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REGISTERED NUMBER: 01421991 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st March 2025

for

Praybourne Limited

| Praybourne Limited (Registered number: 01421991) |

Contents of the Financial Statements

for the Year Ended 31st March 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 5 |

| Statement of Income and Retained Earnings | 8 |

| Balance Sheet | 9 |

| Cash Flow Statement | 10 |

| Notes to the Cash Flow Statement | 11 |

| Notes to the Financial Statements | 12 |

| Praybourne Limited |

Company Information

for the Year Ended 31st March 2025

| DIRECTORS: | Mrs T Jukes

| Mr I A Jukes

| Mrs S Jukes

| Mr S Jukes

| SECRETARY: | Mrs T Jukes

| REGISTERED OFFICE: | Pulsar

| Unit 2 Indurent Park

| Norton Road

| Broomhall

| Worcestershire

| WR5 2QR

| REGISTERED NUMBER: | 01421991 (England and Wales)

| AUDITORS: | Richards Sandy Audit Services Limited

| (Statutory Auditor)

| Thorneloe House

| 25 Barbourne Road

| Worcester

| WR1 1RU

| Praybourne Limited (Registered number: 01421991) |

Strategic Report

for the Year Ended 31st March 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of distribution of protective clothing.

REVIEW OF BUSINESS

Turnover for the current year of £10.5m has increased on the turnover for 2024 of £10.7m, as a result of continued growth of the company.

The gross profit increased in the current year to £3.7m, with a gross profit percentage of 34%, compared to gross profit for 2024 of £3.2m, with a gross profit percentage of 30%.

At the year end the company had net assets of £4.1m which has increased compared to net assets at the end of the previous year of £3.8m after dividends issued in the year of £398,579 (2024 - £268,00).

The directors feel the company has performed well and met expectations for the current financial year.

PRINCIPAL RISKS AND UNCERTAINTIES

Market risk

The company enjoys a high level of repeat orders from existing customers due to the good level of stock the company holds on a continuous basis. The company also heavily invests in supporting its customers with promotional incentives, through social media, customer visits and other support to promote brand and product awareness and will continue to maintain its high level of quality and service in all departments within the business.

The industrial workwear market in the UK has seen accelerating growth over recent years, attributed to rapid development in the underlying construction, manufacturing and utilities sectors, as well as increased workplace regulation. The Health & Safety Executive (HSE) is also engaged in increasing awareness of the importance of workplace safety across varies end-use industries. This has resulted in employees pushing their employers for further investment in employee welfare and protective equipment. The company is well established in the industrial health and safety sector which is legislation driven with their technical protective clothing being supplied to a spread customer base in a wide number of markets. The health and safety sector is robust with the industrial workwear market expected to continue to grow from £390m to £605m by 2027. The company's position in the market is seen as being premium and well respected. Brexit has not played any significant risk for the company as the vast majority of the company's channel partners are UK based with the majority of product supply coming from outside of the EU.

Liquidity risk

The company's ongoing bank loan facilities are secured on the trade and assets of the company and are sufficient to meet its day-to-day cash flow needs. The agreements for the bank loan facilities are monitored by the directors to ensure that the terms on which the loan facility is provided are met and that there are no indications that the bank provider will withdraw the banking facility at short notice. The directors also routinely monitor the level of such loans, as well as the level of associated bank interest and bank charges incurred from such loans, including the rate of bank interest charged to ensure that they are at levels that are affordable to the company.

Exchange rate variance risk

The company has overseas suppliers and cost of sales are affected by movements in foreign currency exchange rates. When setting the price of products sold to customers the directors review all elements and costs involved on an ongoing basis and factor in variances in price of goods and services for overseas suppliers attributable to exchange rate variances in these reviews.

The company uses forward USD:GBP and CNY:GBP contracts to minimise the risk of foreign exchange fluctuations. This tends to be when the Company knows it will have to make supplier payments in either currency and depending on the market at that time, may choose to use forward contracts to take advantage of better rates.

Stock obsolescence risk

The company holds a sufficient level of stock for its trading purposes. The directors constantly review stock levels and utilise software they have available, taking into consideration past and forecast sales when placing stock orders. In addition, lead times are closely monitored. The directors review existing stock holdings for any slow moving stock and discontinue stock lines that significantly underperform, as well as writing down the value of any slow moving stock.

Credit risk

The company's primary customers have a history of settling trade debtors as the fall due. The company has not historically had any significant levels of bad debts. The directors perform credit checks using a recognised credit reference company for any potential new customers before accepting orders.

| Praybourne Limited (Registered number: 01421991) |

Strategic Report

for the Year Ended 31st March 2025

FUTURE PLANS

The directors remain focused on consolidating the company's position within the marketplace and are committed to delivering a high level of service and quality of product its customers expect and deserve. New opportunities for future growth in the UK and externally are considered and decided upon on an ongoing basis.

