REGISTERED NUMBER: SC138900 (Scotland)

Financial Statements For The Year Ended 31 December 2025

for

Dawn Direct Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

D B Ross

R C Ross

SECRETARY:

W J D McMartin

REGISTERED OFFICE:

North Main Street

Carronshore

Falkirk

FK2 8HT

REGISTERED NUMBER:

SC138900 (Scotland)

INDEPENDENT AUDITORS:

Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

SOLICITORS:

Shepherd & Wedderburn LLP

9 Haymarket Square

Edinburgh

EH3 8FY

FIXED ASSETS

Tangible assets

4

37,205

56,009

CURRENT ASSETS

Stocks

5

167,730

88,145

Debtors

6

2,051,289

1,883,410

Cash at bank and in hand

117,959

72,721

2,336,978

2,044,276

CREDITORS

Amounts falling due within one year

7

369,585

434,554

NET CURRENT ASSETS

1,967,393

1,609,722

TOTAL ASSETS LESS CURRENT LIABILITIES

2,004,598

1,665,731

CREDITORS

Amounts falling due after more than one year

8

-

69,000

NET ASSETS

2,004,598

1,596,731

CAPITAL AND RESERVES

Called up share capital

10

20,000

20,000

Retained earnings

1,984,598

1,576,731

SHAREHOLDERS' FUNDS

2,004,598

1,596,731

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2026 and were signed on its behalf by:

R C Ross - Director

1.	STATUTORY INFORMATION

Dawn Direct Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.

In assessing the appropriateness of the going concern basis, the directors have considered the company's current financial position, cash flow forecasts, available financing facilities, and the principal risks and uncertainties facing the business. Based on this assessment, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements.

Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Where payments are received from customers in advance of delivery of goods, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets

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

Fixed plant and equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% on 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 the Statement of income and retained earnings.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 currency 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.

Operating leases: the company as a lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

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 the Statement of income and retained earnings 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.

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest

method.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

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 the Statement of Income and Retained Earnings.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are

measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2024 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Fixed

plant and

Motor

Computer

equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2025

and 31 December 2025

78,367

90,025

116,331

284,723

DEPRECIATION

At 1 January 2025

58,818

68,468

101,428

228,714

Charge for year

1,964

9,130

7,710

18,804

At 31 December 2025

60,782

77,598

109,138

247,518

NET BOOK VALUE

At 31 December 2025

17,585

12,427

7,193

37,205

At 31 December 2024

19,549

21,557

14,903

56,009

5.

STOCKS

2025

2024

£

£

Stocks

167,730

88,145

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

179,645

203,607

Amounts owed by group undertakings

1,867,950

1,676,109

Other debtors

9

9

Deferred tax asset

3,685

3,685

2,051,289

1,883,410

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

119,993

154,851

Tax

71,179

153,534

Social security and other taxes

13,638

11,959

VAT

89,867

87,949

Other creditors

4,706

2,064

Accruals and deferred income

70,202

24,197

369,585

434,554

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Accruals and deferred income

-

69,000

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

4,700

27,153

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

20,000

Ordinary shares

£1

20,000

20,000

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Alex Webb BAcc FCCA (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

12.	PENSION COMMITMENTS

The company operates a defined contribution 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 £13,660 (2024 - £6,189). Contributions totalling £1,768 (2024 - £1,748) were payable to the fund at the reporting date.

13.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

14.	ULTIMATE CONTROLLING PARTY

The intermediate parent company is Satalite 2 Ltd, a company registered in Scotland. The ultimate parent company is Alexander Ross Holdings Limited, a company registered in Scotland and this is the smallest group for which consolidated accounts are drawn up of which the company is a member. Copies of the group financial statements can be obtained from the registered office, North Main Street, Carronshore, Falkirk, FK2 8HT.