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REGISTERED NUMBER: 05678953 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

NPS (Shoes) Limited

NPS (Shoes) Limited (Registered number: 05678953)

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 5 |

Report of the Independent Auditors | 7 |

Income Statement | 11 |

Other Comprehensive Income | 12 |

Balance Sheet | 13 |

Statement of Changes in Equity | 14 |

Cash Flow Statement | 15 |

Notes to the Cash Flow Statement | 16 |

Notes to the Financial Statements | 17 |

NPS (Shoes) Limited

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | Dr. C J E Castle

| Mrs J F Tilley

| I J Tilley

| SECRETARY: | Mrs J F Tilley

| REGISTERED OFFICE: | 17 South Street

| Wollaston

| Northamptonshire

| NN29 7RY

| REGISTERED NUMBER: | 05678953 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Andrew Robins

| AUDITORS: | Robins & Co

| 35 St Leonards Road

| Northampton

| NN4 8DL

NPS (Shoes) Limited (Registered number: 05678953)

Strategic Report

for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

The directors present their annual strategic report for the year ended 31 March 2025. The directors are preparing the strategic report have complied with s414c of the Companies Act 2006.

REVIEW OF BUSINESS

The principal activity of the company during the year was the manufacturing and sale of footwear. However, we have expanded our production to include leather goods, accessories, and clothing.

Over the past 21 months, prices of all manufacturing materials have softened due to a global decrease in demand. However, transportation costs remain high due to global events. The business has continued to explore like-for-like alternatives and invest in machinery to manufacture our own components, aiming to maintain or reduce costs while ensuring quality. Our supply chain is now significantly more vertical and therefore more robust than ever before, but this security has come at the cost of these investments.

Our European warehouse is now fully integrated, and all EU sales, both direct-to-consumer and wholesale (starting next year), will be fulfilled from within the EU.

Demand for our products has increased, both for direct-to-consumer sales and wholesale customers. Direct costs have remained stable, allowing us to maintain product prices for both end consumers and retailers. With static wholesale and retail prices over the past five years, we believe our footwear now represents excellent value, which has helped fuel our continued growth in demand and turnover.

Although our European sales are now distinct from our UK and global (excluding Europe) sales, our turnover has increased again, predominantly due to direct-to-consumer sales.

The directors consider the results for the year to be reasonable. They also believe that the continued streamlining of production will allow for higher output without increasing costs.

Demand continues to be strong globally for our products, with a good geographical spread of sales that the directors feel hedges against any local events. We strongly envisage turnover and EBITDA to increase in the forthcoming financial year.

NPS (Shoes) Limited (Registered number: 05678953)

Strategic Report

for the Year Ended 31 March 2025

PRINCIPAL RISKS AND UNCERTAINTIES

There are some risks and uncertainties that can impact the performance of the company, but few are beyond the control of the company and its board. The company monitors market trends and our risks on an ongoing basis. These market changes and risks are the focus of regular management meetings where business performance is reviewed and assessed.

The company is consistently reviewing all its health and safety requirements to ensure that all its workers and visitors to its sites are complying with safe working practices, as amended from time to time.

Liquidity Risks

The company has net current liabilities of £1,011,290 (2024: £1,754,149 liabilities). The management has reviewed future cash flows and considers that it has sufficient cash facilities to enable it to continue to meet its liabilities as they fall due.

Market Risks

The company continues to take measures to control its cost base to minimise any risk.

Credit risks

The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts, estimated by the management based on prior experience, the current economic environment or specific customer issues.

The company has implemented policies that require appropriate credit checks on potential customers or review of existing customer credit history before a sale is made together, many of our customers are on proforma accounts or make payment whilst placing their

online order.

COMPETITIVE PRESSURES

The company continually faces competition in all the markets in which it operates. This competition can arise from various factors, including production capacity, product demand, ease of importation and exportation, and availability of raw materials. To mitigate the adverse effects of these factors, the directors are consistently investing in people, machinery, and processes to improve production output and limit disruptions. Additionally, the company is raising awareness of its brands through ongoing marketing efforts, investing in stock and warehousing to minimize the impact of delays in both material and finished footwear, and mitigating short-term price variations in materials.