The directors decided to relocate the company to a new larger 45,000 sq ft UK distribution facility to further support growth and demand for their products. The increased office and warehouse space, has enabled the company to increase its stock holding of existing lines, drive forward operational efficiencies and introduce new product lines throughout the collections to continue growing sales and gaining market share.

The company has been working closely with independent auditing bodies to ensure it meets its sustainability objectives and has become a carbon neutral company for UK operations. They will continue the further development of its website to offer information relating to its ongoing development of its sustainability plans, in relation to product and its environmental policies to help reduce its carbon impact through various initiatives including the replacement of petrochemical fuelled vehicles which have now all been replaced with alternative electric variants. The company will continue to offset 100% of the carbon associated with logistics emissions in transporting its products worldwide.

The company introduced a collection of sustainable clothing (PULSAR® Life) to the market at the end of 2023 which resulted in new sales growth in this developing sector with the opportunity to drive additional sales without affecting or diluting its core product sales base. Further collections are under development and will be launched during 2025 and 2026.

ON BEHALF OF THE BOARD:

Mr I A Jukes - Director

27th August 2025

| Praybourne Limited (Registered number: 01421991) |

Report of the Directors

for the Year Ended 31st March 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of retail of protective clothing.

DIVIDENDS

Ordinary dividends were paid amounting to £398,579 (2023: £268,000)

The directors do not recommend a final dividend be issued in regard to the current financial year.

DIRECTORS

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

Mrs T Jukes

Mr I A Jukes

Mrs S Jukes

Mr S Jukes

DISCLOSURE IN THE STRATEGIC REPORT

Information regarding financial instruments and indication of likely future developments can be found 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.

ON BEHALF OF THE BOARD:

Mr I A Jukes - Director

27th August 2025

Report of the Independent Auditors to the Members of

Praybourne Limited

Opinion

We have audited the financial statements of Praybourne Limited (the 'company') for the year ended 31st March 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31st March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

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. Our evaluation of the directors' assessment of the entity's ability to continue to adopt the going concern basis of accounting included ensuring that after the year the company secured new short term bank loans and reviewing management's future cash flow forecasts.

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.

Report of the Independent Auditors to the Members of

Praybourne Limited

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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we have:

- |  | obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; and |

- |  | inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud. |

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Companies Act 2006 (and related legislation), and laws and regulations relating to the employment and payment of staff including, but not limited to, the Employment Rights Act 1996, the National Minimum Wage Act 1998 and the Pensions Act 2008.

We performed audit procedures to detect non-compliance which may have a material impact on the financial statements, which included reviewing the financial statement disclosures and testing a sample of monthly payroll records for the calculation of gross wages, payroll taxes and pension costs.

We identified the areas of the financial statements most susceptible to fraud to be management's judgement in calculating a stock impairment provision. Audit procedures performed included, but were not limited to, reviewing managements reasoning and workings behind these calculations.

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

Praybourne 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.

Miss Aimee Stinton FCCA (Senior Statutory Auditor)

for and on behalf of Richards Sandy Audit Services Limited

(Statutory Auditor)

Thorneloe House

25 Barbourne Road

Worcester

WR1 1RU

27th August 2025

| Praybourne Limited (Registered number: 01421991) |

Statement of Income and

Retained Earnings

for the Year Ended 31st March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 4 | 10,519,455 |  | 10,383,553 |  |

Cost of sales | 6,839,356 |  | 7,221,761 |  |

GROSS PROFIT | 3,680,099 |  | 3,161,792 |  |

Distribution costs | 203,764 |  | 190,270 |  |

Administrative expenses | 2,425,388 |  | 1,803,081 |  |

|  |  | 2,629,152 |  |  |  |  | 1,993,351 |  |

OPERATING PROFIT | 7 | 1,050,947 |  | 1,168,441 |  |

Interest receivable and similar income | 9 | 64 |  | 187 |  |

1,051,011 |  | 1,168,628 |  |

Interest payable and similar expenses | 10 | 123,555 |  | 95,328 |  |

PROFIT BEFORE TAXATION | 927,456 |  | 1,073,300 |  |

Tax on profit | 11 | 239,409 |  | 279,882 |  |

PROFIT FOR THE FINANCIAL YEAR | 688,047 |  | 793,418 |  |

Retained earnings at beginning of year | 3,790,170 |  | 3,264,752 |  |

Dividends | 12 | (398,579 | ) | (268,000 | ) |

RETAINED EARNINGS AT END OF YEAR | 4,079,638 |  | 3,790,170 |  |

| Praybourne Limited (Registered number: 01421991) |

Balance Sheet

31st March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 13 | 670,301 |  | 131,604 |  |

