M Keys Transport Ltd 31/12/2025 iXBRL

Company registration number: NI049202

M Keys Transport Ltd

Financial statements

for the year ended

31 December 2025

M Keys Transport Ltd

Contents

Directors and other information

Strategic report

Directors' report

Independent auditor's report to the members

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

M Keys Transport Ltd

Directors and other information


Directors	Mr Malcolm Keys
	Mrs Darlene Keys	(Resigned 13 December 2025)


Secretary	Mrs Darlene Keys	(Resigned 13 December 2025)


Company number	NI049202


Registered office	5 Bolies Road
	Fivemiletown
	Co. Tyrone
	BT75 0TT


Auditor	Hassard McClements Limited
	32 East Bridge Street
	Enniskillen
	Co. Fermanagh
	BT74 7BT




	Bankers	Bank of Ireland
		25 Campsie Road
		Omagh
		Co. Tyrone
		BT79 0AE


	Solicitors	Falls & Hanna Solicitors Limited
		125 Main Street
		Fivemiletown
		Co. Tyrone
		BT75 0PG

M Keys Transport Ltd

Strategic report

Year ended 31 December 2025

Strategic Report

The strategic report ("the report") has been prepared in accordance with section 414c of the Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013. The report has been prepared for the Company specifically and therefore provides greater emphasis to the matters which are significant to the Company. It has been prepared solely to provide additional information to facilitate an assessment of how the Directors have performed their duty to promote the success of the Company.

Principal Activity

The principal activity of the company is that of various transport related activities.

Review of the business

The company had a strong trading period. Turnover has increased by 7.8% which has resulted in an increase in gross profit. Administrative expenses have increased in the year resulting in a decrease on profit before tax in the year. This is in line with the directors expectations. The profit after tax for the year of £340,687 (2024: profit of £581,844) has been taken to reserves. There were no dividends declared during the period (2024: £NIL).

Development and Financial Performance during the year

During the year to 31 December 2025 the directors focused on the following principal areas: continuing development of the current business; striving for the highest levels of services to clients; and management of risk in the business. The Board manages the business through regular meetings and all directors are actively involved in the day to day running of the business. The Board are constantly examining ways in which the business can be strengthened and further growth achieved. The financial performance of the company is as noted above under the heading "Review of the business". Both the level of the business and the year-end financial position were satisfactory, and the directors expect that the present level of activity will be sustainable for the foreseeable future.

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks. The company's principal financial instruments comprise cash, trade debtors and creditors and certain other debtors and accruals. The main risks associated with these financial assets are set out below.

EU Exit

The UK left the EU on 1st January 2021 which resulted in a border in the Irish sea. As a result, there has been an increase in the administrative process for us. Further negotiations are ongoing between the UK and the EU with respect to the NI protocol and we continue to engage with experts in order to mitigate any impact on the business which may arise due to any changes in the current agreement.

Liquidity Risk

The company manages its cash and borrowing requirements to maximise interest income and minimise interest expense exposure, whilst ensuring that there are sufficient liquid resources to meet the operating needs of the business.

Foreign Currency Risk

The majority of the company's revenue and expenses are denominated in sterling, however, it is exposed to some foreign exchange risk during the normal course of business. The main exposure to foreign currency risk arises from purchases of fuel denominated principally in Euro. This risk is managed by the directors through daily assessment, and if needs be, forward contracts.

Credit Risk

The company has implemented the policy that it requires credit checks to be performed on all customers before any sales are made. The amount of exposure to individual customers is monitored regularly by the directors and provision is made for any bad debts.

Key Performance Indicators

The directors monitor the performance of the business both financially and operationally with a comprehensive set of Key Performance Indicators which cover all areas of the business. The company's Key Performance Indicators were as follows:

2025 2024

Turnover Growth 7.8% 12.8%

Gross Profit Margin 50.9% 48.3%

Average Employee Numbers 99 86

This report was approved by the board of directors on 23 September 2026 and signed on behalf of the board by:

Mr Malcolm Keys

Director

M Keys Transport Ltd

Directors' report

Year ended 31 December 2025

The directors present their report and the financial statements of the company for the year ended 31 December 2025.

Directors

The directors who served the company during the year were as follows:


Mr Malcolm Keys
Mrs Darlene Keys				(Resigned 13 December 2025)

Dividends

The directors do not recommend the payment of a dividend.

Future developments

The section on future developments, which is detailed in the strategic report, is included in the report by cross reference.

Disclosure of information in the strategic report.

