Registration number:
for the
Year Ended 31 December 2025
Sunpower Group Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Sunpower Group Holdings Limited
Company Information
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Directors |
D Dodd A Wall C Maylett S Dabiri |
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Company secretary |
D Dodd |
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Registered office |
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Bankers |
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Auditors |
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Sunpower Group Holdings Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the company is the wholesale of electrical goods.
Our business
The company operates within the industrial power supply, electronic component and commercial lighting sectors, serving a broad range of customers across manufacturing, automation, OEM, wholesale, contracting and specialist lighting markets.
During 2025, the business continued to operate in challenging market conditions, with pressure on customer demand, pricing, order cycles and wider economic confidence. Despite these headwinds, the company maintained its focus on customer service, product quality, technical support and operational resilience.
The directors recognise that customer expectations continue to evolve, particularly in relation to speed of service, ease of access to information, digital ordering capability, technical support and proactive communication. In response, the company has developed a strategic two year plan to implement technology across the business, with the aim of streamlining internal processes, improving data visibility, reducing manual administration and enhancing the overall customer experience.
This technology led strategy will focus on improving the way the business captures, manages and uses information across sales, finance, operations, customer service, marketing and management reporting. The objective is to create a more connected operating environment, enabling employees to work more efficiently and allowing customers to receive faster, clearer and more consistent service.
Key areas of focus include:
• Improving digital sales and customer engagement processes
• Strengthening CRM capability and customer data visibility
• Enhancing reporting, dashboards and management information
• Streamlining internal workflows and approval processes
• Improving stock, supply chain and operational planning
• Developing online platforms and digital content to support customer self-service
• Using technology to reduce duplication, improve accuracy and support better decision making
The company will also continue to invest in its people, product knowledge and technical capability to ensure that technology supports, rather than replaces, the company’s core service-led approach.
These strategic actions are intended to position the company for long-term resilience, improved efficiency and future growth in a competitive and increasingly digital marketplace.
Key performance indicators
The company uses several key performance indicators, or KPIs, to manage and direct the performance of the business and to support consistent service delivery to customers. These KPIs are reviewed by the Board and Senior Management Team and are used to monitor financial performance, operational performance and progress against strategic objectives.
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2025 |
2024 |
|
|
Turnover |
£ |
11,186,334 |
13,240,808 |
|
Gross profit |
£ |
3,195,169 |
3,808,728 |
|
Underlying EBITDA |
£ |
892,085 |
877,190 |
The company’s preferred measure of true underlying profitability is underlying EBITDA, being underlying operating profit plus depreciation, amortisation, stock provisions, foreign exchange, profit or loss on sale of fixed assets, bad debt expense, share based payment expense and one-off directors’ pension costs.
Underlying EBITDA increased from £877,190 in 2024 to £892,085 for the year ended 31 December 2025.
Sunpower Group Holdings Limited
Strategic Report for the Year Ended 31 December 2025
Factors affecting trading included:
• Lower revenue compared with the prior year
• Softer demand across certain customer segments
• Continued pressure in the wider electronic component and lighting markets
• Pricing and margin pressure in a competitive trading environment
Management has continued to monitor performance closely and has taken action to control costs, protect gross margin and improve operational efficiency. The company’s two year technology strategy is expected to support this by improving internal productivity, strengthening customer engagement and providing better management information to support commercial decision making.
Principal risks and uncertainties
The principal financial risks arising from the company’s operations remain broadly consistent with prior years and include foreign exchange risk, credit risk and liquidity risk. These risks are monitored closely by the Board of Directors and, as at the balance sheet date, were not considered significant.
Credit risk
The company mitigates credit risk by conducting appropriate credit checks on prospective customers before entering into sales agreements. Existing customer accounts are monitored on an ongoing basis, with credit limits reviewed in line with financial standing, trading history and payment behaviour.
