REGISTERED NUMBER: 00534801 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements

For The Year Ended 31 December 2024

for

Gardiner Bros. and Company (Leathers)

Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

9

Income Statement

13

Other Comprehensive Income

14

Balance Sheet

15

Statement of Changes in Equity

16

Cash Flow Statement

17

Notes to the Cash Flow Statement

18

Notes to the Financial Statements

20

DIRECTORS:

B J Gardiner

M Holloway

J R Gardiner

A Kapoor

M Trobe

P Wheeler

R J Gardiner

SECRETARY:

P G Gardiner

REGISTERED OFFICE:

Units F & G Quedgeley West Business Park

Bristol Road

Hardwicke

Gloucester

Gloucestershire

GL2 4PH

REGISTERED NUMBER:

00534801 (England and Wales)

AUDITORS:

Kingscott Dix Limited

Chartered Accountants

and Statutory Auditor

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

The directors present their strategic report for the year ended 31 December 2024.

The Board are satisfied with the performance of the business in the year ending 31st December 2024.

Principal Activities:

The business continues to distribute footwear and accessories to the UK omni-channel retail market offering a variety of services to both retailers and brands, primarily through:

- Wholesale to traditional bricks and mortar retailers;

- Online range extension services to omni-channel retailers and pure play e-tailers;

- Direct to consumer web sites on behalf of brands;

- Design and resource of customer own brands;

- Licenced design and resource of global brands to distribute in the UK and Europe.

The business is widening its product portfolio categories to provide distribution services for new product categories through its customer portfolio.

A clear strategic focus for the business is to be the best partner that retailers and brands have in order to multiply routes to market for both.

The business also provides management and distribution services to Footsure Western Ltd.

Principal Objectives:

The principal objective of the business is to maintain and grow its market share in the footwear retail market in the United Kingdom and to grow through export.

The business is achieving this objective through its main strategies of:

- Developing its omni-channel market service offering to both retailers and footwear brands; and

- Developing its stable of international brands and brands that it owns and develops itself.

The business is also developing an ongoing strategy of widening its product categories beyond footwear.

REVIEW OF BUSINESS

Performance in 2024:

The business grew by 18% in 2024 compared to 19% in 2023.

The growth of sales was also driven by the addition of new brands, new omni-channel retail partners and increasing products listed with existing partners.

2024 saw consistent growth from 2023 following the 2022 year of consolidation for the business as it invested in new distribution centres to enable efficient growth going forward. Our new distribution centre at Unit 4 Indurent Park, Gloucester became fully operational half way through 2023.

Operating Profit reduced from £3.3m in 2023 to £3.0m in 2024. This reflected a full year of depreciation of costs associated with our new warehousing facilities in Indurent Park and a significant increase in provision for stock obsolescence for stock held at 31 December 2024.

The company imports a significant amount of its products from suppliers who invoice in Euros or US Dollars.

The company adopts a strategy of hedging foreign currency commitments forward in order to ensure stability in pricing to its customers.

The company continues to grow its omni-channel service to customers and continues to add new brands to its portfolio.

2025 Performance:

2025 has seen a decrease in sales to the end of August.

Our Direct to Consumer channel through online range extension and own operated websites continues to grow. However we have seen a decline in wholesale sales.

The decline in wholesale sales has been driven by a significant decline in sales of wellington boots and outdoor product as well as the reduction in sales to one significant customer who is overstocked during 2025. Much of this has been caused by the very dry weather in the Spring and Summer of this year.

Sales are still well ahead of the equivalent 2023 results. With wetter weather in the last four months of 2025 we expect to close the gap on 2024 sales numbers.

Our ambitious 5 year plan looks to focus greater growth through digital channels whilst maintaining a slower growth rate in traditional wholesale business.

Footsure Western Ltd has seen sales increase significantly. Therefore we expect the management charge for shared costs that is charged to Footsure Western Ltd to increase.

Accordingly the directors expect the operating profit and profit on ordinary activities before taxation to be greater in 2025 than in 2024.

The business continues to invest in software and people to further enhance and improve the service it offers to the retailers and brands that it partners with.

During 2025 the business is continuing to see good operational efficiencies driven by the new 116,000 square foot facility which has quadrupled its fine pick space available.

Acquisition of Ancienne Maison J Dubois & Fils SA

During 2025 Gardiner Bros. and Company Holdings Limited acquired the entire share capital of Ancienne Maison J Dubois & Fils SA.

The CEO, Jean-Jacques Vankeerberghen remains in office and is managing the business for the foreseeable future.

