REGISTERED NUMBER: 02707046 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

BERISFORDS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

14

DIRECTORS:

H G Kuny

R Lenzin

P J Bowers

G Parker

M T Roberts

A J Walker

SECRETARY:

A J Walker

REGISTERED OFFICE:

Jubilee Mill

Thomas Street

Congleton

Cheshire

CW12 1EF

REGISTERED NUMBER:

02707046 (England and Wales)

AUDITORS:

George Hay & Company

Chartered Accountants

& Statutory Auditors

83 Cambridge Street

London

SW1V 4PS

The directors present their strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS

The company made an operating profit of £0.79m on reduced revenue of £4.16m after incurring redundancy costs of £0.14m (2023 operating loss £0.74m / revenue £4.91m/ redundancy costs £0.27m). Following year end, the company's parent undertaking waived loans balances owed of £1.48m, which has been recognised in other operating income.

Revenue contracted in the UK and European markets but was flat compared to 2023 in ROW. This reduction in revenue was weighted more towards contract packaging than was the case in prior year. Wholesale activity, whilst subdued, appeared to stabilise after a poor 2023 being affected by continuing weak consumer retail sentiment.

Raw material input costs have remained largely stable in 2023 & 2024 but gross margin (before redundancy costs) contracted to 12.4% (2023: 14.5%) reflecting a combination of revenue contraction, depleted stock and above inflation wage increases. Stock turnover kept within an acceptable range at 2.69x (2023: 2.60x). Administrative costs fell 17% in year through lower payroll related costs arising from headcount reduction and favourable currency gains. Interest charges rose significantly as part of the company's borrowings are exposed to floating rates.

The deterioration in profit and loss, in combination with weaker working capital conversion, led to negative operating cash of £0.20m (2023: £+0.01m). However, days sales outstanding (DSO) based on the count back method marginally improved to 40 days (2023: 43 days). Bank borrowings funded the cash flow within year resulting in an increase in net external debt (note 3 to the financial statements) although the waiver of parent company loan referred to above has improved overall the net asset position in the balance sheet.

SUMMARY OF KEY PERFORMANCE INDICATORS (KPI)

The company's financial key performance indicators used by the directors to assess the performance of the business are illustrated below:

2024

2023

£

£

Revenue

4,162,325

4,906,764

Gross profit margin

9.04%

9.19%

Operating cash flow (indirect method)

(198,509)

13,415

Days sales outstanding (count-back method)

40.1 days

42.9 days

Stock turnover

2.20 times

2.26 times

Company net debt

567,568

1,653,942

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have assessed significant risks faced by the company which include reliance on key customers, price competition, cost pressures, exposure to fashion trends and stock control.

Discretionary retail has been affected by the level of inflation impacting product volumes and market size. Despite this deterioration, the company maintains a strong brand recognition in its domestic market.

General commercial risk is hedged by diversifying across multiple markets and geographies. Price competition from Far East suppliers is partially offset by the company's focus on quality, stock availability and short lead times. Within packaging the company is committed to the delivery of superior service levels including pre-development design of customer be-spoke product.

The company maintains credit insurance to cover the risk of default by its most significant customers. A high proportion of its customer base has traded with the company for many years which informs credit assessments.

The product range is reviewed on a regular basis for under-performing qualities with the last review undertaken in July 2024.

STRATEGY AND GOING CONCERN

Management have reduced headcount by 24 employees (or 30% of the December 2021 headcount) over the last three years whilst trying to maintain productive capacity and a product range. However, overhead savings achieved in recent years have not been sufficient to offset the reduction in contribution margin from lost revenue. The scope for other variable costs savings is limited, whilst there is also a considerable fixed cost associated with the facility/plant. The absence of certainty with regards to the short term outlook for contract/wholesale revenue has also made operational planning difficult. In addition, the company faces further costs challenges including higher employer NIC charges, living wage and increases in utility supply costs. Despite the foregoing, the UK customer list is valuable and relatively stable. As such, the directors, in conjunction with Kuny management, are evaluating a partial and phased relocation of production to eliminate over capacity within the Group. With this plan in place, and the provision of required funding from Group, the directors are assured that the going concern assumption remains a valid accounting basis for these financial statements.

ON BEHALF OF THE BOARD:

P J Bowers - Director

25th September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacturing of ribbons, bows, and textile trimmings.

DIVIDENDS

The directors do not propose the payment of a dividend in respect of 2024 (2023: £nil).