To ensure manufacturing is as efficient and cost-effective as possible, the company emphasizes new product development and continually improves the ergonomics of its footwear to appeal to customers and their evolving needs. Moreover, the company is investing in developing internal capabilities for manufacturing components to ensure the supply chain and production processes are as sustainable as possible, considering the ever-changing environmental requirements and legislative demands, as well as customer expectations.

NPS (Shoes) Limited (Registered number: 05678953)

Strategic Report

for the Year Ended 31 March 2025

KEY PERFORMANCE INDICATOR

The company's key performance indicators include turnover (including sales product mix), gross profit margin, EBITDA (being loss before tax, interest, depreciation, and amortisation) and operating cash flow.

The company's key financial and other performance indicators during the year were as follows.

| 2025£'000 |  | 2024£'000 |  | Change*% * |

Turnover (as per note |  | 13,678,767 |  | 11,619,704 |  | 18% |

Gross profit margin |  | 44% |  | 49% |  | -5% |

Demand continues to outstrip our production, but we are investing and working hard to increase our domestic output. Accordingly, we are very optimistic of continued growth and increased EBITDA.

ON BEHALF OF THE BOARD:

Dr. C J E Castle - Director

10 September 2025

NPS (Shoes) Limited (Registered number: 05678953)

Report of the Directors

for the Year Ended 31 March 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIRECTORS

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

Dr. C J E Castle

Mrs J F Tilley

I J Tilley

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Robins & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

NPS (Shoes) Limited (Registered number: 05678953)

Report of the Directors

for the Year Ended 31 March 2025

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Dr. C J E Castle - Director

10 September 2025

Report of the Independent Auditors to the Members of

NPS (Shoes) Limited

Opinion

We have audited the financial statements of NPS (Shoes) Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 31 March 2025 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.

Report of the Independent Auditors to the Members of

NPS (Shoes) Limited

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; or

- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities 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.

Report of the Independent Auditors to the Members of

NPS (Shoes) Limited

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:

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

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

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

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

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

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

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.

Report of the Independent Auditors to the Members of

NPS (Shoes) Limited

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 Robins (Senior Statutory Auditor)

for and on behalf of Robins & Co

35 St Leonards Road

Northampton

NN4 8DL

10 September 2025

NPS (Shoes) Limited (Registered number: 05678953)

Income Statement

for the Year Ended 31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

TURNOVER | 3 | 13,678,767 |  | 11,619,704 |  |

Cost of sales | 7,742,826 |  | 6,092,250 |  |

GROSS PROFIT | 5,935,941 |  | 5,527,454 |  |

Administrative expenses | 2,325,162 |  | 2,287,725 |  |

3,610,779 |  | 3,239,729 |  |

Other operating income | 60,875 |  | 92,907 |  |

OPERATING PROFIT | 5 | 3,671,654 |  | 3,332,636 |  |

Interest receivable and similar income | 150,385 |  | 45,983 |  |

PROFIT BEFORE TAXATION | 3,822,039 |  | 3,378,619 |  |

Tax on profit | 7 | 970,928 |  | 743,430 |  |

PROFIT FOR THE FINANCIAL YEAR | 2,851,111 |  | 2,635,189 |  |

NPS (Shoes) Limited (Registered number: 05678953)

Other Comprehensive Income

for the Year Ended 31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 2,851,111 |  | 2,635,189 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,851,111 |  | 2,635,189 |  |

NPS (Shoes) Limited (Registered number: 05678953)

Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | 1,826,706 |  | 1,812,467 |  |

1,826,706 |  | 1,812,467 |  |

CURRENT ASSETS

Stocks | 11 | 1,669,986 |  | 1,815,745 |  |

Debtors | 12 | 1,291,280 |  | 1,078,045 |  |

Cash at bank | 8,393,313 |  | 6,726,513 |  |

11,354,579 |  | 9,620,303 |  |

CREDITORS

Amounts falling due within one year | 13 | 1,011,290 |  | 1,754,149 |  |

NET CURRENT ASSETS | 10,343,289 |  | 7,866,154 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 12,169,995 |  | 9,678,621 |  |

