IRIS Accounts Production v25.1.3.33 12600083 Board of Directors 30.11.24 1.12.23 30.11.24 30.11.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false false false false false false false false true false Ordinary 0 Preferred ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh126000832023-11-30126000832024-11-30126000832023-12-012024-11-30126000832022-11-30126000832022-12-012023-11-30126000832023-11-3012600083ns15:EnglandWales2023-12-012024-11-3012600083ns14:PoundSterling2023-12-012024-11-3012600083ns10:Director12023-12-012024-11-3012600083ns10:Consolidated2024-11-3012600083ns10:ConsolidatedGroupCompanyAccounts2023-12-012024-11-3012600083ns10:PrivateLimitedCompanyLtd2023-12-012024-11-3012600083ns10:Consolidatedns10:MediumEntities2023-12-012024-11-3012600083ns10:Consolidatedns10:Audited2023-12-012024-11-3012600083ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-12-012024-11-3012600083ns10:Medium-sizedCompaniesRegimeForAccounts2023-12-012024-11-3012600083ns10:Consolidated2023-12-012024-11-3012600083ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-12-012024-11-3012600083ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-12-012024-11-3012600083ns10:FullAccounts2023-12-012024-11-3012600083ns5:Subsidiary12023-12-012024-11-3012600083ns5:Subsidiary22023-12-012024-11-3012600083ns5:Subsidiary32023-12-012024-11-3012600083ns5:Subsidiary42023-12-012024-11-3012600083ns5:Subsidiary52023-12-012024-11-3012600083ns5:Subsidiary62023-12-012024-11-3012600083ns5:Subsidiary72023-12-012024-11-301260008312023-12-012024-11-3012600083ns10:OrdinaryShareClass12023-12-012024-11-3012600083ns10:OrdinaryShareClass22023-12-012024-11-3012600083ns10:Director32023-12-012024-11-3012600083ns10:Director42023-12-012024-11-3012600083ns10:RegisteredOffice2023-12-012024-11-3012600083ns10:Consolidated2022-12-012023-11-3012600083ns5:CurrentFinancialInstruments2024-11-3012600083ns5:CurrentFinancialInstruments2023-11-3012600083ns5:Non-currentFinancialInstruments2024-11-3012600083ns5:Non-currentFinancialInstruments2023-11-3012600083ns5:ShareCapital2024-11-3012600083ns5:ShareCapital2023-11-3012600083ns5:SharePremium2024-11-3012600083ns5:SharePremium2023-11-3012600083ns5:RetainedEarningsAccumulatedLosses2024-11-3012600083ns5:RetainedEarningsAccumulatedLosses2023-11-3012600083ns5:ShareCapital2022-11-3012600083ns5:RetainedEarningsAccumulatedLosses2022-11-3012600083ns5:SharePremium2022-11-3012600083ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-3012600083ns5:RetainedEarningsAccumulatedLosses2023-12-012024-11-3012600083ns5:NetGoodwill2023-12-012024-11-3012600083ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-012024-11-3012600083ns5:CostValuation2023-11-30126000831ns5:Subsidiary12023-12-012024-11-3012600083ns5:Subsidiary122023-12-012024-11-3012600083ns5:Subsidiary12024-11-3012600083ns5:Subsidiary12023-11-3012600083ns5:Subsidiary12022-12-012023-11-3012600083ns5:Subsidiary232023-12-012024-11-3012600083ns5:Subsidiary22024-11-3012600083ns5:Subsidiary22023-11-3012600083ns5:Subsidiary22022-12-012023-11-30126000835ns5:Subsidiary32023-12-012024-11-30126000837ns5:Subsidiary42023-12-012024-11-3012600083ns5:Subsidiary592023-12-012024-11-3012600083ns5:Subsidiary6112023-12-012024-11-301260008313ns5:Subsidiary72023-12-012024-11-3012600083ns5:WithinOneYearns5:CurrentFinancialInstruments2024-11-3012600083ns5:WithinOneYearns5:CurrentFinancialInstruments2023-11-3012600083ns5:AcceleratedTaxDepreciationDeferredTax2024-11-3012600083ns5:AcceleratedTaxDepreciationDeferredTax2023-11-3012600083ns5:TaxLossesCarry-forwardsDeferredTax2024-11-3012600083ns5:TaxLossesCarry-forwardsDeferredTax2023-11-3012600083ns5:DeferredTaxation2023-11-3012600083ns5:DeferredTaxation2023-12-012024-11-3012600083ns5:DeferredTaxation2024-11-3012600083ns10:OrdinaryShareClass12024-11-3012600083ns10:OrdinaryShareClass22024-11-3012600083ns5:RetainedEarningsAccumulatedLosses2023-11-3012600083ns5:SharePremium2023-11-30
REGISTERED NUMBER: 12600083 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

THE COVENTRY GROUP TOPCO LIMITED

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 November 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 8

Report of the Independent Auditors 10

Consolidated Statement of Comprehensive Income 13

Consolidated Statement of Financial Position 14

Company Statement of Financial Position 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Statement of Cash Flows 18

Notes to the Consolidated Statement of Cash Flows 19

Notes to the Consolidated Financial Statements 20


THE COVENTRY GROUP TOPCO LIMITED

COMPANY INFORMATION
for the year ended 30 November 2024







DIRECTORS: D P Langdon
S Quinlan
M J Hovard





REGISTERED OFFICE: Woodhams Road
Siskin Drive
Coventry
CV3 4FX





REGISTERED NUMBER: 12600083 (England and Wales)





AUDITORS: Magma Audit LLP
16 Davy Court
Castle Mound Way
Rugby, CV23 0UZ
Magma Audit LLP is part
Of the Dains Group

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

GROUP STRATEGIC REPORT
for the year ended 30 November 2024


The directors present their strategic report of the company and the group for the year ended 30 November 2024.

