REGISTERED NUMBER: 08339591 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GALLERY DIRECT 2013 LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

8

Report of the Independent Auditors

11

Consolidated Income Statement

15

Consolidated Other Comprehensive Income

17

Consolidated Balance Sheet

18

Company Balance Sheet

19

Consolidated Statement of Changes in Equity

20

Company Statement of Changes in Equity

21

Consolidated Cash Flow Statement

22

Notes to the Consolidated Cash Flow Statement

23

Notes to the Consolidated Financial Statements

25

DIRECTORS:

M Maslo

J Schimmel

I L Weiler

M Last

SECRETARIES:

Mrs E Maslo

Miss N Atkinson

REGISTERED OFFICE:

c/o Skyford

Eurolink Industrial Centre

Castle Road

Sittingbourne

Kent

ME10 3RN

REGISTERED NUMBER:

08339591 (England and Wales)

SENIOR STATUTORY AUDITOR:

Joanne Brown

AUDITORS:

Sargeant Partnership Limited

Chartered Accountants

and Statutory Auditors

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

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

REVIEW OF BUSINESS

Gallery Direct 2013 Limited is a non-trading company. The company owns the whole of the share capital of Gallery Direct Holdings Limited, who in turn owns the whole of the share capital in Gallery Direct Limited, Dreamworks Beds Limited, and Gallery Direct (Australia) Pty Limited. Gallery Direct 2013 Limited is the ultimate parent company of Gallery Direct Limited, Dreamworks Beds Limited, Gallery Direct (Australia) Pty Limited, Frank Hudson Limited and Art Marketing Limited.

Gallery Direct Holdings Limited & Frank Hudson Limited are non-trading company. Gallery Direct Limited, Dreamworks Beds Limited and Art Marketing Limited are trading companies. Gallery Direct (Australia) Pty Limited is in liquidation.

Gallery Direct Limited is a design-led supplier of home décor and furnishings committed to providing its retail and trade customers with a complete furnishing solution. Following the relocation and consolidation of our warehouse operations, the company sold the Phillips building in December resulting in a book loss due to the reversal of the revaluation surplus of £6.7m. This loss has been treated as an exceptional item. The company's underlying trading performance for 2024 was significantly better than 2023 with improvements seen in all areas covering revenue, margin and overheads. In addition, we are pleased to report that eight months into 2025 our trading and results are ahead of the same period in 2024.

Dreamworks Beds Limited manufactures a broad range of upholstered product, mattresses and beds which it supplies to its parent company for onward sale to leading UK retailers and other commercial customers. In the year ended 31 December 2024 the Company made a post tax loss of £253k (2023: £1,236k). The company has continued to invest in the development of a number of new product ranges for its key customers and these have been successfully launched during 2024. The Company also undertook a number of actions to restructure its cost base, these actions together with its new product ranges have resulted in a much improved trading result during 2024. There is cautious optimism for further improved results in the 2025 financial year.

Gallery Direct (Australia) Pty Limited was placed into liquidation on 21st December 2023, due to continuous poor trading results.

The Group's underlying trading performance for 2024 was significantly better than 2023 with improvements seen in all areas covering revenue, margin and overheads.

PRINCIPAL RISKS AND UNCERTAINTIES

Currency Risk

The Group has exposure to the volatility of currency exchange rates, particularly US Dollars. The Directors continue to review this on a regular basis and mitigate with foreign exchange options where appropriate.

Supply Chain Disruption

Global logistics challenges may affect stock availability. Mitigated through diversified sourcing and forward purchasing strategies.

Cybersecurity Risk

Increased reliance on digital platforms raises cybersecurity exposure. Investment in regular IT audits and staff training mitigates this risk.

Credit Risk

In order to manage credit risk, where appropriate, the Directors set credit limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with the debt ageing and collection history.

