The directors present the strategic report for the year ended 30 April 2025.

The Company is the leading UK luxury kitchen provider in its market sector trading under the Tom Howley brand. The business designs, manufactures, retails and installs its products and engages with customers online with a focused digital marketing approach through its nationwide estate of showrooms and also through home sales visits.

Overall, the Company’s performance in FY25 reflected a combination of positive operational progress and ongoing macroeconomic challenges. Sales decreased by 1% year-on-year to £47.5m (2024: £48.1m). Gross Profit margin improved to 44.0% (2024: 42.7%), driven by continued focus on operational efficiency, margin delivery, and procurement initiatives.

Operating Profit for the year was affected by a £5,955k impairment of an intercompany balance, resulting in an Operating Loss of £477k (2024: Profit £5,910k).

Weak consumer sentiment contributed to a reduction in Order Intake, leading to a decrease in the year-end outstanding order book to £66.3m (2024: £67.3m).

The Company’s cash balance decreased by £3.1m during the year to £1.6m (2024: £4.7m), primarily due to the payment of an inter-group dividend of £5.6m (2024: £nil).

The Company measures performance primarily on EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) before exceptional costs.

Non-recurring items in FY25 are primarily attributable to restructuring costs (employee exit costs and property exit costs).

Supply-side environment

We saw reduced macroeconomic headwinds with stability across labour availability, commodity/input price inflation, energy costs and general inflation. The much publicised and significant increase in UK employer costs post the UK Budget 2025/26 in April’25 (Employers NI and National Minimum Wage increases) has placed considerable pressure on the cost base and employment.

Demand-side environment

The macroeconomic headwinds faced in the prior years persisted and continue to present a challenge for the Company and the broader UK economy. Some of these challenging macro factors that adversely affect consumer confidence and demand included:

• Persistent cost of living challenges (whilst CPI inflation was significantly reduced, it did increase from 2.8% in May ’24 to 4.1% in April '25);

• Bank of England interest rates started the financial year at a 16 year high of 5.25% and positively reduced to 4.25% in May ’25, both considerably greater than the 2009-22 sub 1% range;

• UK mortgage interest rates remain persistently high, in the range of 4-5.5% for much of the financial year (vs 2016-22 range of 2-3%), making larger projects more difficult to finance for consumers;

• Residential property transaction volumes remain significantly down (c.25-35%) when compared to the 5 year average pre-Covid (2015-19);

• Continued instability & low confidence in the new UK Government;

• Continuation of both the Russian led war in Ukraine and the Israel & Hamas war; and

• The USA’s announcement of global trade tariffs in April ’25 creating both supply chain shocks & challenges, and further denting consumer confidence.

The Company’s activities expose it to a number of risks and uncertainties, which are actively monitored by the Board. The principal risks include:

Consumer demand risk

The Company’s performance is influenced by macroeconomic factors impacting discretionary consumer spending. Reduced consumer confidence, higher interest rates or lower property transaction volumes could negatively impact demand. The Directors actively monitor economic conditions, taking decisive actions when necessary.

General economic risk

The Company recognises that wider economic uncertainty, political instability, or geopolitical events may impact consumer confidence and supply chain resilience. The Company continually reviews its forecasts, including potential downside scenarios, to ensure it remains responsive to changes in the external environment.

Fixed cost base risk

Linked to the consumer demand risk, the Company seeks to minimise the risk of carrying fixed costs by structuring expenditure on a variable basis wherever possible. This provides greater flexibility to align costs with trading performance.

Price risk

The Company is exposed to price risk as a result of its operations which are competitive in nature. However, the Directors consider that they are close enough to the market to be able to react quickly to price changes and hence manage the impact on the Company's performance.

Cost and inflation risk

The Company is exposed to cost and inflationary risk in relation to the sourcing of goods, services and labour. Where possible and following commercial consideration, the Company may choose to mitigate some of these risks via fixed price contracts. The Directors actively monitor cost inflation risk and this is a consideration when setting sales prices.

Interest rate risk

The Company finances its operations through a combination of retained profits and borrowings. Exposure to interest rate fluctuations on borrowings is managed through a combination of fixed and floating facilities, with ongoing monitoring of debt structure and covenant compliance.

Liquidity risk

The Company seeks to manage liquidity risk by ensuring it has sufficient resources to meet obligations falling due. This includes running various stress-tested forecast scenarios to ensure that under certain stressed scenarios, the Company remains solvent and capable of discharging its liabilities. The Company takes a prudent view when investing its cash resources and through the careful management of working capital.

Operational risk

The Company’s operations rely on the availability of skilled labour and a resilient supply chain. Labour shortages or supply chain disruption could impact the timely delivery of products and services. The Company mitigates this through workforce planning, training, and diversification of suppliers.

