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REGISTERED NUMBER: 08268785 (England and Wales)

History & Heraldry Holdings Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements For The Year Ended 31 December 2024

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Contents of the Consolidated Financial Statements

For The Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Consolidated Statement of Comprehensive Income | 7 |

| Consolidated Balance Sheet | 8 |

| Company Balance Sheet | 9 |

| Consolidated Statement of Changes in Equity | 10 |

| Company Statement of Changes in Equity | 11 |

| Consolidated Cash Flow Statement | 12 |

| Notes to the Consolidated Cash Flow Statement | 13 |

| Notes to the Consolidated Financial Statements | 14 |

| History & Heraldry Holdings Limited |

Company Information

For The Year Ended 31 December 2024

| DIRECTORS: | M C Ogg

| Miss D Clothier

| REGISTERED OFFICE: | 2 Denby Way

| Hellaby Industrial Estate

| Rotherham

| South Yorkshire

| S66 8HR

| REGISTERED NUMBER: | 08268785 (England and Wales)

| AUDITORS: | Kingswood Allotts Limited, Statutory Auditor

| Chartered Accountants

| Sidings Court

| Lakeside

| Doncaster

| South Yorkshire

| DN4 5NU

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Group Strategic Report

For The Year Ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

H&H Holdings and its subsidiaries have had another promising year of trade, with sales rising to £37.2m from £37.0m in 2023. Pleasingly, profits remain at higher levels than pre-covid, rising by 5.8% from £6.6m to £6.9m year on year, and there is every reason to be confident of the Group's position moving forward.

PRINCIPAL RISKS AND UNCERTAINTIES

H&H worldwide partners, subsidiaries and distributors are all subject to market fluctuations brought on by geopolitical tensions in the Middle East, Ukraine and major shipping routes near Yemen. We remain confident that our core business is robust and able to withstand the inevitable market shocks arising from such tensions.

SECTION 172(1) STATEMENT

The directors of the group are mindful of their responsibilities under section 172 of the Companies Act 2006 to promote the success of the business through operating in accordance with good corporate practice and with considered engagement with the group's stakeholders.

100% of the group's shareholders are also directors of the group, and are therefore actively involved in all decision making.

The board of directors regularly review and identify other principal stakeholders of the business, and decisions in respect of the group's activities are made only after reviewing, and discussing, the potential impact on those stakeholders.

The directors continue to foster open and constructive engagement with the employees of the business in order to fairly represent the views of the workforce in matters affecting their interests.

Furthermore, in terms of engagement with the group's suppliers, the directors continue to actively monitor ethical standards, employment conditions and environmental issues to ensure the wider business is compliant with global standards.

KEY PERFORMANCE INDICATORS

The directors consider that an analysis using key financial performance indicators would not provide any meaningful information to users of the accounts.

ON BEHALF OF THE BOARD:

M C Ogg - Director

27 August 2025

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Report of the Directors

For The Year Ended 31 December 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

The directors do not recommend a final dividend.

FUTURE DEVELOPMENTS

Over the next few years, the group is looking to achieve sustainable and upwardly growth to drive success for all stakeholders of the group.

DIRECTORS

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

M C Ogg

Miss D Clothier

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The group's ethos is to foster good working relationships with all stakeholders including suppliers, customers and others.

STREAMLINED ENERGY AND CARBON REPORTING

In the year ended 31 December 2024, the company is classified as a low energy user as its total energy usage for the year to 31 December 2024 is below 40,000kWh. None of the company's subsidiaries are required to report on their energy carbon usage under the legislation. Therefore the company is exempt from providing an energy and carbon report under The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

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;

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | 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 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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

M C Ogg - Director

27 August 2025

Report of the Independent Auditors to the Members of

History & Heraldry Holdings Limited

Opinion

We have audited the financial statements of History & Heraldry Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 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.

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.

Report of the Independent Auditors to the Members of

History & Heraldry Holdings Limited

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

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

detecting irregularities, including fraud is detailed below:

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

- |  | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry. |

- |  | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and employment, product safety requirements, trademark and copyright laws and health and safety legislation; |

- |  | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and |

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

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

- |  | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |

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

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

- |  | performed analytical procedures to identify any unusual or unexpected relationships; |

- |  | tested journal entries to identify unusual transactions; |

- |  | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |

- |  | investigated the rationale behind significant or unusual transactions. |

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

- |  | agreeing financial statement disclosures to underlying supporting documentation; and |

- |  | enquiring of management as to actual and potential litigation and claims. |

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

History & Heraldry Holdings 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.

Mark Garrison BCom FCA DChA (Senior Statutory Auditor)

for and on behalf of Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

27 August 2025

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Consolidated

Statement of Comprehensive

Income

For The Year Ended 31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

TURNOVER | 4 | 37,197,645 |  | 37,025,321 |  |

Cost of sales | 21,093,010 |  | 22,053,145 |  |

GROSS PROFIT | 16,104,635 |  | 14,972,176 |  |

Distribution costs | 2,779,641 |  | 2,651,729 |  |

Administrative expenses | 7,350,405 |  | 6,790,609 |  |

|  |  | 10,130,046 |  |  |  |  | 9,442,338 |  |

5,974,589 |  | 5,529,838 |  |

Other operating income | 30,369 |  | 23,843 |  |

GROUP OPERATING PROFIT | 7 | 6,004,958 |  | 5,553,681 |  |

Share of operating profit in

Associates | 474,755 |  | 777,598 |  |

Interest receivable and similar income | 497,732 |  | 267,345 |  |

6,977,445 |  | 6,598,624 |  |

Interest payable and similar expenses | 9 | 44,125 |  | 45,922 |  |

PROFIT BEFORE TAXATION | 6,933,320 |  | 6,552,702 |  |

Tax on profit | 10 | 1,861,680 |  | 1,522,746 |  |

PROFIT FOR THE FINANCIAL YEAR | 5,071,640 |  | 5,029,956 |  |

OTHER COMPREHENSIVE INCOME |

Exchange loss on foreign net investment | (1,228,134 | ) | (888,520 | ) |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | (1,228,134 | ) | (888,520 | ) |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 3,843,506 |  | 4,141,436 |  |

