REGISTERED NUMBER: 02186663 (England and Wales)

STRATEGIC REPORT, DIRECTORS' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

DOREL (UK) LIMITED

Page

Company Information

1

Strategic Report

2

Directors' Report

5

Independent Auditors' Report

7

Statement of Income and Retained Earnings

10

Balance Sheet

11

Notes to the Financial Statements

12

DIRECTORS:

J Schwartz

I Van Den Berg

P M N D Quinta

REGISTERED OFFICE:

C/o Bracher Rawlins Llp, 16

High Holborn

London

WC1V 6BX

REGISTERED NUMBER:

02186663 (England and Wales)

INDEPENDENT AUDITORS:

Armstrongs Accountancy Ltd

Chartered Accountants and Statutory Auditor

1 & 2 Mercia Village

Torwood Close

Westwood Business Park

Coventry

West Midlands

CV4 8HX

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activities of the company continue to be the importation and supply of child safety, nursery products and accessories to the UK and Irish markets.

The company saw an increase of 13.16% in turnover to £34.8m (2022: £30.7m).

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in the importation and supply of child safety, nursery products, and accessories to the UK and Irish markets. As such, it is exposed to a variety of risks and uncertainties that could impact its operational and financial performance. The key risks are as follows:

Credit risk

The company is exposed to credit risk, primarily related to the potential non-payment by customers. A failure by key customers to meet their payment obligations could lead to a negative impact on cash flow and profitability. To mitigate this risk, the company performs thorough credit assessments on new customers, maintains credit limits, and regularly reviews receivables to ensure prompt collection. The company also works closely with major customers to maintain strong relationships and monitor credit exposure.

Liquidity risk

Liquidity risk arises from the company's ability to meet its short-term financial obligations as they fall due. Given the company's reliance on external suppliers and its cash flow cycle, the company monitors its liquidity position closely to ensure adequate cash reserves and borrowing facilities are in place. Additionally, the company's major creditors are group entities that have confirmed their continued financial support for the foreseeable future, providing an added layer of protection against liquidity challenges.

Supply chain disruptions

The company relies on international suppliers and manufacturers to source its products. Disruptions in the global supply chain, due to geopolitical events, transport delays, or supplier failures, could lead to stock shortages and delays in fulfilling customer orders. The company mitigates this risk through continuous monitoring of its supply chain, maintaining strong relationships with multiple suppliers, and strategic stock management.

Regulatory compliance

The child safety and nursery product sector is governed by stringent safety standards and regulations in both the UK and Ireland. Failure to comply with these regulations could result in product recalls, financial penalties, or reputational harm. The company mitigates this risk by implementing robust quality control processes and regularly reviewing its adherence to relevant regulations, ensuring its products meet or exceed the required safety standards.

Market competition

The nursery and child safety products market is highly competitive, with both established brands and new entrants vying for market share. Price pressures and shifts in consumer preferences could affect profitability. The company addresses this risk by focusing on product innovation, maintaining high standards of safety and quality, and nurturing strong relationships with key retailers and distributors.

Currency fluctuations

As a significant proportion of the company's products are sourced internationally, fluctuations in foreign exchange rates, particularly with the pound sterling, can impact the cost of imports and affect profitability. The company mitigates this risk by closely monitoring its foreign exchange exposure and implementing hedging strategies when necessary.

PRINCIPAL RISKS AND UNCERTAINTIES

Economic conditions

Demand for nursery and child safety products is influenced by general economic conditions, including consumer confidence and household disposable income. Economic downturns in the UK or Ireland may lead to reduced demand for the company's products. The company mitigates this risk by diversifying its product portfolio and distributing through multiple channels to ensure a stable revenue base.

Brexit and trade tariffs

The potential impacts of Brexit and associated changes in trade tariffs between the UK and the European Union may affect the cost and timing of importing goods. The company closely monitors any regulatory changes, adjusting its operations to minimize disruptions and any adverse cost implications.