CURRENT ASSETS

Stocks | 14 | 4,318,019 |  | 3,102,817 |  |

Debtors | 15 | 2,714,327 |  | 3,126,404 |  |

Cash at bank | 74,280 |  | 351,582 |  |

7,106,626 |  | 6,580,803 |  |

CREDITORS

Amounts falling due within one year | 16 | 3,582,776 |  | 2,883,336 |  |

NET CURRENT ASSETS | 3,523,850 |  | 3,697,467 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,194,151 |  | 3,829,071 |  |

PROVISIONS FOR LIABILITIES | 19 | 108,513 |  | 32,901 |  |

NET ASSETS | 4,085,638 |  | 3,796,170 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 6,000 |  | 6,000 |  |

Retained earnings | 21 | 4,079,638 |  | 3,790,170 |  |

SHAREHOLDERS' FUNDS | 4,085,638 |  | 3,796,170 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 27th August 2025 and were signed on its behalf by:

Mr I A Jukes - Director

| Praybourne Limited (Registered number: 01421991) |

Cash Flow Statement

for the Year Ended 31st March 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 535,079 |  | 1,697,206 |  |

Interest paid | (123,555 | ) | (95,328 | ) |

Tax paid | (255,693 | ) | (233,260 | ) |

Net cash from operating activities | 155,831 |  | 1,368,618 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (641,253 | ) | (106,916 | ) |

Sale of tangible fixed assets | 2 |  | - |  |

Interest received | 64 |  | 187 |  |

Net cash from investing activities | (641,187 | ) | (106,729 | ) |

Cash flows from financing activities

Short term bank loan net movements | 671,370 |  | (831,877 | ) |

Amount withdrawn by directors | (1,200 | ) | (149,600 | ) |

Equity dividends paid | (398,579 | ) | (268,000 | ) |

Net cash from financing activities | 271,591 |  | (1,249,477 | ) |

(Decrease)/increase in cash and cash equivalents | (213,765 | ) | 12,412 |  |

Cash and cash equivalents at beginning of year | 2 | 288,045 |  | 275,633 |  |

Cash and cash equivalents at end of year | 2 | 74,280 |  | 288,045 |  |

| Praybourne Limited (Registered number: 01421991) |

Notes to the Cash Flow Statement

for the Year Ended 31st March 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 927,456 |  | 1,073,300 |  |

| Depreciation charges | 91,437 |  | 39,961 |  |

| Loss on disposal of fixed assets | 11,117 |  | - |  |

| Finance costs | 123,555 |  | 95,328 |  |

| Finance income | (64 | ) | (187 | ) |

1,153,501 |  | 1,208,402 |  |

| (Increase)/decrease in stocks | (1,215,202 | ) | 675,635 |  |

| Decrease/(increase) in trade and other debtors | 412,077 |  | (628,143 | ) |

| Increase in trade and other creditors | 184,703 |  | 441,312 |  |

| Cash generated from operations | 535,079 |  | 1,697,206 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31st March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 74,280 |  | 351,582 |  |

| Bank overdrafts | - |  | (63,537 | ) |

74,280 |  | 288,045 |  |

| Year ended 31st March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 351,582 |  | 275,633 |  |

| Bank overdrafts | (63,537 | ) | - |  |

288,045 |  | 275,633 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank | 351,582 |  | (277,302 | ) | 74,280 |  |

| Bank overdrafts | (63,537 | ) | 63,537 |  | - |  |

288,045 |  | (213,765 | ) | 74,280 |  |

| Debt

| Debts falling due within 1 year | (974,409 | ) | (671,370 | ) | (1,645,779 | ) |

(974,409 | ) | (671,370 | ) | (1,645,779 | ) |

| Total | (686,364 | ) | (885,135 | ) | (1,571,499 | ) |

| Praybourne Limited (Registered number: 01421991) |

Notes to the Financial Statements

for the Year Ended 31st March 2025

1. | STATUTORY INFORMATION

| Praybourne 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

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| TURNOVER

| Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

| TANGIBLE FIXED ASSETS

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

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

| Leasehold improvements |  | - |  | 10% on straight line basis |  |

| Plant and machinery |  | - |  | 25% reducing balance |  |

| Computer equipment |  | - |  | 25% reducing balance |  |

| Motor vehicles |  | - |  | 25% reducing balance |  |

| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of an asset, and is credited or charged to the profit or loss.

| STOCKS

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

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

| FINANCIAL INSTRUMENTS

| Financial instruments are recognised when the company becomes party to contractual provisions of the instrument.

| Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic Financial Assets

| Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| Basic Financial Liabilities

| Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, 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 the operations 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.

| Praybourne Limited (Registered number: 01421991) |

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

2. | ACCOUNTING POLICIES - continued

| TAXATION

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

| Current or deferred taxation assets and liabilities are not discounted.