REVIEW OF BUSINESS
The principal activity of the group is the manufacture and distribution of hygiene products.

The group distributes hygiene products into three distinct sectors; retail groups into the UK and Europe, UK distributors to the hospitality and professional cleaning trade and animal healthcare products for the UK and export market.

The group consists of the holding company, two trading companies, The Coventry Group Ltd and Coventry Chemicals Ltd and five dormant subsidiaries Mirius Ltd, Mirius Holdings Ltd, Mirius Group Ltd, Mirius Global Hygiene Solutions Ltd, and Coventry Chemicals (Ireland) Ltd.

The Group made a profit before tax of £4,403k for the year, a significant improvement on the previous year's result of £907k.

The net assets of the group improved to £2,179k from a £537k net liability and the net current liability position improved to £853k (FY23: net liabilities of £3,430k).

The company made a loss before tax of £359k for the year (FY23 profit of £161k). The net assets of the company at year end were £2,960k (FY23: £3,664k) with net current liabilities of £793k (FY23: £89k).

FY22 had been the toughest trading year the business had ever faced. Challenges with logistics availability, freight costs, supply chain disruption, surging energy prices,

The impact of these issues flowed into the first half of FY23, stabilising only as the year progressed, resulting in a return to sustainable profitability and positive cash generation which has continued through FY24.

The directors monitor earnings before interest, tax, depreciation, amortisation and one off costs (the Internal EBITDA) as a key measure of performance. Based upon the trading results of the current year to date the directors are confident of a continuation of profitable trading for FY25.

2022 2023 2024
12 months 12 months 12 months
Actual Actual Actual
£'000s £'000s £'000s
Revenue 45,022 52,681 55,634

Profit before taxation (3,725) 907 4,403
Add back:
One off items 120 162 763
Depreciation and
amortisaion

944

945

924
Interest 360 777 596
Internal EBITDA (2,301) 2,791 6,686

The Group holds the British Retail Consortium (BRC) accreditation at Grade AA, a Good Manufacturing Practice (GMP) license as well as its SEDEX registration and is SMETA compliant to this global standard for ethical working practices. In addition, the Group has Responsibly Sourced Pine Oil (RSPO) accreditation, ISO 9001, 14001 and 45001 certifications and has recently been awarded the ECOVADIS bronze sustainability grading at the first assessment.

These highly regarded and widely acknowledged approvals continue to support the Group's business growth and development.

Immediately after the year end ABN Amro, who provide the group with loan and working capital facilities announced that they were withdrawing from the UK asset based lending market and gave 5 months notice to the group to refinance these facilities. During this transition, and whilst retaining substantial headroom, the property based loan was repaid out of existing facilities in February 2025 providing an unencumbered property asset with a market value of £1.7m. Following an extensive tender process improved working capital facilities were successfully agreed and transferred to Barclays Bank plc in April 2025

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

GROUP STRATEGIC REPORT
for the year ended 30 November 2024


Future prospects
The directors expect the business to face a number of challenges in the next year driven by factors beyond their control; conflict in eastern Europe, uncertainty generated by the volatility if worldwide tariff levels, high energy costs and elevated interest rates. Whilst these factors have the potential for an adverse impact on trading the directors believe that management is experienced and agile enough to meet these challenges and take advantage of opportunities that may arise.

The directors have prepared profit and cashflow forecasts for the business until November 2026 based upon known factors and sensitised for possible risk factors. On the basis of these forecasts the directors believe that the business has sufficient resources to enable it to meet the challenges of the coming years, to grow profitably and to continue successfully in the future.

PRINCIPAL RISKS AND UNCERTAINTIES
Management and the Board regularly review the risks facing the business.

The Directors consider that the principal risk factors that could materially affect the future operating profits or financial position of the business are contract loss, credit risk and commodity price risk.

Contract loss
The business continues to spread the risk across diverse markets and customer sectors where possible. This strategy ensures that no one customer or sector threatens the business as a whole. A wide customer portfolio, a large geographic spread and a diverse market platform deliver security against this risk. The Board monitor performance across all sectors on a regular basis to mitigate concentration and risk.

Credit risk
The business is exposed to potential credit related losses in the event of non-performance by the counterparties related to its export activity and potential failure of UK based customers. The group's credit control policy has been established to monitor customer performance and identify variation against agreed terms of trade to mitigate against this risk. Credit insurance cover has been put in place for selected UK and Overseas customers.

Commodity price risk
The business is exposed to changes in raw material prices, some of which are directly related to the price of oil and more broadly the cost of energy. There is generally no liquid or cost effective market for direct trading of such exposures. Where liquid markets do exist there may not be an acceptable level of correlation with the price of our particular commodities and the oil futures market. The directors therefore do not believe it is appropriate to hedge against changes in oil price. The directors closely monitor the commodity prices and where possible pass increases through to the end user.

Liquidity and cash flow risk
The group has very good relationships with its funders, has adequate facilities to support its activities and operates with a prudent level of headroom.

The group holds financial instruments to finance its operations and manages risk arising from these operations and its sources of finance in accordance with its accounting policies. Working capital is funded, principally, by asset-based lending facilities.


THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

GROUP STRATEGIC REPORT
for the year ended 30 November 2024

SECTION 172(1) STATEMENT
The Board of Directors consider that, in the decisions taken during the year ended 30 November 2024, they have acted in a way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, having regard to (amongst other matters):

- the likely consequences of any decision in the long term;
- the interests of the Group's employees;
- the need to foster the Group's business relationships with suppliers, customers and others;
- the impact of the Group's operations on the community and the environment;
- the desirability of the Group maintaining a reputation for high standards of business conduct and
- the need to act fairly between members of the Group.

Our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours.

Our section 172 statement summarises how the Board has factored stakeholder considerations into our decision-making,

Section 172 of the Companies Act 2006 (the Ad) imposes a duty on a director to act in a way that he or she considers, in good faith, would be most likely to promote the long-term success of the company for the benefit of its members as a whole. In doing So, the directors have regard to the various matters including the interests of stakeholders as well as various other matters. The Companies (Miscellaneous Reporting) Regulations 2018 require companies to report on how the Board has fulfilled the requirements of Section 172(1), including how the Board has factored stakeholder considerations into its decision-making.

The Board is fully aware of and supports these requirements. We are pleased to describe below how the Group's Board engages with our stakeholders.

The Group's key stakeholders have an important role to play in the successful operation of our business. Our Board are fully aware of, and take seriously, their responsibilities to those stakeholders under the Act.

We believe that it is appropriate to consider the potential impact on our stakeholders when considering the Group's strategy and in making our key decisions. Indeed, these responsibilities are rooted in our culture, values and Group purpose.

The Board considers that, in its decisions and actions to date, it has acted in a way that would promote the success of the Group for the benefit of its members as a whole, while having regard to stakeholders and matters set out in Section 172(1) (a-f) of the Act. It has identified the Group's key stakeholders as our employees, customers, suppliers, the environment and communities in which we operate, and investors. It receives updates on each of these and takes steps to ensure that it remains well informed about them.

Our decisions are made to have a long-term beneficial impact on the Group and to contribute to the Group's success. Our decisions take into account the impact of the Group's operations on the community and environment, and our wider societal responsibilities. The Board has put in place a structured governance model, with scheduled Board meetings and clear documentation and authority levels to control its decision-making process. Our governance model supports the Group in ensuring that decisions are considered, documented and reported upon, and in alignment with our strategic plans. Detailed budgets and re-forecasts are prepared to enable the Board to track performance and ensure that it is as expected, or that mitigation steps are taken to deliver performance in line with, or close to, expectations. The Board and individual directors operate within this structure, with the aim of promoting the success of the company and delivering long term shareholder value. Business proposals are documented in line with, and performance tracked against budgets and forecasts.

Ongoing investments in the business and the market share position of the Group position the business positively for the future.

Our employees are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in the way we do business. During the year, employees have been provided with information about the Group. Regular meetings are held between management and employees to allow a free flow of information.

We also aim to act responsibly and fairly in how we engage and co-operate with all of our other primary stakeholders - our suppliers, debt providers, and shareholders - all of whom are integral to the success of the Group.

During 2024 we have had regular face to face and online meetings with our key customers and suppliers. This allows us to successfully maintain and build on our relationships with them.

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

GROUP STRATEGIC REPORT
for the year ended 30 November 2024


Continuation/Future Development
Price inflation is a key issue for our business and in 2023 we saw significant price increases from suppliers. These cost pressures have reduced as we moved through 2024 but we still face a level of inflation. We will continue to discuss these inflationary pressures with our customers and pass them through to our customers in our product pricing where possible.

We believe that the markets that we trade in will remain challenging in the year ahead, but we are confident about the future. The loss of significant numbers of European workers from the UK following BREXIT and the difficulty in recruiting qualified experienced production engineers are both ongoing challenges, but nothing new. Both of these challenges are factored into our planning for the year ahead. As events unfold, we will respond, but we believe we are well positioned as a result of the market changes, which we believe will create new longer-term opportunities for us.

Environmental, Social and Governance Performance Management
Corporate responsibility is an integral part of our values. Our corporate responsibility strategy is underpinned by our commitment to the environment. Our aim is to continually reduce the impact we have on the environment in (i) the work place; (ii) the market place; and (iii) in our community.

We currently:
- Work closely with our suppliers and customers to source / produce products that meet high environmental and social standards
- Are implementing our carbon emissions reduction plan
- Have negotiated to use energy certified from 100% renewable sources when our current electricity contract expires
- A significant proportion of our PET bottles are 100% rPET and we have plans in place to continue to move this to 100%.
- Use fully recyclable cardboard shipping boxes and paper tape for all orders
- Are actively seeking out better packaging solutions
- Recycle waste where possible
- Donate any unwanted stock to charities
- Fund raise for our nominated charity
- Operate an environmental management system certified to ISO 14001

We encourage all our employees to get involved, whether that means raising money for charities, volunteering or enhancing our contribution to the environment.


THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

GROUP STRATEGIC REPORT
for the year ended 30 November 2024


STREAMLINED ENERGY AND CARBON REPORTING
The Group aims to minimise the lasting impact of its operations on the environment. We monitor closely our electricity, gas, and fuel usage. The following tables detail energy consumption and greenhouse gas emissions (GHG) from the activities of the Group during the period December 2023 to November 2024. Our greenhouse gas emissions, reportable under SECR during the period specified above, were 857.24 tonnes CO2e. This figure has been calculated using the UK Government's most recent CHG Conversion Factors for Company Reporting (2024), This is in line with standard industry practice and allows fair comparison with other UK businesses.

