The directors present the strategic report for the year ended 31 January 2026.

Eurotrade (W) Holdings Ltd was incorporated on 18 February 2025 and, on 22 April 2025, became the parent undertaking of the Group following a share-for-share exchange with Eurotrade (W) Limited. The transaction constituted a group reconstruction under common control and has been accounted for using merger accounting. Accordingly, the consolidated financial statements have been prepared as if the current Group structure had always been in existence.

Turnover for the year amounted to £24,162,178, compared with £28,470,019 in the previous year, representing a decrease of approximately 15.1%. Gross profit for the year was £1,408,481 compared with £1,771,128 in the previous year. The gross profit margin was therefore approximately 5.8%, compared with 6.2% in the prior year.

The Group generated an operating profit of £142,099, compared with £811,588 in the previous year. After interest receivable of £78,714 and interest payable and similar expenses of £134,977, the Group reported a profit before taxation of £85,836, compared with £1,027,403 in the previous year.

The tax credit for the year was £110,219, resulting in a profit for the financial year of £196,055, compared with a profit of £766,424 in the previous year.

At the year end, the Group had net assets of £10,421,742, compared with £10,305,687 in the comparative period. Net current assets were £7,371,358, compared with £6,873,129, while cash at bank and in hand amounted to £1,856,731.

During the year the Group disposed of investment property with a carrying value of £392,058 for proceeds of £390,000, resulting in a loss on disposal of £2,058. Investment properties remaining at the year end were carried at £1,021,502, compared with £1,413,560 in the comparative period.

The directors continue to monitor the principal risks and uncertainties affecting the Group. These include liquidity risk, interest rate risk, foreign currency risk and credit risk.

Liquidity risk

The Group manages its liquidity requirements by monitoring cash flows and maintaining appropriate banking facilities. At 31 January 2026, the Group had cash at bank and in hand of £1,856,731 and bank overdrafts of £1,610,401. Net cash and cash equivalents were therefore £246,330, compared with £101,156 in the comparative period.

The directors monitor the Group's working capital requirements and its ability to meet liabilities as they fall due.

Interest rate risk

The Group is exposed to interest rate risk in respect of its financing arrangements and cash balances. Interest payable and similar expenses during the year amounted to £134,977, compared with £99,491 in the previous year. Interest receivable amounted to £78,714, compared with £80,306 in the previous year.

The directors continue to monitor the Group's exposure to changes in interest rates.

Foreign currency risk

The Group undertakes a significant proportion of its business outside the United Kingdom and is therefore exposed to movements in foreign exchange rates. Turnover generated outside the United Kingdom amounted to £23,848,857 during the year, compared with total Group turnover of £24,162,178. The Group recorded exchange losses of £77,363 during the year compared with exchange gains of £142,457 in the previous year.

The directors continue to monitor the Group's exposure to movements in foreign currencies.

Credit risk

The Group is exposed to credit risk principally through amounts due from customers and other counterparties. Trade debtors at 31 January 2026 were £2,841,639, compared with £5,205,899 in the previous year.

The directors monitor amounts receivable and the Group's exposure to individual counterparties as part of the management of credit risk.

The directors consider turnover, gross profit, operating profit and profit before taxation to be key indicators of the Group's financial performance.

Turnover decreased from £28,470,019 to £24,162,178, a decrease of approximately 15.1%. Gross profit decreased from £1,771,128 to £1,408,481, with the gross profit margin decreasing from approximately 6.2% to 5.8%.

Operating profit decreased from £811,588 to £142,099, while profit before taxation decreased from £1,027,403 to £85,836. Profit after taxation for the year was £196,055, compared with £766,424 in the previous year.

The directors will continue to monitor these indicators as part of their assessment of the Group's financial performance.

Future developments

The directors intend to continue the Group's existing principal activities and will continue to monitor trading performance, margins, working capital and the wider economic environment.

The directors have considered the Group's ability to continue as a going concern and have a reasonable expectation that the Group and parent company have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 January 2026.

The principal activity of the company and group continued to be that of wholesaling of fancy goods

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £80,000. The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

AMS Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, 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;

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Qualified opinion

We have audited the financial statements of Eurotrade (W) Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2026 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2026 and of the group's 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 qualified opinion

During our audit of the year ended 31 January 2026, we were unable to obtain sufficient evidence in relation to the valuation of stock for the year 31 January 2026 which is included in the group balance sheet at £7,800,000. In addition, during the audit for the year ended 30 January 2025, we were also unable to obtain sufficient appropriate audit evidence regarding the existence and valuation of stock totalling £6,434,383.