Profit attributable to:

Owners of the parent | 5,071,640 |  | 5,029,956 |  |

Total comprehensive income attributable to:

Owners of the parent | 3,843,506 |  | 4,141,436 |  |

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Consolidated Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 13 | 491,520 |  | 672,442 |  |

Tangible assets | 14 | 10,878,926 |  | 7,927,531 |  |

Investments | 15 |

| Interest in associates | 2,230,523 |  | 2,062,852 |  |

| Other investments | 100 |  | 100 |  |

Biological assets | 16 | 395,220 |  | 698,065 |  |

13,996,289 |  | 11,360,990 |  |

CURRENT ASSETS

Stocks | 17 | 5,066,551 |  | 6,479,973 |  |

Debtors | 18 | 7,305,917 |  | 8,228,917 |  |

Cash at bank and in hand | 25,410,897 |  | 23,314,564 |  |

37,783,365 |  | 38,023,454 |  |

CREDITORS

Amounts falling due within one year | 19 | 2,930,492 |  | 2,694,722 |  |

NET CURRENT ASSETS | 34,852,873 |  | 35,328,732 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 48,849,162 |  | 46,689,722 |  |

CREDITORS

Amounts falling due after more than one year | 20 | 457,877 |  | 341,943 |  |

NET ASSETS | 48,391,285 |  | 46,347,779 |  |

CAPITAL AND RESERVES

Called up share capital | 23 | 9,989 |  | 9,989 |  |

Other reserves | 24 | 3,999 |  | 3,999 |  |

Retained earnings | 24 | 48,377,297 |  | 46,333,791 |  |

SHAREHOLDERS' FUNDS | 48,391,285 |  | 46,347,779 |  |

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

M C Ogg - Director

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Company Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 13 | - |  | - |  |

Tangible assets | 14 | - |  | - |  |

Investments | 15 | 7,221,636 |  | 7,221,636 |  |

Biological assets | 16 | - |  | - |  |

7,221,636 |  | 7,221,636 |  |

CURRENT ASSETS

Cash at bank | 5,713,673 |  | - |  |

CREDITORS

Amounts falling due within one year | 19 | 2,844,361 |  | 2,685,283 |  |

NET CURRENT ASSETS/(LIABILITIES) | 2,869,312 |  | (2,685,283 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 10,090,948 |  | 4,536,353 |  |

CAPITAL AND RESERVES

Called up share capital | 23 | 9,989 |  | 9,989 |  |

Retained earnings | 24 | 10,080,959 |  | 4,526,364 |  |

SHAREHOLDERS' FUNDS | 10,090,948 |  | 4,536,353 |  |

Company's profit for the financial year | 7,354,595 |  | 2,310,227 |  |

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

M C Ogg - Director

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Other |  | Total

| capital |  | earnings |  | reserves |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 9,989 |  | 42,592,355 |  | 3,999 |  | 42,606,343 |  |

Changes in equity

Dividends | - |  | (400,000 | ) | - |  | (400,000 | ) |

Total comprehensive income | - |  | 4,141,436 |  | - |  | 4,141,436 |  |

Balance at 31 December 2023 | 9,989 |  | 46,333,791 |  | 3,999 |  | 46,347,779 |  |

Changes in equity

Dividends | - |  | (1,800,000 | ) | - |  | (1,800,000 | ) |

Total comprehensive income | - |  | 3,843,506 |  | - |  | 3,843,506 |  |

Balance at 31 December 2024 | 9,989 |  | 48,377,297 |  | 3,999 |  | 48,391,285 |  |

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Company Statement of Changes in Equity

For The Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 9,989 |  | 2,616,137 |  | 2,626,126 |  |

Changes in equity

Dividends | - |  | (400,000 | ) | (400,000 | ) |

Total comprehensive income | - |  | 2,310,227 |  | 2,310,227 |  |

Balance at 31 December 2023 | 9,989 |  | 4,526,364 |  | 4,536,353 |  |

Changes in equity

Dividends | - |  | (1,800,000 | ) | (1,800,000 | ) |

Total comprehensive income | - |  | 7,354,595 |  | 7,354,595 |  |

Balance at 31 December 2024 | 9,989 |  | 10,080,959 |  | 10,090,948 |  |

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Consolidated Cash Flow Statement

For The Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 6,447,787 |  | 3,831,995 |  |

Interest paid | (44,125 | ) | (45,922 | ) |

Non-cash mvt in share option expense | 95,100 |  | 75,266 |  |

Tax paid | (1,662,732 | ) | (2,584,898 | ) |

Net cash from operating activities | 4,836,030 |  | 1,276,441 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (2,280 | ) | (79,487 | ) |