This figure includes all the material Scope 1 and Scope 2 emissions, required to be disclosed by the specified legislation, plus additional Scope 3 emissions.

The following figures make up the baseline reporting for Group. Scope 1 consumption and emissions relate to direct combustion of natural gas, and fuels utilised for transportation operations, such as Group vehicle fleets. Scope 2 consumption and emissions relate to indirect emissions relating to the consumption of purchased electricity in day-to-day business operations. Scope 3 consumption and emissions relate to emissions resulting from sources not directly owned by the reporting company. For the Group, this is related to grey fleet (business travel undertaken in employee-owned vehicles) only.
The total consumption (kWh) figures for energy supplies reportable by the Group are as follows:

30 November 30 November
2024 2023
Utility and Scope kWh kWh
Grid-Supplied Electricity (Scope 2) 1,215,801 1,229,135
Gaseous and other fuels (Scope 1) 2,932,047 3,329,788
Transportation (Scope 1 and 3) 119,200 88,337
Total 4,267,048 4,647,260

The total emission (tCO2e) figures for energy supplies reportable by the Group are as follows:


30 November 30 November
2024 2023
Utility and Scope tCO2e tCO2e
Grid-Supplied Electricity (Scope 2) 251.7 254.5
Gaseous and other fuels (Scope 1) 600.0 628.5
Transportation (Scope 1 and 3) 5.5 19.7
Total 857.2 902.7

An intensity metric of tCO2e per £million turnover has been applied for the annual total emissions of the Group. The result of this analysis is as follows:

30 November 30 November
2024 2023
Intensity
Metric
tCO2e / £m 16.4 17.3

Reporting Boundary, Methodology and Exclusions
We have reported on all sources of GHG emissions and energy usage, associated emissions, energy efficiency actions and energy performance for EVO Group Limited, under the government policy Streamlined Energy & Carbon Reporting (SEC R), as implemented by the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

We have followed the 2019 UK Government environmental reporting guidance. We have used the GHG Protocol Corporate Accounting and Reporting Standard (revised edition) and emission factors from the UK Government's GHG Conversion Factors for Company Reporting 2019 to calculate the above disclosure. There are no material omissions from the mandatory reporting scope. The reporting period is December 2023 to November 2024, as per the financial statements.

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

GROUP STRATEGIC REPORT
for the year ended 30 November 2024


The methodology applied for the calculation during this reporting period is GHG Protocol Corporate Accounting and Reporting Standard (revised edition) and emissions factors were obtained from the UK Government's GHG conversion factor 2024 to calculate the above disclosure. For calculating emission from company fleet and business travel in employee-owned cars, emission factors were obtained from UK government (Vehicle Certification Agency). There was no material omissions form the mandatory reporting scope. The reporting period is December 2023 to November 2024, as per the financial statements.

Energy Efficiency Initiatives
New energy efficient line has been introduced for minimising the waste generated in the operation and electricity consumption. The Group started purchasing 100% renewable electricity in 2025.

Engagement with Suppliers, Customers and Others
Details of engagement with suppliers, customers and others can be found in the section 172(1) statement on page 4 of the Strategic Report.

ON BEHALF OF THE BOARD:





S Quinlan - Director


24 July 2025

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

REPORT OF THE DIRECTORS
for the year ended 30 November 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 November 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the manufacture and distribution of hygiene products.

DIVIDENDS
The total distribution of dividends for the period ended 30 November 2024 was £276,853 (2023: £180,983).

RESEARCH AND DEVELOPMENT
The Group continues to fund development of existing processes to enhance customer service.

FUTURE DEVELOPMENTS
Information relating to future developments is given in the Group Strategic Report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

D P Langdon
S Quinlan
M J Hovard

FINANCIAL INSTRUMENTS
The principal financial instruments of the Group comprise bank balances and borrowings, trade creditors, trade debtors and hire purchase contracts. The main purpose of these instruments is to raise funds for the Group's operations and to finance its continuing operations. Liquidity risk is managed by the use of bank balances, invoice discounting, overdraft facilities and selective use and active management of credit Insurance along with efficient monitoring and forecasting of cash flow to ensure there are sufficient funds to meet liabilities. Trade debtors are managed in respect of credit and cash flow risk by policies monitoring the credit offered to customers, and regular monitoring of amounts outstanding for both time and credit limits.

INDEMNITY PROVISION
Third party indemnity cover for the directors was in place during the period and at the period end.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 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.

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

REPORT OF THE DIRECTORS
for the year ended 30 November 2024


AUDITORS
Magma Audit LLP has expressed its willingness to remain in office as auditors.

The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Quinlan - Director


24 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE COVENTRY GROUP TOPCO LIMITED


Opinion
We have audited the financial statements of The Coventry Group Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 November 2024 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 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 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.

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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE COVENTRY GROUP TOPCO LIMITED


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 Group 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 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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:

Based on our understanding of the Group and the industry, we identified the principle risks of non-compliance with laws and regulations, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, health and safety regulations and employment law. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principle risks were related to posting inappropriate journal entries, and management bias in accounting estimates.

