ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 02337723

WILLIAM LAMB (HOLDINGS) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

WILLIAM LAMB (HOLDINGS) LIMITED

COMPANY INFORMATION

Directors	DJ Baker
	RC Chataway
	JL Lamb
	SH Lamb
	WRS Lamb
	J Watson
	CJ Wheeler


Company secretary	J Watson


Registered number	02337723


Registered office	Bottom Boat Road
	Stanley
	Wakefield
	West Yorkshire
	WF3 4AY


Independent auditors	AAB Audit & Accountancy Limited
	Gresham House
	5-7 St Pauls Street
	Leeds
	LS1 2JG

WILLIAM LAMB (HOLDINGS) LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated statement of financial position	10
Company statement of financial position	11
Consolidated statement of changes in equity	12
Company statement of changes in equity	13
Consolidated statement of cash flows	14
Consolidated analysis of net debt	15
Notes to the financial statements	16 - 33

WILLIAM LAMB (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Principal activities

The business's main market segment is the design and supply of footwear and accessories including character licensing. The Group has established long standing agreements with key licensors.
The Group provides a complete service package for its customers using its skilled design team, technical and sourcing expertise, and a long heritage of footwear manufacture.
The Group works closely with its customers to develop products, typically 6 to 18 months in advance of the pending season, which are then sourced from its overseas network of suppliers.
Customers operate across all channels, retail, wholesale and online.
Products are also offered on an in-stock basis. The business is growing its branded adult footwear offering and continues to explore other growth opportunities.

Business review

The external pressures of 2023 continued into 2024 predominately impacting middle market brands. By the half year the lower value products started to benefit from the mid-market pressures as consumers switched to cheaper goods.
The pressure on disposal income continued despite the election of a new labour government in July 2024. The new governments budget in October caused a serious downturn in confidence as businesses braced themselves for new taxes which would increase the cost of operations, and in turn impact consumers.
Supply chain disruptions eased towards the end of 2024 but remains volatile. Fixed costs have continued to be managed closely.
Stock levels were reduced further as planned with adapting business strategy.
The cashflow and the balance sheet remains strong.

Principal risks and uncertainties

The most significant risks to the Group’s profitability in order of priority are:
- Impact of Company NI and increase in wage costs
- Stock holding and customer call off’s constraining working capital
- Turbulent freight rates caused by interruptions in supply
- The lack of credit insurance restricting opportunities
- Inflationary pressures impacting overheads and suppressing consumer demand for product
- Global political instability and its effect on currencies
The Group has a well-established focus on management of finances and cashflow. The Group continually monitors its ongoing financial health and forward-looking projections.
The board has strategies to manage these risks and remains confident of continued success despite these external pressures.
Future developments
The focus for 2025 is to continue to drive increased sales through newly established routes to market and additional product areas.

Page 1

WILLIAM LAMB (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Key performance indicators

Management monitors the performance of the operations compared to prior year, budget and latest forecast. KPI's monitored on a weekly basis are:
-Sales volume and value by customer
-Order book intake volume and value
-Product group volume and value
-Delivery and quality performance
-Exchange rates
KPl's monitored on a monthly basis are as above plus:
-Sales and order book gross margin
-Stock levels
-Debtor days and risks identified
-Factory loadings
-Profit and cash generation
-Sales forecasts
-Health and safety accident rate
-Staff attendance
The Group focuses heavily on future prospects with particular emphasis on sales order book and margins and stock holding.
It is vital to maintain continuity of supply, therefore sufficient supplier capacity is monitored in terms of both volume and mix capabilities.

This report was approved by the board and signed on its behalf.

J Watson

Director

Date: 26 September 2025

Page 2

WILLIAM LAMB (HOLDINGS) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £78,668 (2023 - loss £608,239).

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Directors

The directors who served during the year and up to the date of this report were:

DJ Baker

RC Chataway

JL Lamb

SH Lamb

WRS Lamb

J Watson

CJ Wheeler

Matters covered in the Group Strategic Report

The Group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

Page 3

WILLIAM LAMB (HOLDINGS) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

A resolution to appoint AAB Audit & Accountancy Limited as auditor of the company will be proposed at the next
general meeting.

This report was approved by the board and signed on its behalf.

