REGISTERED NUMBER: 05796111 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 28 February 2025

for

Dynamic Office Seating Limited

Page

Company Information

1

Strategic Report

2

to

4

Report of the Directors

5

to

6

Report of the Independent Auditors

7

to

10

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

to

24

DIRECTORS:

Mr C Verlander

Mr G Kourti

Miss N Speers

REGISTERED OFFICE:

Unit 5

Lodge Way

Lodge Farm Industrial Estate

Northampton

Northamptonshire

NN5 7RA

REGISTERED NUMBER:

05796111 (England and Wales)

AUDITORS:

Clifford Roberts

Chartered Accountants &

Statutory Auditors

Pacioli House

9 Brookfield

Duncan Close

Northampton

Northamptonshire

NN3 6WL

INTRODUCTION

The Directors present their strategic report and the financial statements for the Company for the 12 months ended 28th February 2025.

REVIEW OF THE BUSINESS

The principal activity of Dynamic Office Seating Limited 'The Company' during the period was wholesaler of office furniture and seating. There has been no change to the principal activity of the Company during the year and the directors do not expect a change in the foreseeable future.

Turnover for the year under review was £16,643,860 compared to £17,489,552 for the year ended 29th February 2024, a decrease of 4.8%. However, the gross profit margins improved to 47.2% from 46.9% in the prior year. Profit before taxation for the year was £2,409,851 compared to £3,264,517 for the prior year.

At the year end, the Company had shareholders' funds of £6,424,989 including distributable reserves of £6,374,789. The directors, therefore, believe the company's position is satisfactory and are optimistic for the future, especially as the company's current assets exceed its current liabilities by £6,220,231.

Pricing

Continuous review of the customer pricing model is carried out to deliver greater control to the Dynamic margin management programme.

The Company continues to purchase most of its goods for resale in US Dollars. The foreign exchange exposure is limited by the utilisation of forward contracts, reducing the fluctuation in pricing movement from this exposure.

Market Positioning

The Company continues to operate in an extremely competitive market. Dynamic strives to build strong relationships with its customers and potential customers and sees the achievement of long-term repeat business as a measure of its success in this strategy.

The Company's competitive advantage derives from service excellence, wide choice, express delivery, price competitiveness and uniqueness of products. The Company recognises that one of its biggest asset are its employees, who all share the strong commitment to delivering excellence to customers.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors have developed strategies to achieve planned profitable growth into the foreseeable future. The Company continually contributes to product innovation and introduces new products to meet the exacting and changing needs of its market-place. It has invested in highly experience industry experts to further ensure they are ahead of trends in the market.

The Directors continually review the risks facing the business. Where it is considered cost effective, risks to the Company and its business are protected by insurance. External factors, over which the Company has little control, include the effect of government legislation and the buoyancy of economic activity within the United Kingdom. The company tries to position itself so that it can take advantage of external factors where possible, with a versatile product range that allows the business to adapt to ever changing sales trends.

Cash Flow Risk

The Directors' manage the Company's working capital requirements predominantly within its own resources. Cashflow is monitored on an ongoing basis to ensure obligations are met. The liquidity risk mainly arises from creditors which arise in the normal course of business. Neither risk is significant to the business.

Customer Risk

To mitigate the potential consequences of the Company being unable to recover sums due to it from its customers, it carries out full status checks on prospective clients prior to the commencement of any contract it undertakes with them and continues to review the credit status of existing clients on a regular basis. Credit insurance is put in place for individual customers, as necessary.

Foreign Exchange Risk

The Company's sales are predominately in Sterling. Costs of goods for resale are principally in the US Dollar. There is a currency risk in respect of the exchange rate between Sterling and the US Dollar which is monitored daily and where appropriate use is made of currency forward contracts and other instruments.

The Directors' are satisfied that the Company has taken all measures necessary to minimise the risks facing the business and is well positioned to take advantage of future organic and inorganic growth opportunities and the significant changes taking place in its marketplace.

FUTURE DEVELOPMENTS

Going forward the directors do not envisage any changes in the principle activity of the Company. The business continues to make investment to the upholstery functionality in 2025 in both machinery and personnel to assist in the growth of our bespoke upholstery options.

We have considered the impact of inflation on the operation of the Company's business. We anticipate that there will be some short-term risk to inventory pricing, however the business is confident that the pricing strategy in place we will not require aggressive pricing adjustments.