Audit procedures performed by the engagement team included:
- Discussions with management, including consideration of known or suspected instances of non-compliance with
laws and regulation, and fraud;
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations,
or with unusual descriptions;
- Challenging assumptions made by management in their significant accounting estimates, in particular the useful
economic lives of tangible and intangible assets, valuation of long leasehold building, stock provisions,
impairment of debtors and carrying value of investments and goodwill.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE COVENTRY GROUP TOPCO LIMITED


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.




Victoria Craig (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP
16 Davy Court
Castle Mound Way
Rugby, CV23 0UZ
Magma Audit LLP is part
Of the Dains Group

24 July 2025

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 30 November 2024

2024 2023
Notes £'000 £'000

TURNOVER 3 55,634 52,681

Cost of sales (18,230 ) (19,082 )
GROSS PROFIT 37,404 33,599

Distribution costs (23,978 ) (24,564 )
Administrative expenses (8,427 ) (7,351 )
OPERATING PROFIT 5 4,999 1,684


Interest payable and similar expenses 6 (596 ) (777 )
PROFIT BEFORE TAXATION 4,403 907

Tax on profit 7 (1,406 ) (317 )
PROFIT FOR THE FINANCIAL YEAR 2,997 590

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,997

590

Profit attributable to:
Owners of the parent 2,997 590

Total comprehensive income attributable to:
Owners of the parent 2,997 590

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 November 2024

2024 2023
Notes £'000 £'000
FIXED ASSETS
Intangible assets 10 2,480 2,896
Tangible assets 11 3,785 3,213
Investments 12 - -
6,265 6,109

CURRENT ASSETS
Stocks 13 4,107 4,151
Debtors 14 11,090 11,563
Cash at bank 482 176
15,679 15,890
CREDITORS
Amounts falling due within one year 15 (16,532 ) (19,320 )
NET CURRENT LIABILITIES (853 ) (3,430 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,412

2,679

CREDITORS
Amounts falling due after more than one
year

16

(2,689

)

(3,216

)

PROVISIONS FOR LIABILITIES 20 (544 ) -
NET ASSETS/(LIABILITIES) 2,179 (537 )

CAPITAL AND RESERVES
Called up share capital 21 1,555 1,555
Share premium 22 385 385
Revaluation reserve 22 431 431
Retained earnings 22 (192 ) (2,908 )
SHAREHOLDERS' FUNDS 2,179 (537 )

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2025 and were signed on its behalf by:





S Quinlan - Director


THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

COMPANY STATEMENT OF FINANCIAL POSITION
30 November 2024

2024 2023
Notes £'000 £'000
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 6,343 6,343
6,343 6,343

CURRENT ASSETS
Debtors 14 96 98
Cash at bank 386 41
482 139
CREDITORS
Amounts falling due within one year 15 (1,275 ) (228 )
NET CURRENT LIABILITIES (793 ) (89 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,550

6,254

CREDITORS
Amounts falling due after more than one
year

16

(2,590

)

(2,590

)
NET ASSETS 2,960 3,664

CAPITAL AND RESERVES
Called up share capital 21 1,555 1,555
Share premium 22 385 385
Retained earnings 22 1,020 1,724
SHAREHOLDERS' FUNDS 2,960 3,664

Company's (loss)/profit for the financial year (423 ) 172

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2025 and were signed on its behalf by:





S Quinlan - Director


THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 November 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 December 2022 1,555 (3,317 ) 385 431 (946 )

Changes in equity
Dividends - (181 ) - - (181 )
Total comprehensive income - 590 - - 590
Balance at 30 November 2023 1,555 (2,908 ) 385 431 (537 )

Changes in equity
Dividends - (281 ) - - (281 )
Total comprehensive income - 2,997 - - 2,997
Balance at 30 November 2024 1,555 (192 ) 385 431 2,179

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 30 November 2024

Called up
share Retained Share Total
capital earnings premium equity
£'000 £'000 £'000 £'000
Balance at 1 December 2022 1,555 1,733 385 3,673

Changes in equity
Dividends - (181 ) - (181 )
Total comprehensive income - 172 - 172
Balance at 30 November 2023 1,555 1,724 385 3,664

Changes in equity
Dividends - (281 ) - (281 )
Total comprehensive income - (423 ) - (423 )
Balance at 30 November 2024 1,555 1,020 385 2,960

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 November 2024

2024 2023
Notes £'000 £'000
Cash flows from operating activities
Cash generated from operations 1 3,652 1,647
Interest paid (464 ) (646 )
Interest element of hire purchase payments
paid

(28

)

(27

)
Finance costs paid (104 ) (104 )
Tax paid (900 ) 116
Net cash from operating activities 2,156 986

Cash flows from investing activities
Purchase of intangible fixed assets (19 ) -
Purchase of tangible fixed assets (1,065 ) (242 )
Net cash from investing activities (1,084 ) (242 )

Cash flows from financing activities
Loan repayments in year (347 ) (453 )
Amount introduced by directors - 5
Amount withdrawn by directors (4 ) -
Hire purchase repayments (134 ) (50 )
Equity dividends paid (281 ) (181 )
Net cash from financing activities (766 ) (679 )

Increase in cash and cash equivalents 306 65
Cash and cash equivalents at beginning
of year

2

176

111

Cash and cash equivalents at end of year 2 482 176

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 November 2024


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

2024 2023
£'000 £'000
Profit before taxation 4,403 907
Depreciation charges 493 509
Amortisation charges 435 436
Finance costs 596 777
5,927 2,629
Decrease/(increase) in stocks 44 (277 )
Decrease/(increase) in trade and other debtors 775 (744 )
(Decrease)/increase in trade and other creditors (3,094 ) 39
Cash generated from operations 3,652 1,647