J Watson

Director

Date: 26 September 2025

Bottom Boat Road

Stanley

Wakefield

West Yorkshire

WF3 4AY

Page 4

WILLIAM LAMB (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM LAMB (HOLDINGS) LIMITED

Opinion

We have audited the financial statements of William Lamb (Holdings) Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 5

WILLIAM LAMB (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM LAMB (HOLDINGS) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

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

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

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 6

WILLIAM LAMB (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM LAMB (HOLDINGS) LIMITED (CONTINUED)

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 an auditors' report 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 Group 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 frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.
The laws and regulations we considered in this context were the Companies Act 2006 and UK Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to
be:

∙Management override of controls to manipulate the company’s key performance indicators to meet targets

∙Timing of revenue recognition

∙Management judgement applied in calculating provisions

∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading

Our audit procedures to respond to these risks included:

∙Testing of journal entries and other adjustments for appropriateness

∙Reviewing judgements made by management in their calculation of accounting estimates for potential management bias

∙Enquiries of management about litigation and claims and inspection of relevant correspondence

∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations

∙Analytical procedures to identify any unusual or unexpected trends or relationship

∙Reviewing minutes of meetings of those charged with governance to identify any matters indicating actual or potential fraud.

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 auditors' report.

Page 7

WILLIAM LAMB (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM LAMB (HOLDINGS) LIMITED (CONTINUED)

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 an auditors' report 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.

Helen Daniels LLB FCA CTA (Senior Statutory Auditor)

for and on behalf of

AAB Audit & Accountancy Limited

Statutory Auditor

Gresham House

5-7 St Pauls Street

Leeds

LS1 2JG

26 September 2025

Page 8

WILLIAM LAMB (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	27,591,364	25,997,227
Cost of sales		(20,764,285)	(19,841,997)
Gross profit		6,827,079	6,155,230
Distribution costs		(1,334,222)	(1,566,000)
Administrative expenses		(5,209,139)	(4,886,316)
Exceptional administrative expenses		-	(73,450)
Operating profit/(loss)	5	283,718	(370,536)
Interest receivable and similar income	9	88,260	58,709
Interest payable and similar expenses	10	(319,800)	(322,154)
Profit/(loss) before taxation		52,178	(633,981)
Tax on profit/(loss)	11	(130,846)	25,742
Loss for the financial year		(78,668)	(608,239)

(Loss) for the year attributable to:
Owners of the parent Company	(78,668)	(608,239)
	(78,668)	(608,239)

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 33 form part of these financial statements.

All the activities of the Group are from continuing operations.

Page 9

WILLIAM LAMB (HOLDINGS) LIMITED

REGISTERED NUMBER: 02337723

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	13		1,303,912		1,628,475
Tangible assets	14		516,850		614,007
			1,820,762		2,242,482
Current assets
Stocks	16	3,098,740		3,209,516
Debtors: amounts falling due within one year	17	5,148,050		3,785,578
Cash at bank and in hand		4,698,506		3,531,316
		12,945,296		10,526,410
Creditors: amounts falling due within one year	18	(5,426,230)		(3,038,608)
Net current assets			7,519,066		7,487,802
Total assets less current liabilities			9,339,828		9,730,284
Creditors: amounts falling due after more than one year	19		(479,700)		(479,700)
Provisions for liabilities
Deferred taxation	20	(50,000)		(89,154)
			(50,000)		(89,154)
Net assets			8,810,128		9,161,430

Capital and reserves
Called up share capital	21	4,101	4,101
Capital redemption reserve	22	620,949	620,949
Other reserves	22	18,821	18,821
Profit and loss account	22	8,166,257	8,517,559
Equity attributable to owners of the parent Company		8,810,128	9,161,430

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.

J Watson

Director

The notes on pages 16 to 33 form part of these financial statements.

Page 10

WILLIAM LAMB (HOLDINGS) LIMITED

REGISTERED NUMBER: 02337723

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	15		7,853,616		7,853,616
Current assets
Cash at bank and in hand		30,396		37,962
		30,396		37,962
Creditors: amounts falling due within one year	18	(6,285,770)		(6,296,185)
Net current liabilities			(6,255,374)		(6,258,223)
Total assets less current liabilities			1,598,242		1,595,393
Creditors: amounts falling due after more than one year	19		(479,700)		(479,700)
Net assets			1,118,542		1,115,693

Capital and reserves
Called up share capital	21		4,101		4,101
Capital redemption reserve	22		620,949		620,949
Profit and loss account brought forward		490,643		473,751
Profit for the year		275,483		289,526
Other changes in the profit and loss account		(272,634)		(272,634)
Profit and loss account carried forward			493,492		490,643
			1,118,542		1,115,693

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.