DIRECTORS

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

H G Kuny

R Lenzin

P J Bowers

G Parker

M T Roberts

A J Walker

None of the directors held any interest in the Ordinary shares of £1 each at 1st January or 31st December 2024.

FINANCIAL INSTRUMENTS

Financial assets & liabilities

2024

2023

£

£

Financial assets - measured at amortised cost

666,554

804,930

Financial liabilities - measured at amortised cost

(1,334,115

)

(2,699,490

)

There were no financial assets or liabilities measured at fair value through profit and loss account in either 2024 or 2023.

FINANCIAL RISK MANAGEMENT

The company manages financial risks as follows:

Foreign exchange risk

The company trades in UK Sterling, Euro, US dollars and Swiss Francs. The net exposure in each currency is monitored and managed by the use of forward currency contracts where the exposure is deemed material. Separate currency bank accounts are maintained to minimise transaction costs.

Customer credit risk

The company may offer credit terms to the majority of its customers. To manage risk of default, the company enforces credit limits, uses credit vetting reports, and reviews past trade experience. Credit insurance cover is obtained when available for specific customers.

Liquidity risk

The going concern assumption requires the company to manage its cash flow so as liabilities can be settled as they fall due. Weekly cash flow forecasts are integrated with the company's annual budget or budget revisions. Credit facilities are offered by the company's bankers in the form of asset-based finance and a revolving loan facility referred to in note 12.

Interest rate risk

The company borrows from its bankers and related parties mentioned above. The scale of borrowing does not warrant interest hedging. As such, interest rate risk is only mitigated as surplus cash is used to repay debt. Management also keep the financing structure under review.

ADJUSTING POST BALANCE SHEET EVENT

Following the year end, H Kuny &Cie AG, the company's parent undertaking, agreed to waive loan balances owed to it by the company. Consequently, an amount of £1,484,737 has been recognised in other operating income as an adjusting post balance sheet event (see also notes 6 & 14).

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the 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 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;

-	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.

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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, George Hay & Company, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A J Walker - Director

25th September 2025

Opinion

We have audited the financial statements of Berisfords Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 company's affairs as at 31st December 2024 and of its 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 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 directors are responsible for the other information. The other information comprises the information in the 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

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.

Based on our understanding of the company's operations, we identified that the principal risks of non-compliance with laws and regulations relates to manufacturing operations. We considered the extent to which non-compliance might have a material effect on the financial statements that results in the situation that no further production of goods could be completed. We also considered the relevant laws and regulations that have a direct impact on the preparation of the financial statements.

We are also required to evaluate management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). We found there were no principal risks directly impacting the company's income and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

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

>Evaluating management’s controls designed to prevent and detect irregularities;

>Identifying and testing journals, in particular journal entries posted with unusual account combinations or with

unusual descriptions; and

>Challenging assumptions and judgements made by management in their critical accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those

leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

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.

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.

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 Fox FCA (Senior Statutory Auditor)

for and on behalf of George Hay & Company

Chartered Accountants

& Statutory Auditors

83 Cambridge Street

London

SW1V 4PS

25th September 2025

TURNOVER

3

4,162,325

4,906,764

Cost of production

3,786,198

4,455,991

GROSS PROFIT

376,127

450,773

Administrative expenses

1,116,947

1,337,738

(740,820

)

(886,965

)

Other operating income

1,660,709

151,568

OPERATING PROFIT/(LOSS)

5

919,889

(735,397

)

Interest receivable and similar income

1,054

293

920,943

(735,104

)

Interest payable and similar expenses

7

131,844

112,740

PROFIT/(LOSS) BEFORE TAXATION

789,099

(847,844

)

Tax on profit/(loss)

8

(26,079

)

(6,399

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

815,178

(841,445

)

Retained earnings at beginning of year

(1,328,873

)

(487,428

)

RETAINED EARNINGS AT END OF YEAR

(513,695

)

(1,328,873

)

FIXED ASSETS

Tangible assets

9

1,486,386

1,572,542

Investment property

10

325,000

325,000

1,811,386

1,897,542

CURRENT ASSETS

Stocks

11

1,548,238

1,886,230

Debtors

12

596,269

648,179

Cash at bank

70,285

156,651

2,214,792

2,691,060

CREDITORS

Amounts falling due within one year

13

1,334,114

1,177,782

NET CURRENT ASSETS

880,678

1,513,278

TOTAL ASSETS LESS CURRENT LIABILITIES

2,692,064

3,410,820

CREDITORS

Amounts falling due after more than one year

14

-

(1,521,708

)

