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

The principal activity of the company during the year was the design, manufacture and marketing of acrylic baths and associated bathroom products.

2024 was a third exceptionally challenging year but one in which the fortunes of the company improved significantly. Demand for bathroom products, both in the UK and in the company’s principal export markets, remained depressed. Key customers continued to reduce stockholdings aggressively. So, despite the company’s success in developing new lines for business for branded products and increasing sales of OEM products, turnover increased by only 3%. Material costs eased slightly, which allowed gross margin to increase from 12.5% to 17.5%.

The loss for the year was £479,682 compared with a loss of £933,929 in 2023.

The company had cash on hand of £187,357 at the year end.

The net assets of the company declined from £4.934 million to £4.454 million.

The market for bathroom products remains subdued. Specifically, fewer new homes are being built and consumer confidence remains fragile. However, revenue from new lines of business acquired during 2023 and 2024 has been strong. Turnover in the first quarter of 2025 was 5% better than the same period last year. In each of the first three months of 2025, earnings before income, tax, depreciation, and amortisation (EBITDA) were positive

The directors see risk management as an integral part of good governance and assess perceived risks on a regular basis. As well as strategic, financial, and operational matters, these also include issues concerning health and safety and compliance with applicable legal and regulatory requirements.

As has always been the case, the principal challenges facing the company are factors largely outside the control of the company, specifically consumer demand, raw material cost inflation, geo-political conflicts, pandemics etc. At this time, However, the company anticipates that margin from new lines of business and the benefits accruing from investments in automation will be sufficient to mitigate any such risks.

On behalf of the board

The director presents his annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company during the year was the design, manufacture and marketing of acrylic baths and associated bathroom products.

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Details of post balance sheet events are set out in Note 24 of the financial statements.

The prospects for the company are significantly dependent on its success in developing new routes to market alongside its traditional channels and on the strength of the economies of its main markets.

New business secured by the company and investments in automation mean the company is well placed to increase revenue and margins provided that there is no further dramatic increase in the cost of raw materials.

Saffery LLP have expressed their willingness to continue in office. A resolution proposing that they be re-appointed will be put at a General Meeting.

Information relating to the business review and the principal risks and uncertainties facing the business is contained within the strategic report on page 1.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The company's principal financial instruments comprise trade debtors and creditors arising directly from its operations. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

• select suitable accounting policies and then apply them consistently;

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

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

We have audited the financial statements of Carron Bathrooms Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 our audit:

• the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of remuneration specified by law are not made; or

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

As explained more fully in the director's responsibilities statement set out on page 5, the director is 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 director is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 auditor's 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 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the director, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with director and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 auditor's 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.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

Carron Bathrooms Limited is a private company limited by shares incorporated in Scotland. The registered office is North Carron Works, Stenhouse Road, Carron, Falkirk, Stirlingshire, FK2 8UW.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Carron Bathrooms Limited is a wholly-owned subsidiary of Carron Holdings Limited and the results of Carron Bathrooms Limited are included in the consolidated financial statements of Carron Holdings Limited which are available from North Carron Works, Stenhouse Road, Carron, Falkirk, Stirlingshire, FK2 8UW.

The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate. true

As noted in Note 24, Carron Bathrooms Limited's ('the company') parent company, Carron Holdings Limited, was acquired subsequent to the year end. The company, Carron Holdings Limited and Inishkea Limited (together 'the Carron Group') are, at the date of approval, part of a wider group of companies and a wider group financing facility.

Subsequent to the year end, together with the other trading companies within the Brand K Holdings Limited group ('the Group'), the company and the Carron Group are obligors in relation to this wider group financing facility. All details of the Group’s indebtedness and security arrangements at the date of approval are disclosed in note 24 to the financial statements.

The company and the Carron Group provide security and cross guarantees to secure group debt therefore the company’s and Carron Group’s going concern status relies on the Brand K Holdings Limited group financing covenants being met for the foreseeable future and for the Brand K Holdings Limited group and in turn the Carron Group of companies having sufficient profitability and operating cash to meet debts as they fall due.

The director has reviewed the latest company, Carron Group and Brand K Holdings Limited Group's financial forecasts including cashflows and forecast funder covenant compliance for the 12-month period to 30 September 2026.  Based on this review and the assumptions therein which are consider by the director to be both prudent and achievable the director has a reasonable expectation that the company, the Carron Group and the Brand K Holdings Limited group as a whole will have adequate resources and meet funder covenant necessary to continue in operational existence for the foreseeable future. On this basis the director continues to adopt the going concern basis of preparation in the annual financial statements.

Turnover represents amounts derived from the provisions of goods and services which fall within the company's ordinary activities after deduction of trade discounts and Value Added Tax.

Sales are recognised on delivery of bathroom products to the customer.

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

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads appropriate to the relevant stage of production. Net realisable value is based on estimated selling price less all further costs to completion and relevant marketing, selling and distribution costs.

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

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

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

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments, regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the relates services, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The freehold Land and Buildings are valued professionally by an external valuer with relevant recent experience with the class of property being valued. An inevitable degree of estimation remains as each property is unique and can only be reliably tested in the market itself.