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 30 November 2024
30/11/24 1/12/23
£'000 £'000
Cash and cash equivalents 482 176
Year ended 30 November 2023
30/11/23 1/12/22
£'000 £'000
Cash and cash equivalents 176 111


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/12/23 Cash flow At 30/11/24
£'000 £'000 £'000
Net cash
Cash at bank 176 306 482
176 306 482
Debt
Finance leases (331 ) 134 (197 )
Debts falling due within 1 year (7,666 ) 3,108 (4,558 )
Debts falling due after 1 year (438 ) 438 -
(8,435 ) 3,680 (4,755 )
Total (8,259 ) 3,986 (4,273 )

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 November 2024


1. STATUTORY INFORMATION

The Coventry Group Topco Limited is a group, registered in England and Wales. Its registered office address is Woodhams Road, Siskin Drive, Coventry, England, CV3 4FX and the registered number is 12600083.

The group manufactures and distributes hygiene products.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These consolidated and individual financial statements have been prepared in accordance with 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 under the historical cost convention, as modified by the revaluation of certain fixed assets.

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

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the accounting policies below.

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

Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at the fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Going concern
At 30 November 2024 the group had net current liabilities of £853k (2023: £3,430k) and net assets of £2,179k (2023: Net liabilities of £537k). For the year ended 30 November 2024 the group made a profit before tax of £4,403k (2023: £907k).

The directors have prepared the financial statements on a going concern basis based upon financial forecasts which include a cash projection and on the assumption that the lenders will continue to provide ongoing facilities.

On this basis the directors are confident that the group and company can continue as a going concern.

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(ii) Valuation of long leasehold building
The Group makes an estimate as to the fair value of the long leasehold building at the year end date. Management have utilised available data to assess the market values including but not limited to, the changes in the rental market and the economic climate. Management obtained a professional third party valuation on 10 August 2023, which valued the building on a market value basis. The Directors consider this valuation to be an accurate reflection of the fair value of the long leasehold building as at 30 November 2024.

(iii) Useful economic lives of intangible assets
The amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.

(iv) Stock provisioning
The group manufactures and sells cleaning chemicals and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

(v) Impairment of goodwill
The group considers whether goodwill is impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

(vi) Carrying value of investments
The investment is held at cost and when assessing annually for impairment management consider factors including but not limited to the cash flows expected to arise from the investments.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and rebates allowed by the group and value added taxes.

The group recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the group retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to the each of group’s sales channels have been met.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Income Statement over its useful economic life which is expected to be 10 years.

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024


2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows:

Acquired brands- straight line over 10 years
Development costs- straight line over 10 years
Licenses and trademarks- straight line over 10 years

Amortisation is charged to administrative expenses in the Statement of Comprehensive Income.

Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.

The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold buildings-straight line over 40 years
Plant and machinery-straight line over 4 to 10 years
Fixtures and fittings-straight line over 4 to 10 years
Motor vehicles-straight line over 4 years

Expenditure on construction of tangible fixed assets is included in assets under construction within the Balance Sheet, at cost, until the asset is brought into use at which point it is transferred to the appropriate fixed asset category and depreciated over its expected useful economic life. Such costs include all costs directly attributable to bringing the tangible fixed asset into working condition for the intended use

No depreciation is charged on assets under construction.

The directors have chosen to adopt the revaluation model for accounting for long leasehold buildings. The long leasehold buildings are carried at fair value less subsequent depreciation and impairment losses.

Any movement in the fair value of the properties is reflected within Other Comprehensive Income for the year. Any associated deferred tax liability is taken to the profit and loss account in the year and offset against revaluation gains held in other reserves.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on the first-in, first-out (FIFO) method.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the income statement. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the Statement of comprehensive income.


THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the period comprises of current and deferred tax.

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as Other Comprehensive Income or to an item recognised directly in equity is also recognised in Other Comprehensive Income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Research and development
Expenditure on research is written off in the year in which it is incurred.

Expenditure on development is capitalised as an intangible asset and amortised over its useful life. Amortisation is charged from when the intangible asset is completed and able to use the asset for economic benefit.

Foreign currencies
At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance (expense)/income'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within administrative expenses.

Hire purchase and leasing agreements
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Invoice discounting
The gross amount of invoice discounted debts are included in trade debtors and a corresponding liability in respect of proceeds received from factors are shown within current liabilities. Charges and interest are recognised in the Statement of comprehensive income as they accrue.

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024


2. ACCOUNTING POLICIES - continued

Share capital
Ordinary and preferred ordinary shares are classified as equity. Premium on issue of ordinary shares is recognised as share premium.

Financial Instruments

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

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and investments 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.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, other loans and loans from fellow group companies 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.

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

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.

Preference shares are classified as liabilities. Each preference share is entitled to a dividend equal to 4% per annum which is cumulative but not compounding. The dividends are classified as a finance cost and included in the income statement. These shares do not carry voting rights.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
£'000 £'000
United Kingdom 39,254 39,196
Europe 13,625 11,249
Rest of world 2,755 2,236
55,634 52,681

4. EMPLOYEES AND DIRECTORS
2024 2023
£'000 £'000
Wages and salaries 8,578 8,164
Social security costs 785 621
Other pension costs 264 226
9,627 9,011

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Selling and distribution 10 22
Administration 31 16
Production 214 187
255 225

2024 2023
£    £   
Directors' remuneration 359,521 280,520
Directors' pension contributions to money purchase schemes 97,623 83,296

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 152,087 106,738

The directors are considered to be Key Management.