J Watson

Director

The notes on pages 16 to 33 form part of these financial statements.

Page 11

WILLIAM LAMB (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Capital reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023	4,101	620,949	18,821	9,398,432	10,042,303
Comprehensive income for the year
Loss for the year	-	-	-	(608,239)	(608,239)
Total comprehensive income for the year	-	-	-	(608,239)	(608,239)
Contributions by and distributions to owners
Dividends paid and payable	-	-	-	(272,634)	(272,634)
Total transactions with owners	-	-	-	(272,634)	(272,634)

At 1 January 2024	4,101	620,949	18,821	8,517,559	9,161,430
Comprehensive income for the year
Loss for the year	-	-	-	(78,668)	(78,668)
Total comprehensive income for the year	-	-	-	(78,668)	(78,668)
Contributions by and distributions to owners
Dividends paid and payable	-	-	-	(272,634)	(272,634)
Total transactions with owners	-	-	-	(272,634)	(272,634)
At 31 December 2024	4,101	620,949	18,821	8,166,257	8,810,128

The notes on pages 16 to 33 form part of these financial statements.

Page 12

WILLIAM LAMB (HOLDINGS) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	4,101	620,949	473,751	1,098,801
Comprehensive income for the year
Profit for the year	-	-	289,526	289,526
Total comprehensive income for the year	-	-	289,526	289,526
Contributions by and distributions to owners
Dividends paid and payable	-	-	(272,634)	(272,634)
Total transactions with owners	-	-	(272,634)	(272,634)

At 1 January 2024	4,101	620,949	490,643	1,115,693
Comprehensive income for the year
Profit for the year	-	-	275,483	275,483
Total comprehensive income for the year	-	-	275,483	275,483
Contributions by and distributions to owners
Dividends paid and payable	-	-	(272,634)	(272,634)
Total transactions with owners	-	-	(272,634)	(272,634)
At 31 December 2024	4,101	620,949	493,492	1,118,542

The notes on pages 16 to 33 form part of these financial statements.

Page 13

WILLIAM LAMB (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit/(loss) for the financial year	(78,668)	(608,239)
Adjustments for:
Amortisation of intangible assets	176,063	167,063
Depreciation of tangible assets	145,964	185,893
Impairments of fixed assets	148,500	-
Loss on disposal of tangible assets	1,574	1,767
Interest payable and similar expenses	319,800	322,154
Interest receiveable and similar income	(88,260)	(58,709)
Taxation charge	130,846	(25,742)
Decrease in stocks	396,433	1,291,316
(Increase)/decrease in debtors	(1,392,475)	1,398,989
Increase/(decrease) in creditors	2,036,968	(873,355)
Corporation tax (paid)	(75,000)	(225,104)
Net cash generated from operating activities	1,721,745	1,576,033

Cash flows from investing activities
Purchase of intangible fixed assets	-	(360,000)
Purchase of tangible assets	(50,411)	(13,454)
Proceeds from sale of tangible assets	30	1,359
Interest received	88,260	58,709
Net cash from investing activities	37,879	(313,386)
Cash flows from financing activities
Dividends paid	(272,634)	(272,634)
Interest paid	(319,800)	(322,154)
Net cash used in financing activities	(592,434)	(594,788)
Net increase in cash and cash equivalents	1,167,190	667,859
Cash and cash equivalents at beginning of year	3,531,316	2,863,457
Cash and cash equivalents at the end of year	4,698,506	3,531,316

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	4,698,506	3,531,316
	4,698,506	3,531,316

The notes on pages 16 to 33 form part of these financial statements.

Page 14

WILLIAM LAMB (HOLDINGS) LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	At 31 December 2024
£	£	£

Cash at bank and in hand	3,531,316	1,167,190	4,698,506
Debt due after 1 year	(479,700)	-	(479,700)
	3,051,616	1,167,190	4,218,806

The notes on pages 16 to 33 form part of these financial statements.

Page 15

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The principal activity of the Group is as disclosed in the group strategic report.
The Company is a private company limited by shares, incorporated, domiciled and registered in England & Wales in the UK. The registered number is 02337723 and the registered address is Bottom Boat Road, Stanley, Wakefield, WF3 4AY.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

Parent Company disclosure exemptions

In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:

∙No Statement of cash flows has been presented for the parent Company;

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Parent Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the 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 Section 3 Financial Statement Presentation paragraph 3.17(d).