An analysis of the company's turnover is as follows:

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

The key management personnel are considered to be the directors of the company and therefore the aggregate of key management compensation includes amounts as detailed above, plus social security costs of £26,525 (2023: £30,795).

Directors remuneration, as detailed above, has been included within administrative expenses for the year ended 31 December 2024.

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

The property was valued at £1.35 million on a market value basis in accordance with the RICS valuation standards by Graham & Sibbald, Chartered Surveyors on 1 December 2011. During 2015 the directors took advantage of the exemption in FRS 102 which permits this valuation to be treated as deemed cost.

The property was revalued on 20 March 2023 to £1.8 million in accordance with the RICS valuation standards by Graham & Sibbald, Chartered Surveyors, using the comparative principles of valuation methodology. As the property is now held at a revalued amount rather than at deemed cost, there has been a change in accounting policy which is being accounted for prospectively under Section 17 of FRS 102. All depreciation was written back in 2023.

The depreciated historic cost of freehold property is Nil.

The long-term bank loan is secured by a standard security over the property and a bond and floating charge over the assets of Carron Bathrooms Limited. The loan is repayable over 5 years, starting 13 months from the drawn down date, with a fixed interest rate margin of 1.62% over the banks cost of borrowing.

For post balance sheet events, refer to Note 24.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

The company has deferred tax assets not recognised of £183,639 as at 31 December 2024.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Represents the increase in value over cost of assets that have been revalued.

Represents funds set aside to maintain the level of capital after a redemption of share capital.

Includes all current and prior period retained profits and losses.

A financial guarantee for £10,000 in favour of HM Revenue & Customs is in place.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Amounts contracted for but not provided in the financial statements:

On 4 April 2025, the entire share capital of Carron Bathrooms Limited's ('the company') parent company, Carron Holdings Limited, was acquired by Brand K Limited, itself a subsidiary of Brand K Holdings Limited.

Pre-acquisition, the company settled its external bank loan obligation as disclosed in Note 15.

On 4 April 2025, Carron Holdings Limited and its subsidiaries, Carron Bathrooms Limited and Inishkea Limited (together the Carron Group companies), entered into a group banking facility with Shawbrook Bank Limited as obligor(s) with a number of the other operational companies of the Brand K Holdings Limited Group ('the group').

On 4 April 2025, the company and the other Carron Group companies entered into a floating charge in favour of Shawbrook Bank Limited together with a subsequent intercreditor ranking and security agreement between Shawbrook Bank Limited, the former directors and shareholders of Carron Holdings Limited. On 4 April 2025, the company and Carron Holdings Limited also entered into a floating charge in favour of the Carron Holdings Limited former directors and shareholders in relation to remaining consideration arrangements with Brand K Limited forming part of the subsequent intercreditor agreement and security arrangements with the Carron Group of companies.

On 23 April 2025, the company entered into a fixed charge with Shawbrook Bank Limited over the property held by the company. On 25 April 2025, the company also entered into a fixed charge with the former directors and shareholders of Carron Holdings Limited, over the property.

At the date of approval, Shawbrook Bank Limited hold the senior debt floating charge security over the assets of the company and the Carron Group companies and the other operational companies of the Brand K Holdings Limited Group for a Brand K Group facility totalling £41.6m. The Brand K group facilities include invoice discounting over receivables of up to £35m in aggregate with an inventory facility up to £5m and cashflow facility of up to £6.6m. Subject to the ongoing compliance with the terms and facilities of the group financing arrangements, the facilities have a minimum term of 3 years. There is a group cross company guarantee in place and the bank holds right of set off.

At the date of approval, the total balances secured across the group are as follows: confidential invoice discounting facility £18.6m, inventory facility £5m, and cashflow facility of £5.7m.

The balance due on the Carron Group of companies’ confidential invoice discounting facility (held within Carron Bathrooms Limited) was £1.45m.

During the year to 31 December 2024, the entire issued share capital of the company was owned by Carron Holdings Limited, a company registered in Scotland. The registered office address, and principal place of business, of Carron Holdings Limited is North Carron Works, Stenhouse Road, Carron, Falkirk, Stirlingshire, FK2 8UW. Copies of the consolidated financial statements are available at Companies House.

Post year-end, as disclosed in Note 24, Carron Holdings Limited and its subsidiaries were acquired by Brand K Limited whose ultimate parent company is Brand K Holdings Limited. The registered office address for the ultimate parent company is Thistle Down Barn, Holcot Lane, Sywell, Northampton, NN6 0BG.

For the whole of the financial year and up to 4 April 2025, the company's ultimate controlling parties were its directors David McMorrine and John Hewitt. From 4 April 2025 to the date of signing, the company's ultimate controlling party is its director Alex Norford.

The company has elected to take advantage of the exemption granted under Section 33 Related Party Disclosures of FRS 102 available to wholly owned subsidiaries and has not disclosed transactions with other group companies.

The key management personnel are considered to be the directors of the company and therefore the aggregate of key management compensation is detailed in note 7.