SECTION 172(1) STATEMENT

The Directors, in line with their duties under s172 of the Companies Act 2006, act individually and collectively in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members, and in doing so have regard, amongst other matters, to the:

- Likely consequences of any decision in the long term

- Interests of the Group's employees

- Need to foster the Group's business relationships with suppliers, customers and others

- Impact of the Group's operations on the community and the environment

- Desirability of the Group maintaining a reputation for high standards of business conduct; and

- Need to act fairly as between members of the Group

The Directors' regard to these matters is embedded in their decision-making process, through the Group's business strategy, culture, management information flows and stakeholder engagement processes.

The Group's business strategy is focused on achieving success for the Group in the long-term. In setting this strategy, the Board consider the impact of relevant factors and stakeholder interests on the Group's performance. The Board also identifies principal risks facing the business and sets risk management objectives.

The Board promotes a culture of upholding the highest standards of business conduct. The Board recognises that building strong and lasting relationships with our stakeholders will help us to deliver our strategy in line with our long-term values and operate a sustainable business.

The Directors are supported in the discharge of their duties by:

- Processes which ensure the provision of timely management information and escalation through reporting lines to the Board from the Group's business areas, its risk and control functions and support teams.

- Agenda planning for Board meetings to provide sufficient time for the consideration and discussion of key matters.

Stakeholders

The Board understands the importance of engagement with its stakeholders and gives appropriate weighting to the outcome of its decisions for the relevant stakeholder in weighing up how best to promote the success of the Group. The Board regularly discusses issues concerning employees, customers, suppliers, its shareholders and the environment, which it takes into consideration in its discussions and in its decision-making process. In addition to this, the Board seeks to understand the interests and views of the Group's stakeholders by engaging with them directly when required. The below summarises the key stakeholders and how we engage with each:

Employees

Our employees contribute to a positive working culture and healthy working environment. Employees are key to the success of our business. In addition to aiming to be a responsible employer in our approach to pay and benefits, we continue to engage with our team to ascertain which training and development opportunities should be made available to improve our team's productivity and our individual employees' potential within the business.

Customers

Our customer service and sales teams build relationships with current and potential customers to understand their objectives and requirements. We are in regular contact with customers in order to meet their requirements. This includes update calls and face to face meetings and showroom events. As well as attendance at Trade Fairs to showcase our products and engage with new and existing customers.

Suppliers

We work with a wide range of suppliers in the UK and across the Far East. We remain committed to being fair and transparent in our dealings with our suppliers. The Group has systems and processes in place to ensure suppliers are paid in a timely manner.

Shareholders

The Board also seeks to behave in a responsible manner towards our shareholders. The Board communicates information relevant to its shareholders, such as its financial reporting.

Environment & Community

The Board act in an environmentally responsible way as part of its legal duty but going beyond environmental compliance makes good business sense and helps improve long term success by reducing energy consumption, minimising waste, using raw materials more efficiently and preventing pollution which enables cost cutting and efficiency improvement. Employees are encouraged to be environmentally responsible through awareness-raising signage.

The development of lighting containing LED technology that is more environmentally friendly than conventional lighting, consuming less power per unit of light emitted and reducing greenhouse gas emissions is encouraged by the Board.

On the basis of the above, the members of the Board consider, both individually and collectively, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006) in the decisions taken during the year ended 31 December 2024.

RESULTS AND PERFORMANCE

Gallery Direct (2013) Ltd had no trading income during the year but was subject to audit fees and other professional fees.

The shareholders' funds of the Gallery Direct (2013) Limited total £4,145 deficit (2023: £13,855) in their individual accounts.

Gallery Direct Holdings Limited did not trade during 2024 but incurred an audit fee which has been included in the profit and loss account within their accounts.

The shareholders' funds of the Gallery Direct Holdings Limited is a £127,454 deficit (2023: £125,204 deficit) in their accounts.

Frank Hudson Limited remained dormant during 2024 following the transfer of its trade into Gallery Direct Limited in 2015.