FUTURE DEVELOPMENTS

Looking ahead, the company remains committed to investing in new products, expanding its range, and enhancing existing brands. Management is confident that the company's strong brand portfolio and diverse product lines will help maintain its current market position while driving growth in key areas. Additionally, continued focus on managing operating costs and mitigating exchange rate risks will support the company in addressing current challenges and sustaining long-term success.

GOING CONCERN

The principal activities of the company continue to be importation and supply of child safety, nursery products and accessories to the UK, on behalf of the Group. The Company provides these services under an agreed transfer pricing agreement. The company's cash flow are therefor dependant on the continuation, volume, and pricing of those operations. The financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons:

The directors have prepared profit and cash flow forecasts covering a period on 12 months from the date of approval of these financial statements which indicate that the Company will have sufficient funds be able to meet its liabilities as they fall due for the period. In preparing those forecasts, they have considered the impacts of severe but plausible downside scenarios.

Those forecasts are dependant on the Group continuing to use the company's services through the forecast period. The directors do not currently have any reason to believe that the Group will not continue to use the Company's services.

In addition Dorel Industries Inc. has indicated its intention to continue to make available funds as are needed by the company for the period covered by the forecasts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will do so.

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

KEY PERFORMANCE INDICATORS

2024

2023

Net sales (£   )

34,789

30,742

Gross profit (£   )

10,083

10,477

Gross profit %

29%

34%

Net assets (£   )

10,374

12,905

ON BEHALF OF THE BOARD:

P M N D Quinta - Director

30 September 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 3,000,000 .

DIRECTORS

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

J Schwartz

I Van Den Berg

Other changes in directors holding office are as follows:

Ms L J May - resigned 4 July 2024

P M N D Quinta - appointed 4 July 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Armstrongs Accountancy Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P M N D Quinta - Director

30 September 2025

Opinion

We have audited the financial statements of Dorel (Uk) Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

-	the 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry with management, those charged with governance around actual and potential litigation and claims;

- Enquiry with relevant entity staff to identify any instances of non-compliance with laws and regulations;

- Reviewed financial statement disclosures and tested supporting documentation to assess compliance with applicable laws and regulations;

- Performed audit procedures to address the risk of management override of controls, including testing of the appropriateness of journal entries and other adjustments, evaluating the business rationale for significant transactions outside the normal course of business and reviewing accounting estimates for bias;

- Performed audit procedures to address the risk of understatement of turnover and obtained corroborated explanations from management.

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.

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.

Muhammed Shabbir FCA, FCCA (Senior Statutory Auditor)

for and on behalf of Armstrongs Accountancy Ltd

Chartered Accountants and Statutory Auditor

1 & 2 Mercia Village

Torwood Close

Westwood Business Park

Coventry

West Midlands

CV4 8HX

30 September 2025

TURNOVER

3

34,789,198

30,742,018

Cost of sales

24,706,178

20,264,569

GROSS PROFIT

10,083,020

10,477,449

Administrative expenses

9,919,366

9,915,210

OPERATING PROFIT

5

163,654

562,239

Interest receivable and similar income

229,507

(667

)

PROFIT BEFORE TAXATION

393,161

561,572

Tax on profit

6

(76,352

)

785,074

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

469,513

(223,502

)

Retained earnings at beginning of year

10,404,767

10,628,269

Dividends

7

(3,000,000

)

-

RETAINED EARNINGS AT END OF YEAR

7,874,280

10,404,767

FIXED ASSETS

Tangible assets

8

915,686

952,484

Investments

9

863,746

863,746

1,779,432

1,816,230

CURRENT ASSETS

Stocks

10

6,073,206

7,431,713

Debtors

11

12,771,542

14,106,996

Cash at bank

1,987,099

693,591

20,831,847

22,232,300

CREDITORS

Amounts falling due within one year

12

11,295,133

10,203,627

NET CURRENT ASSETS

9,536,714

12,028,673

TOTAL ASSETS LESS CURRENT LIABILITIES

11,316,146

13,844,903

CREDITORS

Amounts falling due after more than one year

13

(825,000

)

