REGISTERED NUMBER: 01505399 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements

For The Year Ended 31 December 2024

for

Footsure Western Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

8

Income Statement

12

Other Comprehensive Income

13

Balance Sheet

14

Statement of Changes in Equity

15

Cash Flow Statement

16

Notes to the Cash Flow Statement

17

Notes to the Financial Statements

18

DIRECTORS:

J R Gardiner

B J Gardiner

M Holloway

P Wheeler

A Kapoor

M Trobe

SECRETARY:

P G Gardiner

REGISTERED OFFICE:

Units F & G Quedgeley West Business Park

Bristol Road

Hardwicke

Gloucester

Gloucestershire

GL2 4PH

REGISTERED NUMBER:

01505399 (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 safety footwear and workwear 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 continues to widen 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.

Distribution and management services are provided to the business by Gardiner Bros & Co (Leathers) Ltd.

Principal Objectives

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

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

- Developing its omnichannel market service offering to both distributors and workwear 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 and workwear.

REVIEW OF BUSINESS

Performance in 2024:

The business grew by 11.7% in 2024 against a growth rate of 13.6% in 2023. In 2025 the business continues to grow with sales at the end of August running at around 10.3% up versus 2024.

2023 saw renewed growth 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. This growth continues in 2025.

Operating profit grew very significantly in 2024 driven by improvements in gross margin and efficiencies in distribution costs from the new distribution centre.

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 good increase in sales to the end of August. The rapid growth of 2021 required a year of consolidation in 2022 to enable new facilities to come onstream for 2023 and beyond. This strategy has enabled the strong growth in 2024 and 2025..

Gross profit margins declined in 2023 as the company sold through stocks bought at higher freight costs and at less favourable exchange rates.

Gross profit margins improved greatly in 2024 as we sold through those older stock items.

Gross profit margins continue to improve in 2025.

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

Gardiner Bros & Co (Leathers) Ltd 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.

The Board take a long term view of the potential for the business and retain profits within the business to allow for ongoing investment in the service package it offers retailers.

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 buys the majority of its stock in dollars or euros. Continued currency volatility impacts on the cost of stock purchased. 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 by 11.7% in 2024 versus 13.6% in 2023. Growth at the end of August 2025 versus 2024 is running at around 10.3%.

GP%: The gross profit margin increased to 34.9% in 2024 versus 31.8% in 2023. Margins were hit in 2023 by sell through of stock bought at higher costs prior to 2023. Margin is improving in 2025 with increases being driven by change in both business model mix and brand mix being sold.

NON FINANCIAL

AVAILABILITY: Availability of stock has remained between 90% and 95%.

RETURNS: Returns of goods for poor quality remains low at around 1%.

SECTION 172(1) STATEMENT

Throughout the 2024 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 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 sell safety footwear and workwear to the UK workwear market.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

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

J R Gardiner

B J Gardiner

M Holloway

P Wheeler

A Kapoor

M Trobe

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

At Footsure, 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

61.62

78.74

Purchase of electricity

120.02

84.20

Consumption of fuel for transport purposes

12.18

16.29

193.83

179.23

UK energy use (kWh)

Combustion of gas

337,613

433,221

Purchase of electricity

537,655

374,214

Consumption of fuel for transport purposes

48,587

63,927

923,855

871,362

Total TCO2e/employee

13.8

11.9

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.

ON BEHALF OF THE BOARD:

J R Gardiner - Director

26 September 2025

Opinion

We have audited the financial statements of Footsure Western 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 six, 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

48,302,557

43,234,601

Cost of sales

31,422,005

29,493,197

GROSS PROFIT

16,880,552

13,741,404

Distribution costs

1,088,152

1,417,209

Administrative expenses

12,331,101

11,359,755

13,419,253

12,776,964

OPERATING PROFIT

5

3,461,299

964,440

Interest payable and similar expenses

6

672,294

648,803

PROFIT BEFORE TAXATION

2,789,005

315,637

Tax on profit

7

708,647

73,009

PROFIT FOR THE FINANCIAL YEAR

2,080,358

242,628

PROFIT FOR THE YEAR

2,080,358

242,628

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,080,358

242,628

FIXED ASSETS

Intangible assets

8

109,399

110,951

Tangible assets

9

125,598

118,539

Investments

10

20,357

20,357

255,354

249,847

CURRENT ASSETS

Stocks

11

17,868,284

17,304,870

Debtors

12

12,924,895

9,191,861

30,793,179

26,496,731

CREDITORS

Amounts falling due within one year

13

16,882,065

14,660,468

NET CURRENT ASSETS

13,911,114

11,836,263

TOTAL ASSETS LESS CURRENT LIABILITIES

14,166,468

12,086,110

CAPITAL AND RESERVES

Called up share capital

16

2,800

2,800

Retained earnings

17

14,163,668

12,083,310

SHAREHOLDERS' FUNDS

14,166,468

12,086,110

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 Gardiner - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

