REGISTERED NUMBER: 03247362 (England and Wales)

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

REDCOAT LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Consolidated Income Statement

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Notes to the Consolidated Financial Statements

11

DIRECTORS:

S Chouhan

M Jah

E Jobe

B Ceesay

SECRETARY:

L P Burroughs

REGISTERED OFFICE:

Endeavor House

Baird Close

Crawley

West Sussex

RH10 9SY

REGISTERED NUMBER:

03247362 (England and Wales)

AUDITORS:

GBJ Financial Limited

Sterling House

27 Hatchlands Road

Redhill

Surrey

RH1 6RW

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

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

S Chouhan

M Jah

E Jobe

Other changes in directors holding office are as follows:

B Ceesay was appointed as a director after 31 March 2025 but prior to the date of this report.

M Y Nehme ceased to be a director after 31 March 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, GBJ Financial Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

S Chouhan - Director

22 October 2026

Opinion

We have audited the financial statements of Redcoat Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet 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).

With respect to the company's long leasehold property the evidence available to us was limited as we have been unable to confirm the existence and ownership of the property which is situated in The Gambia. There were no other satisfactory procedures that we could adopt to confirm the ownership and existence of the property.

Qualified opinion on the financial statements

In our opinion, except for the effects of the matter described above, the financial statements:

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

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

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

Opinion on entity

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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. Our opinion on the audit of the entity is unqualified.

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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

-	the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

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

We enquired of management concerning the Company's policies and procedures relating to:

- the identification, evaluation and compliance with laws and regulations;

- the detection and response to the risks of fraud; and

- the establishment of internal controls to mitigate risks related to fraud or non-compliance with laws and regulations.

The Company is subject to many laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. We identified the following laws and regulations as the most likely to have a material effect if non-compliance were to occur; United Kingdom Generally Accepted Accounting Practice, the Companies Act 2006, tax legislation, anti-bribery legislation, GDPR and employment law.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by evaluating management's incentives and opportunities for manipulation of the financial statements. This included the evaluation of the risk of management override of controls. We determined that the principal risks were in relation to:

- journal entries that increased revenues or that reclassified costs from the income statement to the balance sheet

- authorisation of purchases and completeness of creditors

- revenue recognition given the timing of freight travel

- potential management bias in determining accounting estimates

It is the audit partner's assessment that the audit team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

We obtained an understanding of the Company's operations, including the nature of its revenue sources, products and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We also considered the effectiveness of the Company's control environment to identify and prevent any irregularities and fraud.

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

Use of our report

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

Jonathan Hillier (Senior Statutory Auditor)

for and on behalf of GBJ Financial Limited

Sterling House

27 Hatchlands Road

Redhill

Surrey

RH1 6RW

22 October 2026

TURNOVER

5,677,084

6,228,798

Cost of sales

4,295,098

4,681,942

GROSS PROFIT

1,381,986

1,546,856

Administrative expenses

1,182,584

1,053,141

199,402

493,715

Other operating income

12,737

6,745

OPERATING PROFIT

4

212,139

500,460

Interest receivable and similar income

6,123

3,756

218,262

504,216

Interest payable and similar expenses

-

112

PROFIT BEFORE TAXATION

218,262

504,104

Tax on profit

74,792

123,553

PROFIT FOR THE FINANCIAL YEAR

143,470

380,551

Profit attributable to:

Owners of the parent

143,470

380,551

FIXED ASSETS

Tangible assets

6

838,311

866,559

Investments

7

-

-

838,311

866,559

CURRENT ASSETS

Stocks

4,379

5,934

Debtors

8

1,900,710

1,089,928

Cash at bank and in hand

806,243

1,352,673

2,711,332

2,448,535

CREDITORS

Amounts falling due within one year

9

1,424,305

1,127,937

NET CURRENT ASSETS

1,287,027

1,320,598

TOTAL ASSETS LESS CURRENT LIABILITIES

2,125,338

2,187,157

PROVISIONS FOR LIABILITIES

17,109

6,562

NET ASSETS

2,108,229

2,180,595

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Fair value reserve

10

337,127

347,674

Retained earnings

1,671,102

1,732,921

2,108,229

2,180,595

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

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2026 and were signed on its behalf by:

S Chouhan - Director

FIXED ASSETS

Tangible assets

6

630,512

667,032

Investments

7

79,912

79,912

710,424

746,944

CURRENT ASSETS

Debtors

8

91,639

26,236

Cash at bank

229,570

184,957

321,209

211,193

CREDITORS

Amounts falling due within one year

9

193,829

122,927

NET CURRENT ASSETS

127,380

88,266

TOTAL ASSETS LESS CURRENT LIABILITIES

837,804

835,210

PROVISIONS FOR LIABILITIES

17,109

6,562

NET ASSETS

820,695

828,648

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Fair value reserve

337,127

347,674

Retained earnings

383,568

380,974

820,695

828,648

Company's profit for the financial year

202,594

106,784

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

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2026 and were signed on its behalf by:

S Chouhan - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

50% on cost and 25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2024 - 38 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 40 (2024 - 38 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

85,415

57,877

5.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

6.	TANGIBLE FIXED ASSETS

Group

Short

Long

Plant and

leasehold

leasehold

machinery

£

£

£

COST OR VALUATION

At 1 April 2024

-

937,150

44,734

Additions

21,432

-

7,567

Disposals

-

(14,476

)

-

At 31 March 2025

21,432

922,674

52,301

DEPRECIATION

At 1 April 2024

-

270,118

38,051

Charge for year

2,833

36,520

556

Eliminated on disposal

-

(14,476

)

-

At 31 March 2025

2,833

292,162

38,607

NET BOOK VALUE

At 31 March 2025

18,599

630,512

13,694

At 31 March 2024

-

667,032

6,683

Office

equipment

and

Motor

furniture

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 April 2024

288,792

196,693

1,467,369

Additions

28,169

-

57,168

Disposals

(32,690

)

(14,001

)

(61,167

)

At 31 March 2025

284,271

182,692

1,463,370

DEPRECIATION

At 1 April 2024

192,326

100,315

600,810

Charge for year

18,370

27,136

85,415

Eliminated on disposal

(32,690

)

(14,000

)

(61,166

)

At 31 March 2025

178,006

113,451

625,059

NET BOOK VALUE

At 31 March 2025

106,265

69,241

838,311

At 31 March 2024

96,466

96,378

866,559

Cost or valuation at 31 March 2025 is represented by:

Short

Long

Plant and

leasehold

leasehold

machinery

£

£

£

Valuation in 2023

-

347,674

-

Cost

21,432

575,000

52,301

21,432

922,674

52,301

Office

equipment

and

Motor

furniture

vehicles

Totals

£

£

£

Valuation in 2023

-

-

347,674

Cost

284,271

182,692

1,115,696

284,271

182,692

1,463,370

Company

Long

leasehold

£

COST OR VALUATION

At 1 April 2024

937,150

Disposals

(14,476

)

At 31 March 2025

922,674

DEPRECIATION

At 1 April 2024

270,118

Charge for year

36,520

Eliminated on disposal

(14,476

)

At 31 March 2025

292,162

NET BOOK VALUE

At 31 March 2025

630,512

At 31 March 2024

667,032

Cost or valuation at 31 March 2025 is represented by:

Long

leasehold

£

Valuation in 2023

347,674

Cost

575,000

922,674

If the leasehold property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

575,000

589,476

Leasehold property was valued on an open market basis basis on 31 March 2025 by the directors .

7.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 April 2024

and 31 March 2025

79,912

NET BOOK VALUE

At 31 March 2025

79,912

At 31 March 2024

79,912

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

£

£

£

Trade debtors

1,354,008

863,155

-

-

Amounts owed by group undertakings

-

-

28,000

-

Other debtors

176,856

29,822

1,335

1,335

Deposit in LH

70,768

79,207

-

-

VAT

76,098

66,921

4

4,479

Prepayments and accrued income

222,980

50,823

62,300

20,422

1,900,710

1,089,928

91,639

26,236

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

£

£

£

Trade creditors

999,162

759,148

-

-

Amounts owed to group undertakings

-

-

40,743

-

Tax

70,316

122,740

11,551

-

Social security and other taxes

13,127

11,095

-

-

Other creditors

26,645

20,053

-

-

Accruals and deferred income

315,055

214,901

141,535

122,927

1,424,305

1,127,937

193,829

122,927

10.

RESERVES

Group

Fair value

reserve

£

At 1 April 2024

347,674

Deferred tax provision

(10,547

)

At 31 March 2025

337,127

Company

Fair value

reserve

£

At 1 April 2024

347,674

Deferred tax provision

(10,547

)

At 31 March 2025

337,127