REGISTERED NUMBER: 14127868 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

Tacklestore Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Consolidated Statement of Comprehensive Income

10

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

18

DIRECTORS:

J Morris

A Stoppelmann

J M Warner

REGISTERED OFFICE:

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

REGISTERED NUMBER:

14127868 (England and Wales)

AUDITORS:

Mander Duffill

Chartered Accountants & Statutory Auditor

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

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

REVIEW OF BUSINESS

On 24 October 2022 the group acquired Tacklestore Limited. The business combination has been included within the groups financial statements for the period ended 31 December 2023 using merger accounting.

The groups principal activity is the online supply of lifting, fall protection, materials handling plus related products along with a complete after sales service including maintenance, testing, rental and installation.

We believe we are the leading ecommerce company for lifting and protection products across the UK.

Our main distribution centre is in Bristol and we have strategic locations across the UK in Bristol, East and West London, Leeds, Southampton, Cardiff and Glasgow.

POST BALANCE SHEET EVENTS

Subsequent to the end of the year Tacklestore Holdings Limited sold its 100% investment in Tacklestore Limited to its immediate parent undertaking VSG UK Limited. Tacklestore Holdings Limited subsequently became a dormant subsidiary of VSG UK Limited.

PRINCIPAL RISKS AND UNCERTAINTIES

The continued success of the group is subject to a number of risks and we make every effort to minimise the impact or influence these have on the business.

The principal risks that the directors consider the business faces are as follows:

- The ongoing impact of the war in Ukraine and Brexit on UK business with the disruption to imports and exports to the UK resulting in increased costs.

- Bad debts are always an ongoing concern and we continue to be proactive in developing our credit control procedures.

BUSINESS ENVIRONMENT

Focused on ecommerce with the flexibility of multichannel distribution we are operating in an a very competitive market and it is important to us to give the customer options and services to keep us ahead of the competition.

STRATEGY

The group strives to be the UKs leading multichannel provider of Lifting, fall protection and related products driven by the success of our ecommerce websites backed by a full after sales service including inspections, repairs and an ever growing rental fleet.

With established and proven own brands such as LiftinGear.UK, G-Force, Loadsurfer, ActionRam, Strapon and Stairsurfer we are continuing consolidating our position by developing our partnerships with the leading manufacturers in Lifting and fall protection and related products giving the customer a diverse range and a single source solution.

KEY PERFORMANCE INDICATORS

The directors monitor the progress of the group by reference to certain financial and non-financial key performance indicators in the following areas:

- Sales targets and margins

- Cash collected and debtor book

- Website sessions

- Customer satisfaction

- Health and safety

- Staff welfare

- Environmental

ON BEHALF OF THE BOARD:

J Morris - 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 of industrial and safety products.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £3,858,133.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors who have held office during the period from 1 January 2024 to the date of this report are as follows:

M T Hughes - resigned 25 October 2024

J Morris - appointed 25 October 2024

A Stoppelmann - appointed 25 October 2024

J M Warner - appointed 25 October 2024

FINANCIAL INSTRUMENTS

The group uses various financial instruments including loans, cash, equity, capital and various

items such as trade debtors and creditors that arise directly from its operations. The main purpose of

these financial instruments is to raise finance for company operations.

Exposure to foreign currency, credit, liquidity and cash flow interest rate risks arise in the normal

course of the company business. These risks are limited by the company's financial management

policies and practices described below.

Market risk

Market risk encompasses three types of risk being price risk, interest rate risk and currency risk.

Price risk

The group operates in a competitive market. If the group does not continue to compete

effectively by developing its product range and responding to activities in the market it could lose

customers and its results, cash flow and financial conditions could adversely be affected.

Interest rate risk

The group's overdraft and cash at bank incur interest cost or income at market rates and the

group is therefore exposed to interest rate risk. The group is also exposed to interest rate risk

through the impact of rate changes on interest-bearing borrowings. The group's policy is to obtain

the most favourable interest rates available for its borrowings. The group does not use any

derivative instruments to reduce its economic exposure to changes in interest rates.