(825,000

)

PROVISIONS FOR LIABILITIES

15

(116,866

)

(115,136

)

NET ASSETS

10,374,280

12,904,767

CAPITAL AND RESERVES

Called up share capital

16

2,500,000

2,500,000

Retained earnings

17

7,874,280

10,404,767

SHAREHOLDERS' FUNDS

10,374,280

12,904,767

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

P M N D Quinta - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The presentation currency of the financial statements is the Pound Sterling (£), and the values are rounded to the nearest £.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements. The financial statements are prepared on the historical cost basis.

Going Concern

As set out in the Strategic Report the principal activities of the Company continue to be importation and supply of child safety, nursery products and accessories to the UK, on behalf of the group. The Company provides these services under an agreed transfer pricing agreement. The company's cash flow are therefor dependant on the continuation, volume, and pricing of those operations. The financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons:

The Directors have prepared profit and cash flow forecasts covering a period on 12 months from the date of approval of these financial statements which indicate that the Company will have sufficient funds be able to meet its liabilities as they fall due for the period. In preparing those forecasts, they have considered the impacts of severe but plausible downside scenarios.

Those forecasts are dependant on the Group continuing to use the Company's services through the forecast period. The directors do not currently have any reason to believe that the Group will not continue to use the Company's services.

In addition Dorel Industries Inc. has indicated its intention to continue to make available funds as are needed by the company for the period covered by the forecasts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will do so.

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Dorel (Uk) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Dorel Industries Inc, 1255 Greene Avenue, Suite 300, Montreal, Quebec, Canada H3Z 2A4.

Significant judgements and estimates

In the application of the accounting policies, the Director is required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period in the period of the revision and future periods if the revision affects both current and future periods.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk causing a material adjustment to the carrying amounts of the assets and liabilities are addressed below:

Stocks provision

The stocks require assessment of the cost of reconcilability and the associated provisions. When calculating those provisions management considers the nature and condition of the goods as well as applying assumptions around anticipated saleability of the goods.

Impairment of debtors

The Company evaluates the recoverable value of trade and other debtors through estimation. In assessing impairment of trade and other debtors, management takes into account various factors, including but not limited to the current credit rating of the debtor, the aging profile of debtors, and historical experience. Additionally, the Company maintains relevant credit insurance to mitigate risks associated with trade debtors.

For Trade Debtors not covered by insurance, the Company makes appropriate provisions in the Financial Statements to reflect potential impairment. These provisions are determined based on thorough evaluation and analysis of the specific circumstances surrounding each debtor.

Dilapidation provisions

The requires management's best estimate of the expenditure that will be incurred based on contractual requirements. In addition, the timing of the cash flows and the discount rates used to establish net present value of the obligations require managements judgement.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of child safety and nursery products is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets

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

Short leasehold

-

Depreciated equally over lease period

Fixtures and fittings

-

33% on cost and 20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the AVCO formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

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

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

A defined contribution plan is a post-employment benefit plan under which the company pays a fixed contribution into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employee.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

32,444,641

28,695,193

Rest of European Union

2,344,557

2,046,825

34,789,198

30,742,018

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,809,244

2,120,357

Social security costs

187,509

16,069

Other pension costs

69,466

58,586

3,066,219

2,195,012

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

2024

2023

Administration

32

33

2024

2023

£

£

Directors' remuneration

53,538

125,538

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

Defined benefit schemes

1

1

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Other operating leases

781,922

1,612,950

Depreciation - owned assets

468,593

351,763

Profit on disposal of fixed assets

(100,552

)

-

Foreign exchange differences

344,674

(100,791

)

Auditor's remuneration

34,750

34,750

Tax services and other

9,350

9,350

6.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

(78,082

)

561,725

Deferred tax

1,730

223,349

Tax on profit

(76,352

)

785,074

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

393,161

561,572

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

98,290

140,393

Effects of:

Expenses not deductible for tax purposes

8,667

32,491

Depreciation in excess of capital allowances

19,627

-

Utilisation of tax losses

(126,584

)

373,377

Adjustments to tax charge in respect of previous periods

(78,082

)

15,464

Deferred tax movement

1,730

223,349

Total tax (credit)/charge

(76,352

)

785,074

7.