Liquidity risk
The company manages liquidity risk through regular cash flow monitoring and the maintenance of accessible cash reserves. The directors continue to monitor working capital requirements, stock investment, customer payment performance and supplier commitments to ensure that the business has sufficient resources to meet its obligations as they fall due.
Market and trading risk
The company operates in sectors that are influenced by economic confidence, customer investment cycles, construction and manufacturing activity, and wider demand for electronic components and lighting products. A reduction in customer demand, delayed projects or increased price competition may affect revenue and profitability.
The company seeks to mitigate these risks through a diversified customer base, strong supplier relationships, technical product knowledge and continued focus on service quality.
Supply chain risk
The electronic component and LED lighting sectors remain exposed to global supply chain volatility, changing lead times, freight disruption, product availability and pricing movements. Specialist components and certain internationally sourced products may be affected by shortages, extended manufacturing lead times or geopolitical developments.
The company mitigates these risks by maintaining close relationships with key suppliers, reviewing procurement requirements, monitoring stock availability and considering alternative sourcing options where appropriate.
Technology and systems risk
As the company increases its reliance on technology and digital processes, system resilience, data accuracy, cyber security and user adoption become increasingly important. The company recognises that successful implementation of technology requires appropriate planning, internal controls, staff training and ongoing review.
The directors are committed to ensuring that technology projects are implemented in a controlled manner and aligned with business priorities. The company will continue to review system security, process controls and data management as part of its wider operational improvement strategy.
Geopolitical risk
Geopolitical tensions, particularly in regions involved in electronics manufacturing and supply chains, may affect the availability, cost and movement of goods. The company continues to monitor developments in these areas and to consider contingency planning where appropriate.
Sunpower Group Holdings Limited
Strategic Report for the Year Ended 31 December 2025
Environmental, Social and Governance considerations
The company recognises the increasing importance of environmental, social and governance considerations within the electrical goods, electronics and lighting sectors. Customers, suppliers and regulators continue to place greater emphasis on responsible sourcing, energy efficiency, waste reduction, product compliance and ethical business practices.
The company remains committed to operating responsibly and continues to review its product offering, supplier base and internal processes to ensure compliance with relevant regulatory requirements and customer expectations.
Future developments
The company’s principal strategic focus over the next two years will be the implementation of technology across the business to streamline processes, improve operational efficiency and enhance the customer experience.
This will include continued investment in digital platforms, CRM capability, reporting tools, workflow improvements and customer-facing systems. The directors believe that these developments will support improved service delivery, stronger management information and a more scalable operating model.
The company will also continue to develop its product range across its brands, strengthen supplier relationships and invest in its people to maintain its reputation for quality, technical knowledge and service.
Approved by the
Director
Sunpower Group Holdings Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors of the company
The directors who held office during the year were as follows:
Dividends
Dividends amounting to £34,320 (2024 - £2,973,090) were paid in the year. The directors do not recommend payment of a further dividend.
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Going concern
In accordance with Financial Reporting Council's 'Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2006' the directors of all companies are now required to provide disclosures regarding the adoption of the going concern basis of accounting.
The company has sufficient financial resources available and is currently trading profitably and generating cash. The directors have prepared forecasts for the next 12 months that indicate that this trend will continue. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
Sunpower Group Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 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.
Sunpower Group Holdings Limited
Independent Auditor's Report to the Members of Sunpower Group Holdings Limited
Opinion
We have audited the financial statements of Sunpower Group Holdings Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and 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 our 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 and the Directors' Report.
Sunpower Group Holdings Limited
Independent Auditor's Report to the Members of Sunpower Group Holdings Limited
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 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 Statement of Directors' Responsibilities set out on page 6, 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.
Auditor’s 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
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.
