REGISTERED NUMBER: 03669387 (England and Wales)

Klash Holdings Limited

Group Strategic Report, Directors' Report and

Audited Consolidated Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Group Strategic Report

2

Directors' Report

5

Report of the Independent Auditors

7

Consolidated Profit and Loss

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

Mr M Ashfaq

Mr M Shafiq

Mr O Shafiq

Mr F Ashfaq

Mr A Shafiq

Mr H Ashfaq

SECRETARY:

Mr M Ashfaq

REGISTERED OFFICE:

Unit M

Westwood Industrial Estate

Arkwright Street

Oldham

Lancashire

OL9 9LZ

REGISTERED NUMBER:

03669387 (England and Wales)

AUDITORS:

SCB (Accountants) Limited

31 Sackville street

Manchester

M1 3LZ

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

FAIR REVIEW OF BUSINESS

There were no significant changes to the group's activities during the year under review.

The directors consider that the group has traded well throughout the year. The directors are satisfied with the financial position at the year end and are hopeful that the group can maintain its current performance in the foreseeable future. Retained earnings stand at £29,931,359 as at the balance sheet date and the group has considerable cash reserves to fund its future working capital and expansion projects in the forthcoming year.

The management of the business and the execution of the group's strategy are subject to a number of risks.

The group has in place a risk management programme that seeks to limit the possible adverse effects on the financial performance of the group by monitoring levels of cash and performing a through appraisal of any potential new marketplace. The group does not use derivative financial instruments or manage interest rate costs and, as such, no hedge accounting applied.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the group are reviewed in detail by the directors and no material additional risk or uncertainty has been identified other than those detailed below. These risks are broadly accompanied with competitive, operational and financial risks. The directors risk management objectives consist of identifying and monitoring those risks which could have an adverse impact on the group assets,profitability or cash flows. As all sales are based on orders received, the risk of stock obsolescence is mitigated, and with all customer orders are closely monitored, and contact with suppliers maintained through the manufacturing process supply chain factors and risk is also reduced. The group is exposed to financial risks including credit risk, liquidity risk, and market risk, arising from the group's normal business activities. These risks and the group's approach to dealing with them are discussed below:

Competitive Risk

The group operates in processing and distribution of fashion and designer wear. The markets remain competitive with price and margin fluctuation, which are dependent on relationships with key suppliers. Additionally, the uncertainty surrounding the economy due to the direct result of the United Kingdom's exit remain prominent factors affecting the sector.

Operational Risk

The main operational risk relating to the group's operations in processing and distribution of fashion and designer wear are through relationships with the customers and quality of products to client specifications. The group's ability to provide products to its customers depends on maintaining relationships. The overall risk is mitigated by ensuring that the orders are delivered to client's specification and quality products to the company to enable operations to grow.

Price Risks

The group's exposure to price risk is based on its operation to provide fashion and designer wear. The fluctuation has impact on the group margins and profitability. There is also some exposure product price risk based on its operations. The directors manage exposure based on working with their suppliers and controlling purchasing volumes and providing high level of service to customers. The group directors ensure they review and manage their policies to controls the level of risk through diversification of products they provide.

Foreign Exchange Risks

The group has certain balances due to and from customers, suppliers and related parties in other currencies, primarily in EURO & USD, and the group is therefore exposed to currency fluctuations. As a matter of policy, the group chooses not to currently use financial derivatives or currency hedging to manage its exposure and the directors review exposures to risk and review currency fluctuations on an ongoing basis to ensure any adverse effect is limited.

CREDIT RISK

The group operates in processing and distribution of fashion and designer wear. The markets remain competitive with price and margin fluctuation, which are dependent on relationships with key suppliers. Additionally, the uncertainty surrounding the economy due to the direct result of the United Kingdom's exit remain prominent factors affecting the sector.

LIQUIDITY RISK

Liquidity risk is the risk that insufficient working capital will be generated by the group's business activities and that in this event suitable sources of funding may not be available. The group ensures that sufficient cash is available to fund ongoing operations and has sufficient cash reserves for its operations.

KEY PERFORMANCE INDICATORS

Given the straightforward nature of the business, the group's directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business as each year's results are different.

FUTURE DEVELOPMENTS

The group continues to increase its business in its existing market segments and explore new avenues of income.

FINANCIAL INSTRUMENTS

The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are conducted in sterling and foreign currency for which group minimise exposure to exchange rate volatility through its internal management processes. The group does not enter into any formally designated hedging arrangements.

Section 172(1) statement

The directors are aware of their duty under s.172 of the Companies Act 2006 and consider that they have fulfilled their individual and collective duty to act in the way they would consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole

and, in doing so, to have regard (amongst other matters) to:

(a) the likely consequences of any decision in the long term;

(b) the interests of the group's employees;

(c) the need to foster the group's business relationships with suppliers, customers and others;

(d) the impact of the group's operations on the community and the environment;

(e) the desirability of the group maintaining a reputation for high standards of business conduct; and

(f) the need to act fairly as between members of the group

Employees

The directors are committed to promoting an engaged and healthy workforce, recognising the importance of both physical and mental wellbeing. They engage with team members through regular team meetings and an open-door policy, which promotes strong communication channels through the business.