Gallery Direct Limited continued to trade during 2024 and the results for the company for the year as set out on page 12 of their accounts show a loss on ordinary activities before taxation of £2.6m (2023: £1.0m profit).

The shareholders' funds of Gallery Direct Limited total £8.9m (2023: £10.8m) in their accounts.

Dreamworks Beds Limited continued to trade during 2024 and the results for the company for the year as set out on page 8 of their accounts show a loss on ordinary activities before taxation of £250k (2023: £1.3m). As described above, we expect Dreamworks to have an improved trading result during 2025.

Art Marketing Limited continued to trade during 2024 and the results for the company for the year as set out on page 8 of their accounts show a profit on ordinary activities before taxation of £170k (2023: £55k loss).

BUSINESS ENVIRONMENT

Gallery Direct Limited, Dreamworks Beds Limited and Art Marketing Limited trade within the UK and the rest of the world. Within the UK the Home Furnishings/Home Décor sector is very competitive. The Group is well established in these sectors and the companies are able to offer a diverse range of products to sell into these markets.

STRATEGY

The Group will continue to hold investments in other companies and support these companies.

Gallery Direct Limited, Dreamworks Beds Limited and Art Marketing Limited will continue to explore ways to innovate and expand its offer across the sector in which it operates. Regular reviews of the product offer are undertaken and potential new markets explored.

Gallery Direct Limited, Dreamworks Beds Limited and Art Marketing Limited will continue to consolidate their position and concentrate their efforts on achieving maximum growth in existing market segments. They aim to improve efficiency in all areas of their operations and to control operating costs whilst at the same time growing the businesses further.

FUTURE DEVELOPMENTS

The business continues to adapt to the fast-changing retail environment through a renewed and sharper focus on its customers, products and systems. Whilst trading conditions are expected to remain challenging, the Directors are confident that their plans will counteract any wider market malaise and deliver significant growth over the next few years and as mentioned above we have seen a very strong start to 2025.

FINANCIAL KEY PERFORMANCE INDICATORS

For the main trading company Gallery Direct Limited the sales revenue showed a decrease from the previous year, however the prior year includes a revenue stream that was transferred to a group company on 1st January 2024. Excluding the impact of this transfer sales grew by £1.2m in the year (an increase of 3.3%), which was generally in line with our expectations despite the ongoing market challenges. This is carefully monitored and the Directors anticipate improved performance in future years. Gross margins strengthened which was pleasing and met the Directors' expectations and management carefully monitor the level of stock turn within the business. The Directors are satisfied with the overall results of the business

OTHER KEY PERFORMANCE INDICATORS

More detailed measures of profitability and cost control, together with non-financial key performance indicators included gauging the views of our customers and our people, are also used on a monthly basis to maintain control and promote constant improvement within the Group.

ON BEHALF OF THE BOARD:

M Last - 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.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

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 Maslo

J Schimmel

I L Weiler

M Last

EXCEPTIONAL ITEM

The directors wish to highlight that the reported net loss for the year of is primarily due to an exceptional, non recurring accounting adjustment relating to the disposal of the Phillips building property.

Under FRS 102, the Group is not permitted to release the revaluation reserve through the profit and loss account. As a result, despite the property being sold above its original cost, the revaluation surplus of £6.7m was reversed directly to equity, giving rise to an apparent loss on disposal in the statement of comprehensive income of £4.1m included within the exceptional items.

This accounting treatment does not reflect the underlying trading performance of the Group, which remains strong, as evidenced by the operating profit of £3.4m for the year, an increase of £3.0m compared to the prior year.

ENGAGEMENT WITH EMPLOYEES

The Group has continued its practice of keeping employees informed of matters affecting them as employees and the financial and economic factors affecting the performance of the Group.

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

EMPLOYEE CONSULTATION

The Group places considerable value on the involvement of its employees and has continued to keep them

informed on matters affecting them as employees and on the various factors affecting the performance of the

Group. This is achieved through formal and informal meetings.