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£'000 £'000
Other operating leases 73 130
Depreciation - owned assets 431 385
Depreciation - assets on hire purchase contracts 62 124
Goodwill amortisation 325 325
Brands amortisation 23 23
Development costs amortisation 60 64
Licenses and Trademarks amortisation 27 24
Auditors' remuneration 45 53
Other services relating to taxation 16 11
Foreign exchange differences (2 ) 40
Hire of plant 116 94

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£'000 £'000
Bank interest 73 97
Invoice discounting interest 391 549
Hire purchase 28 27
Preference shares 104 104
596 777

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£'000 £'000
Current tax:
UK corporation tax 859 -

Deferred tax 547 317
Tax on profit 1,406 317

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£'000 £'000
Profit before tax 4,403 907
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 23.011 %)

1,101

209

Effects of:
Expenses not deductible for tax purposes 306 147
Adjustments to tax charge in respect of previous periods (1 ) (55 )


Other timing differences - 29
R&D enhancement - (13 )
Total tax charge 1,406 317

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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.


9. DIVIDENDS
2024 2023
£'000 £'000
Ordinary shares of £1 each
Final 123 123
Interim 100 -
Preferred ordinary shares of £1 each
Final 58 58
281 181

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024


10. INTANGIBLE FIXED ASSETS

Group
Licenses
Development and
Goodwill Brands costs Trademarks Totals
£'000 £'000 £'000 £'000 £'000
COST
At 1 December 2023 3,248 218 725 244 4,435
Additions - - - 19 19
At 30 November 2024 3,248 218 725 263 4,454
AMORTISATION
At 1 December 2023 1,062 125 280 72 1,539
Amortisation for year 325 23 60 27 435
At 30 November 2024 1,387 148 340 99 1,974
NET BOOK VALUE
At 30 November 2024 1,861 70 385 164 2,480
At 30 November 2023 2,186 93 445 172 2,896

11. TANGIBLE FIXED ASSETS

Group
Long Asset in
leasehold Fixtures the
land & Plant and and course of
buildings machinery fittings Construction Totals
£'000 £'000 £'000 £'000 £'000
COST OR VALUATION
At 1 December 2023 1,835 2,895 87 - 4,817
Additions 197 234 32 602 1,065
At 30 November 2024 2,032 3,129 119 602 5,882
DEPRECIATION
At 1 December 2023 229 1,309 66 - 1,604
Charge for year 89 385 19 - 493
At 30 November 2024 318 1,694 85 - 2,097
NET BOOK VALUE
At 30 November 2024 1,714 1,435 34 602 3,785
At 30 November 2023 1,606 1,586 21 - 3,213

The long leasehold land and the building are held at fair value, as assessed by the directors at year end. The last formal external third party valuation was undertaken by Lambert Smith Hampton on 10 August 2023 on a market value basis determined by reference to market evidence. Lambert Smith Hampton are a member of the RICS Valuer Registration Scheme and the valuation was prepared in accordance with the RICS Red Book Global Standards. The directors consider the market value of the property at 30 November 2024 to be broadly in line with the August 2023 valuation; accordingly, no revaluation adjustment has been made and depreciation has been charged during the year.

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024


11. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 30 November 2024 is represented by:

Long Asset in
leasehold Fixtures the
land & Plant and and course of
buildings machinery fittings Construction Totals
£'000 £'000 £'000 £'000 £'000
Valuation in 2023 431 - - - 431
Cost 1,601 3,129 119 602 5,451
2,032 3,129 119 602 5,882

The net carrying amount of assets held under finance leases included in land and buildings and plant and machinery is £533,000 (2023: £870,000).

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£'000
COST
At 1 December 2023
and 30 November 2024 6,343
NET BOOK VALUE
At 30 November 2024 6,343
At 30 November 2023 6,343

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

The Coventry Group Limited
Registered office: Woodhams Road, Siskin Drive, Coventry, United Kingdom, CV3 4FX
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
Ordinary B 100.00
2024 2023
£'000 £'000
Aggregate capital and reserves 2,729 2,739
Profit for the year 90 167

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024


12. FIXED ASSET INVESTMENTS - continued

Coventry Chemicals Limited
Registered office: Woodhams Road, Siskin Drive, Coventry, United Kingdom, CV3 4FX
Nature of business: Manufacturer of hygiene products
%
Class of shares: holding
Ordinary 100.00
2024 2023
£'000 £'000
Aggregate capital and reserves 5,467 1,273
Profit for the year 4,294 577

Mirius Limited
Registered office: Woodhams Road, Siskin Drive, Coventry, United Kingdom, CV3 4FX
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00

Mirius Holdings Limited
Registered office: Woodhams Road, Siskin Drive, Coventry, United Kingdom, CV3 4FX
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00

Mirius Group Limited
Registered office: Woodhams Road, Siskin Drive, Coventry, United Kingdom, CV3 4FX
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00

Mirius Global Hygiene Solutions Limited
Registered office: Woodhams Road, Siskin Drive, Coventry, United Kingdom, CV3 4FX
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00

Coventry Chemicals (Ireland) Limited
Registered office: Woodhams Road, Siskin Drive, Coventry, United Kingdom, CV3 4FX
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00