2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 16

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Going concern

The Group meets its working capital requirements through an invoice finance facility on a rolling renewal basis which has been in place for several years, there is no indication that the facility will be withdrawn. The Group had available funds to drawdown from the invoice finance facility against outstanding trade debtors at the year end date and in the latest management accounts.
The Group has a well-established focus on management of finances and cashflow which has enabled the Group to continue operating effectively. The Group's forecasts and projections, taking into account reasonable sensitivities in trading performance, show that the company is able to operate within the level of its current available facilities. The directors believe that the Group is well placed to manage its business risks successfully despite the current global political uncertainties.
The directors have therefore made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months from the date of approval of the accounts.
Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

2.5

Foreign currency translation

Functional and presentation currency

The Group and Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the house exchange rates at the dates of the transactions.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 17

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group 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 Group 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.

Revenue can arise on a landed or FoB basis. On a landed basis the group incurs the cost of freight and duty involved in transporting goods to the UK. On a FoB basis the customer incurs the cost of freight and duty involved in transporting the goods to their chosen location.

2.7

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Page 19

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Intangible assets (continued)

The estimated useful lives range as follows:

				Patents, trademarks and licenses	-		5 - 10 years straight line
				Goodwill	-		5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Land and buildings	-	50	- 100 years straight line
Plant and machinery	-	5	- 20 years straight line
Motor vehicles	-	4	years straight line
Fixtures and fittings	-	5	- 15 years straight line
Computer equipment	-	5	years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 20

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

2.14

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the group a legal or constructive
obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate
can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the group becomes aware of
the obligation, and are measured at the best estimate at the reporting date of the expenditure
required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of
financial position.

2.16

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at present value of the future cash
flows and subsequently at amortised cost using the effective interest 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. However, if the arrangements of a short-term instrument constitute a financing
transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an
out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially
at the present value of future cash flows discounted at a market rate of interest for a similar debt
instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the
case of a small company, or a public benefit entity concessionary loan.
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 evidence of impairment is found, an
impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference
between an asset's carrying amount and the present value of estimated cash flows discounted at the
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate
for measuring any impairment loss is the current effective interest rate determined under the

Page 21

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

Financial instruments (continued)

contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which is
an approximation of the amount that the Group would receive for the asset if it were to be sold at the
reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial
position when there is an 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.

2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of
financial position and the amounts reported for revenues and expenses during the year. However, the
nature of estimation means that actual outcomes could differ from those estimates. Details of these
judgements are set out in the accounting policies.
Key sources of estimation uncertainty
The estimates and assumptions which have a heightened risk of causing a material adjustment to the
carrying amount of assets and liabilities are as follows:
Stock Provision
Balances within stock have been written down in respect of individual items that are no longer expected to
sell in the future. When assessing the impairment of stock the directors have considered factors such as
the age of the stock items and recent sales activities for such items.
Bad debt provision
Balances identified within trade debtors have been written down in respect of those customers for which
payment is no longer anticipated to be received, ensuring trade debtors are included at their recoverable
amount. When assessing recoverability of trade debtor balances the directors have considered factors
such as ageing of receivables, past experience of recoverability from individual customers and credit profile of individual customers.

Page 22

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Sale of goods	27,591,364	25,997,227
	27,591,364	25,997,227

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	25,948,274	24,887,317
Rest of Europe	1,580,502	1,088,288
Rest of the world	62,588	21,622
	27,591,364	25,997,227

Amortisation of intangible assets	176,063	167,063
Impairment of intangible assets	148,500	-
Depreciation of tangible assets	145,964	185,893
Loss on disposal of tangible assets	1,574	1,767
Impairment of trade debtors	(10,648)	17,743
Exchange differences	(65,391)	306,690

	Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	30,635	29,295
	Non-audit services	10,275	8,645

Page 23

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Wages and salaries	3,456,087	3,192,392	152,204	152,204
Social security costs	347,515	307,018	18,493	18,607
Cost of defined contribution scheme	265,064	259,646	-	-
	4,068,666	3,759,056	170,697	170,811

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2024	2023	2024	2023
	No.	No.	No.	No.