They are committed to equal opportunities in employment and creating a workplace where everyone is treated with fairness, dignity and respect. It is their policy to ensure that all employees are treated no less favourably on the grounds of disability and are not subject to unlawful discrimination. This policy applies to all aspects of employment including recruitment and selection processes, opportunities for training, development and promotion, and terms and conditions of employment. Through its policies, the group ensures that entry into, and progression within, the group is based solely on personal ability and competence to meet set job criteria.

Suppliers

The directors seek to ensure that suppliers align with the group’s values and the high standards of conduct that is set. The directors value the loyalty and commitment of its suppliers and commits to honouring agreements with them, including paying to agreed terms.

Customers

The directors work tirelessly to ensure interactions with our customers are trusting, effective and considerate and that there is a synergy of strategic objectives, culture and values.

Shareholders

The directors ensure that they frequently engage with the ultimate owners, which promotes and maintains consistently high standards of communication and understanding. Board meetings ensure that more formal matters are discussed in details, and decisions surrounding strategy, operational performance, capital investments and financial structure are documented so decisions may be enacted quickly and reported to the wider stakeholders, as necessary.

Environment

The directors are committed to identifying, managing, and minimising the environmental impact of business operations and ensure compliance with all applicable environmental legislation and to strive to use pollution prevention and environmental best practices in all areas.

Community

With regards to impact on the community, the group is committed to making a positive social and economic impact and understanding and managing any negative impacts of its business operations.In addition, the group seeks to make a positive social contribution through the services provided to customers.

ON BEHALF OF THE BOARD:

Mr M Shafiq - Director

29 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group are split into two distinct areas as follows:

- sale of fashion and designer wear.

- buying and selling of own real estate.

DIVIDENDS

The payment of an Interim dividend £1,020 per share of type A and type C and £1,510 per share of type B (totalling £576,970) for the year ended 31 December 2024 was agreed at a meeting of the board of directors which was held on 01 August 2025.(refer note 13 of the financial statement).

DIRECTORS

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

Mr M Ashfaq

Mr M Shafiq

Mr O Shafiq

Mr F Ashfaq

Mr A Shafiq

Mr H Ashfaq

INFORMATION INCLUDED IN THE STRATEGIC REPORT

The group has chosen in accordance with S.414C(11) Companies Act 2006 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 to be contained in the directors report. It has done so in respect of business review, principal risks and uncertainties, future developments and financial instruments.

GOING CONCERN

The directors have adopted the going concern basis in preparing these financial statements after assessing the principal risks.The directors believe the group and company is well placed to manage its financing and other business risks satisfactorily and have a reasonable expectation that the group and company will have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

ENERGY AND CARBON REPORT

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulation and is not required to report on its emissions, energy consumption or energy efficiency activities.

CHARITABLE CONTRIBUTIONS

During the year ended 31 December 2024, the group made charitable donations totalling £136,317 (2023: £110,341) to a number of local and national charities, supporting initiatives in community welfare, education, healthcare, or industry-related causes.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, SCB (Accountants) Limited, will be deemed to be appointed as an auditor pursuant to Section 487 of the

Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr M Shafiq - Director

29 September 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the 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 where the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

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

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

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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

We gained an understanding of the legal and regulatory framework that group operates in , and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non - compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation, FRS 102 and distributable profits legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates.

We also addressed the risk of management override of internal controls, including testing journals and appropriateness of other entries in the nominal ledger; reviewing transactions around the end of the reporting period; and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to 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 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.

Jeffrey Bor Bsc FCA (Senior Statutory Auditor)

for and on behalf of SCB (Accountants) Limited

31 Sackville street

Manchester

M1 3LZ

29 September 2025

REVENUE

4

38,029,231

29,375,844

Cost of sales

(25,976,518

)

(18,973,843

)

GROSS PROFIT

12,052,713

10,402,001

Administrative expenses

(6,966,693

)

(5,632,034

)

5,086,020

4,769,967

Other operating income

5

366,227

83,714

OPERATING PROFIT

7

5,452,247

4,853,681

Interest receivable and similar income

9

485,418

146,981

5,937,665

5,000,662

Interest payable and similar expenses

10

(310

)

-

PROFIT BEFORE TAXATION

5,937,355

5,000,662

Tax on profit

11

(1,435,754

)

(1,169,751

)

PROFIT FOR THE FINANCIAL YEAR

4,501,601

3,830,911

Profit attributable to:

Owners of the parent

4,501,601

3,830,911

PROFIT FOR THE YEAR

4,501,601

3,830,911

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,501,601

3,830,911

Total comprehensive income attributable to:

Owners of the parent

4,501,601

3,830,911

FIXED ASSETS

Tangible assets

14

1,971,442

617,590

Investments

15

Investment in joint venture

Share of gross assets

493,666

-

493,666

-

Other investments

187,060

173,912

Investment property

16

3,435,128

3,051,537

6,087,296

3,843,039

CURRENT ASSETS

Stocks

17

7,554,943

4,098,108

Debtors

18

13,667,890

9,333,515

Cash at bank and in hand

19

10,194,435

11,763,420

31,417,268

25,195,043

CREDITORS

Amounts falling due within one year

20

(7,558,625

)

(3,015,875

)

NET CURRENT ASSETS

23,858,643

22,179,168

TOTAL ASSETS LESS CURRENT LIABILITIES

29,945,939

26,022,207

PROVISIONS FOR LIABILITIES

21

(14,133

)

(15,032

)

NET ASSETS

29,931,806

26,007,175

CAPITAL AND RESERVES

Called up share capital

22

447

447

Retained earnings

29,931,359

26,006,728

SHAREHOLDERS' FUNDS

29,931,806

26,007,175

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mr M Shafiq - Director

FIXED ASSETS

Tangible assets

14

301,408

307,666

Investments

15

493,770

104

Investment property

16

-

-

795,178

307,770

CURRENT ASSETS

Debtors

18

23,082,176

15,979,109

Cash at bank

19

5,106,106

9,329,936

28,188,282

25,309,045

CREDITORS

Amounts falling due within one year

20

(726,215

)

(750,488

)

NET CURRENT ASSETS

27,462,067

24,558,557

TOTAL ASSETS LESS CURRENT LIABILITIES

28,257,245

24,866,327

CAPITAL AND RESERVES

Called up share capital

22

447

447

Retained earnings

28,256,798

24,865,880

SHAREHOLDERS' FUNDS

28,257,245

24,866,327

Company's profit for the financial year

3,967,888

3,806,175

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mr M Shafiq - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

447

22,970,917

22,971,364

Changes in equity

Dividends

-

(795,100

)

(795,100

)

Total comprehensive income

-

3,830,911

3,830,911

Balance at 31 December 2023

447

26,006,728

26,007,175

Changes in equity

Dividends

-

(576,970

)

(576,970

)

Total comprehensive income

-

4,501,601

4,501,601

Balance at 31 December 2024

447

29,931,359

29,931,806

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

447

21,854,805

21,855,252

Changes in equity

Dividends

-

(795,100

)

(795,100

)

Total comprehensive income

-

3,806,175

3,806,175

Balance at 31 December 2023

447

24,865,880

24,866,327

Changes in equity

Dividends

-

(576,970

)

(576,970

)

Total comprehensive income

-

3,967,888

3,967,888

Balance at 31 December 2024

447

28,256,798

28,257,245

Cash flows from operating activities

Cash generated from operations

1

2,188,706

209,493

Tax paid

(1,303,905

)

(1,076,320

)

Net cash from operating activities

884,801

(866,827

)

Cash flows from investing activities

Purchase of tangible fixed assets

(1,501,937

)

(141,687

)

Investment in joint venture

(493,666

)

-

Purchase of investment property

(569,003

)

(34,825

)

Reclassified to stocks WIP

-

48,556

Sale of tangible fixed assets

30,418

-

Sale of fixed asset investments

13

-

Sale of investment property

185,412

-

Sale proceed on disposal of investment

-

242

Revaluation gain

(13,161

)

(7,308

)

Interest received

485,418

146,981

Net cash from investing activities

(1,876,506

)

11,959

Cash flows from financing activities

Interest paid

(310

)

-

Equity dividends paid

(576,970

)

(795,100

)

Net cash from financing activities

(577,280

)

(795,100

)

Decrease in cash and cash equivalents

(1,568,985

)

(1,649,968

)

Cash and cash equivalents at beginning of year

2

11,763,420

13,413,388

Cash and cash equivalents at end of year

2

10,194,435

11,763,420

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit for the financial year

4,501,601

3,830,911

Depreciation charges

117,668

80,791

Profit on disposal of fixed assets

-

(94

)

Finance costs

310

-

Finance income

(485,418

)

(146,981

)

Taxation

1,435,754

1,169,751

5,569,915

4,934,378

(Increase)/decrease in stocks

(3,456,835

)

50,411

(Increase)/decrease in trade and other debtors

(4,310,961

)

9,793,452

Increase/(decrease) in trade and other creditors

4,386,587

(14,568,748

)

Cash generated from operations

2,188,706

209,493

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

10,194,435

11,763,420

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

11,763,420

13,413,388

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

11,763,420

(1,568,985

)

10,194,435

11,763,420

(1,568,985

)

10,194,435

Total

11,763,420

(1,568,985

)

10,194,435

1.	GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:

Unit M

Westwood Industrial Estate

Arkwright Street

Oldham

OL9 9LZ

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

BASIS OF PREPARATION

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

SUMMARY OF DISCLOSURE EXEMPTIONS

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) No cash flow statement has been presented for the company

(b) Disclosures in respect of financial instruments have not been presented

(c) No disclosure has been given for the aggregate remuneration of key management personnel.