REGISTERED NUMBER: 03913002 (England and Wales)

JACKSON'S ART SUPPLIES LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

M K C Venus

G L Thompson

P M Thompson

A Venus

S Small

SECRETARY:

M K C Venus

REGISTERED OFFICE:

1 Farleigh Place

Farleigh Road

London

N16 7SX

REGISTERED NUMBER:

03913002 (England and Wales)

AUDITORS:

Keelings Limited

Statutory Auditors, Chartered Tax Advisers

and Chartered Certified Accountants

Broad House

1 The Broadway

Old Hatfield

Hertfordshire

AL9 5BG

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

REVIEW OF BUSINESS

General economic conditions have resulted in an increase in turnover against 2023. We continue to control cost of sales and admin costs. Marketing expenditure was higher than in 2023 due to improvements made to the company's website during the year.

Revenue for the twelve months was £22,188,521, an increase from £21,387,944 for the previous year. Cost of sales have risen in line with revenue from £13,370,579 in 2023 to £13,663,348 this year.

The gross profit margin has increased slightly this year from 37.48% last year to 38.42% this year, this is due to good management over cost of sales during the year.

Administrative costs have increased this year by £1,357,478 from £6,503,696 to £7,861,174, mostly due to increased advertising costs, an increase in wages and related expenses, and an increase in legal costs.

At the operating level, we reported a profit of £734,987 compared to a profit of £1,320,446 for 2023.

Overall, the net profit after tax for the financial year amounted to £485,758 compared to £883,170 for the previous year, an decrease of £397,412.

PRINCIPAL RISKS AND UNCERTAINTIES

Risk management is built into the company's business systems and procedures.

Income and expenditure is constantly reviewed and monitored.

Longer term plans are reviewed continually to ensure that the underlying strategy is maintained to achieve the planned results. This includes development of staff by way of internal and external training and regular monitoring of their skills.

Jackson's operates a strict GDPR policy to ensure the security of customer data. The policy can be viewed on www.jacksonsart.com.

SUPPLY CHAIN RISK MANAGEMENT

There are still supply chain issues caused by Brexit. To meet this demand and the impact of Brexit on supply, Jackson's maintained strong relationships with suppliers and invested in materials to ensure delivery to customers was not affected.

FINANCIAL RISK MANAGEMENT

As a result of transactions in a number of different countries and a global customer presence, Jackson's is exposed to movement in foreign exchange rates. It limits these exposures through sound business practices and ensuring a high level of working capital within the business.

The UK left the European Union on 31 January 2020 and entered a period of transition until 1 January 2021. The impact of this on Jackson's is in the import of materials and the export of goods to customers. the supply chain team at Jackson's have studied new laws and regulations and have worked hard to ensure minimal disruption to operations.

EXCHANGE RISK MANAGEMENT

The company is exposed to exchange rate movements which has recently become unpredictable. The company is aware of any large exchange rate movements and will keep reasonable holdings in foreign currencies to offset the risk.

CREDIT RISK

The company has no credit risk as the nature of the business results in a large customer base and minimum credit sales.

LIQUIDITY RISK

The company seeks to manage liquidity risk by reviewing cash balances on a daily basis and forecasting its cashflow requirements.

GOING CONCERN

The company continues to assess the going concern basis and maintains a healthy financial position and performance, even in light of a global volatile economic climate.

KEY PERFORMANCE INDICATORS

The Directors consider total sales, gross profit margin and overall net profit to be the key performance indicators of the company.

ON BEHALF OF THE BOARD:

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 the sale, by mail-order, of artists' materials.

DIVIDENDS

Interim dividends of £nil (2023: £nil) were paid during the year; no final dividend is recommended.

FUTURE DEVELOPMENTS

The directors will continue to grow the business by identifying new products and new markets where possible.

There are no plans to move away from the core business of supplying Fine Art materials to those markets.

In 2023, the USA operations were expanded by investing into a warehouse for storage.

DIRECTORS

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

M K C Venus

G L Thompson

P M Thompson

A Venus

S Small

EMPLOYEES

Applications for employment by disabled persons are always fully and fairly considered, bearing in mind the aptitudes of the applicant concerned. In the event of team members becoming disabled every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible be identical with that of their employees.