Purchase of tangible fixed assets | (3,629,597 | ) | (294,041 | ) |

Purchase of biological asset | (9,852 | ) | (8,801 | ) |

Sale of intangible fixed assets | 16,778 |  | - |  |

Sale of tangible fixed assets | 33,484 |  | 14,960 |  |

Dividends from associates | 222,592 |  | 436,254 |  |

Interest received | 497,732 |  | 267,345 |  |

Loan repayments in year | 641,436 |  | 255,244 |  |

Net cash from investing activities | (2,229,707 | ) | 591,474 |  |

Cash flows from financing activities

Equity dividends paid | - |  | (400,000 | ) |

Net cash from financing activities | - |  | (400,000 | ) |

Increase in cash and cash equivalents | 2,606,323 |  | 1,467,915 |  |

Cash and cash equivalents at beginning of year | 2 | 23,314,564 |  | 22,376,779 |  |

Effect of foreign exchange rate changes | (509,990 | ) | (530,130 | ) |

Cash and cash equivalents at end of year | 2 | 25,410,897 |  | 23,314,564 |  |

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Notes to the Consolidated Cash Flow Statement

For The Year Ended 31 December 2024

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

| 2024 |  | 2023

£ | £ |

| Profit before taxation | 6,933,320 |  | 6,552,702 |  |

| Depreciation charges | 464,595 |  | 409,289 |  |

| Profit on disposal of fixed assets | (14,579 | ) | (372 | ) |

| Growth of forest | - |  | (246 | ) |

| Change in value of derivatives | (103,417 | ) | (19,713 | ) |

| Share of associates | (474,755 | ) | (777,598 | ) |

| Fair value adjustment of forest | 262,818 |  | - |  |

| Exchange differences | (117,226 | ) | 1,995 |  |

| Finance costs | 44,125 |  | 45,922 |  |

| Finance income | (497,732 | ) | (267,345 | ) |

6,497,149 |  | 5,944,634 |  |

| Decrease/(increase) in stocks | 1,399,119 |  | (827,339 | ) |

| (Increase)/decrease in trade and other debtors | (21,556 | ) | 180,840 |  |

| Decrease in trade and other creditors | (1,426,925 | ) | (1,466,140 | ) |

| Cash generated from operations | 6,447,787 |  | 3,831,995 |  |

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 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 25,410,897 |  | 23,314,564 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 23,314,564 |  | 22,376,779 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 23,314,564 |  | 2,096,333 |  | 25,410,897 |  |

23,314,564 |  | 2,096,333 |  | 25,410,897 |  |

| Total | 23,314,564 |  | 2,096,333 |  | 25,410,897 |  |

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Notes to the Consolidated Financial Statements

For The Year Ended 31 December 2024

1. | PRINCIPAL ACTIVITY

| The group's principal activity is the design, sourcing and distribution of impulse buy gift products.

2. | STATUTORY INFORMATION

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

3. | 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.

| Basis of consolidation

| The consolidated group financial statements consist of the financial statements of the parent company History & Heraldry Holdings Limited, together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

| All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

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

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

| A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Control is presumed to exist when the parent owns 50% or more of the voting power of an entity or controls that entity by virtue of an agreement with other investors which give control of the financial and operating policies of the entity. When these conditions are met the group accounts for that entity as a subsidiary. Where consideration for a subsidiary is an exchange of shares and certain condition per FRS 102 section 19 paragraph 27 are met, merger accounting has been used.

| Turnover

| Turnover represents sales of goods excluding value added tax and is recognised when risks and rewards of ownership pass to the customer, usually on despatch but under concession operations with certain retailers not until the customer has sold the goods.

| Turnover also includes royalties earned from customers allowed to sell the group's products; this income is recognised when entitlement arises from the related sale by the customer.

| Goodwill

| Goodwill arising from the acquisition of a subsidiary in 2015 is being written off over its estimated useful economic life of ten years.

| Goodwill arising from the acquisition of an Estonian subsidiary in 2019 is being written off over its estimated useful economic life of ten years.

| Trademarks

| Trademarks are valued at cost less accumulated amortisation.

| Amortisation is calculated to write off the cost in equal instalments over their estimated useful life of seven years.

| Customer database

| Purchased customer databases are valued at cost less accumulated amortisation.

| Amortisation is calculated to write off the cost in equal instalments over their estimated useful life of three years.

| Computer software

| Software is valued at cost less amortisation.

| Amortisation is calculated to write-off the cost in equal instalments over its estimated useful life of three years.

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2024

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Plant and machinery - 25% on reducing balance, and between 20% and 33% straight line

| Fixtures and fittings - 25% on reducing balance, and between 25% and 33% straight line

| Motor vehicles - 25% on reducing balance, and between 20% and 33% straight line

| Computer equipment - 33% on cost and 20% on cost

| Investments in associates

| The group's investments in its associates are recorded using the equity method. The group's share of the net assets is included on the group balance sheet within fixed asset investments and the share of the profit or loss is included in the group profit and loss account after operating profit.

| Stocks

| Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure.

| Financial instruments

| Debtors and creditors are measured at the amounts expected to be received/paid less any charges relating to future periods, and less any provision for impairment.

| Forward exchange contracts are valued at fair value as routinely reported by the company's bankers.

| Taxation

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

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

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

| Government grants

| The group has adopted the accrual model so grants are recognised in the same period as the expenditure they are intended to contribute to.

| Foreign currencies

| Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

| Monetary assets denominated in foreign currency are translated at the rate of exchange on the balance sheet date and gains or losses compared to previous values are included in the profit and loss account in operating profit for trading items and interest for loan items.

| Hire purchase and 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 and other post-retirement benefits

| The group operates a number of defined contribution pension arrangements. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions payable are charged to the profit and loss account in the period to which they relate.