Cyber security and IT resilience risk

The Company relies on its digital platforms and operational IT infrastructure to deliver services effectively. A cyber security breach, system failure, or data loss could result in business interruption, financial loss, regulatory penalties, or reputational damage. The Company mitigates this risk by maintaining robust IT controls, data back-up and recovery procedures, and ongoing monitoring of cyber threats. Regular training and awareness programmes are provided to staff, and external IT specialists are engaged to review and enhance security.

Financial key performance indicators

The Company has a number of key performance indicators used by management in the effective running of the business. These include:

• Monthly measures on generation of leads, orders, turnover and forward order book

• Marketing data and efficiency / conversion ratios

• Operational margins and efficiencies

• Strict cost and overhead controls

• Working capital and cash control measures and reporting

Section 172 statement

In accordance with section 172 of the Companies Act 2006, the Directors confirm they have acted in good faith to promote the success of the Company for the benefit of stakeholders.

Examples during the year included:

• Supporting employees with competitive remuneration and training initiatives.

• Investing in showrooms and digital capabilities to improve customer experience.

• Managing supplier relationships responsibly to ensure continuity of supply.

• Monitoring compliance with financing arrangements to protect shareholder value.

Sustainability and Environmental

The Company recognises its responsibility to operate sustainably and in compliance with applicable laws and regulations.

The Company is committed to minimising environmental impact in its operations and supply chain. During the year, no fines or penalties were incurred in the year in relation to environmental matters. The Company continues to seek efficiencies in areas such as energy use, recycling, and waste reduction.

The Company’s success is underpinned by the commitment and expertise of its employees.

• The Company is proud of its culture of quality, service, and teamwork.

• To support our colleagues, we launched a number of people development programmes to aid the training and development of our current and future leaders in the business.

• Employee retention remains strong, with many long-serving staff across factories, showrooms, and offices.

• The Company promotes openness and engagement, encouraging feedback to shape continuous improvement.

Stakeholders

The Company and Group Board is fully committed to developing and maintaining key stakeholder relationships that include our customers, suppliers, employees and shareholders. The Company and Group always tries to ensure that it has visibility of these relationships at all times so that it can take stakeholder considerations into account when it makes key decisions.

The Company and Group Board are committed to fully communicating the Group’s strategy, objectives, governance and performance with its shareholders.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 April 2025.

The results for the year are set out on page 13.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The Company insures against third party indemnity risks through its Directors' and Officers' (D&O) liability insurance policy.

The Company maintains a policy of offering employment opportunities that are free from discrimination on any grounds, other than unsuitability for the position in question, whether this relates to initial selection for employment promotion or any other employment matter. Equal consideration is given to disabled people, where they have the appropriate experience, qualification and ability to do the job.

We seek to employ staff who will take the opportunity presented to make a positive contribution to the development of the business. The Company also looks to be as open as possible with staff and obtain their feedback. The Group has established an Employee Consultative Committee comprising of representatives across each area of the Group workforce, including the Board of Directors. The Employee Consultative Committee meets periodically, typically once per quarter, and is attended by at least one Group Director.

The Company's strategy is to continue to strengthen its position as the leading provider of quality fitted kitchen furniture for the home throughout the UK in addition to evaluating acquisitional opportunities and international expansion. As the Company primarily drives leads and therefore orders on-line, the business will benefit from both the increased focus by clients on the home and increased digital capability and activity of the Company's target demographics. This will also be supported by its investment into strategically located showrooms.

The Tom Howley brand is benefitting from this strategy and it positions the Company as the 'go to' brand for 'high-end' clients looking to purchase quality luxury kitchen furniture.

The business makes substantial investments in new product developments and has a continual flow of new products being launched to the market reflecting the latest styles and trends for luxury bespoke kitchen furniture.

Tom Howley continues to expand its presence across the UK with the opening of new kitchen furniture showrooms. These showrooms have been identified in strategic locations to take further market share and maintain Tom Howley's position as the leading kitchen furniture provider in its sector of the market.

The business has confirmed a significant number of opportunities to develop its showroom estate across the U.K. The business has also identified future potential opportunities for overseas development.

Saffery LLP have expressed their willingness to continue in office.

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

• state whether applicable UK 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The business review, analysis of key performance indicators, section 172 statement and assessment of financial risk management is included within the Strategic Report.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The Company support a number of national and local charities as well as encouraging employees to support various charity fund raising events.

Charitable donations in FY25 were £2,689 (FY24: £475).

The directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements.

In their consideration of going concern, the directors have reviewed the Group's future cash flow forecasts and profit projections for the year to 30 September 2026, on both a base case and certain sensitised basis, considering the principal risks and uncertainties of the Group.