EMPLOYEE ENGAGEMENT

We consider that out employees act with the utmost integrity and professional expertise in providing out customers with premium products.

In doing so, the Directors consider that employees are both rewarded fairly and incentivised to deliver the Company's strategy. The Director is kept informed on employee related matters from the Company's Human Resources personnel.

Consultation with employees happens when their views need to be considered in decisions the Company needs to make that will likely affect their interests. All employees are kept abreast of Company news in regular updates. There is also ongoing communication through the Company's notices boards and team briefings.

DIRECTORS' RESPONSIBILITIES STATEMENT

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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 Keelings Limited, Statutory Auditor, were re-appointed this year to carry out a statutory audit on Jackson's Art Supplies Ltd.

ON BEHALF OF THE BOARD:

M K C Venus - Director

30 September 2025

Opinion

We have audited the financial statements of Jackson's Art Supplies Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement 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 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the entity's financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e. gives a true and fair view).

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates and considered the risk of acts by management which were contrary to applicable laws and regulations, including fraud. These included,but were not limited to, compliance with Financial Reporting Framework FRS 102, Companies Act 2006, General Data Protection Regulations and applicable Health and Safety and Employment Legislation. We made enquiries of the director of the company to obtain further understanding of the risks of non-compliance. We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:

- agreeing the financial statement disclosures to underlying supporting documentation;

- enquiring of management about known or suspected instances of non-compliance with laws and regulations;

- reviewing minutes of board meetings throughout the year; and

- obtaining an understanding of the control environment in place to prevent and detect irregularities.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring from fraud, rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

John Carroll FCCA CTA (Senior Statutory Auditor)

for and on behalf of Keelings Limited

Statutory Auditors, Chartered Tax Advisers

and Chartered Certified Accountants

Broad House

1 The Broadway

Old Hatfield

Hertfordshire

AL9 5BG

30 September 2025

TURNOVER

4

22,188,521

21,387,944

Cost of sales

13,663,348

13,370,579

GROSS PROFIT

8,525,173

8,017,365

Administrative expenses

7,861,174

6,503,696

663,999

1,513,669

Other operating income

5

18,925

5,183

OPERATING PROFIT

7

682,924

1,518,852

Interest receivable and similar income

52,063

10,861

734,987

1,529,713

Gain/(loss) on revaln of invs

-

(209,267

)

734,987

1,320,446

Interest payable and similar expenses

9

-

153

PROFIT BEFORE TAXATION

734,987

1,320,293

Tax on profit

10

249,229

437,123

PROFIT FOR THE FINANCIAL YEAR

485,758

883,170

Profit attributable to:

Owners of the parent

509,775

969,004

Non-controlling interests

(24,017

)

(85,834

)

485,758

883,170

PROFIT FOR THE YEAR

485,758

883,170

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

485,758

883,170

Total comprehensive income attributable to:

Owners of the parent

509,775

969,004

Non-controlling interests

(24,017

)

(85,834

)

485,758

883,170

FIXED ASSETS

Intangible assets

12

747,823

384,319

Tangible assets

13

2,592,261

2,378,781

Investments

14

-

-

3,340,084

2,763,100

CURRENT ASSETS

Stocks

15

6,759,080

6,019,793

Debtors

16

1,130,493

1,231,739

Cash at bank

3,531,364

3,592,909

11,420,937

10,844,441

CREDITORS

Amounts falling due within one year

17

2,900,915

2,302,409

NET CURRENT ASSETS

8,520,022

8,542,032

TOTAL ASSETS LESS CURRENT LIABILITIES

11,860,106

11,305,132

PROVISIONS FOR LIABILITIES

19

64,033

97,346

NET ASSETS

11,796,073

11,207,786

CAPITAL AND RESERVES

Called up share capital

20

120

120

Retained earnings

21

11,954,666

11,342,362

SHAREHOLDERS' FUNDS

11,954,786

11,342,482

NON-CONTROLLING INTERESTS

(158,713

)

(134,696

)