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2024

3. | ACCOUNTING POLICIES - continued

| Biological assets

| Forest is recorded at fair value less estimated sales costs. Changes in fair value are assessed on each balance sheet date.

| Vineyards and olive groves are recognised at their acquisition cost. Depreciation is charged on a straight line basis over their estimated useful economic life of 25-50 years. It is impossible to determine a fair value.

| Derivative financial instruments

| Derivatives are measured at fair value and included within current assets or current liabilities. Changes in fair value are recognised within administrative expenses in the statement of comprehensive income.

| Investments

| Unlisted investments are recorded at cost less impairment.

| Critical accounting judgements and key sources of estimation uncertainty

| Stock provisioning

| The carrying value of stock, at the lower of cost and net realisable value, is dependent on key judgements and estimates that are made by management. The judgements relating to stock include an estimation of future expected average sales prices and disposal costs. These judgements also include consideration of specific factors and the developments in the market that have been identified throughout the year and subsequent to the year end. Actual outcomes could be different to the assumptions used in determining the estimates.

4. | TURNOVER

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

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

| 2024 |  | 2023

£ | £ |

| Gift products | 36,427,337 |  | 36,165,373 |  |

| Digital marketing services | 48 |  | 89 |  |

| Agricultural tourism | 598,481 |  | 606,380 |  |

| Agricultural products | 171,779 |  | 253,479 |  |

37,197,645 |  | 37,025,321 |  |

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

| 2024 |  | 2023

£ | £ |

| United Kingdom | 13,274,669 |  | 13,049,948 |  |

| European Union | 11,535,679 |  | 13,061,494 |  |

| Rest of the World | 12,387,297 |  | 10,913,879 |  |

37,197,645 |  | 37,025,321 |  |

| Income recognised in the year arose from the following:

|  | 2024 |  |  | 2023 |  |

|  | £ |  |  | £ |  |

| Sale of goods |  | 36,599,125 |  |  | 36,413,459 |  |

| Rendering of services |  | 603,091 |  |  | 606,380 |  |

| Interest |  | 495,832 |  |  | 267,345 |  |

| Government grants |  | 9,217 |  |  | 5,392 |  |

| Commission |  | 48 |  |  | 89 |  |

| Other |  | 16,542 |  |  | 23,843 |  |

|  | 37,723,855 |  |  | 37,316,508 |  |

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2024

5. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 6,175,796 |  | 6,028,591 |  |

| Social security costs | 587,839 |  | 610,184 |  |

| Other pension costs | 608,804 |  | 252,711 |  |

7,372,439 |  | 6,891,486 |  |

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

| 2024 |  | 2023

| Production | 63 |  | 62 |  |

| Administration | 84 |  | 89 |  |

| Sales | 31 |  | 28 |  |

| Directors | 2 |  | 2 |  |

180 |  | 181 |  |

| H&H Inc management have entered a phantom share option scheme. This entitles them to 10% of the subsidiary's profits from 2019 to 2029, to be paid in equal instalments in 2030, 2031 & 2032. The cost for the year was £119,151. The liability is measured at the present value of the profit share to date.

6. | DIRECTORS' EMOLUMENTS

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 59,581 |  | 61,743 |  |

| Directors' pension contributions to money purchase schemes | 360,000 |  | - |  |

7. | OPERATING PROFIT

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

| 2024 |  | 2023

£ | £ |

| Hire of plant and machinery | 44,588 |  | 51,402 |  |

| Other operating leases | 70,236 |  | 67,781 |  |

| Depreciation - owned assets | 324,994 |  | 266,518 |  |

| Loss/(profit) on disposal of fixed assets | 248,239 |  | (643 | ) |

| Goodwill amortisation | 121,300 |  | 125,946 |  |

| Computer software amortisation | 18,302 |  | 16,826 |  |

| Foreign exchange differences | (448,780 | ) | 76,048 |  |

| Operating lease rent of land & buildings | 170,006 |  | 639,355 |  |

| Stock impairment | 12,809 |  | 422,851 |  |

| Change in value of derivatives | (103,417 | ) | (19,713 | ) |

| Key management personnel remuneration | 1,303,005 |  | 1,351,710 |  |

| Bad debts | 230,270 |  | 9,998 |  |

| Stock impairment is included within cost of sales in the statement of comprehensive income. It occurs when stock cannot be sold and is a regular inevitable event given the nature of the operations. Circumstances giving rise to such write-offs include physical damage, obsolescence, changes in fashion, and imbalanced residue of discontinued products.

| Amortisation of intangible fixed assets is included within administrative expenses in the statement of comprehensive income.