STREAMLINED ENERGY AND CARBON REPORTING

Here follows the data prepared for Streamlined Energy and Carbon reporting requirements. These figures are for Gallery Direct Limited alone as none of the remaining group companies have use energy above 40 MWh during the period.

Jan 2024 - Dec 2024

Jan 2023 - Dec 2023

Energy consumption

kWh

kWh

Aggregate of energy consumption in the year

190,490.11

276,342.02

Emissions of CO2 equivalent

2024 metric tonnes

2023 metric tonnes

Scope 1 - direct emissions

0.00 (No on-site combustion of fuel for heating)

0.00 (No on-site combustion of fuel for heating)

- Fuel consumed for owned transport

1,149.20

1,596.45

Scope 2 - indirect emissions

- Electricity purchased

39.28

53.42

- Gas purchased

0.15

3.39

Total gross emissions

1,188.62

1,653.26

Intensity ratio

Intensity ratio: tCO2 / Revenue (£'000)

0.00003

0.00004

Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines: including Streamlined Energy and Carbon Reporting and Greenhouse Gas Reporting. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2024 UK Government's Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes C02e per Revenue (£'000), the recommended ratio for the sector.

Measures taken to improve energy efficiency:

Transport and Logistics

- Route optimisation for delivery vehicles to reduce fuel consumption.

- Consolidation of shipments to reduce frequency and emissions from transport.

- Investment in electric or hybrid company vehicles where practical.

Employee Engagement and Behavioural Changes

- Staff training on energy-efficient practices in offices.

- Implementation of energy-saving policies (e.g. powering down equipment when not in use).

Procurement and Supply Chain

- Switching to sustainably sourced timber (e.g., FSC-certified), reducing lifecycle carbon footprint.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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, Sargeant Partnership Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M Last - Director

30 September 2025

Opinion

We have audited the financial statements of Gallery Direct 2013 Limited (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 loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the consolidated financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the consolidated financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK).

In identifying and assessing risks of material misstatement in respect of irregularities including, fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained an understanding of the legal and regulatory frameworks applicable to the group and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, the UK Corporate Governance Code and UK corporate taxation laws.

-We obtained an understanding of how the group is complying with those legal and regulatory frameworks by making inquiries to the management and directors. We corroborated our inquiries through our review of board minutes and papers provided to the audit engagement team.

-We assessed the susceptibility of the Group's consolidated financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:

a) Identifying and assessing the design effectiveness of controls management has put in place to prevent and detect fraud;

b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

c) Challenging assumptions and judgements made by management in its significant accounting estimates;

d) Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations: and

e) Assessing the extent of compliance with the relevant laws and regulations.

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.

Joanne Brown (Senior Statutory Auditor)

for and on behalf of Sargeant Partnership Limited

Chartered Accountants

and Statutory Auditors

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

30 September 2025

TURNOVER

3

47,725,363

-

47,725,363

Cost of sales

(35,124,422

)

-

(35,124,422

)

GROSS PROFIT

12,600,941

-

12,600,941

Administrative expenses

(9,327,245

)

-

(9,327,245

)

3,273,696

-

3,273,696

Other operating income

157,127

-

157,127

OPERATING PROFIT

5

3,430,823

-

3,430,823

Exceptional Items

7

(5,318,517

)

-

(5,318,517

)

(1,887,694

)

-

(1,887,694

)

Interest receivable and similar income

2,197

-

2,197

Interest payable and similar expenses

8

(280,848

)

-

(280,848

)

LOSS BEFORE TAXATION

(2,166,345

)

-

(2,166,345

)

Tax on loss

9

677,801

-

677,801

LOSS FOR THE FINANCIAL YEAR

(1,488,544

)

-

(1,488,544

)

Loss attributable to:

Owners of the parent

(1,488,544

)

TURNOVER

3

45,120,327

1,577,025

46,697,352

Cost of sales

(34,881,137

)