Management, sales and administration	89	96	3	3

8.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	517,787	455,455
Group contributions to defined contribution pension schemes	109,870	116,193
	627,657	571,648

	During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £133,879 (2023 - £111,139).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £61,963 (2023 - £71,960).

9.	Interest receivable and similar income
		2024	2023
		£	£

	Other interest receivable	88,260	58,709
		88,260	58,709

Page 24

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Interest payable and similar expenses
		2024	2023
		£	£

Preference share dividends	319,800	319,800
Interest on corporation tax	-	2,354
	319,800	322,154

Corporation tax
Current tax on profits for the year	170,000	-
Adjustments in respect of previous periods	-	(4,896)

Total current tax	170,000	(4,896)

Deferred tax
Origination and reversal of timing differences	(39,154)	(20,846)
Total deferred tax	(39,154)	(20,846)


	Tax on (loss)/profit	130,846	(25,742)

Page 25

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit/(loss) on ordinary activities before tax

52,178

(633,981)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	13,045	(149,111)
Effects of:
Expenses not deductible for tax purposes	115,331	109,801
Capital allowances for year in excess of depreciation	962	14,508
Adjustments to tax charge in respect of prior periods	-	(4,896)
Remeasurement of deferred tax for changes in tax rates	-	(1,561)
Other differences leading to an increase (decrease) in the tax charge	353	-
Deferred tax not recognised	1,155	5,517
Total tax charge for the year	130,846	(25,742)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2024	2023
		£	£

	Dividend paid during the year on ordinary shares	272,634	272,634
		272,634	272,634

Page 26

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Intangible assets
	Group

	Patents, trademarks and licenses	Goodwill	Total
	£	£	£
Cost
At 1 January 2024	405,000	2,655,852	3,060,852
At 31 December 2024	405,000	2,655,852	3,060,852
Amortisation
At 1 January 2024	61,500	1,370,877	1,432,377
Charge for the year on owned assets	45,000	131,063	176,063
Impairment charge	148,500	-	148,500
At 31 December 2024	255,000	1,501,940	1,756,940
Net book value
At 31 December 2024	150,000	1,153,912	1,303,912
At 31 December 2023	343,500	1,284,975	1,628,475

The Company has no intangible assets.
On 1 Jan 2012, William Lamb (Holdings) Limited purchased the entire share capital of Baxco 1109 Limited. The resulting goodwill was capitalised and will be written off over 20 years. The reason for selecting this period is that the trading subsidiary Rushton Ablett Limited transferred its trade to the William Lamb Group Limited thus increasing group turnover and profitability.
On 1 July 2016, William Lamb (Holdings) Limited purchased the entire share capital of Trade Mark Collections Limited. The resulting goodwill was capitalised and will be written off over 20 years. The reason for selecting this period is that Trade Mark Collections Limited transferred its trade to the William Lamb Group Limited thus increasing group turnover and profitability.

Page 27

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Tangible fixed assets
	Group

	Land and buildings	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£	£
Cost
At 1 January 2024	438,021	164,417	111,051	656,435	1,207,132	2,577,056
Additions	2,960	-	-	32,959	14,492	50,411
Disposals	(2,005)	-	-	-	-	(2,005)
At 31 December 2024	438,976	164,417	111,051	689,394	1,221,624	2,625,462
Depreciation
At 1 January 2024	127,394	123,831	111,051	616,084	984,689	1,963,049
Charge for the year on owned assets	15,084	12,479	-	21,730	96,671	145,964
Disposals	(401)	-	-	-	-	(401)
At 31 December 2024	142,077	136,310	111,051	637,814	1,081,360	2,108,612
Net book value
At 31 December 2024	296,899	28,107	-	51,580	140,264	516,850
At 31 December 2023	310,627	40,586	-	40,351	222,443	614,007

The Company has no tangible assets.

15.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost and net book value
	At 1 January 2024	7,853,616
	At 31 December 2024	7,853,616

Page 28

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

William Lamb Group Limited	Ordinary	100%
Trade Mark Collections Limited	Ordinary	100%
Baxco1109 Limited	Ordinary	100%
Rushton Ablett Limited (indirect holding)	Ordinary	100%

The Company also has a 40% holding in Lamb Handbags Limited, a company operating in the handbag industry which is currently dormant.
The registered office of all subsidiary and associate companies is Bottom Boat Road, Stanley, Wakefield, WF3 4AY. All subsidiary companies operate in the footwear industry, with the exception of Baxco1190 Limited which is a holding company.