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

| DEFERRED TAX

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

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

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

| RESEARCH AND DEVELOPMENT

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

| FOREIGN CURRENCIES

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

| OPERATING LEASING COMMITMENTS

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| PENSION COSTS

| 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.

| GOING CONCERN

| The company is reliant on secured short term bank loan facilities in order to meets its day-to-day working capital requirements. After making enquiries, the directors have a reasonable expectation that the company should be able to operate within the level of its current bank loan facilities and on this basis the directors also have a reasonable expectation that the company has adequate resources to continue operating for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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

| Praybourne Limited (Registered number: 01421991) |

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

| Stock valuation

| Stock is valued based on our cost. The value of stock is adjusted stock to the extent our management determines that the cost cannot be recovered due to obsolescence or other factors.

| In order to make these determinations, management identify items of stock that are either obsolete or slow moving. The approach is split into to policies, the first being a full provision required on COVID related lines of stock which are no longer sold to generate a profit. The second approach being a provision applied to older lines of stock whereby the garments are last season. This approach assumes future demand will follow historic demand, which allows management to determine appropriate stock reserves and to make corresponding reductions in stock values to reflect the lower of cost or market value.

| In the event of a sudden significant decrease in demand for products, or a higher incidence of stock obsolescence, an increase to the stock reserve would be required, which would increase the cost of product sales and decrease gross profit.

| The value of stock held at the year end is disclosed in note 14 of the financial statements.

4. | TURNOVER

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

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 10,383,343 |  | 10,299,527 |  |

| Overseas | 136,112 |  | 84,026 |  |

10,519,455 |  | 10,383,553 |  |

| Turnover relates only to the sale of goods.

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,086,204 |  | 840,384 |  |

| Social security costs | 107,456 |  | 79,757 |  |

| Other pension costs | 24,231 |  | 96,323 |  |

1,217,891 |  | 1,016,464 |  |

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

| 2025 |  | 2024

| Administrative staff | 24 |  | 18 |  |

| Distribution staff | 6 |  | 9 |  |

30 |  | 27 |  |

6. | DIRECTORS' EMOLUMENTS

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 47,697 |  | 43,012 |  |

| Directors' pension contributions to money purchase schemes | 1,800 |  | 79,800 |  |

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

| Money purchase schemes | 1 |  | 1 |  |

| Praybourne Limited (Registered number: 01421991) |

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

7. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Other operating leases | 378,082 |  | 158,316 |  |

| Depreciation - owned assets | 91,437 |  | 39,960 |  |

| Loss on disposal of fixed assets | 11,117 |  | - |  |

| Gains/losses on foreign currency | 36,547 |  | 41,862 |  |

8. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 8,988 |  | 8,560 |  |

9. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 2025 |  | 2024

£ | £ |

| Corporation tax interest | 64 |  | 187 |  |

10. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 1,097 |  | 233 |  |

| Bank loan interest | 122,458 |  | 95,095 |  |

123,555 |  | 95,328 |  |

11. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 163,797 |  | 255,629 |  |

| Deferred tax:

| Origination and reversal of timing differences | 75,612 |  | 21,522 |  |

| Effect of change in tax rates | - |  | 2,731 |  |

| Total deferred tax | 75,612 |  | 24,253 |  |

| Tax on profit | 239,409 |  | 279,882 |  |

| Praybourne Limited (Registered number: 01421991) |

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

11. | TAXATION - continued

| 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:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 927,456 |  | 1,073,300 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 231,864 |  | 268,325 |  |

| Effects of:

| Expenses not deductible for tax purposes | 4,436 |  | 4,043 |  |

| Depreciation on assets excluded from capital allowance pool | 3,109 |  | 4,783 |  |

| allowance |

| Effect on deferred tax of changes in corporation tax rate | - |  | 2,731 |  |

| Total tax charge | 239,409 |  | 279,882 |  |

12. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | 166,000 |  | 26,000 |  |