8. | AUDITORS' REMUNERATION

| 2024 |  | 2023

£ | £ |

| Fees payable to the company's auditors and their associates for the audit of the company's financial statements | 42,745 |  | 50,000 |  |

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2024

9. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Other loan interest | 37,239 |  | 40,621 |  |

| Other interest | 6,886 |  | 5,301 |  |

44,125 |  | 45,922 |  |

10. | TAXATION

| Analysis of the tax charge

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

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 154,575 |  | 35,122 |  |

| Adjustment to earlier years | 32,944 |  | (43,528 | ) |

| Foreign corporation tax | 1,712,883 |  | 1,585,007 |  |

| Total current tax | 1,900,402 |  | 1,576,601 |  |

| Deferred tax | (38,722 | ) | (53,855 | ) |

| Tax on profit | 1,861,680 |  | 1,522,746 |  |

| 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

£ | £ |

| Profit before tax | 6,933,320 |  | 6,552,702 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 23.520 %) | 1,733,330 |  | 1,541,196 |  |

| Effects of:

| Expenses not deductible for tax purposes | 5,299 |  | 10,570 |  |

| Income not taxable for tax purposes | (2,300 | ) | 122,326 |  |

| Depreciation in excess of capital allowances | 7,959 |  | - |  |

| Adjustments to tax charge in respect of previous periods | 32,944 |  | (43,528 | ) |

| Tax losses utilised | (13,474 | ) | (8,561 | ) |

| Subsidiaries subject to different tax regimes | 130,667 |  | (33,105 | ) |

| Superdeduction | - |  | (12 | ) |

| Disregarded transactions | (25,853 | ) | (29,086 | ) |

| Deferred tax balances not recognised | - |  | (51,507 | ) |

| Depreciation of assets ineligible for capital allowances | (6,892 | ) | 53 |  |

| Change of tax rate | - |  | 14,400 |  |

| Total tax charge | 1,861,680 |  | 1,522,746 |  |

| Tax effects relating to effects of other comprehensive income |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Exchange loss on foreign net investment | (1,228,134 | ) | - |  | (1,228,134 | ) |

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2024

10. | TAXATION - continued

| 2023 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Exchange gain on foreign net investment | (888,520 | ) | - |  | (888,520 | ) |

| Under Estonian corporation tax legislation, if History & Heraldry Europe OU pays dividends, a tax charge will arise. If the maximum permissible dividends were paid the tax charges would total £4.4 million. As there is no obligation to incur such a charge no deferred tax liability is recognised.

11. | 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.

12. | DIVIDENDS

| 2024 |  | 2023

£ | £ |

| Ordinary shares of 0.1p each

| Interim | 1,800,000 |  | 400,000 |  |

13. | INTANGIBLE FIXED ASSETS

| Group

| Customer |  | Computer |

| Goodwill |  | Trademarks |  | database |  | software |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | 1,217,028 |  | 94,408 |  | 11,314 |  | 859,205 |  | 2,181,955 |  |

| Additions | - |  | - |  | 2,280 |  | - |  | 2,280 |  |

| Disposals | - |  | (16,778 | ) | - |  | - |  | (16,778 | ) |

| Exchange differences | (46,458 | ) | (797 | ) | (523 | ) | - |  | (47,778 | ) |

| At 31 December 2024 | 1,170,570 |  | 76,833 |  | 13,071 |  | 859,205 |  | 2,119,679 |  |

| AMORTISATION

| At 1 January 2024 | 639,404 |  | 76,815 |  | 11,314 |  | 781,980 |  | 1,509,513 |  |

| Amortisation for year | 121,300 |  | - |  | - |  | 18,302 |  | 139,602 |  |

| Exchange differences | (20,906 | ) | 18 |  | (68 | ) | - |  | (20,956 | ) |

| At 31 December 2024 | 739,798 |  | 76,833 |  | 11,246 |  | 800,282 |  | 1,628,159 |  |

| NET BOOK VALUE

| At 31 December 2024 | 430,772 |  | - |  | 1,825 |  | 58,923 |  | 491,520 |  |

| At 31 December 2023 | 577,624 |  | 17,593 |  | - |  | 77,225 |  | 672,442 |  |

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2024

14. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Leasehold |  | Plant and

| property |  | improvements |  | machinery

£ | £ | £ |

| COST

| At 1 January 2024 | 7,904,204 |  | 65,803 |  | 730,304 |  |

| Additions | 3,372,441 |  | - |  | 14,083 |  |

| Disposals | (275 | ) | - |  | - |  |

| Exchange differences | (365,845 | ) | 159 |  | (15,732 | ) |

| Reclassification/transfer | (965 | ) | - |  | - |  |

| At 31 December 2024 | 10,909,560 |  | 65,962 |  | 728,655 |  |

| DEPRECIATION

| At 1 January 2024 | 543,902 |  | 32,901 |  | 575,994 |  |

| Charge for year | 111,282 |  | 16,613 |  | 31,896 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| Exchange differences | (25,174 | ) | (42 | ) | (9,893 | ) |

| At 31 December 2024 | 630,010 |  | 49,472 |  | 597,997 |  |

| NET BOOK VALUE

| At 31 December 2024 | 10,279,550 |  | 16,490 |  | 130,658 |  |

| At 31 December 2023 | 7,360,302 |  | 32,902 |  | 154,310 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 1,005,398 |  | 176,647 |  | 1,160,430 |  | 11,042,786 |  |

| Additions | 14,774 |  | 189,945 |  | 38,354 |  | 3,629,597 |  |

| Disposals | (5,304 | ) | (80,695 | ) | (258 | ) | (86,532 | ) |

| Exchange differences | (8,927 | ) | (3,164 | ) | (997 | ) | (394,506 | ) |

| Reclassification/transfer | - |  | - |  | - |  | (965 | ) |

| At 31 December 2024 | 1,005,941 |  | 282,733 |  | 1,197,529 |  | 14,190,380 |  |

| DEPRECIATION

| At 1 January 2024 | 814,092 |  | 143,097 |  | 1,005,269 |  | 3,115,255 |  |

| Charge for year | 48,534 |  | 39,203 |  | 59,897 |  | 307,425 |  |

| Eliminated on disposal | (5,304 | ) | (63,031 | ) | (258 | ) | (68,593 | ) |

| Exchange differences | (3,614 | ) | (3,164 | ) | (746 | ) | (42,633 | ) |

| At 31 December 2024 | 853,708 |  | 116,105 |  | 1,064,162 |  | 3,311,454 |  |

| NET BOOK VALUE

| At 31 December 2024 | 152,233 |  | 166,628 |  | 133,367 |  | 10,878,926 |  |

| At 31 December 2023 | 191,306 |  | 33,550 |  | 155,161 |  | 7,927,531 |  |

| Included in cost of land and buildings is freehold land of £1,936,218 (2023 - £2,027,228) which is not depreciated.