PROVISIONS FOR LIABILITIES

17

(759

)

(12,985

)

NET ASSETS

2,691,305

1,876,127

CAPITAL AND RESERVES

Called up share capital

18

3,205,000

3,205,000

Retained earnings

19

(513,695

)

(1,328,873

)

SHAREHOLDERS' FUNDS

2,691,305

1,876,127

The financial statements were approved by the Board of Directors and authorised for issue on 25th September 2025 and were signed on its behalf by:

P J Bowers - Director

Cash flows from operating activities

Cash generated from operations

1

(198,509

)

13,415

Interest paid

(131,950

)

(120,776

)

Interest element of finance lease payments paid

-

(897

)

Tax paid

-

(13,852

)

Net cash from operating activities

(330,459

)

(122,110

)

Cash flows from investing activities

Purchase of tangible fixed assets

(47,099

)

(101,365

)

Sale of tangible fixed assets

2,577

5,606

Interest received

1,054

293

Net cash from investing activities

(43,468

)

(95,466

)

Cash flows from financing activities

Other loan

-

633,399

Lease rental payments

(6,936

)

(16,400

)

Bank loan funding/(repayments) in year

371,247

(423,777

)

Net cash from financing activities

364,311

193,222

Decrease in cash and cash equivalents

(9,616

)

(24,354

)

Cash and cash equivalents at beginning of year

2

63,764

91,605

Effect of foreign exchange rate changes

(1,407

)

(3,487

)

Cash and cash equivalents at end of year

2

52,741

63,764

1.	RECONCILIATION OF PROFIT/(LOSS) FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit/(loss) for the financial year

815,178

(841,445

)

Depreciation charges

131,217

168,790

(Profit)/loss on disposal of fixed assets

(539

)

16,916

Non-operating foreign exchange

(35,565

)

23,909

Waiver of loan balance from group

(1,484,737

)

-

Finance costs

131,844

112,740

Finance income

(1,054

)

(293

)

Taxation

(26,079

)

(6,399

)

(469,735

)

(525,782

)

Decrease in stocks

337,992

175,840

Decrease in trade and other debtors

65,763

408,687

Decrease in trade and other creditors

(132,529

)

(45,330

)

Cash generated from operations

(198,509

)

13,415

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 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

70,285

156,651

Bank overdrafts

(17,544

)

(92,887

)

52,741

63,764

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

156,651

145,778

Bank overdrafts

(92,887

)

(54,173

)

63,764

91,605

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

156,651

(86,366

)

70,285

Bank overdrafts

(92,887

)

75,343

(17,544

)

63,764

(11,023

)

52,741

Debt

Finance leases

(6,936

)

6,936

-

Debts falling due within 1 year

(189,062

)

(371,247

)

(560,309

)

(195,998

)

(364,311

)

(560,309

)

Total

(132,234

)

(375,334

)

(507,568

)

1.	STATUTORY INFORMATION

Berisfords Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are prepared on a historical cost basis except for investment property and currency hedging contracts, which have accounted for at fair value as specified in the accounting policies below.

The financial statements are presented in UK Pound Sterling (£).

Going concern

Following a review of the company's budget and cash flow forecast, the directors believe that the business has adequate financing to continue for the foreseeable future. As such these financial statements have been prepared on a going concern basis.

Significant judgements and estimates

There are no significant judgements or estimates applied in the financial statements other than:

a) Property which is surplus to the manufacturing operation of the Company and can be separately identified as such has been recognised as investment property at open market value on the transition date. The directors are of the opinion that there has been no diminution in value since the transition date and that the open market value approximates to fair value. The deferred tax rate applied on revaluation gains should be the rate expected to apply when the property is sold, which is assumed to be the rate enacted on the balance sheet date.

b) Stock in trade is reviewed annually for impairment associated with obsolescence or slow turnover of product.

Turnover

Turnover, which is stated net of value added tax, is recognised on the transfer of all significant risks and rewards associated with ownership of the goods. This usually arises on or close to the date of invoicing, at which time the company has fulfilled its obligations to make the goods available on an unconditional basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% straight line

Plant and machinery

-

10% straight line

Fixtures and fittings

-

10% straight line

Motor vehicles

-

20% straight line

Office equipment

-

25% straight line

Investment property

Investment property is carried at fair value. Revaluation surpluses are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stock in trade is stated at the lower of cost or net realisable value (selling price less costs to complete and sell). The cost of work in progress and finished goods include materials, labour and an appropriate proportion of production overhead. The directors conduct an annual review for possible impairment losses resulting from slow moving stocks, obsolescence or changes in pricing and foreign exchange rates.