| Ordinary B shares of £1 each

| Interim | 232,579 |  | 242,000 |  |

398,579 |  | 268,000 |  |

13. | TANGIBLE FIXED ASSETS

| Leasehold |  | Plant and |  | Motor |  | Computer |

| improvements |  | machinery |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1st April 2024 | 191,304 |  | 331,002 |  | 103,680 |  | 71,764 |  | 697,750 |  |

| Additions | 248,685 |  | 175,819 |  | - |  | 216,749 |  | 641,253 |  |

| Disposals | (191,304 | ) | (34,682 | ) | - |  | (43,562 | ) | (269,548 | ) |

| At 31st March 2025 | 248,685 |  | 472,139 |  | 103,680 |  | 244,951 |  | 1,069,455 |  |

| DEPRECIATION

| At 1st April 2024 | 191,304 |  | 306,436 |  | 8,640 |  | 59,766 |  | 566,146 |  |

| Charge for year | 12,435 |  | 26,782 |  | 23,760 |  | 28,460 |  | 91,437 |  |

| Eliminated on disposal | (191,304 | ) | (30,096 | ) | - |  | (37,029 | ) | (258,429 | ) |

| At 31st March 2025 | 12,435 |  | 303,122 |  | 32,400 |  | 51,197 |  | 399,154 |  |

| NET BOOK VALUE

| At 31st March 2025 | 236,250 |  | 169,017 |  | 71,280 |  | 193,754 |  | 670,301 |  |

| At 31st March 2024 | - |  | 24,566 |  | 95,040 |  | 11,998 |  | 131,604 |  |

14. | STOCKS

2025 | 2024 |

£ | £ |

| Raw materials | 645,278 |  | 288,210 |  |

| Finished goods | 3,672,741 |  | 2,814,607 |  |

4,318,019 |  | 3,102,817 |  |

| Praybourne Limited (Registered number: 01421991) |

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 1,854,404 |  | 2,110,318 |  |

| Advance payments to suppliers | 611,987 |  | 934,836 |  |

| Prepayments | 247,936 |  | 81,250 |  |

2,714,327 |  | 3,126,404 |  |

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 17) | 1,645,779 |  | 1,037,946 |  |

| Trade creditors | 863,698 |  | 535,219 |  |

| Corporation tax | 163,547 |  | 255,443 |  |

| Social security and other taxes | 25,337 |  | 26,613 |  |

| VAT | 392,554 |  | 457,311 |  |

| Other creditors | 274,482 |  | 524,393 |  |

| Directors' loan accounts | 2,146 |  | 3,346 |  |

| Accruals and deferred income | 215,233 |  | 43,065 |  |

3,582,776 |  | 2,883,336 |  |

17. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | - |  | 63,537 |  |

| Bank loans | 1,645,779 |  | 974,409 |  |

1,645,779 |  | 1,037,946 |  |

| The bank loans are secured by way of a legal mortgage over the leasehold property, first equitable charges over trade debtors, a pledge with full title guarantee over stock, first fixed charges over all assets and floating charges over all undertakings and property of the company.

18. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 313,133 |  | 204,960 |  |

| Between one and five years | 969,102 |  | 1,174,412 |  |

1,282,235 |  | 1,379,372 |  |

19. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 108,513 |  | 32,901 |  |

| Praybourne Limited (Registered number: 01421991) |

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

19. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1st April 2024 | 32,901 |  |

| Provided during year | 75,612 |  |

| Balance at 31st March 2025 | 108,513 |  |

| It is estimated that £27,128 (2024: £8,225) of the deferred tax provision will reverse out in the next financial year.

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 5,000 | Ordinary | £1 | 5,000 |  | 5,000 |  |

| 1,000 | Ordinary B | £1 | 1,000 |  | 1,000 |  |

6,000 |  | 6,000 |  |

| Ordinary shareholders have a right to participate in dividends, a right to participate in capital distributions (including on a winding up) and full voting rights.

| Ordinary B shareholders have a right to participate in dividends, any capital distributions limited to face value (£1 per ordinary B share) and no voting rights.

21. | RESERVES

| Retained earnings represent cumulative profits and losses made by the company net of distributions to owners.

22. | RELATED PARTY DISCLOSURES

| During the year the company paid rent of £60,000 (2024: £72,000) to The Praybourne Limited Directors Retirement Benefit Scheme. The company's directors are the trustees and beneficiaries of this scheme.

| During the year the company declared dividends totalling £398,579 (2024: £268,000) payable to the directors.

| At the year end there was a balance owing to the directors from the company of £2,146 (2024: £3,346).

23. | ULTIMATE CONTROLLING PARTY

| The company is controlled by Mr I Jukes and Mrs T Jukes, who between them and their spouses own 100% of the ordinary shares.