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2024

15. | FIXED ASSET INVESTMENTS

| Group |  |

|  | Interest in associates |  | Unlisted investments |  | Investment property |  | Total |  |

| COST |  | £ |  | £ |  | £ |  | £ |  |

| At 1 January 2024 |  | 2,062,852 |  | 100 |  | - |  | 2,062,952 |  |

| Disposals |  | - |  | - |  | - |  | - |  |

| Share of profit |  | 474,755 |  | - |  | - |  | 474,755 |  |

| Exchange differences |  | (84,492 | ) | - |  | - |  | (84,492 | ) |

| Dividends received |  | (222,592 | ) | - |  | - |  | (222,592 | ) |

| Reclassification |  | - |  | - |  | - |  | - |  |

| At 31 December 2024 |  | 2,230,523 |  | 100 |  | - |  | 2,230,623 |  |

| Company

| In the prior year, the group underwent a restructure, with 100% of the share capital of History & Heraldry Europe OU transferred from History & Heraldry Limited to History & Heraldry Holdings Limited in exchange for the value of the net assets at the time of the transfer, being £7,209,514. At the year end, the company's investment in subsidiaries was £7,221,636 (2023: £7,221,636).

| SUBSIDIARIES

| History & Heraldry Limited

| Nature of business: Gift distributor

| Registered office: 2 Denby Way, Hellaby Industrial Estate, Rotherham, South Yorkshire, S66 8HR

| The subsidiary is consolidated on a line by line basis using merger accounting. This is based on an assumption that the combination has always been in place and the comparatives reported accordingly.

| History & Heraldry Europe OU

| Country of incorporation: Estonia

| Nature of business: Gift distributor

| Registered office: Tartu mnt. 25-19, Tallin, Harju. Estonia.

| This company is wholly owned by History & Heraldry Holdings Limited following its transfer at book value from History & Heraldry Limited during the year.

| The subsidiary is consolidated on a line by line basis using acquisition accounting. Its financial statements, denominated in euros, have been translated into pounds sterling using the exchange rate at the year-end. Exchange differences resulting are shown in reserves.

| Heart & Home Limited

| Nature of business: Dormant

| Aggregate capital and reserve: £100

| Registered office: 2 Denby Way, Hellaby Industrial Estate, Rotherham, South Yorkshire, S66 8HR

| This company is owned by History & Heraldry Limited. It has not been consolidated because it is not material.

| History & Heraldry (Hong Kong) Limited

| Country of incorporation: Hong Kong Special Administrative Region of China

| Nature of business: Manufacturing co-ordination

| Registered office: Unit 507, 5/F, Chinachem Golden Plaza, 77 Mody Road, Tsim Sha Tsui East, Kowloon, Hong Kong

| The subsidiary is consolidated on a line by line basis using acquisition accounting. Its financial statements, denominated in US dollars, have been translated into pounds sterling using the exchange rate at the year-end. Exchange differences resulting are shown in reserves.

| Heart & Home Limited (Shanghai)

| Country of incorporation: China

| Nature of business: Candle production

| Registered office: Room 11G, 450 Fushan Road, Free Trade Test Area, Shanghai, China

| This company is wholly owned by History & Heraldry (Hong Kong) Limited.

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2024

| The subsidiary is consolidated on a line by line basis using acquisition accounting. Its financial statements, denominated in Chinese yuan, have been translated into pounds sterling using the exchange rate at the year-end. Exchange differences resulting are shown in reserves.

| History & Heraldry Limited (Shanghai)

| Country of incorporation: China

| Nature of business: Manufacturing co-ordination

| Registered office: Room 801-05, Building No 2777, Zhouhai Road, Pudong New Area, Shanghai, China

| This company is wholly owned by History & Heraldry (Hong Kong) Limited.

| The subsidiary is consolidated on a line by line basis using acquisition accounting. Its financial statements, denominated in Chinese yuan, have been translated into pounds sterling using the exchange rate at the year-end. Exchange differences resulting are shown in reserves.

| Sourcing Partners Limited (Shenzhen)

| Country of incorporation: China

| Nature of business: Gift product consulting services

| Registered office: 2A2. Science and Technology Annex Building, Industrial 7th Road, Shekou, Nanshan, Shenzhen, China

| This company is wholly owned by History & Heraldry (Hong Kong) Limited.

| The subsidiary is consolidated on a line by line basis using acquisition accounting. Its financial statements, denominated in Chinese yuan, have been translated into pounds sterling using the exchange rate at the year-end. Exchange differences resulting are shown in reserves.

