JOVS LTD

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

JOVS LTD is a private company, limited by shares, incorporated in Scotland, registered number SC566551 . The registered office is 588d Unit 3 Glasgow Road, Clydebank, G81 1NH.

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

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	20% on reducing balance
Motor Vehicles	20% on reducing balance
Computer Equipment	33.33% straight line

Assets in the course of construction and assets not yet available for use are not depreciated. Additions to plant and machinery include £136,230 in respect of a production line which had not been installed or brought into use at the balance sheet date, and on which no depreciation has been charged.

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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JOVS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2026

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 13 (2025: 7)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 June 2025	11,148	201,529	-	212,677
Additions	147,730	120,370	5,394	273,494
Disposals	-	(27,534 )	-	(27,534 )

As at 31 May 2026	158,878	294,365	5,394	458,637

Depreciation
As at 1 June 2025	4,013	78,939	-	82,952
Provided during the period	3,727	45,068	1,798	50,593
Disposals	-	(9,912 )	-	(9,912 )

As at 31 May 2026	7,740	114,095	1,798	123,633

Net Book Value
As at 31 May 2026	151,138	180,270	3,596	335,004

As at 1 June 2025	7,135	122,590	-	129,725

5. Stocks

	2026	2025
	£	£
Finished goods	1,065,603	905,313

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JOVS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2026

6. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	286,886	-
Other debtors	69,905	7,980

	356,791	7,980

7. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	22,000	-
Trade creditors	476,939	96,267
Bank loans and overdrafts	22,291	22,873
Other loans	41,263	-
Other creditors	474,813	646,828
Taxation and social security	41,453	21,143

	1,078,759	787,111

8. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	84,749	59,778
Bank loans	57,773	32,984
Other loans	215,352	-

	357,874	92,762

9. Secured Creditors

Of the creditors the following amounts are secured. Obligations under hire purchase contracts of £106,749 and the Northridge Finance agreement of £32,984 are secured on the assets to which they relate. Amounts of £256,615 due to Nucleus Cash Flow Finance are secured by a fixed charge over the assets of the company created on 11 November 2025. Amounts of £197,935 due to TradeBridge are secured by a floating charge over the assets of the company created on 5 May 2026.

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	106,749	-
Bank loans and overdrafts	289,599	-
Other Creditors	197,935	-

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JOVS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2026

10. Obligations Under Finance Leases and Hire Purchase

	2026	2025
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	22,000	-
Later than one year and not later than five years	84,749	59,778

	106,749	59,778

	106,749	59,778

11. Share Capital

	2026	2025
Allotted, called up and fully paid	£	£
1 Ordinary Shares of £ 1.00 each	1	1

12. Related Party Transactions

The company is under the control of Mr Sardar Kadri, the sole director and person with significant control. The company has no parent undertaking. Certain other companies are under the control of, or connected to, the director, but they are not group undertakings of the company. Balances with those companies are interest free, unsecured and repayable on demand, and are not on normal commercial terms.

During the year the company charged rent of £32,000 to a company connected to the director which occupies part of the premises held by the company under lease.

At the balance sheet date Filo Wholesale Ltd owed the company £50,177 and Slon Trade Ltd owed the company £19,728. The company owed £9,338 to SK Online Stores Ltd and £78,750 to SKDRI Investment Holdings Ltd. The company also owed £124,724 to Mr Sardar Kadri on his loan account, which is interest free, unsecured and repayable on demand.

During the year £27,071 owed to ELEF Ltd was written back to the profit and loss account following the dissolution of that company, and a further connected company balance of £18,400 was written back following a review of long standing balances no longer considered payable.

13. Ultimate Controlling Party

The company's ultimate controlling party is Mr Sardar Kadri by virtue of his ownership of 100% of the issued share capital in the company.

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		335,004		129,725

			335,004		129,725
CURRENT ASSETS
Stocks	5	1,065,603		905,313
Debtors	6	356,791		7,980
Cash at bank and in hand		70,600		527

		1,492,994		913,820
Creditors: Amounts Falling Due Within One Year	7	(1,078,759 )		(787,111 )

NET CURRENT ASSETS (LIABILITIES)			414,235		126,709

TOTAL ASSETS LESS CURRENT LIABILITIES			749,239		256,434

Creditors: Amounts Falling Due After More Than One Year	8		(357,874 )		(92,762 )

NET ASSETS			391,365		163,672

CAPITAL AND RESERVES
Called up share capital	11		1		1
Profit and Loss Account			391,364		163,671

SHAREHOLDERS' FUNDS			391,365		163,672