REGISTERED NUMBER: 03583599 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

GAWITH HOGGARTH TOBACCO TRADING LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

DIRECTORS:

Mrs I M Gawith

Mr C S Gawith

Mrs R Gawith

REGISTERED OFFICE:

Mintsfeet House

Mintsfeet Road North

Kendal

Cumbria

LA9 6LL

REGISTERED NUMBER:

03583599 (England and Wales)

AUDITORS:

RFM Audit Services LLP, Statutory Auditor

Unit 1, Guest House Farm

Runshaw Lane

Euxton

Chorley

Lancashire

PR7 6HD

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

This year has seen turnover increased by 7.22%, so turnover has remained fairly consistent. Gross profit only increased by 0.39%.

To maximise liquid funds available to meet the planned expansion and provide sufficient funds for the ever-increasing cost of legislative compliance, no dividends have been paid to shareholders during the year and no dividends are proposed.

PRINCIPAL RISKS AND UNCERTAINTIES

Price risk, credit risk, liquidity risk and cash flow risk.

The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding through incoming payments and required outgoing payments. All of the business' cash balances are held in such a way that achieves a competitive rate of interest and this is kept under review.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the statement of financial position are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

DEVELOPMENT AND PERFORMANCE

The company will continue to rationalise the comprehensive portfolio of products to the specialist market in both the UK and export markets.

Expansion of the company's operating premises and investment in new plant and machinery will drive efficiency savings and quality improvements through automation and systems development.

Also, the company's plans on improving their online presence and looking to do business to consumer sales, which will provide a whole new market of customers. The company is also engaging in more customer and consumer interaction by way of trade shows and pipe shows.

FINANCIAL KEY PERFORMANCE INDICATORS

The financial key performance indicators used by the company to assess performance are as follows:

2024/25

2023/24

Performance +/-

Turnover

£18,434,122

£17,193,477

+7.2%

Cost of sales

£17,530,336

£16,293,210

+7.6%

Gross profit

£903,786

£900,267

0.39%

Operating profit/(loss)

(£360,310)

(£154,460)

-133.27%

Stocks as % of turnover

7.23%

9.6%

-24.69%

Trade debtors as days of turnover

34.7

42.7

-18.73%

Investments and cash at bank

£2,049,393

£1,494,703

37.11%

Trade creditors (including amounts owed to group undertakings) as % of cost of sales

8.34%

7.74%

7.75%

ON BEHALF OF THE BOARD:

Mrs R Gawith - Director

14 October 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of tobacco products.

DIVIDENDS

No dividends will be distributed 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.

Mrs I M Gawith

Mr C S Gawith

Mrs R Gawith

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with Section 414C(11) of the Companies Act 2006, some items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 are set out in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, 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 of 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 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 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.

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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, RFM Audit Services LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs R Gawith - Director

14 October 2025

Opinion

We have audited the financial statements of Gawith Hoggarth Tobacco Trading Limited (the 'company') for the year ended 31 March 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 Statement of Cash Flows, 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have 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 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, 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 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 Statement of Directors' Responsibilities set out on page four, 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 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.

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.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations is detailed below:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the tobacco trading sector;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, environmental and health and safety legislation, The Tobacco and Related Products Regulations 2016, The Standardized Packaging of Tobacco Products Regulations 2015, Tobacco Products Directive (2014/40/EU), The Tobacco Products (Manufacture, Presentation, and Sale) (Safety) Regulations 2002 and Health Act 2009;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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, their knowledge of actual, suspected and 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 or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential 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 underlying supporting documentation;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 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.

Sarah Flynn FCA (Senior Statutory Auditor)

for and on behalf of RFM Audit Services LLP, Statutory Auditor

Unit 1, Guest House Farm

Runshaw Lane

Euxton

Chorley

Lancashire

PR7 6HD

14 October 2025

TURNOVER

3

18,434,122

17,193,477

Cost of sales

17,530,336

16,293,210

GROSS PROFIT

903,786

900,267

Distribution costs

485,176

457,630

Administrative expenses

785,718

597,097

1,270,894

1,054,727

(367,108

)

(154,460

)

Other operating income

6,798

-

OPERATING LOSS

5

(360,310

)

(154,460

)

Interest receivable and similar income

35,972

34,179

LOSS BEFORE TAXATION

(324,338

)

(120,281

)

Tax on loss

6

-

-

LOSS FOR THE FINANCIAL YEAR

(324,338

)

(120,281

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(324,338

)

(120,281

)

FIXED ASSETS

Intangible assets

7

-

-

Tangible assets

8

87,594

72,849

87,594

72,849

CURRENT ASSETS

Stocks

9

1,332,173

1,647,012

Debtors

10

1,840,319

2,089,296

Cash at bank

2,049,393

1,494,703

5,221,885

5,231,011

CREDITORS

Amounts falling due within one year

11

2,089,647

1,759,690

NET CURRENT ASSETS

3,132,238

3,471,321

TOTAL ASSETS LESS CURRENT LIABILITIES

3,219,832

3,544,170

CAPITAL AND RESERVES

Called up share capital

16

30,000

30,000

Retained earnings

17

3,189,832

3,514,170

SHAREHOLDERS' FUNDS

3,219,832

3,544,170

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 14 October 2025 and were signed on its behalf by:

Mrs R Gawith - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

30,000

3,634,451

3,664,451

Changes in equity

Total comprehensive income

-

(120,281

)

(120,281

)

Balance at 31 March 2024

30,000

3,514,170

3,544,170

Changes in equity

Total comprehensive income

-

(324,338

)

(324,338

)

Balance at 31 March 2025

30,000

3,189,832

3,219,832

Cash flows from operating activities

Cash generated from operations

1

576,235

(448,814

)

Tax paid

-

(22,118

)

Net cash from operating activities

576,235

(470,932

)

Cash flows from investing activities

Purchase of tangible fixed assets

(59,237

)

(25,163

)

Sale of tangible fixed assets

1,720

-

Interest received

35,972

34,179

Net cash from investing activities

(21,545

)

9,016

Increase/(decrease) in cash and cash equivalents

554,690

(461,916

)

Cash and cash equivalents at beginning of year

2

1,494,703

1,956,619

Cash and cash equivalents at end of year

2

2,049,393

1,494,703

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Loss before taxation

(324,338

)

(120,281

)

Depreciation charges

44,527

41,293

(Profit)/loss on disposal of fixed assets

(1,755

)

252

Finance income

(35,972

)

(34,179

)

(317,538

)

(112,915

)

Decrease/(increase) in stocks

314,839

(436,416

)

Decrease in trade and other debtors

248,977

338,113

Increase/(decrease) in trade and other creditors

329,957

(237,596

)

Cash generated from operations

576,235

(448,814

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

2,049,393

1,494,703

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

1,494,703

1,956,619

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank

1,494,703

554,690

2,049,393

1,494,703

554,690

2,049,393

Total

1,494,703

554,690

2,049,393

1.	STATUTORY INFORMATION

Gawith Hoggarth Tobacco Trading 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 Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The nature of the company's operations and principal activity is that of the sale of tobacco products.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The Company's ultimate parent undertaking, Gawith Hoggarth & Co.,Limited includes the Company in its consolidated financial statements. The consolidated financial statements of the parent undertaking are prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" and the Companies Act 2006 and are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

There are no significant judgements and estimates made by management in preparing these financial statements which also have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

TURNOVER AND OTHER INCOME

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of tobacco products is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Interest and dividends receivable

Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

OTHER INTANGIBLE FIXED ASSETS

Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Trade mark

-

10% on cost

Provision is made for any impairment.

TANGIBLE FIXED ASSETS

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

The director is of the opinion that the current market value of the company's freehold property is far in excess of the net book value. As a result, the corresponding depreciation would not be material and is therefore not charged to the profit and loss account.

Depreciation is provided on all other tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery

-

20% on cost

Fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

STOCKS

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

FINANCIAL INSTRUMENTS

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 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 when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TAXATION

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

Current or deferred taxation assets and liabilities are not discounted.

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

DEFERRED TAX

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

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

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

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

PENSION COSTS AND OTHER POST-RETIREMENT 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.

IMPAIRMENT

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Sale of goods

18,434,122

17,193,477

18,434,122

17,193,477

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

485,720

426,575

Social security costs

55,684

48,095

Other pension costs

24,325

21,174

565,729

495,844

The average number of employees during the year was as follows:

2025

2024

Production

2

2

Distribution

5

5

Administration

4

2

Management

1

1

12

10

2025

2024

£

£

Directors' remuneration

-

-

5.	OPERATING LOSS

The operating loss is stated after charging:

2025

2024

£

£

Depreciation - owned assets

42,772

41,293

Loss on disposal of fixed assets

-

252

Auditors' remuneration

10,040

10,040

Foreign exchange differences

5,770

8,500

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 March 2025 nor for the year ended 31 March 2024.

7.	INTANGIBLE FIXED ASSETS

Trade

Mark

£

COST

At 1 April 2024

and 31 March 2025

5,000

AMORTISATION

At 1 April 2024

and 31 March 2025

5,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

8.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

17,423

71,602

118,030

29,489

236,544

Additions

2,682

51,766

-

4,789

59,237

Disposals

(116

)

-

-

(8,700

)

(8,816

)

At 31 March 2025

19,989

123,368

118,030

25,578

286,965

DEPRECIATION

At 1 April 2024

8,314

62,184

82,757

10,440

163,695

Charge for year

3,934

8,172

22,440

8,226

42,772

Eliminated on disposal

(114

)

-

-

(6,982

)

(7,096

)

At 31 March 2025

12,134

70,356

105,197

11,684

199,371

NET BOOK VALUE

At 31 March 2025

7,855

53,012

12,833

13,894

87,594

At 31 March 2024

9,109

9,418

35,273

19,049

72,849