REGISTERED NUMBER: 04087583 (England and Wales)

Page

Company Information  

1

Group Strategic Report  

2

to

3

Report of the Directors  

4

to

5

Report of the Independent Auditors  

6

to

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet  

11

Company Balance Sheet  

12

Consolidated Statement of Changes in Equity  

13

Company Statement of Changes in Equity  

14

Consolidated Cash Flow Statement  

15

Notes to the Consolidated Cash Flow Statement

16

to

17

Notes to the Consolidated Financial Statements

18

to

31

DIRECTORS:

B D Daisy

Mrs C L Daisy

D Allcock

A P Baldwin

SECRETARY:

Mrs C L Daisy

REGISTERED OFFICE:

Seebeck House, One Seebeck Place

Knowlhill

Milton Keynes

Buckinghamshire

MK5 8FR

REGISTERED NUMBER:

04087583 (England and Wales)

AUDITORS:

Phipps Henson McAllister

Chartered Accountants

and Statutory Auditors

22-24 Harborough Road

Kingsthorpe

Northampton

NN2 7AZ

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

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

REVIEW OF BUSINESS

We consider that our key performance indicators are those that communicate the financial performance of the group as a whole, these being turnover, return on net assets and profits.

Group turnover has reduced by £1,664,481 compared to the previous year. The reduction in group turnover results from challenging trading conditions, and the continued impact of group restructuring whereby certain subsidiary companies are now classed as associates and are thus excluded from consolidation except as under equity accounting principles.

Return on net assets for the year was (15.13%) (2023: 15.4%). Return on net assets is calculated as profit for the year before taxation as a percentage of net assets before deducting minority interests.

Shareholder funds fell from £2,268,441 to £1,998,401 during the year due to retained losses after dividend.

The group loss for the year was £330,861 (2023 : £347,094 profit) after tax.

The directors are satisfied with the results for the year.

The group recognises that current global issues such as the ongoing conflicts in Ukraine and the Middle East lead to uncertainty as to the future economic climate generally. The directors consider however that the Group is well placed to face the challenges ahead.

During the year the group closed its dormant subsidiary Screens at Work Group Limited.

During the year the group acquired a further 7.5% holding in an associate, Race Furniture Limited. Holdings in Associates are accounted for using the equity method.

The directors are confident of the Group's future trading prospects and growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal financial risks faced by the company and the group, and their objectives and policies in relation to those risks are as follows.

CASH FLOW RISK

The company and the group closely monitor and manage cash flow. Cash flow forecasts are prepared with the objective of alerting the directors to potential future risks. It is the company and the group's policy to ensure that forecast funding requirements can be met from available facilities.

CREDIT RISK

Credit risk is the financial exposure generated by the potential default of third parties in fulfilling their obligations. Credit risk arises for the company and the group if it is unable to recover sums due from customers. Setting maximum levels of credit tolerance for more significant customers and regularly reviewing these levels mitigate this.

ON BEHALF OF THE BOARD:

Mrs C L Daisy - Director

4 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 ACTIVITIES

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 108,000 .

DIRECTORS

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

B D Daisy

Mrs C L Daisy

D Allcock

A P Baldwin

Other changes in directors holding office are as follows:

G M Horne - resigned 7 June 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-

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

AUDITORS

The auditors,  Phipps Henson McAllister, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mrs C L Daisy - Director

4 September 2025

Opinion

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 Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-

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

-

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the 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 Report of the Directors.

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

-

adequate accounting records have not been kept 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 four, 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.

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 applicable to the Group and the

parent Company and the sector in which they operate. We determined that the following laws and

regulations were most significant: the Companies Act 2006 and UK corporate taxation laws.

-

We obtained an understanding of how the Group and the parent Company is complying with those legal and

regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our

review of board minutes and other papers.

-

We assessed the susceptibility of the Group and the parent Company's financial statements to material

misstatement, including how fraud might occur. Audit procedures performed by the Group engagement

team included:

-

identifying and assessing the design effectiveness of controls management has in place to prevent and

detect fraud;

-

understanding how those charged with governance considered and addressed the potential for override

of controls or other inappropriate influence over the financial reporting process;

-

challenging assumptions and judgments made by management in its significant accounting estimates;

-

identifying and testing journal entries, in particular any journal entries posted with unusual account

combinations; and

-

assessing the extent of compliance with the relevant laws and regulations.