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;. |
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enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
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reading minutes of meetings of those charged with governance. |
Sunpower Group Holdings Limited
Independent Auditor's Report to the Members of Sunpower Group Holdings Limited
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of this report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Sunpower Group Holdings Limited
Profit and Loss Account for the Year Ended 31 December 2025
|
Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
167,700 |
64,406 |
|
|
Other interest receivable and similar income |
|
|
|
|
Amounts written off investments |
( |
( |
|
|
Interest payable and similar expenses |
( |
- |
|
|
(32,651) |
42,098 |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Sunpower Group Holdings Limited
(Registration number: 03137835)
Balance Sheet as at 31 December 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
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Intangible assets |
|
|
|
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Tangible assets |
|
|
|
|
Investments |
|
|
|
|
|
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||
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Current assets |
|||
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Stocks |
|
|
|
|
Debtors |
|
|
|
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Cash at bank and in hand |
|
|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
|
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Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
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Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
416 |
437 |
|
|
Share premium reserve |
83,944 |
83,944 |
|
|
Capital redemption reserve |
21 |
- |
|
|
Profit and loss account |
5,875,850 |
5,866,932 |
|
|
Shareholders' funds |
5,960,231 |
5,951,313 |
Approved and authorised by the
Director
Sunpower Group Holdings Limited
Statement of Changes in Equity for the Year Ended 31 December 2025
|
Share capital |
Share premium |
Profit and loss account |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
Share based payment transactions |
- |
- |
97,360 |
97,360 |
|
At 31 December 2024 |
437 |
83,944 |
5,866,932 |
5,951,313 |
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 January 2025 |
|
|
- |
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
Purchase of own share capital |
(21) |
- |
21 |
(41,116) |
(41,116) |
|
Share based payment transactions |
- |
- |
- |
16,227 |
16,227 |
|
At 31 December 2025 |
|
|
|
|
|
Sunpower Group Holdings Limited
Statement of Cash Flows for the Year Ended 31 December 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
|
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Share based payment transactions |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease in stocks |
|
|
|
|
Decrease in trade debtors |
|
|
|
|
Decrease in trade creditors |
( |
( |
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
|
|
|
|
Cash flows from financing activities |
|||
|
Payments for purchase of own shares |
( |
- |
|
|
Payments to finance lease creditors |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
1,988,729 |
1,734,980 |
|
Sunpower Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Group accounts not prepared
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Changes in accounting estimate
Stock provision
During the year, the company revised its methodology for estimating the provision for slow-moving and obsolete stock to improve the assessment of stock recoverability. The revised methodology has been applied prospectively as a change in accounting estimate.
Under the revised methodology, the stock provision at 31 December 2025 was £721,955. Had the previous methodology been applied, the stock provision would have been approximately £473,176. Accordingly, the change in estimate increased the stock provision by approximately £248,779 and reduced profit before tax by the same amount in the current year.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Sunpower Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Judgements
In applying the company's accounting policies, management has not identified any material judgements, apart from those involving estimations, that have a significant effect on the amounts recognised in the financial statements. |
Key sources of estimation uncertainty
The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and the reported amounts of income and expenses during the reporting period.
Stock provision
The Company reviews inventory at each reporting date and records a provision for slow-moving and obsolete stock where necessary. The provision is determined using a methodology based on inventory stock-turn rates, together with management's assessment of the recoverability of inventory. Estimation uncertainty arises as the provision is dependent on assumptions regarding future demand, inventory utilisation and expected realisable values. Changes in these assumptions may result in material adjustments to the inventory provision in future periods.
The carrying value of inventory at 31 December 2025 was £2,240,652, against which a provision for obsolescence and slow-moving stock of £721,955 has been recognised (2024: £409,090).
Revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable for good provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amounts of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amounts equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Sunpower Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Plant and equipment |
5 year straight line |
|
Furniture and fittings |
3 to 5 year straight line |
|
Motor vehicles |
5 year straight line |
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10 year straight line |
|
Website |
5 year straight line |
Previously purchased goodwill was transferred into the company at Net book value at the date that this was acquired. The original cost of this goodwill was £5,471,664. At the date of the transfer there was 7 years of useful life remaining.
Investments
Investments in subsidiaries and associates are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Sunpower Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Sunpower Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Financial instruments
Classification
Recognition and measurement
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Share based payments
The company operates a share-based payment scheme for certain employees. The cost of share-based awards is recognised over the period in which employees become entitled to the awards, with a corresponding increase in equity.