This exciting acquisition gives Gardiner Bros & Co (Leathers) Ltd and Footsure Western Ltd the ability to grow their UK business model more effectively within the European Union and represents an exciting opportunity to drive efficiencies through all three operating Companies.

Sales in Ancienne Maison J Dubois & Fils SA have begun to grow significantly since the acquisition as the relationships that Gardiner Bros and Footsure have with different brands is leveraged through Dubois.

PRINCIPAL RISKS AND UNCERTAINTIES

Change in Market: The principal risk and uncertainty facing the business is the rapid change in the way that the retail market in the UK is structured. The business is overcoming that risk and uncertainty by developing new omni channel services and processes to lead the way in servicing the ever-changing retail market in the UK.

Currency Exchange Risk: The company continues to hedge currency to provide stability.

Supply chain issues post pandemic: The company has been impacted by the increasing issues in shipping goods to the UK during and post the pandemic and is impacted by the increased costs of shipments. The company has mitigated these risks by increasing stock holdings in order to maintain service levels and by detailed cost planning and analysis to manage price changes effectively.

The Board maintain a risk register that is reviewed at monthly board meetings.

MAIN KPIs

The principal KPIs that the company uses to manage its performance are:

FINANCIAL

SALES: Sales grew in 2024 and, whilst declining year to date in 2025 are expected to rebound.

GP%: The gross profit margin fell a small amount in 2024 due to increased provisions against stock but it expected to grow in 2025.

NON FINANCIAL

AVAILABILITY: Availability of stock when required remains at targeted levels between 90% and 95% in 2024 and 2025.

RETURNS: Returns of goods for poor quality continued to decline and is now consistently around 1%.

SECTION 172(1) STATEMENT

Throughout the 2023 financial year, the Board continued to act, in good faith, to promote the long-term success of the Company under section 172(1) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

J R P Gardiner - Director

26 September 2025

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

PRINCIPAL ACTIVITY

The business continues to distribute footwear and accessories to the UK retail market.

The business sells footwear and accessories to the UK retail market and also provides management and distribution services to Footsure Western Ltd.

DIVIDENDS

Dividends were paid totalling £4,400,000 (2023: £400,000) in the year.

DIRECTORS

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

B J Gardiner

M Holloway

J R Gardiner

A Kapoor

M Trobe

P Wheeler

Other changes in directors holding office are as follows:

R J Gardiner - appointed 1 January 2024

EMPLOYMENT OF DISABLED PERSONS

As a company committed to diversity and inclusion, we recognise the importance of providing equal employment opportunities for all individuals, including those with disabilities. Our policies are designed to ensure that disabled persons are treated fairly and given the same opportunities as other employees.

Recruitment and Employment Practices

We encourage applications from disabled persons and ensure that our recruitment processes are accessible to all. Reasonable adjustments are made during the recruitment process to accommodate the needs of disabled candidates.

Training and Development

We provide ongoing training and development opportunities for all employees, including those with disabilities. This ensures that everyone has the chance to develop their skills and progress within the company.

Workplace Adjustments

We are committed to making reasonable adjustments to the workplace to support disabled employees.

Support and Wellbeing

We offer a range of support services to promote the wellbeing of all our employees, including those with disabilities.

Monitoring and Review

We regularly review our policies and practices to ensure that they remain effective and continue to meet the needs of all our employees. Feedback from employees is actively sought and used to inform improvements.

By fostering an inclusive workplace, we aim to harness the talents of all our employees and create a supportive environment where everyone can thrive.

ENGAGEMENT WITH EMPLOYEES

At Gardiners, we believe that our employees are our greatest asset. We are committed to fostering a positive and engaging work environment where every team member feels valued and heard. Our approach to employee engagement is built on open communication, continuous development, and a supportive culture.

Communication:

We prioritise and encourage open communication across all levels of the organisation. Regular team meetings and feedback sessions are conducted in each department and with team representatives to ensure that employees are informed about company developments and have the opportunity to voice their opinions and concerns.

During 2025 we have continued to develop the new HR System that we introduced during 2024. It is designed to encourage both communication generally but also informal recognition of individuals and teams throughout the business. This has been very successfully implemented and received and continues to be developed.

Development and Training:

We invest in the continuous development of our employees. Through a variety of training programs, we support our team members in enhancing their skills and advancing their careers.

Wellbeing and Support:

The wellbeing of our employees is of utmost importance. We offer a range of support services including mental health resources and flexible working arrangements to help our employees maintain a healthy work-life balance.