Consequently, we were unable to determine whether there was any consequential effect on the cost of sales for the years ended 31 January 2026 and 30 January 2025. The audit opinion on the financial statements is modified accordingly.

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 qualified 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 group's and 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 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.

As described in the basis of qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory valuation of £7,800,000 held at 31 January 2026 and £6,434,383 held at 30 January 2025. We have concluded that where the other information refers to the stock balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our 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 have been prepared in accordance with applicable legal requirements.

Except for the matter described in the basis for qualified opinion section of our report, 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 strategic report and the directors' report.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

• We have not obtained all the information and explanations that were considered necessary for the purpose of our audit; and

• We were unable to determine whether adequate accounting records have been kept.

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:

• 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

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 group's and 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

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

We gained an understanding of the legal and regulatory framework applicable to the Group and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by Group that were contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, taxation legislation, employment law, consumer rights and health and safety. We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the board meetings, legal reports provided to the Group and correspondence between the Group and its solicitors.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• Making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected or alleged fraud; and

• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• Performed analytical procedures to identify any unusual relationships;

• Tested journal entries to identify unusual transactions;

• Assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential management bias; and

• Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• Agreeing financial statement disclosures to supporting documentation;

• Making enquiries of management regarding actual and potential litigation and claims; and

• Reviewing correspondence with HMRC, relevant regulators, including the Health and Safety Executive, and the company's legal advisers.

There are inherent limitations in the audit procedures described above. 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.

Material misstatements arising from fraud can be more difficult to detect than those arising from error, as fraud may involve deliberate concealment, forgery, intentional misrepresentations or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2025 - £0 profit).

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

Eurotrade (W) Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Shentonfield Road, Sharston Industrial Area, Lancashire, Manchester, United Kingdom, M22 4RW.

The group consists of Eurotrade (W) Holdings Ltd and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;true

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issuestrue: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’true: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’true: Compensation for key management personnel.

On 22 April 2025, a group reorganisation took place whereby Eurotrade (W) Holdings Limited became the parent undertaking of the Group through a share-for-share exchange. The shares acquired were those of Eurotrade (W) Limited (company number 04627679), whose registered office is Shentonfield Road, Sharston Industrial Estate, Wythenshawe, Manchester, M22 4RD. The transaction constituted a group reconstruction under common control and has been accounted for using merger accounting in accordance with Section 19 of FRS 102.

As the nominal value of the shares issued was equal to the nominal value of the shares acquired, no merger reserve arose on the transaction. Accordingly, the consolidated financial statements have been prepared as if the current group structure had always been in existence.

The consolidated financial statements of the Group have been prepared using the merger method of accounting in accordance with FRS 102 where applicable. A merger under common control is defined as a reorganisation of entities under the same shareholders, where the ultimate ownership and shareholder rights remain unchanged.

In the parent company financial statements, the cost of a business combination is the nominal value of shares issued plus the fair value of other consideration paid for the issued shares. The excess of the fair value of the consideration paid over the nominal value of the shares received in exchange is shown as a movement on other reserves.

The consolidated group financial statements consist of the financial statements of the parent company Eurotrade (W) Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 January 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. The director's investment plan is S-elf-invested personal pensions (SIPP) in place.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Rental income

Rental income from operating leases is recognised on a straight-line basis over the lease term unless another systematic basis is more appropriate to reflect the pattern in which benefits are derived from the leased asset.

Lease incentives are recognised as a reduction of rental income over the lease term.

Rental income is shown within other operating income in the profit and loss account

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised on the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Subsidiary undertakings exempt from audit

Under Section 479a of the Companies Act 2006 available to subsidiary undertakings, the company provides a guarantee in respect of the below subsidiary undertakings claiming exemption from audit.

Eurotrade (W) Limited (04627679)

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Investment Property Valuation

The fair value of investment properties is based on property valuations by an external recognised property valuer which are derived from a number of assumptions and the general strength of the property market and the wider economy. Significant changes to any of these factors may affect the fair value of the properties wither in a negative or positive manner. The directors are satisfied at the year end that the market value of the investment properties remains appropriate.