In accordance with section 414c(11) of Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, the Directors' have chosen to include the Strategic Report which details the company's business activities, together with the factors likely to affect its future development, performance and position.

Directors responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 23 September 2026 and signed on behalf of the board by:

Mr Malcolm Keys

Director

M Keys Transport Ltd

Independent auditor's report to the members of

M Keys Transport Ltd

Year ended 31 December 2025

Opinion

We have audited the financial statements of M Keys Transport Ltd (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, statement of financial position, 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 FRS 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’s 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.

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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters 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 the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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. 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 obtained an understanding of the legal and regulatory framework of the company and industry in which it operates. We identified the principal risks of non-compliance with laws and regulations related to compliance with industry regulations, employment legislation and tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations which have a direct impact on the preparation of the financial statements such as Companies Act 2006 and determined the appropriate reporting framework was FRS102.We obtained an understanding of the how the company is complying with those legal, regulatory and financial frameworks by making inquiries with management; and We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur.Based on the results of our risk assessment the audit procedures carried out included:- Identifying the nature of the industry sector and business performance;- Enquiring from management of their own assessment of the risk of irregularities and whether they have any knowledge of actual, suspected or alleged fraud;- Identifying internal controls management have in place to mitigate the risk of irregularities and / or fraud and examining the effectiveness of these controls and whether there is the possibility of management override;- Performing analytical procedures to identify any unusual or unexpected variances which may indicate the risk of material misstatement or fraud;- In addressing the risk of management overrides, testing the appropriateness of journals or other adjustments and assessing whether accounting estimates show any management bias and if the judgement used is reasonable; and- Enquiring of management and legal representatives of the company of any actual or potential litigation and claims.There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations which are not closely related to events and transactions reflected in the financial statements. Also, 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 or intentional misrepresentations, or through 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 auditor’s report.

Use of our report

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

Mr Neville McClements FCA (Senior Statutory Auditor)

For and on behalf of

Hassard McClements Limited

Chartered Accountants and Statutory Auditors

32 East Bridge Street

Enniskillen

Co. Fermanagh

BT74 7BT

23 September 2026

M Keys Transport Ltd

Statement of comprehensive income

Year ended 31 December 2025

		2025		2024
	Note	£		£


Turnover	4		10,239,888		9,499,078

Cost of sales			( 5,028,863)		( 4,911,384)
			_______		_______
Gross profit			5,211,025		4,587,694

Administrative expenses			( 4,716,052)		( 3,785,606)
			_______		_______
Operating profit	5		494,973		802,088

Other interest receivable and similar income	8		27,551		37,223

Interest payable and similar expenses	9		( 79,156)		( 73,432)
			_______		_______
Profit before taxation			443,368		765,879

Tax on profit	10		( 102,681)		( 184,035)
			_______		_______
Profit for the financial year and total comprehensive income			340,687		581,844
			_______		_______

All the activities of the company are from continuing operations.

M Keys Transport Ltd

Statement of financial position

31 December 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	11	5,942,045		4,547,404
		_______		_______
			5,942,045		4,547,404

Current assets
Stocks		100,787		11,455
Debtors	12	4,266,390		5,348,447
Cash at bank and in hand		815,142		1,963,107
		_______		_______
		5,182,319		7,323,009
Creditors: amounts falling due
within one year	14	( 2,257,064)		( 3,384,645)
		_______		_______
Net current assets			2,925,255		3,938,364
			_______		_______
Total assets less current liabilities			8,867,300		8,485,768

Creditors: amounts falling due
after more than one year	15		( 494,467)		( 556,303)

Provisions for liabilities	17		( 896,287)		( 793,606)

			_______		_______
Net assets			7,476,546		7,135,859
			_______		_______

Capital and reserves
Called up share capital	20		1,000		1,000
Profit and loss account			7,475,546		7,134,859
			_______		_______
Shareholders funds			7,476,546		7,135,859
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 23 September 2026 , and are signed on behalf of the board by:

Mr Malcolm Keys

Director

Company registration number: NI049202

M Keys Transport Ltd

Statement of changes in equity

Year ended 31 December 2025

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 January 2024	1,000	6,553,015	6,554,015

Profit for the year	-	581,844	581,844
	_______	_______	_______
Total comprehensive income for the year	-	581,844	581,844

	_______	_______	_______
At 31 December 2024 and 1 January 2025	1,000	7,134,859	7,135,859

Profit for the year	-	340,687	340,687
	_______	_______	_______
Total comprehensive income for the year	-	340,687	340,687

