REGISTERED NUMBER: 02743258 (England and Wales)

GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PYRAMID POSTERS LIMITED

TRADING AS

PYRAMID INTERNATIONAL & THE ART GROUP

Page

Company Information

1

Group Strategic Report

2

Directors' Report

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

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

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Mr M Benaiah

Mr A W T Mayer

Mr I Pridmore

SECRETARY:

Mr I Pridmore

REGISTERED OFFICE:

Unit A

Bruce Way

Whetstone

Leicester

LE8 6HP

REGISTERED NUMBER:

02743258 (England and Wales)

AUDITORS:

Magma Audit LLP (part of the Dains Group)

Chartered Accountants

Statutory Auditor

Unit 2, Charnwood Edge Business Park

Syston Road

Leicestershire

LE7 4UZ

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

REVIEW OF BUSINESS

The directors are pleased to present this year's consolidated financial statements which reflect a group turnover of £27,723,048 (2023: £28,003,789) with a resulting profit before tax of £505,042 (2023: £645,987).

Our UK entity Pyramid Posters Limited, saw a reduction in total sales of 1% compared to 2023, however this was impacted by the company experiencing a cyber attack in January 2024. Although appropriate provisions have been made in these financial statements for insurance proceeds received, the company lost approximately 1 month's turnover as a consequence of the incident. Additionally, these financial statements reflect significant charges for bad debts of £793,421 (2023: £36,388) and impairment of investments of £282,495 (2023: £nil), predominantly due to the liquidation of Hole In The Wall B.V. and Pyramid France. These costs have outweighed the benefits of a reduced royalties charge in these financial statements due to the prudent approach in the previous couple of years by accelerating costs for underperforming contracts. Whilst the directors are obviously disappointed with suffering the losses of these bad debts and impairment of investments, we are pleased that the company still managed to report a profit before tax of £67,644 (2023: £85,324).

Pyramid Europe GmbH has continued to trade well in 2024 reflecting an increase in total sales of 17.9%. They too suffered an element of bad debt pertaining to the liquidation of Hole In The Wall and Pyramid France which reduced their profit before tax by 15% however profitability remained strong. As the company continues to grow and become even more established in their market, continual investment is being made to improve the operational and administrative infrastructure of the business which of course do result in higher costs.

2025 has seen an improvement in trade with sales for our UK entity increasing YoY to the end of August by 24% compared to the same period in 2024. We are very positive that this increase in sales will continue for the remainder of the year, along with some very positive signs for early 2026. Pyramid Europe GmbH expect to see an increase in turnover again in 2025 which is very positive news, and they have already received confirmed orders for 2026 at new record levels which is even more positive. Pyramid America have found trading difficult during 2025, largely due to the effect of the "Trump Tariffs". Heavily increased costs importing goods from China have had a major impact on customer orders, and the team there are working hard to try and navigate the new landscape.

The company maintains what the directors consider to be our "Grade A" licensing portfolio for its key products, and these licenses continue to be embraced and supported by key retailers in many territories, however as trends change so do the appropriateness of the licenses the company holds. It is the opinion of the directors that the current portfolio of licenses and product range available to our customers, places the business in a good position to grow its sales levels over future years. However, considering the inherent risks associated with these licenses, we must work with the licensors to ensure the products held under these licenses have a route to market that stabilises the supply chain from producer to retail in an equitable fashion.

FINANCIAL INSTRUMENTS

Foreign currency risk

Exposure to foreign exchange risk arising from international trade with customers and suppliers is managed through an established hedging policy. In 2025, a slight strengthening of Sterling against the US Dollar and a weakening against the Euro have supported margins on specific contracts. The company seeks to manage currency risks appropriately, maintaining a natural hedge by transacting in the same currency wherever possible. Where material differences arise, forward contracts are used when deemed necessary. This policy aims to reduce volatility and protect the business from significant currency fluctuations.

Credit risk

Managing credit risk and maintaining healthy cash flow are core financial priorities. All customers undergo credit checks to assess their financial reliability, which helps to minimise the risk of bad debts and supports the business's working capital requirements.

Supply chain disruption risk

Ensuring timely delivery to customers is a critical operational objective. In addition, stockholding levels are under continuous review to enhance resilience against potential disruptions. Risk is further mitigated through a diversified supplier mix, avoiding reliance on any single supplier.