Sunpower Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Turnover |
The analysis of the company's turnover for the year from the sale of goods by class of business is as follows:
|
2025 |
2024 |
|
|
Industrial |
|
|
|
Lighting |
|
|
|
Online |
|
|
|
Wholesale |
1,743,236 |
2,425,873 |
|
|
|
The analysis of the company's turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
Great Britain |
9,863,715 |
11,380,850 |
|
Europe |
129,482 |
146,586 |
|
Rest of the World |
1,193,137 |
1,713,372 |
|
|
|
|
Operating profit |
Arrived at after charging:
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses |
|
|
|
Operating lease expense - property |
|
|
|
Operating lease expense - other |
7,671 |
17,047 |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Share-based payment expenses |
|
|
|
Other employee expense |
|
|
|
|
|
During the year pension costs of £nil (2024 - £244,928) were incurred relating to close family members of certain directors.
Sunpower Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration |
|
|
|
Sales |
|
|
|
Operations |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
342,178 |
476,561 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
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UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
( |
|
78,252 |
83,737 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
|
|
Sunpower Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
8 |
Taxation (continued) |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Increase/(decrease) in UK and foreign current tax from adjustment for prior periods |
|
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax increase from other tax effects |
|
- |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
|
Fixed asset timing differences |
|
|
Share based payment timing differences |
|
|
|
|
2024 |
Asset |
|
Fixed asset timing differences |
|
|
Short term timing differences |
|
|
|
|
Intangible assets |
|
Goodwill |
Software Development |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2025 |
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|
|
At 31 December 2025 |
|
|
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Amortisation |
|||
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At 1 January 2025 |
|
|
|
|
Amortisation charge |
- |
|
|
|
At 31 December 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
- |
|
|
|
At 31 December 2024 |
- |
|
|
Sunpower Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
|
Plant and equipment |
Furniture and fittings |
Motor vehicles |
Total |
|
|
Cost |
||||
|
At 1 January 2025 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2025 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2025 |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
Included within tangible fixed assets are motor vehicles with a net book value of £282,423 (2024: £262,574) which are held under hire purchase agreements. The related obligations are secured on the assets concerned.
|
Investments |
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Investments in associates |
|
|
|
|
|
|
Associates |
£ |
|
Cost |
|
|
At 1 January 2025 and 31 December 2025 |
|
|
Provision |
|
|
At 1 January 2025 |
|
|
Provision |
|
|
At 31 December 2025 |
|
|
Carrying amount |
|
|
At 31 December 2025 |
|
|
At 31 December 2024 |
|
Impairment of associates
The amount of impairment loss included in profit or loss is £37,296 (2024 - £6,408).
Sunpower Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
11 |
Investments (continued) |
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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|
2025 |
2024 |
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|
Subsidiary undertakings |
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|
England & Wales |
|
|
|
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|
|
England & Wales |
|
|
|
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|
|
England & Wales |
|
|
|
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|
|
England & Wales |
|
|
|
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Associates |
|||||||
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United Kingdom |
Member's share |
|
|
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All subsidiary undertakings are dormant. The principal activity of Freeman Moore Investments LLP is that of consultancy services.
|
Stocks |
|
2025 |
2024 |
|
|
Finished goods and goods for resale |
|
|
|
Debtors |
|
Note |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
- |
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Deferred tax assets |
|
|
|
|
|
|
Sunpower Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
- |
|
|
|
Social security and other taxes |
|
|
|
|
Deferred income |
|
|
|
|
Accrued expenses |
|
|
|
|
Corporation tax liability |
89,475 |
65,210 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
HP and finance lease liabilities |
81,813 |
75,550 |
Hire purchase liabilities are secured on the assets to which they relate.