	_______	_______	_______
At 31 December 2025	1,000	7,475,546	7,476,546
	_______	_______	_______

M Keys Transport Ltd

Statement of cash flows

Year ended 31 December 2025

		2025	2024
	Note	£	£

Cash flows from operating activities
Profit for the financial year		340,687	581,844

Adjustments for:
Depreciation of tangible assets		643,747	555,041
Other interest receivable and similar income		( 27,551)	( 37,223)
Interest payable and similar expenses		79,156	73,432
Gain/(loss) on disposal of tangible assets		112,489	12,160
Tax on profit		102,681	184,035
Accrued expenses/(income)		( 108,022)	( 5,215)

Changes in:
Stocks		( 89,332)	418
Trade and other debtors		1,211,474	210,928
Trade and other creditors		( 1,042,003)	451,472
		_______	_______
Cash generated from operations		1,223,326	2,026,892

Interest paid		( 79,156)	( 73,432)
Interest received		27,551	37,223
		_______	_______
Net cash from operating activities		1,171,721	1,990,683
		_______	_______

Cash flows from investing activities
Purchase of tangible assets		( 1,714,604)	( 1,178,400)
Proceeds from sale of tangible assets		191,319	169,169
		_______	_______
Net cash used in investing activities		( 1,523,285)	( 1,009,231)
		_______	_______

Cash flows from financing activities
Payment of finance lease liabilities		( 801,726)	( 682,772)
		_______	_______
Net cash used in financing activities		( 801,726)	( 682,772)
		_______	_______

Net increase/(decrease) in cash and cash equivalents		( 1,153,290)	298,680
Cash and cash equivalents at beginning of year	13	1,962,524	1,663,842
		_______	_______
Cash and cash equivalents at end of year	13	809,234	1,962,522
		_______	_______

M Keys Transport Ltd

Notes to the financial statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 5 Bolies Road, Fivemiletown, Co. Tyrone, BT75 0TT.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention.The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:- Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually by the board and may vary depending on a variety of factors such as technological innovation, maintenance programmes, changes in market conditions, remaining useful life and projected disposal values.- Trade and other debtors are recognised to the extent that they are judged recoverable. Management review the debtors listing for irrecoverable debt and provisions are made against invoices where recoverability is uncertain.

Turnover

Turnover is measured at fair value of the consideration received or receivable from the provision of services, net of discounts and Value Added Tax.Revenue from the provision of services is recognised in the income statement on the delivery of those services based on the proportion of total delivered at the balance sheet date; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Tangible assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	Not depreciated
Plant and machinery	-	15 %	reducing balance
Fittings fixtures and equipment	-	15 %	reducing balance
Motor vehicles	-	15 %	reducing balance

Freehold property has not been depreciated in the year as it was only brought into use at the year end.

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company only enters into basic financial instruments transactions that result in recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to 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 payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short term instrument constitute a financing transaction, like the payment of trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Defined contribution plans

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank facilities, are initially valued at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method.

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 rate 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. Cash equivalents are highly liquid investments that mature in no more than 3 months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

4. Turnover

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom and Republic of Ireland.No analysis of turnover is presented as the directors consider such disclosure to be seriously prejudicial to the company's interests.

5. Operating profit

Operating profit is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation of tangible assets	643,747	555,041
(Gain)/loss on disposal of tangible assets	112,489	12,160
Cost of stocks recognised as an expense	4,356,890	4,354,614
Impairment of trade debtors	-	(10,110)
Foreign exchange differences	( 17,886)	( 41,890)
Fees payable for the audit of the financial statements	3,750	3,750
	_______	_______

6. Auditors remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	3,750	3,750
	_______	_______

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
Distribution staff	94	82
Administrative staff	5	4
	_______	_______
	99	86
	_______	_______

The aggregate payroll costs incurred during the year were:

	2025	2024
	£	£
Wages and salaries	3,673,871	3,090,254
Social security costs	448,828	325,479
Other pension costs	64,979	63,659
	_______	_______
	4,187,678	3,479,392
	_______	_______

8. Other interest receivable and similar income

	2025	2024
	£	£
Bank deposits	27,551	37,223
	_______	_______

9. Interest payable and similar expenses

		2025	2024
		£	£
Bank overdrafts		24	-
Other loans made to the company:
	Finance leases and hire purchase contracts	79,132	73,432
		_______	_______
		79,156	73,432
		_______	_______

10. Tax on profit

Major components of tax expense

	2025	2024
	£	£
Deferred tax:
Origination and reversal of timing differences	102,681	184,035
	_______	_______
Tax on profit	102,681	184,035
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25.00 % (2024: 25.00%).

