade and other debtors

235,666

435,442

Increase/(decrease) in trade and other creditors

1,336,562

(1,284,227

)

Cash generated from operations

1,190,241

477,313

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

1,173,347

728,148

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

728,148

617,907

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank

728,148

445,199

1,173,347

728,148

445,199

1,173,347

Total

728,148

445,199

1,173,347

1.	STATUTORY INFORMATION

R.A. Trading Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents sales to external customers at invoiced amounts less value added tax. Turnover is recognised when the risks and rewards of owning the goods have passed to the customer which is generally on delivery.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets and depreciation

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets are carried in the balance sheet at cost less accumulated depreciation.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. In determining the cost of goods purchased for resale, the last purchase price net of discount receivable, is used.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.

Loans granted to other connected companies are carried at amortised cost. The amortised cost is the amount at which the loan granted is measured at initial recognition minus principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between the initial amount and the maturity amount, and minus any reduction for impairment of uncollectibility. All loans are recognised when cash is advanced to the borrower.

For the purpose of cash flow statements, cash and cash equivalents comprise cash at bank.

Borrowings are recorded initially at the proceeds received, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method.

A financial asset is derecognised when the rights to receive cash flows from the asset have expired and a financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.

All income and expenses relating to financial assets that are recognised in profit and loss are presented within revenue, finance costs or other financial items.

The company does not hold any financial assets or financial liabilities measured at fair value through profit and loss or other comprehensive income. The company does not hold any hedging instruments, or transferred financial assets.

Financial assets and financial liabilities are offset and the net amount reported in the statement of financial position if, any only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.10.25

31.10.24

£

£

Wages and salaries

546,432

554,810

Social security costs

56,687

56,128

Other pension costs

13,143

12,902

616,262

623,840

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

31.10.25

31.10.24

Warehouse

3

2

Delivery

2

3

Administration

8

5

13

10

31.10.25

31.10.24

£

£

Director's remuneration

76,577

74,710

Director's pension contributions to money purchase schemes

2,297

2,241

4.	OPERATING PROFIT

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

31.10.25

31.10.24

£

£

Hire of plant and machinery

4,429

3,636

Depreciation - owned assets

30,526

31,196

Profit on disposal of fixed assets

(770

)

-

Computer software amortisation

6,210

6,210

Auditors' remuneration

5,000

5,000

Foreign exchange differences

4,136

182

5.	EXCEPTIONAL ITEMS

31.10.25

31.10.24

£

£

Prior year adjustments

-

540,000

Loan written off

-

(150,000

)

-

390,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.10.25

31.10.24

£

£

Interest on overdue tax

-

70,404

7.

TAXATION

Analysis of the tax charge

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

31.10.25

31.10.24

£

£

Current tax:

UK corporation tax

78,796

155,220

Prior period tax

-

391,109

Total current tax

78,796

546,329

Deferred tax

4,094

(2,751

)

Tax on profit

82,890

543,578

8.

DIVIDENDS

31.10.25

31.10.24

£

£

Ordinary shares of £1 each

Final

150,000

50,000

9.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 November 2024

and 31 October 2025

31,050

AMORTISATION

At 1 November 2024

12,420

Amortisation for year

6,210

At 31 October 2025

18,630

NET BOOK VALUE

At 31 October 2025

12,420

At 31 October 2024

18,630

10.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2024

9,780

23,122

172,390

23,126

228,418

Additions

-

-

40,000

2,323

42,323

Disposals

-

-

(37,500

)

-

(37,500

)

At 31 October 2025

9,780

23,122

174,890

25,449

233,241

DEPRECIATION

At 1 November 2024

3,863

5,780

106,605

15,797

132,045

Charge for year

887

2,602

24,639

2,398

30,526

Eliminated on disposal

-

-

(30,270

)

-

(30,270

)

At 31 October 2025

4,750

8,382

100,974

18,195

132,301

NET BOOK VALUE

At 31 October 2025

5,030

14,740

73,916

7,254

100,940

At 31 October 2024

5,917

17,342

65,785

7,329

96,373

11.

STOCKS

31.10.25

31.10.24

£

£

Stocks

1,210,023

460,511