Non-current loans and borrowings
|
2025 |
2024 |
|
|
HP and finance lease liabilities |
153,320 |
159,550 |
|
Pension and other schemes |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Sunpower Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Share-based payments |
Scheme details and movements
The company operates an equity-settled share option scheme for certain employees. Options are subject to continued employment and performance conditions. The movements in share options during the year were as follows:
The movements in the number of share options during the year were as follows:
|
2025 |
2024 |
|
|
Outstanding, start of period |
|
|
|
Forfeited during the period |
( |
( |
|
Outstanding, end of period |
|
|
|
Exercisable, end of period |
|
|
|
|
||
The movements in the weighted average exercise price of share options during the year were as follows:
|
2025 |
2024 |
|
|
Outstanding, start of period |
|
|
|
Outstanding, end of period |
|
|
|
Exercisable, end of period |
|
|
|
|
||
The options outstanding at 31 December 2025 have an exercise price of £24.89 (2024 - £24.89), and a remaining contractual life of one year (2024 - two years).
Effect of share-based payments on profit or loss and financial position
The total expense recognised in profit or loss for the year was £16,227 (2024 - £97,360).
Sunpower Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary A of £0.01 each |
14,577 |
146 |
14,577 |
146 |
|
Ordinary B of £0.01 each |
14,577 |
146 |
14,577 |
146 |
|
Ordinary C of £0.01 each |
2,500 |
25 |
2,500 |
25 |
|
Ordinary D of £0.01 each |
2,500 |
25 |
2,500 |
25 |
|
Ordinary F of £0.01 each |
1,495 |
15 |
1,495 |
15 |
|
Ordinary G of £0.01 each |
- |
- |
2,116 |
21 |
|
Ordinary I of £0.01 each |
5,760 |
58 |
5,760 |
58 |
|
Ordinary J of £0.01 each |
240 |
2 |
240 |
2 |
|
41,649 |
416 |
43,765 |
438 |
|
On 25 January 2025, the company repurchased and cancelled 2,116 of its own Ordinary G £0.01 shares for a total consideration of £41,116.
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Reserves |
Share capital
Share capital represents the issued equity share capital of the company.
Share premium
Share premium represents the amount by which the amount received by the company for an equity share issue exceeds its nominal value.
Profit and loss account
Represents cumulative profits or losses, net of dividends paid and other adjustments.
Capital redemption reserve
Capital redemption reserve represents the repurchase of the company's own shares, using profits available for distribution.
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
- |
|
|
- |
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Sunpower Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Dividends |
|
2025 |
2024 |
|
|
Dividends paid |
34,320 |
2,973,090 |
Dividends paid during the year amounted to £34,320 (2024 - £2,973,090). The dividends paid in 2025 related solely to the Ordinary J shares.
|
Related party transactions |
Key management compensation
The remuneration of key management personnel of the company, which includes directors, is as follows:
|
2025 |
2024 |
|
|
Salaries and other short term employee benefits |
|
|
|
Transactions with directors |
Dividends totalling £Nil (2024 - £2,631,750) were paid during the year in respect of shares held by the company's directors. A further £34,320 (2024 - £341,340) of dividends were paid to close family members of the directors.
At the start of the year ended 31 December 2024, the directors owed £1,062,977 to the company. During the year ended 31 December 2024, the company advanced £1,770,557 to the directors and the directors repaid £2,973,090 to the company. At the prior balance sheet date, the company therefore owed £139,556 to the directors.
At the start of the year ended 31 December 2025, the company owed £139,556 to the directors. During the year ended 31 December 2025, the company repaid £139,556 to the directors and advanced a further £5,218 to the directors prior to the balance sheet date. At the current balance sheet date, the directors therefore owed the company £5,218.
The balances are interest-free and have no fixed repayment terms.
Other related party transactions
During the year, the company sold fixed assets for proceeds of £Nil (2024 - £14,400) and paid £72,000 (2024 - £72,000) of rent, and paid £112,915 (2024 - £77,917) for services provided by Freeman Moore Investments LLP, a Limited Liability Partnership in which the company has an investment.