(1,862,959

)

(36,744,096

)

GROSS PROFIT/(LOSS)

10,239,190

(285,934

)

9,953,256

Administrative expenses

(9,998,121

)

(632,999

)

(10,631,120

)

241,069

(918,933

)

(677,864

)

Other operating income

158,819

6

158,825

OPERATING PROFIT/(LOSS)

5

399,888

(918,927

)

(519,039

)

Exceptional Items

7

132,826

-

132,826

532,714

(918,927

)

(386,213

)

Interest receivable and similar income

13,665

-

13,665

Interest payable and similar expenses

8

(810,265

)

(1,441

)

(811,706

)

LOSS BEFORE TAXATION

(263,886

)

(920,368

)

(1,184,254

)

Tax on loss

9

1,011,213

-

1,011,213

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

747,327

(920,368

)

(173,041

)

Profit/(loss) attributable to:

Owners of the parent

(173,041

)

LOSS FOR THE YEAR

(1,488,544

)

(173,041

)

OTHER COMPREHENSIVE INCOME

Asset Revaluation

Exchange gain or loss

-

72,364

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

72,364

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,488,544

)

(100,677

)

Total comprehensive income attributable to:

Owners of the parent

(1,488,544

)

(100,677

)

FIXED ASSETS

Intangible assets

11

579,889

300,620

Tangible assets

12

4,451,004

18,367,973

Investments

13

-

-

5,030,893

18,668,593

CURRENT ASSETS

Stocks

14

10,640,051

8,377,979

Debtors

15

8,970,173

7,446,902

Cash at bank and in hand

1,985,188

592,700

21,595,412

16,417,581

CREDITORS

Amounts falling due within one year

16

13,740,508

16,905,958

NET CURRENT ASSETS/(LIABILITIES)

7,854,904

(488,377

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,885,797

18,180,216

CREDITORS

Amounts falling due after more than one year

17

14,254,688

18,060,563

NET (LIABILITIES)/ASSETS

(1,368,891

)

119,653

CAPITAL AND RESERVES

Called up share capital

22

125

125

Revaluation reserve

23

-

6,711,040

Other reserves

23

8,917

8,917

Retained earnings

23

(1,377,933

)

(6,600,429

)

SHAREHOLDERS' FUNDS

(1,368,891

)

119,653

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 Last - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

3,440,563

3,440,563

3,440,563

3,440,563

CURRENT ASSETS

Debtors

15

97,770

97,770

NET CURRENT ASSETS

97,770

97,770

TOTAL ASSETS LESS CURRENT LIABILITIES

3,538,333

3,538,333

CREDITORS

Amounts falling due after more than one year

17

3,542,478

3,524,478

NET (LIABILITIES)/ASSETS

(4,145

)

13,855

CAPITAL AND RESERVES

Called up share capital

22

125

125

Retained earnings

23

(4,270

)

13,730

SHAREHOLDERS' FUNDS

(4,145

)

13,855

Company's loss for the financial year

(18,000

)

(11,200

)

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 Last - Director

Called up

share

Retained

Revaluation

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 January 2023

125

(6,427,388

)

6,711,040

(63,447

)

220,330

Changes in equity

Total comprehensive income

-

(173,041

)

-

72,364

(100,677

)

Balance at 31 December 2023

125

(6,600,429

)

6,711,040

8,917

119,653

Changes in equity

Total comprehensive income

-

5,222,496

(6,711,040

)

-

(1,488,544

)

Balance at 31 December 2024

125

(1,377,933

)

-

8,917

(1,368,891

)

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

125

24,930

25,055

Changes in equity

Total comprehensive income

-

(11,200

)

(11,200

)

Balance at 31 December 2023

125

13,730

13,855

Changes in equity

Total comprehensive income

-

(18,000

)

(18,000

)

Balance at 31 December 2024

125

(4,270

)

(4,145

)