DIVIDENDS

2024

2023

£

£

Interim

3,000,000

-

8.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1 January 2024

2,883,169

755,861

3,639,030

Additions

6,627

280,825

287,452

Disposals

(119,847

)

(120,571

)

(240,418

)

At 31 December 2024

2,769,949

916,115

3,686,064

DEPRECIATION

At 1 January 2024

2,453,556

232,990

2,686,546

Charge for year

215,454

253,139

468,593

Eliminated on disposal

(293,665

)

(91,096

)

(384,761

)

At 31 December 2024

2,375,345

395,033

2,770,378

NET BOOK VALUE

At 31 December 2024

394,604

521,082

915,686

At 31 December 2023

429,613

522,871

952,484

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

The company assessed at each reporting date whether tangible fixed assets are impaired.

9.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

863,746

NET BOOK VALUE

At 31 December 2024

863,746

At 31 December 2023

863,746

As at 31 December 2024 the company held more than 20% of the allotted share capital of the following undertakings:

Subsidiary undertakings

Address

Class of share capital held

Proportion held

Aggregate of capital & reserves

Profit or loss for the year

Safety 1st (Europe) Ltd

C/O Bracher Rawlins Llp, 16, High Holborn, London, England, WC1V 6BX

Ordinary £1

100%

£863,743

Nil

Ampa (UK) Ltd

C/O Bracher Rawlins Llp, 16, High Holborn, London, England, WC1V 6BX

Ordinary £1

100%

£(40,504)

Nil

Dorel (Ireland) Ltd

Pamdohlen House, Dooradoyle Road, Limerick, Ireland

Ordinary £1

100%

£55,957

Nil

Monbebe (UK) Ltd

C/O Bracher Rawlins Llp, 16, High Holborn, London, England, WC1V 6BX

Ordinary £1

100%

£30,000

Nil

10.

STOCKS

2024

2023

£

£

Stocks

6,073,206

7,431,713

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

7,915,126

6,440,207

Amounts owed by group undertakings

4,068,166

6,402,716

Other debtors

-

230,561

Tax

234,562

234,562

Prepayments

553,688

798,950

12,771,542

14,106,996

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

4,637,868

4,874,147

Amounts owed to group undertakings

777,719

2,187,146

Corporation tax

51,267

48,316

VAT

589,688

334,581

Other creditors

92,625

194,638

Accruals and deferred income

5,145,966

2,564,799

11,295,133

10,203,627

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Dilapidation provision

825,000

825,000

Dilapidation provision

As part of the group's property leasing arrangements there is no obligation to repair damages which incur during the life of the lease, such as wear and tear. The cost is charged to profit and loss as the obligation arises. The provision is expected to be utilised between 2022 and 2028 as the leases terminate. Due to the difficulties in predicting expenditure that will be required on return of a property to the landlord many years into the future, the dilapidation provision is considered a source of significant uncertainty. The provision has been calculated using historical experience of actual expenditure incurred on dilapidation and estimated lease termination dates. The directors consider the possible range of dilapidation provision at 31 December 2024 £725,000 and £925,000. The most likely amount within this range, £825,000 has been recognised in the balance sheet.

Warranty provision

The warranty was provided for the expected warranty costs for products sold. Due to the mechanical nature of these products. there is always a risk of some product returns within the two year period.

14.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

1,214,380

1,107,289

Between one and five years

3,245,527

3,974,451

In more than five years

420,840

526,050

4,880,747

5,607,790

15.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

116,866

115,136