The Group has no investments.

16.	Stocks
		Group	Group
		2024	2023
		£	£

Raw materials and consumables	29,950	63,428
Finished goods and goods for resale	3,068,790	3,146,088
	3,098,740	3,209,516

	The difference between purchase price or production cost of stocks and their replacement cost is not material.
	The Company has no stocks.

17.

Debtors

		Group	Group
		2024	2023
		£	£


Trade debtors	4,809,961	3,560,533
Other debtors	62,981	16,128
Prepayments and accrued income	275,108	178,917
Tax recoverable	-	30,000
	5,148,050	3,785,578

The Company has no debtors.

Page 29

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Trade creditors	4,323,960	2,325,775	-	-
Amounts owed to group undertakings	-	-	6,106,684	6,130,584
Corporation tax	65,000	-	-	-
Other taxation and social security	289,535	194,385	30,003	17,024
Other creditors	23,352	32,392	-	-
Accruals and deferred income	724,383	486,056	149,083	148,577
	5,426,230	3,038,608	6,285,770	6,296,185

Disclosure of the terms and conditions attached to the non-equity shares is made in note 21.

The group obtains working capital through an invoice finance facility with HSBC Bank plc. Under the terms of the financing arrangement, the group may draw down funds up to a maximum value which is a fixed proportion of the eligible trade debtors. Interest is charged on the funds drawn from the facility at 1.75% above Base Rate.
The invoice finance facility and the bank overdraft (not currently in use) are secured by fixed and floating charges over the assets and book debts of the group.
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

19.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Share capital treated as debt	479,700	479,700	479,700	479,700
	479,700	479,700	479,700	479,700

Disclosure of the terms and conditions attached to the non-equity shares is made in note 21.

Page 30

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Deferred taxation
	Group

	2024	2023
	£	£

At beginning of year	89,154	110,000
Charged to profit or loss	(39,154)	(20,846)
At end of year	50,000	89,154

The provision for deferred taxation is made up as follows:
	Group	Group
	2024	2023
	£	£

	Accelerated capital allowances	50,000	89,154
		50,000	89,154

The Company has no deferred tax assets or liabilities.

Allotted, called up and fully paid

4,101 (2023 - 4,101) Ordinary shares shares of £1.00 each	4,101	4,101

	2024	2023
	£	£
Shares classified as debt

Allotted, called up and fully paid

479,700 (2023 - 479,700) 'B' Preference shares shares of £1.00 each	479,700	479,700

Page 31

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.Called up share capital (continued)

The 'B' preference shares are cumulative and convertible. The holder of 'B' shares has the right to convert 'B' share in whole number multiples of 246 'B' shares into 1 ordinary share for each 246 'B' share, following notice by the holder to the Company at its registered office at any time after their date of issue. The Company may require the conversion of all (but not part) of the 'B' shares after one year's prior notice. The dividends on these shares are payable quarterly in arrears at a rate equivalent to 5% per annum (2023 - 5%) plus additional dividends at the discretion of the directors.
The holders of ordinary shares are entitled to receive dividends from time to time and are entitled to one vote per share at meetings of the Company.

22.

Reserves

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Profit and loss account

This reserve records retained earnings and accumulated profits and losses.

23.	Pension commitments

The Group operates a defined contributions pension scheme. The amount recognised in profit or loss as an expense in relation to defined contribution plans was £265,064 (2023: £259,646). The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions totalling £nil (2023: £nil) were payable to the fund at the reporting date and are included within creditors.

24.	Commitments under operating leases
	At 31 December 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2024	2023
		£	£

Not later than 1 year	180,000	180,000
Later than 1 year and not later than 5 years	720,000	720,000
Later than 5 years	405,000	585,000
	1,305,000	1,485,000

The Company had no future minimum lease payments due under non-cancellable operating leases.

Page 32

WILLIAM LAMB (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

25.	Related party transactions
	Group During the year, William Lamb Group Limited paid operating lease rentals of £180,000 (2023 - £180,000) to the William Lamb 1990 Retirement and Death Benefit Scheme, directors of William Lamb (Holdings) Limited are trustees of the scheme.

26.	Controlling party

The ultimate controlling party is Stuart Lamb, Shareholder and Director.

Page 33