	2025	2024
	£	£
Profit before taxation	443,368	765,879
	_______	_______

Profit multiplied by rate of tax	110,842	191,470
Effect of capital allowances and depreciation	( 172,281)	( 106,282)
Utilisation of tax losses	-	( 85,188)
Unrelieved tax losses	61,439	-
Deferred tax movement	102,681	184,035
	_______	_______
Tax on profit	102,681	184,035
	_______	_______

11. Tangible assets

	Freehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2025	516,323	6,946,710	96,358	67,859	7,627,250
Additions	1,026,365	1,278,600	37,232	-	2,342,197
Disposals	-	( 739,625)	-	( 9,819)	( 749,444)
	_______	_______	_______	_______	_______
At 31 December 2025	1,542,688	7,485,685	133,590	58,040	9,220,003
	_______	_______	_______	_______	_______
Depreciation
At 1 January 2025	-	2,990,080	56,993	32,774	3,079,847
Charge for the year	-	631,281	8,541	3,925	643,747
Disposals	-	( 442,888)	-	( 2,748)	( 445,636)
	_______	_______	_______	_______	_______
At 31 December 2025	-	3,178,473	65,534	33,951	3,277,958
	_______	_______	_______	_______	_______
Carrying amount
At 31 December 2025	1,542,688	4,307,212	68,056	24,089	5,942,045
	_______	_______	_______	_______	_______
At 31 December 2024	516,323	3,956,630	39,365	35,085	4,547,403
	_______	_______	_______	_______	_______

Obligations under finance leases

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


	Plant and machinery	Motor vehicles
	£	£
At 31 December 2025	2,326,044	14,163
	_______	_______
At 31 December 2024	2,128,048	16,471
	_______	_______

12. Debtors

	2025	2024
	£	£
Trade debtors	3,533,668	4,697,006
Prepayments and accrued income	277,003	144,153
Other debtors	455,719	507,288
	_______	_______
	4,266,390	5,348,447
	_______	_______

13. Cash and cash equivalents

	2025	2024
	£	£
Cash at bank and in hand	815,142	1,963,107
Bank overdrafts	( 5,907)	( 583)
	_______	_______
	809,235	1,962,524
	_______	_______

14. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank overdrafts	5,907	583
Trade creditors	1,002,728	886,433
Accruals and deferred income	32,156	10,761
Social security and other taxes	136,693	118,321
Obligations under finance leases	618,939	731,236
Director loan accounts	149	149
Other creditors	460,492	1,637,162
	_______	_______
	2,257,064	3,384,645
	_______	_______

15. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Obligations under finance leases	494,467	556,303
	_______	_______

16. Obligations under finance leases

Company lessee

The total future minimum lease payments under finance lease agreements are as follows:

	2025	2024
	£	£
Not later than 1 year	683,709	797,269
Later than 1 year and not later than 5 years	551,292	612,322
	_______	_______
	1,235,001	1,409,591
Less: future finance charges	( 121,594)	( 122,052)
	_______	_______
Present value of minimum lease payments	1,113,407	1,287,539
	_______	_______

17. Provisions

	Deferred tax (note 18)	Total
	£	£
At 1 January 2025	793,606	793,606
Additions	102,681	102,681
	_______	_______
At 31 December 2025	896,287	896,287
	_______	_______

18. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 17)	896,287	793,606
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	986,927	825,925
Unused tax losses	( 90,640)	( 32,319)
	_______	_______
	896,287	793,606
	_______	_______

19. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 64,979 (2024: £ 63,659 ).

The scheme and its assets are held by independent managers.

20. Called up share capital

Issued, called up and fully paid

	2025		2024
	No	£	No	£
Ordinary shares of £ 1.00 each	1,000	1,000	1,000	1,000
	_______	_______	_______	_______

21. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
Companies under common control	-	-	25,000	25,000
	_______	_______	_______	_______

The company has taken advantage of the exemption under paragraph 33.1A from the provisions of FRS 102, on the grounds that at 31 December 2025 it was a wholly owned subsidiary.

22. Key management personnel

The directors are considered to be the key management personnel.

23. Controlling party

The company is a wholly owned subsidiary of M. Keys Limited, a company incorporated in Northern Ireland. The director considers Mr M Keys to be the ultimate controlling party.