Foreign currency risk

The group makes purchases from suppliers from a number of suppliers whose invoices are

denominated in currencies other than sterling. The most frequently used currencies other than sterling

are the Euro and the US Dollar.

Credit risk

The group's principal assets are cash deposits and trade debtors. The credit risk associated with

cash deposits is limited as the accounts are held with major UK high street banks only. The principal

credit risk arises therefore from its trade debtors and the company manages closely its exposure to

bad debts by strong credit control, credit checks for new accounts.

Liquidity risk

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet

foreseeable needs and to invest cash assets safely and profitably. The group policy throughout the

year has been to hold cash balances in readily accessible cash deposits.

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;

-	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.

ON BEHALF OF THE BOARD:

J Morris - Director

30 September 2025

Opinion

We have audited the financial statements of Tacklestore Holdings 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 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 pages five and six, 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:

In planning and designing our audit tests, we identify and assess the risks of material mis-statements, whether due to fraud or error. Our risk assessment procedures included:

- Enquiries of management about the entities policies and procedures on compliance with laws and regulations and whether they were aware of any instances of noncompliance together with the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

- Enquiries of management about the entities policies and procedures on fraud risks, including any actual, suspected or alleged fraud.

- Considered the nature of the industry and sector, control environment and business performance including the key drivers for directors' remuneration, bonus levels and performance targets.

- Reading minutes of meetings of those charged with governance.

We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that the entity operates in, through discussions with the director, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statement or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls including the following:

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Enquiry of management concerning actual and potential litigation and claims.

- Reviewing correspondence with HMRC, and the company's legal advisors.

- Addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether judgements made in making accounting estimates are indicative of a potential bias, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all 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.

Andrew Davis FCA (Senior Statutory Auditor)

for and on behalf of Mander Duffill

Chartered Accountants & Statutory Auditor

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

30 September 2025

TURNOVER

28,662,434

26,396,403

Cost of sales

18,194,985

15,906,744

GROSS PROFIT

10,467,449

10,489,659

Administrative expenses

8,983,864

7,310,484

OPERATING PROFIT

5

1,483,585

3,179,175

Interest receivable and similar income

6,283

-

1,489,868

3,179,175

Interest payable and similar expenses

7

36,798

19,035

PROFIT BEFORE TAXATION

1,453,070

3,160,140

Tax on profit

8

228,030

744,661

PROFIT FOR THE FINANCIAL YEAR

1,225,040

2,415,479

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,225,040

2,415,479

Profit attributable to:

Owners of the parent

1,225,040

2,415,479

Total comprehensive income attributable to:

Owners of the parent

1,225,040

2,415,479

FIXED ASSETS

Intangible assets

11

49,600

62,000

Tangible assets

12

1,741,384

1,443,782

Investments

13

-

-

1,790,984

1,505,782

CURRENT ASSETS

Stocks

14

3,252,845

3,761,561

Debtors

15

3,386,868

3,034,539

Cash at bank and in hand

453,954

3,119,700

7,093,667

9,915,800

CREDITORS

Amounts falling due within one year

16

4,281,937

5,134,217

NET CURRENT ASSETS

2,811,730

4,781,583

TOTAL ASSETS LESS CURRENT LIABILITIES

4,602,714

6,287,365

CREDITORS

Amounts falling due after more than one year

17

(496,823

)

(300,679

)

PROVISIONS FOR LIABILITIES

21

(1,040,978

)

(323,417

)

NET ASSETS

3,064,913

5,663,269

CAPITAL AND RESERVES

Called up share capital

22

1,071

1,030

Share premium

23

34,696

-

Retained earnings

23

3,029,146

5,662,239

SHAREHOLDERS' FUNDS

3,064,913

5,663,269

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:

J Morris - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

1,030

1,030

1,030

1,030

CURRENT ASSETS

Debtors

15

34,737

-

NET CURRENT ASSETS

34,737

-

TOTAL ASSETS LESS CURRENT LIABILITIES

35,767

1,030

CAPITAL AND RESERVES

Called up share capital

22

1,071

1,030

Share premium

23

34,696

-

SHAREHOLDERS' FUNDS

35,767

1,030

Company's profit for the financial year

3,858,133

175,004

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:

J Morris - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

1,030

3,421,764

-

3,422,794

Changes in equity

Dividends

-

(175,004

)

-

(175,004

)

Total comprehensive income

-

2,415,479

-

2,415,479

Balance at 31 December 2023

1,030

5,662,239

-

5,663,269

Changes in equity

Issue of share capital

41

-

34,696

34,737

Dividends

-

(3,858,133

)

-

(3,858,133

)

Total comprehensive income

-

1,225,040

-

1,225,040

Balance at 31 December 2024

1,071

3,029,146

34,696

3,064,913

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

1,030

-

-

1,030

Changes in equity

Dividends

-

(175,004

)

-

(175,004

)

Total comprehensive income

-

175,004

-

175,004

Balance at 31 December 2023

1,030

-

-

1,030

Changes in equity

Issue of share capital

41

-

34,696

34,737

Dividends

-

(3,858,133

)

-

(3,858,133

)

Total comprehensive income

-

3,858,133

-

3,858,133

Balance at 31 December 2024

1,071

-

34,696

35,767

Cash flows from operating activities

Cash generated from operations

1

3,151,503

2,963,657

Interest paid

(1,531

)

(2,279

)

Interest element of hire purchase payments paid

(35,267

)

(16,756

)

Tax paid

(1,100,576

)

(267,603

)

Net cash from operating activities

2,014,129

2,677,019

Cash flows from investing activities

Purchase of intangible fixed assets

-

(62,000

)

Purchase of tangible fixed assets

(547,759

)

(361,392

)

Sale of tangible fixed assets

90,897

29,242

Interest received

6,283

-

Net cash from investing activities

(450,579

)

(394,150

)

Cash flows from financing activities

Loan repayments in year

(24,167

)

(10,002

)

Group loan provided

(200,000

)

-

Capital repayments in year

(179,730

)

(149,963

)

Amount withdrawn by directors

(1,884

)

-

Share issue

34,737

-

Equity dividends paid

(3,858,133

)

(175,004

)

Net cash from financing activities

(4,229,177

)

(334,969

)

(Decrease)/increase in cash and cash equivalents

(2,665,627

)

1,947,900

Cash and cash equivalents at beginning of year

2

3,119,581

1,171,681

Cash and cash equivalents at end of year

2

453,954

3,119,581

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

31.12.24

31.12.23

£

£

Profit before taxation

1,453,070

3,160,140

Depreciation charges

617,528

329,321

(Profit)/loss on disposal of fixed assets

(5,523

)

50,046

Dilapidation provision

650,000

-

Finance costs

36,798

19,035

Finance income

(6,283

)

-

2,745,590

3,558,542

Decrease/(increase) in stocks

508,716

(513,599

)

Decrease/(increase) in trade and other debtors

64,702

(427,478

)

(Decrease)/increase in trade and other creditors

(167,505

)

346,192

Cash generated from operations

3,151,503

2,963,657

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

453,954

3,119,700

Bank overdrafts

-

(119

)

453,954

3,119,581

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

3,119,700

1,171,681

Bank overdrafts

(119

)

-

3,119,581

1,171,681

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

and in hand

3,119,700

(2,665,746

)

453,954

Bank overdrafts

(119

)

119

-

3,119,581

(2,665,627

)

453,954

Debt

Finance leases

(419,898

)

179,730

(440,345

)

(680,513

)

Debts falling due

within 1 year

(10,000

)

10,000

-

-

Debts falling due

after 1 year

(14,167

)

14,167

-

-

(444,065

)

203,897

(440,345

)

(680,513

)

Total

2,675,516

(2,461,730

)

(440,345

)

(226,559

)