Debtors

Short term trade and other debtors are measured at transaction price less any impairment provision. The company provides for unused annual leave accrued by employees for services rendered in the financial year. Where the amount paid at the balance sheet date exceeds the salary cost payable for the holiday absence, a debtor has been recognised within prepayments.

Impairment of assets

Assets are reviewed for indication of impairment, where the estimated recoverable amount has fallen below the carrying value. In such circumstances, an impairment loss is recognised in the profit and loss account. In the event that there is a subsequent upward revision in estimated recoverable amount, the carrying value of the asset will be increased will be increased by no more than the total of impairment losses arising from prior years. The reversal of impairment losses shall also be recognised in the profit and loss account.

Creditors

Short term trade and other creditors are measured at transaction price. Loans are measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign exchange

The functional and presentation currency is UK Pounds Sterling (£).

Transactions in currencies other than the functional currency are recognised at the spot rate of the transaction (or at a mean average rate where such a rate approximates to the spot rate applicable to the transaction).

Monetary assets and liabilities denominated in currencies other than the functional currency are retranslated at the rate of exchange ruling at the balance sheet date. Exchange differences are recognised in the profit and loss account in the period in which they arise.

Derivative financial instruments

The company hedges against currency fluctuations using open forward currency contracts. Outstanding contracts are recognised at fair value on the basis of the exchange rate quoted at the balance sheet date taking account of the remaining currency and the unexpired period of the contract. Outstanding forward currency contracts are included within other debtors or other creditors as appropriate.

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised when incurred in the profit and loss account.

Leasing and hire purchase commitments

Property, plant and equipment acquired under finance leases and hire purchase contracts are capitalised in the balance sheet and depreciated over their useful lives. The related obligations, net of future finance charges are included in creditors. Lease payments are apportioned between interest charges and reduction of the lease obligation. The interest element of the rental obligations is charged to profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to profit and loss account on a straight line basis over the lease term.

Taxation

Current tax is recognised for the amount of corporation tax payable in respect of the current year or preceding years.

Deferred tax is provided using the liability method to take account of material timing differences between the treatment of certain items for accounts and tax purposes. Deferred tax assets are only 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. The tax expense or income is recognised in the profit and loss account (or equity depending on the nature of the underlying transaction). Deferred tax liabilities are presented within provision for liabilities and charges and deferred tax assets within debtors.

Current and deferred tax is provided at the rates of tax enacted (or substantively enacted) at the reporting date for either the period in which the current tax arises, or in respect of deferred tax, for the period when the timing difference is expected to reverse.

3.

TURNOVER

Turnover analysed by category is as follows:

2024

2023

£

£

Ribbons

2.743.536

2,735,284

Bows

1.416.203

1,969,203

Bindings

2.586

202,277

4,162,325

4,906,764

Turnover is derived from the following markets:

2024

2023

£

£

United Kingdom

3,023,495

3,473,042

Europe

592,510

892,608

America, Australasia and others

546,320

541,114

4,162,325

4,906,764

4.	EMPLOYEES AND DIRECTORS

Directors' emoluments

The total emoluments of the directors of the company, who are also considered to be the key management personnel (including pension contribution and benefits in kind) were:

2024

2023

£

£

Emoluments

297,623

308,081

Pension contributions

38,835

58,569

336,458

366,650

2024

2023

Number of directors to whom retirement

benefits are accruing under money

purchase scheme

3

3

The emoluments of directors disclosed above

include the following amounts paid to the

highest paid director

2024

2023

£

£

Emoluments

82,039

67,366

Pension contributions

8,693

35,124

90,732

102,490

Staff costs (Excluding directors)

2024

2023

£

£

Wages and salaries

1,523,577

2,005,280

Social security costs

181,917

239,745

Pension costs

93,021

115,257

1,798,515

2,360,282

Included in wages and salaries are redundancy related costs of £139,023 (2023: £270,425).

The average number of employees during the year was:

2024

2023

General administration

7

6

Sales and marketing

9

10

Production

49

67

65

85