2,800

11,840,682

11,843,482

Changes in equity

Total comprehensive income

-

242,628

242,628

Balance at 31 December 2023

2,800

12,083,310

12,086,110

Changes in equity

Total comprehensive income

-

2,080,358

2,080,358

Balance at 31 December 2024

2,800

14,163,668

14,166,468

Cash flows from operating activities

Cash generated from operations

1

478,725

254,070

Interest paid

(672,294

)

(648,803

)

Tax paid

(1

)

(451,999

)

Net cash from operating activities

(193,570

)

(846,732

)

Cash flows from investing activities

Purchase of intangible fixed assets

(52,287

)

(55,113

)

Purchase of tangible fixed assets

(41,532

)

(82,092

)

Net cash from investing activities

(93,819

)

(137,205

)

Cash flows from financing activities

Amount introduced by directors

-

27,542

Net cash from financing activities

-

27,542

Decrease in cash and cash equivalents

(287,389

)

(956,395

)

Cash and cash equivalents at beginning of year

2

(9,578,310

)

(8,621,915

)

Cash and cash equivalents at end of year

2

(9,865,699

)

(9,578,310

)

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

31.12.24

31.12.23

£

£

Profit before taxation

2,789,005

315,637

Depreciation charges

88,312

78,282

Finance costs

672,294

648,803

3,549,611

1,042,722

(Increase)/decrease in stocks

(563,414

)

2,288,816

(Increase)/decrease in trade and other debtors

(3,733,034

)

184,683

Increase/(decrease) in trade and other creditors

1,225,562

(3,262,151

)

Cash generated from operations

478,725

254,070

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

£

£

Bank overdrafts

(9,865,699

)

(9,578,310

)

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Bank overdrafts

(9,578,310

)

(8,621,915

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Bank overdrafts

(9,578,310

)

(287,389

)

(9,865,699

)

(9,578,310

)

(287,389

)

(9,865,699

)

Total

(9,578,310

)

(287,389

)

(9,865,699

)

1.	STATUTORY INFORMATION

Footsure Western Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Preparation of consolidated financial statements

The financial statements contain information about Footsure Western Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when goods are dispatched.

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.

Other intangibles are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Depreciation is provided at the following annual rates in order to write off each asset over it's estimated useful life.

Fixtures and fittings

- 33% on cost and 25% reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

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

Costs represents the delivered cost of the stock item and includes carriage, etc.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

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

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

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.

From time to time the company enters into forward contracts in an attempt to hedge the risks in relation to foreign exchange. These forward contracts are accounted for by recognising a derivative asset or liability at the date of inception of the contract, with any changes in its fair value taken to the profit and loss account..

Pension costs

The company operates a small self administered money purchase pension scheme and contributes to personal pensions of employees outside of the self administered scheme. Contributions payable for the year are charged in the profit and loss account.

Debt factoring

Those debtors which are subject to debt factoring remain the responsibility of the Company and as a result are shown as trade debtors in the financial statements, the amount advanced by the debt factoring company being recognised as a creditor.

Factoring charges are recognised on a payable basis in the period to which they relate.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

41,251,888

37,382,277

Remainder of Europe

2,177,783

1,407,571

Rest of the World

4,872,886

4,444,753

48,302,557

43,234,601

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

1,290,345

887,718

Social security costs

168,111

113,675

Other pension costs

118,630

109,428

1,577,086

1,110,821

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

31.12.24

31.12.23

Director

2

2

Admin and sales

12

13

14

15

31.12.24

31.12.23

£

£

Directors' remuneration

616,102

204,932

Directors' pension contributions to money purchase schemes

94,394

88,239

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

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

31.12.24

31.12.23

£

£

Emoluments etc

317,221

114,140

Pension contributions to money purchase schemes

52,928

45,835

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Depreciation - owned assets

34,473

24,493

Other intangibles amortisation

53,839

53,789

Auditors' remuneration

19,800

16,490

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank interest

112,089

204,339

Interest on finance loans

560,205

444,464

672,294

648,803