KEY PERFORMANCE INDICATORS

The group continues to monitor and internally report on a range of KPI's. As mentioned above, margins have been positively affected in 2023 with gross margin for the company increasing to 31.11% (2023: 26.72%) and the group 28.64% (2023: 25.58%). Net assets have increased for the Group to £7.97m (2023: £7.68m).

We look forward to reporting on the 2025 financial statements and future developments when they are to be filed next year.

ON BEHALF OF THE BOARD:

Mr A W T Mayer - Director

30 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of wholesalers and retailers of entertainment and art wall décor, stationery, drinkware, gifting lines, and other related merchandise.

DIVIDENDS

Dividends of £nil will be distributed for the year-ended 31 December 2024 (2023 - £nil).

FUTURE DEVELOPMENTS

Information relating to future developments is given in the Strategic Report.

DIRECTORS

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

Mr M Benaiah

Mr A W T Mayer

Mr I Pridmore

FINANCIAL INSTRUMENTS

Information relating to financial instruments is given in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Magma Audit LLP (part of the Dains Group), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A W T Mayer - Director

30 September 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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:

Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006, health and safety regulations and employment law. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included:

-

discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

-

challenging assumptions made by management in their significant accounting estimates, in particular in relation to the stock valuation and judgements formed;

-

identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, journal entries crediting cash and journal entries with specific defined descriptions.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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 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.

Paul Orton FCA FCCA (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP (part of the Dains Group)

Chartered Accountants

Statutory Auditor

Unit 2, Charnwood Edge Business Park

Syston Road

Leicestershire

LE7 4UZ

30 September 2025

TURNOVER

4

27,723,048

28,003,789

Cost of sales

(19,782,792

)

(20,840,424

)

GROSS PROFIT

7,940,256

7,163,365

Administrative expenses

(7,875,022

)

(6,713,491

)

65,234

449,874

Other operating income

5

591,336

21,350

OPERATING PROFIT

7

656,570

471,224

Dividends from fixed asset investments

102,667

52,299

Income from fixed asset investments

54,864

159,930

Interest receivable and similar income

20,442

33,344

834,543

716,797

Amounts written off investments

8

(282,495

)

-

552,048

716,797

Interest payable and similar expenses

9

(47,006

)

(70,810

)

PROFIT BEFORE TAXATION

505,042

645,987

Tax on profit

10

(209,172

)

(139,058

)

PROFIT FOR THE FINANCIAL YEAR

295,870

506,929

OTHER COMPREHENSIVE INCOME

Exchange differences on translation of

(5,869

)

6,354

subsidiaries

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(5,869

)

6,354

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

290,001

513,283

Profit attributable to:

Owners of the parent

266,144

465,369

Non-controlling interests

29,726

41,560

295,870

506,929

Total comprehensive income attributable to:

Owners of the parent

260,275

471,723

Non-controlling interests

29,726

41,560

290,001

513,283

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

530,325

764,408

Investments

14

384,467

666,962

914,792

1,431,370

CURRENT ASSETS

Stocks

15

3,561,232

3,654,354

Debtors

16

8,574,934

8,978,458

Cash at bank and in hand

1,946,869

3,226,927

14,083,035

15,859,739

CREDITORS

Amounts falling due within one year

17

(6,667,112

)

(8,913,290

)

NET CURRENT ASSETS

7,415,923

6,946,449

TOTAL ASSETS LESS CURRENT LIABILITIES

8,330,715

8,377,819

CREDITORS

Amounts falling due after more than one year

18

(242,113

)

(521,345

)

PROVISIONS FOR LIABILITIES

22

(119,767

)

(177,640

)

NET ASSETS

7,968,835

7,678,834

CAPITAL AND RESERVES

Called up share capital

23

233

233

Share premium

24

71,797

71,797

Retained earnings

24

7,760,024

7,499,749

SHAREHOLDERS' FUNDS

7,832,054

7,571,779

NON-CONTROLLING INTERESTS

136,781

107,055

TOTAL EQUITY

7,968,835

7,678,834

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:

Mr A W T Mayer - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

522,492

760,140

Investments

14

404,636

579,636

927,128

1,339,776

CURRENT ASSETS

Stocks

15

2,864,795

2,522,062

Debtors

16

7,774,702

8,394,060

Cash in hand

1,695,294

2,602,917

12,334,791

13,519,039

CREDITORS

Amounts falling due within one year

17

(6,283,766

)