TOTAL EQUITY

11,796,073

11,207,786

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:

M K C Venus - Director

FIXED ASSETS

Intangible assets

12

441,075

180,099

Tangible assets

13

103,874

1,529,948

Investments

14

528

428

545,477

1,710,475

CURRENT ASSETS

Stocks

15

5,217,158

4,726,552

Debtors

16

6,248,588

4,153,443

Cash at bank

3,491,360

3,567,856

14,957,106

12,447,851

CREDITORS

Amounts falling due within one year

17

2,866,972

2,258,722

NET CURRENT ASSETS

12,090,134

10,189,129

TOTAL ASSETS LESS CURRENT LIABILITIES

12,635,611

11,899,604

PROVISIONS FOR LIABILITIES

19

64,033

97,346

NET ASSETS

12,571,578

11,802,258

CAPITAL AND RESERVES

Called up share capital

20

120

120

Retained earnings

21

12,571,458

11,802,138

SHAREHOLDERS' FUNDS

12,571,578

11,802,258

Company's profit for the financial year

769,320

1,261,134

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:

M K C Venus - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 January 2023

120

10,373,358

10,373,478

(48,862

)

10,324,616

Changes in equity

Total comprehensive income

-

969,004

969,004

(85,834

)

883,170

Balance at 31 December 2023

120

11,342,362

11,342,482

(134,696

)

11,207,786

Changes in equity

Total comprehensive income

-

612,304

612,304

(24,017

)

588,287

Balance at 31 December 2024

120

11,954,666

11,954,786

(158,713

)

11,796,073

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

120

10,541,004

10,541,124

Changes in equity

Total comprehensive income

-

1,261,134

1,261,134

Balance at 31 December 2023

120

11,802,138

11,802,258

Changes in equity

Total comprehensive income

-

769,320

769,320

Balance at 31 December 2024

120

12,571,458

12,571,578

Cash flows from operating activities

Cash generated from operations

1

1,216,359

(18,906

)

Interest paid

-

(153

)

Tax paid

(544,238

)

(506,313

)

Net cash from operating activities

672,121

(525,372

)

Cash flows from investing activities

Purchase of intangible fixed assets

(288,367

)

(10,098

)

Purchase of tangible fixed assets

(337,735

)

(939,519

)

Sale of tangible fixed assets

(2,627

)

38

Interest received

52,063

10,861

Net cash from investing activities

(576,666

)

(938,718

)

Cash flows from financing activities

Amount withdrawn by directors

(157,000

)

(163,424

)

Net cash from financing activities

(157,000

)

(163,424

)

Decrease in cash and cash equivalents

(61,545

)

(1,627,514

)

Cash and cash equivalents at beginning of year

2

3,592,909

5,220,423

Cash and cash equivalents at end of year

2

3,531,364

3,592,909

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

2024

2023

£

£

Profit before taxation

734,987

1,320,293

Depreciation charges

154,223

179,476

Loss on disposal of fixed assets

-

122,278

Loss on revaluation of fixed assets

-

209,267

Finance costs

-

153

Finance income

(52,063

)

(10,861

)

837,147

1,820,606

Increase in stocks

(739,287

)

(624,070

)

Decrease in trade and other debtors

101,297

1,485,792

Increase/(decrease) in trade and other creditors

1,017,202

(2,701,234

)

Cash generated from operations

1,216,359

(18,906

)

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

3,531,364

3,592,909

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

3,592,909

5,220,423

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

3,592,909

(61,545

)

3,531,364

3,592,909

(61,545

)

3,531,364

Total

3,592,909

(61,545

)

3,531,364

1.	STATUTORY INFORMATION

Jackson's Art Supplies Ltd 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The Group consolidated financial statements include the financial statements of the Company and its subsidiary undertakings.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the Group owns less than 50% of the voting power of an entity but controls the entity by virtue of an agreement with other investors which gave it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group's accounting policies when preparing the consolidated financial statements.

All intra-Group transactions, balances, income and expenses are eliminated on consolidation.

Related party exemption

For the purpose of these financial statements, a related party is considered to be a related party to the Company as defined by FRS 102.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.