13. STOCKS

Group
2024 2023
£'000 £'000
Raw materials 2,633 2,559
Finished goods 1,404 1,522
Engineering stock 70 70
4,107 4,151

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024


14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Trade debtors 10,484 11,008 - -
Amounts owed by group undertakings - - 96 87
Other debtors 60 118 - -
Directors' loan accounts 4 - - -
Tax - 3 - -
Deferred tax asset - 3 - 11
Prepayments and accrued income 542 431 - -
11,090 11,563 96 98

Deferred tax asset
Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Accelerated capital allowances - (468 ) - -
Tax losses carried forward - 562 - -
Other timing differences - (91 ) - 11
- 3 - 11

Amounts received of £4,080,000 (2023: £7,279,000) in respect of debtors which have been financed by invoice discounting have been included within creditors as proceeds of invoice discounted debts.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Proceeds of invoice discounted debts (see note 17)
4,080

7,279

-

-
Bank loans and overdrafts (see note 17) 478 387 - -
Hire purchase contracts (see note 18) 98 143 - -
Trade creditors 9,741 10,019 97 83
Amounts owed to group undertakings - - 755 -
Tax 259 3 53 -
Social security and other taxes 210 99 19 18
VAT 67 327 35 71
Other creditors 139 144 3 3
Accruals and deferred income 1,460 919 313 53
16,532 19,320 1,275 228

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Bank loans (see note 17) - 438 - -
Hire purchase contracts (see note 18) 99 188 - -
Preference shares 2,590 2,590 2,590 2,590
2,689 3,216 2,590 2,590

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024


17. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£'000 £'000
Amounts falling due within one year or on demand:
Invoice discounting 4,080 7,279
Bank loans 478 387
4,558 7,666
Amounts falling due between one and two years:
Bank loans - 1-2 years - 438

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group

The future minimum hire purchase lease payments are as follows:
2024 2023
£'000 £'000
Not later than one year 107 167
Later than one year and not later than five years 110 206
Total gross payments 217 373
Less: finance charges (20 ) (42 )
Carrying amount of liability 197 331

Group
Non-cancellable operating leases
2024 2023
£'000 £'000
Within one year 269 129
Between one and five years 626 356
In more than five years 6,016 4,340
6,911 4,825

The long term lease relates to the group's leasehold land which has 91 years remaining on the lease.

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024


19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£'000 £'000
Hire purchase contracts 197 331
Invoice discounting 4,080 7,279
Bank loan 478 824
4,755 8,434

The banks loans and overdrafts are secured by a debenture and legal charges over the group's leasehold land and buildings. Proceeds of invoice discounted debt are secured over the trade debtors to which they relate.

Bank loans are repayable within one year. The loan of £477,500 bears interest at 2.75% per annum and had a repayment date of June 2025, when the full balance was due. The loan was fully repaid in February 2025.

The net obligations under hire purchase contracts are secured on the assets to which they relate.

20. PROVISIONS FOR LIABILITIES

Group
2024 2023
£'000 £'000
Deferred tax
Accelerated capital allowances 462 -
Other timing differences 82 -
544 -

Group
Deferred
tax
£'000
Balance at 1 December 2023 (3 )
Charge to Statement of Comprehensive Income during year 547
Balance at 30 November 2024 544

Company
Deferred
tax
£'000
Balance at 1 December 2023 (11 )
Charge to Income Statement during year 11
Balance at 30 November 2024 -

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024


21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £'000 £'000
100,000 Ordinary £1 100 100
1,455,445 Preferred ordinary £1 1,455 1,455
1,555 1,555

Ordinary shares confer on each holder the right to vote, the right to a dividend payment in accordance with the Articles of the company and can participate in a distribution arising from the winding up of the company.

Ordinary shares are not redeemable.

Preferred ordinary shares confer on each holder the right to a dividend payment in accordance with the Articles of the company.

Preferred ordinary shares are not redeemable.

22. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£'000 £'000 £'000 £'000

At 1 December 2023 (2,908 ) 385 431 (2,092 )
Profit for the year 2,997 - - 2,997
Dividends (281 ) - - (281 )
At 30 November 2024 (192 ) 385 431 624

Company
Retained Share
earnings premium Totals
£'000 £'000 £'000

At 1 December 2023 1,724 385 2,109
Deficit for the year (423 ) - (423 )
Dividends (281 ) - (281 )
At 30 November 2024 1,020 385 1,405


23. CONTINGENT LIABILITIES

Group

An unlimited inter-company guarantee between subsidiaries; The Coventry Group Limited and Coventry Chemicals Limited, has been given to the provider of invoice discount facilities and bank loans totalling £4,080,000 (2023: £7,279,000).

The subsidiaries; The Coventry Group Limited and Coventry Chemicals Limited are members of a group VAT registration. Both subsidiaries are jointly and severally liable for the liabilities of the VAT group to which it belongs. At 30 November 2024 the group VAT liability amounted to £143,000 (2023: £257,000).

THE COVENTRY GROUP TOPCO LIMITED (REGISTERED NUMBER: 12600083)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024


24. CAPITAL COMMITMENTS
2024 2023
£'000 £'000
Contracted but not provided for in the
financial statements 598 -

At the year end, the Group had capital commitments of £598,000 relating to assets in the course of construction (see Note 11). These commitments represent contractual obligations for which orders have been placed, less initial deposits paid.

25. RELATED PARTY DISCLOSURES

Company
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S Quinlan, Director, by virtue of his majority shareholding.