Inclusion and Diversity:

We are committed to creating an inclusive workplace where diversity is celebrated. Our policies and practices are designed to ensure that all employees, regardless of their background, feel respected and included.

Employee Feedback:

We actively seek feedback from our employees through regular interaction and meetings with them. This feedback is invaluable in helping us understand the needs and expectations of our teams and in making informed decisions to improve our workplace.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

At Gardiners, we recognise that strong relationships with our suppliers, customers, and other stakeholders are essential to our success. We are committed to fostering positive and collaborative partnerships through transparent communication, mutual respect, and shared goals.

Engagement with Suppliers

We work closely with our suppliers to ensure that our supply chain is efficient, ethical, and sustainable. Regular meetings and feedback sessions are conducted to maintain open lines of communication and address any issues promptly. We also prioritise working with suppliers who share our own values and commitment to quality and corporate social responsibility.

Engagement with Customers

Our customers are at the heart of everything we do. We strive to understand their needs and exceed their expectations through exceptional service and high-quality products. We engage with our customers through various channels including regular face to face meetings, digital feedback, and other direct feedback mechanisms, to gather insights to continuously improve our products and services. Customer satisfaction is monitored and we take proactive steps to address any concerns.

Engagement with Other Stakeholders

We value the input and collaboration of all our stakeholders, including shareholders, regulatory bodies, industry associations, and the communities in which we operate. We maintain transparent and proactive communication through regular meetings and discussions.

Sustainability and Corporate Social Responsibility

We are committed to conducting our business in a socially responsible and environmentally sustainable manner. This includes engaging with stakeholders to promote sustainable practices, reduce our environmental footprint, and contribute positively to the communities we serve.

Innovation and Collaboration

Innovation in the services that we provide to both our customers and suppliers is key to our success. By fostering a culture of collaboration, we aim to drive continuous improvement and stay at the forefront of our industry.

STREAMLINED ENERGY AND CARBON REPORTING

The UK energy use resulting from company activities in the year were as follows:

2024

2023

UK CO2 emissions (Tonnes)

Combustion of gas

58.42

89.87

Purchase of electricity

113.78

96.09

Consumption of fuel for transport purposes

11.55

18.38

183.74

204.34

UK energy use (kWh)

Combustion of gas

320,051

488,526

Purchase of electricity

509,686

427,100

Consumption of fuel for transport purposes

46,060

72,962

875,797

988,588

Total TCO2e/employee

0.8

0.8

The data within this report has been prepared with reference to the World Resources Institute/World Business Council for Sustainable Development (WRI/WBCSD) Greenhouse Gas Protocol (GHG): A Corporate Accounting and Reporting Standard, Revised Edition and in accordance with the HM Government Environmental Reporting Guidelines (March 2020).

The UK Government GHG Conversion Factors for Company Reporting, using the 2023 dataset were used for all conversions to tonnes of carbon dioxide equivalent (tCO2e).

This greenhouse gas emissions report has been prepared based on the reporting period running for the twelve months (inclusive) from 1st January 2024 to the 31st of December 2024 i.e. the Financial Year ending 31 December 2024.

Principal measures taken to increase the company's energy efficiency include:

- Swapping of fleet vehicles to hybrid or electric models, in order to reduce the CO2 generated per mile travelled;

- Gas and electricity contracts are on a 100% renewable basis;

- Gained the ISO14001 certification

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;

-	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 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Kingscott Dix Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J R P Gardiner - Director

26 September 2025

Opinion

We have audited the financial statements of Gardiner Bros. and Company (Leathers) Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 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 eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compliance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident.

At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, to identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibility of fraud.

Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud.

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors, and inspection of the Company's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit.

The company is subject to laws and regulations that directly affect the financial statements including legislation covering financial reporting including related companies, distributable profits and taxation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial statements.

The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, sales of goods legislation, customs & excise legislation, employment laws, GDPR and environmental laws and regulations recognising the nature of the company's activities. Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Directors and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls, there remains a high risk of non-detection. We are not responsible for detecting all instances of non-compliance with laws and regulations and cannot be expected to do so.

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.