(7,548,521

)

NET CURRENT ASSETS

6,051,025

5,970,518

TOTAL ASSETS LESS CURRENT LIABILITIES

6,978,153

7,310,294

CREDITORS

Amounts falling due after more than one year

18

(242,113

)

(521,345

)

PROVISIONS FOR LIABILITIES

22

(119,767

)

(177,640

)

NET ASSETS

6,616,273

6,611,309

CAPITAL AND RESERVES

Called up share capital

23

233

233

Share premium

24

71,797

71,797

Retained earnings

24

6,544,243

6,539,279

SHAREHOLDERS' FUNDS

6,616,273

6,611,309

Company's profit for the financial year

4,964

123,647

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:

Mr A W T Mayer - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2023

233

7,028,026

71,797

Changes in equity

Profit for the year

-

465,369

-

Other comprehensive income

-

6,354

-

Total comprehensive income

-

471,723

-

Balance at 31 December 2023

233

7,499,749

71,797

Changes in equity

Profit for the year

-

266,144

-

Other comprehensive income

-

(5,869

)

-

Total comprehensive income

-

260,275

-

Balance at 31 December 2024

233

7,760,024

71,797

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2023

7,100,056

65,495

7,165,551

Changes in equity

Profit for the year

465,369

41,560

506,929

Other comprehensive income

6,354

-

6,354

Total comprehensive income

471,723

41,560

513,283

Balance at 31 December 2023

7,571,779

107,055

7,678,834

Changes in equity

Profit for the year

266,144

29,726

295,870

Other comprehensive income

(5,869

)

-

(5,869

)

Total comprehensive income

260,275

29,726

290,001

Balance at 31 December 2024

7,832,054

136,781

7,968,835

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

233

6,415,632

71,797

6,487,662

Changes in equity

Total comprehensive income

-

123,647

-

123,647

Balance at 31 December 2023

233

6,539,279

71,797

6,611,309

Changes in equity

Total comprehensive income

-

4,964

-

4,964

Balance at 31 December 2024

233

6,544,243

71,797

6,616,273

Cash flows from operating activities

Cash generated from operations

1

(855,961

)

1,152,715

Interest paid

(47,006

)

(70,810

)

Tax paid

(191,525

)

(74,229

)

Net cash from operating activities

(1,094,492

)

1,007,676

Cash flows from investing activities

Purchase of tangible fixed assets

(54,370

)

(87,662

)

Sale of tangible fixed assets

260

36,786

Interest received

20,442

33,344

Dividends received

102,667

52,299

Share of partnership profits/(losses)

54,864

159,930

Net cash from investing activities

123,863

194,697

Cash flows from financing activities

Loan repayments in year

(202,656

)

(236,791

)

Finance lease repayments in year

(106,773

)

(113,700

)

Net cash from financing activities

(309,429

)

(350,491

)

(Decrease)/increase in cash and cash equivalents

(1,280,058

)

851,882

Cash and cash equivalents at beginning of year

2

3,226,927

2,375,045

Cash and cash equivalents at end of year

2

1,946,869

3,226,927

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

505,042

645,987

Depreciation charges

288,453

330,284

Profit on disposal of fixed assets

(260

)

(4,677

)

Currency translation

(5,869

)

6,354

Impairment of fixed asset investment

282,495

-

Finance costs

47,006

70,810

Finance income

(177,973

)

(245,573

)

938,894

803,185

Decrease in stocks

93,122

489,162

Decrease in trade and other debtors

403,524

3,157,984

Decrease in trade and other creditors

(2,291,501

)

(3,297,616

)

Cash generated from operations

(855,961

)

1,152,715

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

1,946,869

3,226,927

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

3,226,927

2,375,045

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

3,226,927

(1,280,058

)

1,946,869

3,226,927

(1,280,058

)

1,946,869

Debt

Finance leases

(323,524

)

106,773

(216,751

)

Debts falling due within 1 year

(202,656

)

20,838

(181,818

)

Debts falling due after 1 year

(303,030

)

181,818

(121,212

)

(829,210

)

309,429

(519,781

)

Total

2,397,717

(970,629

)

1,427,088