These forecasts have been prepared based on past experience, the outstanding order book, marketing data and KPI's, market data and expected trading, and they reflect any potential impact of wider market headwinds on trading activity and liquidity. The directors have reviewed these forecasts and have also considered sensitivities in respect of potential downside scenarios and the mitigating actions available to the Group.

Under all scenarios, there was sufficient headroom on covenants and cash headroom. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

We have audited the financial statements of Tom Howley Limited (the 'company') for the year ended 30 April 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

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 course of 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

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

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

• certain disclosures of remuneration specified by law are not made; or

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

As explained more fully in the directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

The income statement has been prepared on the basis that all operations are continuing operations.

Tom Howley Limited is a private company limited by shares incorporated in England and Wales. The registered office is Broadoak Business Park, Ashburton Road West, Trafford Park, Manchester, M17 1RW.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Hartford Topco Limited. These consolidated financial statements are available from its registered office, Broadoak Business Park, Ashburton Road West, Trafford Park, Manchester, M17 1RW.

The directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements.true

In their consideration of going concern, the directors have reviewed the Group's future cash flow forecasts and profit projections for the year to 30 September 2026, on both a base case and certain sensitised basis, considering the principal risks and uncertainties of the Group.

These forecasts have been prepared based on past experience, the outstanding order book, marketing data and KPI's, market data and expected trading, and they reflect any potential impact of wider market headwinds on trading activity and liquidity. The directors have reviewed these forecasts and have also considered sensitivities in respect of potential downside scenarios and the mitigating actions available to the Group.

Under all scenarios, there was sufficient headroom on covenants and cash headroom. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised when the Group has satisfied its performance obligations to the customer, principally being on the practical completion upon delivery and installation of goods manufactured by the Group at a customer's home. These installations typically do not take a significant period of time and no revenue is recognised until practical completion. All costs relating to provision of any third party goods or services are provided for.

The Group produces bespoke luxury designed products and therefore on installation it transfers the significant risks and rewards. Given the bespoke design & manufacturing nature of our products, a customer does not have a right to return a product, except under very limited conditions covered under our terms of sales. In practice this does not occur and as such, a refund liability is not required.

Turnover is measured at the transaction price received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and value added tax.

Goodwill arising on the acquisition trade and assets represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

A provision is made where necessary for obsolete and slow moving stock lines.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, bank overdrafts, and short term balances with group entities arising from day to day cash management.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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

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

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

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

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

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

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

- Useful economic lives of tangible fixed assets for depreciation.

All turnover arose within the United Kingdom.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

The carrying value of land and buildings comprises:

The net book value of tangible fixed assets includes £575k (2024: £781k) in respect of assets held under finance leases or hire purchase contracts.

Stocks are stated after provisions for impairment of £99k (2024: £65k).

Amounts owed by group undertakings are repayable on demand, unsecured and bear no interest.

The trade debtors includes a provision for impairment of £47k (2024: £43k).

Amounts owed to group undertakings are interest free and payable on demand.

Net obligations under hire purchase contracts are secured against the assets to which they relate.

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Employees of the Company are eligible to join the Neville Johnson Limited defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and are detailed above. Contributions totalling £Nil (2024: £Nil) were payable to the fund at the reporting date.

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.

The contingent liability at 30 April 2024 was £7,250k in relation to a joint bank guarantee with the company's parent undertaking at the reporting date, BHID Group Limited. This has been satisfied in full on 10 May 2024. On 10 May 2024 the company entered into a new joint bank guarantee with Hartford Lower Midco Limited and its subsidiaries. The contingent liability at 30 April 2025 was £19,300k.

There is also a composite guarantee and debenture in Hartford Midco Limited and its subsidiaries, providing security over certain assets of the group and including guarantees from specified group companies. The other loans liability at 30 April 2025 was £16,698,429 Fixed Rate Secured A1 Loan Notes 2030 and £3,205,058 Fixed Rate Secured A2 Loan Notes 2030.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Amounts contracted for but not provided in the accounts amounted to £3k (2024: £4k).

The Company has taken advantage of the exemption within FRS 102 (section 33) and has not disclosed transactions with fellow group undertakings.

Management believe that the directors are the key management personnel of the Company.

As at 30 April 2025 the directors consider that the ultimate parent undertaking of the Company is Hartford Topco Limited which is registered in England and Wales. The Third Alcuin Fund Limited Partnership (a fund controlled by Alcuin Capital Partners LLP) hold 74% of the issued share capital in Hartford Topco Limited. The immediate parent undertaking is Neville Johnson Holdings Limited which is registered in England and Wales.