Management are pleased to have been re- awarded, post year end, with ISO9001 - 2015 certification in quality management. The impact of the Company's operations on the environment alongside the company's sustainability and ethical polices remain important, the stated aim is to be net zero by 2050.

KEY PERFORMANCE INDICATORS

The Directors' use both financial and non-financial key performance indicators to monitor the business. The ongoing performance of the business is achieved through many measures including:

- review of regular management accounts information and variance analysis

- review of cost of goods sold %

- review of gross profit %

- review of wages to salary ratio %

- review of the feedback from customers' and how well their expectations are being met.

- staff satisfaction is measured via annual staff survey

- health and safety compliance

ON BEHALF OF THE BOARD:

Mr C Verlander - Director

5 September 2025

The directors present their report with the financial statements of the company for the year ended 28 February 2025.

DIVIDENDS

An interim dividend of 567.71 per share on the Ordinary B £1 shares was paid on 28 February 2025. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 28 February 2025 will be £ 45,417 .

DIRECTORS

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

Mr C Verlander

Mr G Kourti

Other changes in directors holding office are as follows:

Miss N Speers was appointed as a director after 28 February 2025 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

Principal activity, disclosures relating to events occurring after the year end, likely future developments, research and development activities, financial risk management objectives, policies and the exposure to cashflow, customer and foreign exchange risks are all disclosed within the strategic report (as defined by section 414 C (11) of the Companies Act 2006).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Clifford Roberts, have expressed their willingness to continue in office as auditor and this will be proposed at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr C Verlander - Director

5 September 2025

Opinion

We have audited the financial statements of Dynamic Office Seating Limited (the 'company') for the year ended 28 February 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 28 February 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

-

We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK Generally Accepted Accounting Practice and UK corporate taxation laws.

-

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and by observing the oversight of management, the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance . We corroborated our inquiries through our review of all relevant available audit information.

-

We assessed and understood the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. The audit procedures performed by the engagement team included:

>

Identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud;

>

Understanding of how senior management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

>

Challenging assumptions and judgements made by management in its significant accounting estimates;

>

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and,

>

Assessing the extent of compliance with relevant laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Adam Billingham BA (Hons) BFP FCA (Senior Statutory Auditor)

for and on behalf of Clifford Roberts

Chartered Accountants &

Statutory Auditors

Pacioli House

9 Brookfield

Duncan Close

Northampton

Northamptonshire

NN3 6WL

5 September 2025

TURNOVER

3

16,643,860

17,489,552

Cost of sales

8,789,889

9,286,125

GROSS PROFIT

7,853,971

8,203,427

Distribution costs

2,988,532

2,227,419

Administrative expenses

2,508,240

2,741,238

5,496,772

4,968,657

2,357,199

3,234,770

Other operating income

84,076

136,772

OPERATING PROFIT

5

2,441,275

3,371,542

Interest receivable and similar income

567

486

2,441,842

3,372,028

Interest payable and similar expenses

6

31,991

107,511

PROFIT BEFORE TAXATION

2,409,851

3,264,517

Tax on profit

7

615,533

796,874

PROFIT FOR THE FINANCIAL YEAR

1,794,318

2,467,643

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,794,318

2,467,643

FIXED ASSETS

Intangible assets

9

41,618

42,466

Tangible assets

10

353,354

265,406

394,972

307,872

CURRENT ASSETS

Stocks

11

3,021,578

3,568,678

Debtors

12

4,845,070

3,655,115

Cash at bank and in hand

854,251

273,805

8,720,899

7,497,598

CREDITORS

Amounts falling due within one year

13

2,500,668

2,990,450

NET CURRENT ASSETS

6,220,231

4,507,148

TOTAL ASSETS LESS CURRENT LIABILITIES

6,615,203

4,815,020

CREDITORS

Amounts falling due after more than one year

14

(105,186

)

(86,267

)

PROVISIONS FOR LIABILITIES

17

(85,028

)

(52,665

)

NET ASSETS

6,424,989

4,676,088

CAPITAL AND RESERVES

Called up share capital

18

200

200

Share premium

19

49,975

49,975

Capital redemption reserve

19

25

25

Retained earnings

19

6,374,789

4,625,888

SHAREHOLDERS' FUNDS

6,424,989

4,676,088

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2025 and were signed on its behalf by:

Mr C Verlander - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 March 2023

200

2,190,745

49,975

25

2,240,945

Changes in equity

Dividends

-

(32,500

)

-

-

(32,500

)

Total comprehensive income

-

2,467,643

-

-

2,467,643

Balance at 29 February 2024

200

4,625,888

49,975

25

4,676,088

Changes in equity

Dividends

-

(45,417

)

-

-

(45,417

)

Total comprehensive income

-

1,794,318

-

-

1,794,318

Balance at 28 February 2025

200

6,374,789

49,975

25

6,424,989

1.	STATUTORY INFORMATION

Dynamic Office Seating Limited is a private company, limited by shares, incorporated and domiciled in England and has its registered office and principle place of business at Unit 5, Lodge Way, Lodge Farm Industrial Estate, Northampton, NN5 7RA.

The company's registered number 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 applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

The financial statements are presented in Sterling (£) and cover the period to the last day of February each year.

Going Concern

At the time of approving the financial statements, the directors' have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors' continues to adopt the going concern basis of accounting in preparing the financial statements after taking into account the potential impact of current global issues on the company.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

Details of the parent of the group in which full disclosure can be obtained, can be found in the "Ultimate Controlling Party" note.

Significant judgements and estimates

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

(a) Determining net realisable values of stock

In determining the net realisable value of stocks, management takes into account the most reliable evidence available at the dates the estimates are made. Stock is initially recognised at cost and reviewed for potential provision. A provision has been applied to stock which is considered to be slow moving or obsolete, based upon the sales data in the past 12 months.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of Goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied: the Company has transferred the significant risks and rewards of ownership to the buyer; the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Steel containers

-

25% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Routemaster Bus

-

25% on cost

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis plus an element of shipping cost where applicable.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

Dynamic Office Seating Limited enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans and balances to and from related parties.

Debt instruments (other than those wholly repayable or receivable in one year), including loans and other accounts receivable and payable, are initially measured at the present value of future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in the income statement.

Derivatives, including futures, are not considered basic financial instruments. Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit and loss in finance costs or income as appropriate.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

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.

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

Hire purchase and leasing commitments

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

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

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 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at undiscounted cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at undiscounted cost.

Interest bearing borrowings

Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

3.

TURNOVER

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

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

2025

2024

£

£

Wholesale of office furniture

16,643,860

17,489,552

16,643,860

17,489,552

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

15,749,056

16,536,704

Europe

894,804

952,848

16,643,860

17,489,552

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,044,222

1,745,207

Social security costs

183,502

154,798

Other pension costs

68,377

57,663

2,296,101

1,957,668

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

2025

2024

Office, administration & warehouse

65

61

2025

2024

£

£

Directors' remuneration

190,174

161,998

Directors' pension contributions to money purchase schemes

6,857

6,068

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

Money purchase schemes

2

2

5.	OPERATING PROFIT

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

2025

2024

£

£

Hire of plant and machinery

94,173

86,298

Other operating leases

891,616

1,244,653

Depreciation - owned assets

185,875

119,827

Depreciation - assets on hire purchase contracts

11,874

25,220

Profit on disposal of fixed assets

-

(11,200

)

Computer software amortisation

8,128

7,449

Auditors' remuneration

6,500

6,500

Foreign exchange differences

(781

)

14,638

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

19,867

91,554

Hire purchase

12,124

15,957

31,991

107,511

7.

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

583,170

830,886

Deferred tax

32,363

(34,012

)

Tax on profit

615,533

796,874

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

2,409,851

3,264,517

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 24.492%)

602,463

799,546

Effects of:

Expenses not deductible for tax purposes

343

-

Income not taxable for tax purposes

-

(2,750

)

Capital allowances in excess of depreciation

(19,636

)

-

Depreciation in excess of capital allowances

-

34,090

Deferred tax adjustment timing

32,363

(34,012

)

in rate

Total tax charge

615,533

796,874

8.

DIVIDENDS

2025

2024

£

£

Ordinary B shares of £1 each

Interim

45,417

32,500

9.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 March 2024

81,287

Additions

7,280

At 28 February 2025

88,567

AMORTISATION

At 1 March 2024

38,821

Amortisation for year

8,128

At 28 February 2025

46,949

NET BOOK VALUE

At 28 February 2025

41,618

At 29 February 2024

42,466