| John Hinde Group Limited

| Country of incorporation: Ireland

| Nature of business: Dormant

| Registered office: Station House, Shankill Business Centre, Shankill, Dublin, Ireland

| The subsidiary is consolidated on a line by line basis using acquisition accounting. Its financial statements, denominated in euros, have been translated into pounds sterling using the exchange rate at the year-end. Exchange differences resulting are shown in reserves.

| John Hinde Ireland Limited

| Country of incorporation: Ireland

| Nature of business: Gift distributor

| Registered office: Station House, Shankill Business Centre, Shankill, Dublin, Ireland

| The subsidiary is consolidated on a line by line basis using acquisition accounting. Its financial statements, denominated in euros, have been translated into pounds sterling using the exchange rate at the year-end. Exchange differences resulting are shown in reserves.

| History & Heraldry Inc

| Country of incorporation: United States of America

| Nature of business: Gift distributor

| Registered office:4525 NW 41st ST, STE 150, Riverside MO 64150, USA

| The subsidiary is consolidated on a line by line basis using acquisition accounting. Its financial statements, denominated in US dollars, have been translated into pounds sterling using the exchange rate at the year-end. Exchange differences resulting are shown in reserves.

| Paper Island Limited

| Nature of business: Dormant

| Registered office: 2 Denby Way, Hellaby Industrial Estate, Rotherham, South Yorkshire, S66 8HR

| This company is wholly owned by History & Heraldry Limited.

| The subsidiary is consolidated on a line by line basis using acquisition accounting.

| Tuscan Estates Agricultural Company OU

| Country of incorporation: Estonia

| Nature of business: Agriculture

| Registered office: Tartu mnt. 25-19, Tallin, Harju. Estonia.

| This company is wholly owned by History & Heraldry Europe OU.

| The subsidiary is consolidated on a line by line basis using acquisition accounting. Its financial statements, denominated in euros, have been translated into pounds sterling using the exchange rate at the year-end. Exchange differences resulting are shown in reserves.

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2024

| Borgo Argiano SRL

| Country of incorporation: Italy

| Nature of business: Holiday and other short-stay accomodation

| Registered office: Castelnuovo Berardenga (SI) - Localita' Argiano, Borgo Argiano Snc

| This company is wholly owned by History & Heraldry Europe OU.

| The subsidiary is consolidated on a line by line basis using acquisition accounting. Its financial statements, denominated in euros, have been translated into pounds sterling using the exchange rate at the year-end. Exchange differences resulting are shown in reserves.

| History & Heraldry Distribution Limited

| Country of incorporation: Hong Kong Special Administrative Region of China

| Nature of business: Dormant

| Registered office: Unit 507, 5/F, Chinachem Golden Plaza, 77 Mody Road, Tsim Sha Tsui East, Kowloon, Hong Kong

| This company is wholly owned by History & Heraldry (Hong Kong) Limited.

| The subsidiary is consolidated on a line by line basis using acquisition accounting. Its financial statements, denominated in US dollars, have been translated into pounds sterling using the exchange rate at the year-end. Exchange differences resulting are shown in reserves.

| ASSOCIATES

| History & Heraldry Iberica SL

| History & Heraldry Europe OU owns 50% of the ordinary share capital of History & Heraldry Iberica SL, a gift distributor incorporated in Spain. Its registered office is Costa D,en vio S/N Local 20, Lloret de Mar, 17310 Girona, Spain. The associate's results and net assets are:

|  | 2024 |  | 2023 |  |

|  | £ |  | £ |  |

| Profit for the year |  | 653,441 |  | 1,004,839 |  |

| Net assets |  | 2,346,004 |  | 2,208,018 |  |

| History & Heraldry GmbH

| History & Heraldry Europe OU owns 49% of the ordinary share capital of History & Heraldry GmbH, a gift distributor incorporated in Germany. Its registered office is Speersort 166, 21723 Hollern-Twielenfleth, Germany. The associate's results and net assets are:

|  | 2024 |  | 2023 |  |

|  | £ |  | £ |  |

| Profit for the year |  | 257,999 |  | 522,827 |  |

| Net assets |  | 1,788,497 |  | 1,604,774 |  |

| History & Heraldry (Australia) Pty Limited

| History & Heraldry (Hong Kong) Limited owns 50% of the ordinary share capital of History & Heraldry (Australia) Pty Limited, a gift distributor incorporated in Australia. Its registered office is 10 Bannick Court, Canning Vale 6155, Western Australia, Australia. The associate's results and net assets are:

|  | 2024 |  | 2023 |  |

|  | £ |  | £ |  |

| (Loss)/ profit for the year |  | (66,530 | ) | 18,487 |  |

| Net assets |  | 282,950 |  | 343,504 |  |

| Natural Waxes Limited

| History & Heraldry (Hong Kong) Limited owns 50% of the ordinary share capital of Natural Waxes Limited, a wax manufacturer incorporated in Hong Kong. Its registered office is Unit 507, 5/F Chinachem Gold en Plaza, 77 Mody Road, Tsim Sha Tsui East, Kowloon, Hong Kong. The associate's results and net assets are:

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2024

|  | 2024 |  | 2023 |  |

|  | £ |  | £ |  |

| Profit for the year |  | 109,761 |  | 19,762 |  |

| Net assets / (liabilities) |  | 79,366 |  | 1,505 |  |

16. | BIOLOGICAL ASSETS

| Forest using fair value model

| Fair value |  | £ |  |

| Brought forward |  | 275,573 |  |

| Profit/(loss) from change in fair value |  | (262,818 | ) |

| Exchange difference |  | (12,755 | ) |

| Carried forward |  | - |  |

| Vineyard and olive grove using cost model

| Cost |  | £ |  |

| Brought forward |  | 623,793 |  |

| Additions |  | 9,852 |  |

| Exchange difference |  | (28,872 | ) |

| Cost carried forward |  | 604,773 |  |

| Depreciation |  |

| Brought forward |  | 201,301 |  |

| Charge for year |  | 17,569 |  |

| Exchange difference |  | 9,317 |  |

| Depreciation carried forward |  | 209,553 |  |

| Net book value carried forward |  | 395,220 |  |

| Net book value brought forward |  | 422,492 |  |

17. | STOCKS

| Group |

2024 | 2023 |

£ | £ |

| Raw materials | 10,063 |  | 15,670 |  |

| Finished goods | 5,056,488 |  | 6,464,303 |  |

5,066,551 |  | 6,479,973 |  |

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

| Group |

2024 | 2023 |

£ | £ |

| Trade debtors | 5,477,975 |  | 5,715,139 |  |

| Amounts owed by associates | 272,227 |  | 957,997 |  |

| Other debtors | 596,407 |  | 490,233 |  |

| Corporation tax | 66,592 |  | 200,202 |  |

| Derivative financial

| instruments | 87,641 |  | - |  |

| Deferred tax asset | 206,580 |  | 194,543 |  |

| Prepayments and accrued income | 598,495 |  | 670,803 |  |

7,305,917 |  | 8,228,917 |  |

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2024

18. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

| Deferred tax asset

| Group |

2024 | 2023 |

£ | £ |

| Accelerated capital allowances | 67,863 |  | 73,642 |  |

| Short term timing differences | - |  | (7,541 | ) |

| Losses carried forward | 53,128 |  | 55,117 |  |

| Phantom share options | 85,589 |  | 73,325 |  |

206,580 |  | 194,543 |  |

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

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Trade creditors | 1,287,605 |  | 594,979 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 2,844,361 |  | 2,685,283 |  |

| Amounts owed to associates | - |  | 174,759 |  | - |  | - |  |

| Taxation | 125,803 |  | 24,571 |  | - |  | - |  |

| Social security and other taxes | 838,194 |  | 838,098 |  | - |  | - |  |

| Derivative financial

| instruments | - |  | 15,776 |  | - |  | - |  |

| Other creditors | 54,571 |  | 143,208 |  | - |  | - |  |

| Deferred income | 168,396 |  | 479,807 |  | - |  | - |  |

| Accrued expenses | 455,923 |  | 423,524 |  | - |  | - |  |

2,930,492 |  | 2,694,722 |  | 2,844,361 |  | 2,685,283 |  |

20. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

2024 | 2023 |

£ | £ |

| Phantom share options | 439,426 |  | 338,437 |  |

| Other creditors | 4,861 |  | 3,506 |  |

| Accruals and deferred income | 13,590 |  | - |  |

457,877 |  | 341,943 |  |

21. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

2024 | 2023 |

£ | £ |

| Within one year | 314,587 |  | 491,883 |  |

| Between one and five years | 190,560 |  | 559,866 |  |

505,147 |  | 1,051,749 |  |

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2024

22. | DEFERRED TAX

| Group

£ |

| Balance at 1 January 2024 | (194,543 | ) |

| Provided during year | (66,410 | ) |

| Exchange difference | 54,373 |  |

| Balance at 31 December 2024 | (206,580 | ) |

23. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 9,988,962 | Ordinary | 0.1p | 9,989 |  | 9,989 |  |

24. | RESERVES

| Group

| Retained |  | Other |

| earnings |  | reserves |  | Totals

£ | £ | £ |

| At 1 January 2024 | 46,333,791 |  | 3,999 |  | 46,337,790 |  |

| Profit for the year | 5,071,640 |  | 5,071,640 |  |

| Dividends | (1,800,000 | ) | (1,800,000 | ) |

| Exchange difference | (1,228,134 | ) | - |  | (1,228,134 | ) |

| At 31 December 2024 | 48,377,297 |  | 3,999 |  | 48,381,296 |  |

| Company

| Retained

| earnings

£ |

| At 1 January 2024 | 4,526,364 |  |

| Profit for the year | 7,354,595 |  |

| Dividends | (1,800,000 | ) |

| At 31 December 2024 | 10,080,959 |  |

| History & Heraldry Holdings Limited (Registered number: 08268785) |

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2024

25. | RELATED PARTY DISCLOSURES

| Directors

| At the balance sheet date, £50,606 (2023: £136,543) was owed to the directors of the company.

| Interest of £37,239 (2023: £40,621) was paid by the group to directors at 2% over the base rate.

| Dividends of £1,800,000 (2023: £400,000) were paid to the directors.

| Sales of £625 (2023: £1,113) were made to the directors.

| Key Management Personnel

| Sales of £4,433 (2023: £3,153) were made by the group to key management personnel.

| Associates

| Transactions are on normal commercial terms and were as follows:

|  | 2024 |  | 2023 |  |

|  | £ |  | £ |  |

| Sales |  | 4,994,166 |  | 6,215,859 |  |

| Purchases |  | 8,231 |  | - |  |

| Interest received |  | - |  | 8,141 |  |

| Debtor |  | 422,473 |  | 1,151,308 |  |

| Creditor |  | - |  | 174,759 |  |

26. | ULTIMATE CONTROLLING PARTY

| No individual controls the group.