As at the year-end, Investment Property was valued at £1,021,502 (2025: £1,413,560)

Stock valuation

The valuation of stock requires the directors to make estimates and judgements regarding the recoverability of the amounts recognised and whether stock is carried at the lower of cost and estimated selling price less costs to complete and sell. In making this assessment, the directors consider the nature and condition of stock, expected selling prices and the level of slow-moving and obsolete items. Changes in these assumptions could result in a material adjustment to the carrying value of stock. At 31 January 2026, stock was carried at £7,800,000 (2025: £6,434,383).

Recoverability of trade debtors

The Group has trade debtors, net of provisions, of £2,841,639 (2025: £5,205,899). Management reviews trade debtors on a customer-by-customer basis, with particular consideration given to overdue balances. Recoverability is assessed by reference to the age of the debt, subsequent settlements, customer correspondence and agreed repayment plans. Where management considers that a balance may not be fully recoverable, an appropriate provision is recognised.

At the year end, management has assessed the required bad debt provision to be £69,786 (2025: £0). Having considered the circumstances of individual overdue balances and the information available at the date of approval of the financial statements, the directors consider the provision recognised to be appropriate.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The number of directors to whom retirement benefits were accruing under money purchase schemes during the year was 2 (2025: 2).

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

No material net reversal of deferred tax assets or deferred tax liabilities is expected during the succeeding financial year

In the reporting year, assets held under finance leases were depreciated by £ 2,986 (2025 £ 2,986)

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Land and buildings were revalued to £2,400,000 at 14 February 2025 by Roger Hannag, independent valuers not connected with the group on the basis of market value.

The directors consider that the market value at 31 January 2026 has not materially changed.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Valuation in 2018 - £945,000

Valuation in 2019 - £(8,607)

Valuation in 2022 - £299,302

Valuation in 2025 - £215,000

Fair Value at 31st January 2026 is represented by:

Cost             £704,991

Valuation in 2022      £81,511

Valuation in 2025      £235,000

Total              £1,021,502

Investment property comprises properties held for investment. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 14 February 2025 by by Roger Hannag, Registered surveyors, who are not connected with the group.

The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Although the valuation was performed in February 2025, the directors have reviewed market conditions and consider that the fair value at the reporting date remains materially unchanged and appropriate for inclusion in these financial statements

Details of the company's subsidiaries at 31 January 2026 are as follows:

Other creditors includes £971,047 (2025: £1,257,052) in respect of an invoice discounting facility, which is secured on the respective trade debtor balances.

The banking facilities with Yorkshire Bank are secured by:

A debenture creating a fixed and floating charge over the assets of the company

A legal first charge over 54-56 Stocks Street, Cheetham, Manchester M8 8QJ

A legal first charge over plot 74 Shentonfield Road, Manchester M22 4RW

A charge over the debtor book

A Counter indemnity

The bank facilities with Bank of India are secured by:

A charge over the company's bank deposits

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The following are the major deferred tax liabilities and assets recognised by the group and company:

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

On incorporation (18 February 2025) , the Company issued ordinary shares with an aggregate nominal value of £200,200, comprising 75,000 Ordinary A shares of £1 each, 91,500 Ordinary B shares of £1 each, 100 Ordinary C shares of £1 each, 33,500 Ordinary D shares of £1 each and 100 Ordinary E shares of £1 each.

Ordinary A and B shares carry rights to participate in capital distributions on a winding up and carry one vote per share. Ordinary C, D and E shares are non-voting shares with no rights to participate in capital distributions on a winding up and may be considered separately by the directors when determining dividends.

The profit and loss reserve holds the retained earnings of the company and group, after the deduction of any dividends paid in the period.

The following amounts were outstanding at the reporting end date:

The following amounts were outstanding at the reporting end date:

During the year, the Group made sales of £20,564 (2025: £nil) to Eurotrade (UK) Limited, an entity related to the Group through common ownership.

At the reporting date, an amount of £140,589 (2025: £159,084) was due from Eurotrade (UK) Limited. The balance represents a loan advanced to the related party and is unsecured, interest-free and repayable on demand. No security has been provided in respect of the balance.

The directors consider the amount outstanding to be fully recoverable and no impairment provision has been recognised at the reporting date.

Loans to shareholders

At the balance sheet date, the amount owed to the Group by shareholders was 229,350 (2025: 163,408)

By virtue of ownership of share capital assigned voting rights in Eurotrade (W) Holdings Ltd, the company does not have a single ultimate controlling party