Mark Spashett BSc FCA (Senior Statutory Auditor)

for and on behalf of Kingscott Dix Limited

Chartered Accountants

and Statutory Auditor

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

29 September 2025

TURNOVER

3

45,789,925

38,938,462

Cost of sales

32,599,396

26,879,364

GROSS PROFIT

13,190,529

12,059,098

Distribution costs

5,289,862

4,985,662

Administrative expenses

13,675,158

12,235,500

18,965,020

17,221,162

(5,774,491

)

(5,162,064

)

Other operating income

8,754,125

8,527,519

OPERATING PROFIT

5

2,979,634

3,365,455

Interest payable and similar expenses

6

1,256,088

1,056,852

PROFIT BEFORE TAXATION

1,723,546

2,308,603

Tax on profit

7

437,569

583,443

PROFIT FOR THE FINANCIAL YEAR

1,285,977

1,725,160

PROFIT FOR THE YEAR

1,285,977

1,725,160

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,285,977

1,725,160

FIXED ASSETS

Intangible assets

9

1,672,180

925,178

Tangible assets

10

8,871,078

9,795,256

Investments

11

262,770

262,770

Investment property

12

311,699

70,000

11,117,727

11,053,204

CURRENT ASSETS

Stocks

13

14,129,964

14,373,485

Debtors

14

12,762,462

11,563,614

Cash in hand

6,675

6,362

26,899,101

25,943,461

CREDITORS

Amounts falling due within one year

15

19,841,461

17,463,229

NET CURRENT ASSETS

7,057,640

8,480,232

TOTAL ASSETS LESS CURRENT LIABILITIES

18,175,367

19,533,436

CREDITORS

Amounts falling due after more than one year

16

(4,500,000

)

(2,700,000

)

PROVISIONS FOR LIABILITIES

20

(2,326,787

)

(2,370,833

)

NET ASSETS

11,348,580

14,462,603

CAPITAL AND RESERVES

Called up share capital

21

6,784

6,784

Retained earnings

22

11,341,796

14,455,819

SHAREHOLDERS' FUNDS

11,348,580

14,462,603

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

J R P Gardiner - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

6,784

13,130,659

13,137,443

Changes in equity

Dividends

-

(400,000

)

(400,000

)

Total comprehensive income

-

1,725,160

1,725,160

Balance at 31 December 2023

6,784

14,455,819

14,462,603

Changes in equity

Dividends

-

(4,400,000

)

(4,400,000

)

Total comprehensive income

-

1,285,977

1,285,977

Balance at 31 December 2024

6,784

11,341,796

11,348,580

Cash flows from operating activities

Cash generated from operations

1

3,385,155

5,032,628

Interest paid

(1,256,088

)

(1,056,852

)

Tax paid

1

207,624

Net cash from operating activities

2,129,068

4,183,400

Cash flows from investing activities

Purchase of intangible fixed assets

(866,767

)

(977,698

)

Purchase of tangible fixed assets

(555,743

)

(1,281,681

)

Purchase of investment property

(241,699

)

-

Net cash from investing activities

(1,664,209

)

(2,259,379

)

Cash flows from financing activities

New loans in year

4,000,000

-

Loan repayments in year

(1,400,000

)

(1,200,000

)

Amount introduced by directors

9,410

-

Equity dividends paid

(4,400,000

)

(400,000

)

Net cash from financing activities

(1,790,590

)

(1,600,000

)

(Decrease)/increase in cash and cash equivalents

(1,325,731

)

324,021

Cash and cash equivalents at beginning of year

2

(9,475,066

)

(9,799,087

)

Cash and cash equivalents at end of year

2

(10,800,797

)

(9,475,066

)

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

31.12.24

31.12.23

£

£

Profit before taxation

1,723,546

2,308,603

Depreciation charges

1,599,686

1,290,093

Finance costs

1,256,088

1,056,852

4,579,320

4,655,548

Decrease/(increase) in stocks

243,521

(535,096

)

Increase in trade and other debtors

(1,198,848

)

(851,794

)

(Decrease)/increase in trade and other creditors

(238,838

)

1,763,970

Cash generated from operations

3,385,155

5,032,628

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

6,675

6,362

Bank overdrafts

(10,807,472

)

(9,481,428

)

(10,800,797

)

(9,475,066

)

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

6,362

5,740

Bank overdrafts

(9,481,428

)

(9,804,827

)

(9,475,066

)

(9,799,087

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

6,362

313

6,675

Bank overdrafts

(9,481,428

)

(1,326,044

)

(10,807,472

)

(9,475,066

)

(1,325,731

)

(10,800,797

)

Debt

Debts falling due within 1 year

(1,200,000

)

(800,000

)

(2,000,000

)

Debts falling due after 1 year

(2,700,000

)

(1,800,000

)

(4,500,000

)

(3,900,000

)

(2,600,000

)

(6,500,000

)

Total

(13,375,066

)

(3,925,731

)

(17,300,797

)