These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from an error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

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.

Stuart Armstrong FCCA (Senior Statutory Auditor)

for and on behalf of Phipps Henson McAllister

Chartered Accountants

and Statutory Auditors

22-24 Harborough Road

Kingsthorpe

Northampton

NN2 7AZ

4 September 2025

TURNOVER

7,475,589

9,140,070

Cost of sales

5,564,866

6,831,798

GROSS PROFIT

1,910,723

2,308,272

Administrative expenses

2,317,092

2,220,289

(406,369

)

87,983

Other operating income

1,180

2,525

GROUP OPERATING (LOSS)/PROFIT

4

(405,189

)

90,508

Share of operating profit in

Associates

82,111

269,137

Income from shares in group undertakings

20,000

-

Interest receivable and similar income

1,000

5,882

21,000

5,882

(302,078

)

365,527

Interest payable and similar expenses

5

4,184

7,806

(LOSS)/PROFIT BEFORE TAXATION

(306,262

)

357,721

Tax on (loss)/profit

6

24,599

10,627

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(330,861

)

347,094

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE (LOSS)/INCOME

FOR THE YEAR

(330,861

)

347,094

Total comprehensive income attributable to:

Owners of the parent

(360,911

)

307,858

Non-controlling interests

30,050

39,236

(330,861

)

347,094

FIXED ASSETS

Intangible assets

9

19,704

20,885

Tangible assets

10

369,483

405,106

Investments

11

Shares in associated undertakings

679,208

597,128

1,068,395

1,023,119

CURRENT ASSETS

Stocks

12

249,032

538,307

Debtors

13

1,151,908

1,831,808

Cash at bank and in hand

502,864

962,085

1,903,804

3,332,200

CREDITORS

Amounts falling due within one year

14

864,350

1,972,540

NET CURRENT ASSETS

1,039,454

1,359,660

TOTAL ASSETS LESS CURRENT LIABILITIES

2,107,849

2,382,779

PROVISIONS FOR LIABILITIES

18

84,031

59,432

NET ASSETS

2,023,818

2,323,347

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

1,998,301

2,268,341

SHAREHOLDERS' FUNDS

1,998,401

2,268,441

NON-CONTROLLING INTERESTS

21

25,417

54,906

TOTAL EQUITY

2,023,818

2,323,347

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025 and were signed on its behalf by:

Mrs C L Daisy - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

29,068

250,787

29,068

250,787

CURRENT ASSETS

Debtors

13

267,594

304,094

Cash at bank

314,117

284,906

581,711

589,000

CREDITORS

Amounts falling due within one year

14

55,886

688,556

NET CURRENT ASSETS/(LIABILITIES)

525,825

(99,556

)

TOTAL ASSETS LESS CURRENT LIABILITIES

554,893

151,231

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

554,793

151,131

SHAREHOLDERS' FUNDS

554,893

151,231

Company's profit for the financial year

511,662

43,328

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025  and were signed on its behalf by:

Mrs C L Daisy - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£   

£   

£   

£   

£   

Balance at 1 January 2023

100

2,046,730

2,046,830

70,799

2,117,629

Changes in equity

Dividends

-

(108,000

)

(108,000

)

-

(108,000

)

Total comprehensive income

-

347,094

347,094

-

347,094

NCI share of profit of subsidiary

undertakings

-

(39,236

)

(39,236

)

39,236

-

Dividends paid to non-controlling

interests

-

-

-

(78,511

)

(78,511

)

Group share of dividends paid to

non-controlling interests

-

(40,041

)

(40,041

)

40,041

-

Transfer on reduction in holding in

subsidiary

-

61,794

61,794

(61,794

)

-

Other adjustments

-

-

-

45,135

45,135

Balance at 31 December 2023

100

2,268,341

2,268,441

54,906

2,323,347

Changes in equity

Dividends

-

(108,000

)

(108,000

)

-

(108,000

)

Total comprehensive loss

-

(330,861

)

(330,861

)

-

(330,861

)

NCI share of profit of subsidiary

undertakings

-