PROVISIONS FOR LIABILITIES | 14 | 84,948 |  | 74,685 |  |

NET ASSETS | 12,085,047 |  | 9,603,936 |  |

CAPITAL AND RESERVES

Called up share capital | 15 | 100 |  | 100 |  |

Revaluation reserve | 16 | 40,501 |  | 40,501 |  |

Retained earnings | 16 | 12,044,446 |  | 9,563,335 |  |

SHAREHOLDERS' FUNDS | 12,085,047 |  | 9,603,936 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by:

Dr. C J E Castle - Director

NPS (Shoes) Limited (Registered number: 05678953)

Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 April 2023 | 100 |  | 7,228,146 |  | 40,501 |  | 7,268,747 |  |

Changes in equity

Dividends | - |  | (300,000 | ) | - |  | (300,000 | ) |

Total comprehensive income | - |  | 2,635,189 |  | - |  | 2,635,189 |  |

Balance at 31 March 2024 | 100 |  | 9,563,335 |  | 40,501 |  | 9,603,936 |  |

Changes in equity

Dividends | - |  | (370,000 | ) | - |  | (370,000 | ) |

Total comprehensive income | - |  | 2,851,111 |  | - |  | 2,851,111 |  |

Balance at 31 March 2025 | 100 |  | 12,044,446 |  | 40,501 |  | 12,085,047 |  |

NPS (Shoes) Limited (Registered number: 05678953)

Cash Flow Statement

for the Year Ended 31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 3,040,462 |  | 3,702,425 |  |

Tax paid | (1,009,607 | ) | (557,682 | ) |

Net cash from operating activities | 2,030,855 |  | 3,144,743 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (166,584 | ) | (162,933 | ) |

Sale of tangible fixed assets | 22,144 |  | 7,161 |  |

Interest received | 150,385 |  | 45,983 |  |

Net cash from investing activities | 5,945 |  | (109,789 | ) |

Cash flows from financing activities

Equity dividends paid | (370,000 | ) | (300,000 | ) |

Net cash from financing activities | (370,000 | ) | (300,000 | ) |

Increase in cash and cash equivalents | 1,666,800 |  | 2,734,954 |  |

Cash and cash equivalents at beginning of year | 2 | 6,726,513 |  | 3,991,559 |  |

Cash and cash equivalents at end of year | 2 | 8,393,313 |  | 6,726,513 |  |

NPS (Shoes) Limited (Registered number: 05678953)

Notes to the Cash Flow Statement

for the Year Ended 31 March 2025

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Profit before taxation | 3,822,039 |  | 3,378,619 |  |

| Depreciation charges | 126,538 |  | 108,259 |  |

| Loss/(profit) on disposal of fixed assets | 3,663 |  | (7,161 | ) |

| Finance income | (150,385 | ) | (45,983 | ) |

3,801,855 |  | 3,433,734 |  |

| Decrease/(increase) in stocks | 145,759 |  | (424,996 | ) |

| (Increase)/decrease in trade and other debtors | (213,235 | ) | 136,415 |  |

| (Decrease)/increase in trade and other creditors | (693,917 | ) | 557,272 |  |

| Cash generated from operations | 3,040,462 |  | 3,702,425 |  |

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 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 8,393,313 |  | 6,726,513 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 6,726,513 |  | 3,991,559 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 6,726,513 |  | 1,666,800 |  | 8,393,313 |  |

6,726,513 |  | 1,666,800 |  | 8,393,313 |  |

| Total | 6,726,513 |  | 1,666,800 |  | 8,393,313 |  |

NPS (Shoes) Limited (Registered number: 05678953)

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| NPS (Shoes) 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

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

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Freehold property | - | at varying rates on cost

| Plant and machinery | - | Over 4 years

| Fixtures and fittings | - | Over 4 years

| Stocks

| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

NPS (Shoes) Limited (Registered number: 05678953)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| The financial statements are presented in sterling.

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 31.3.25 |  | 31.3.24

£ | £ |

| United Kingdom | 4,076,754 |  | 3,479,829 |  |

| Europe | 2,363,551 |  | 1,985,801 |  |

| North America | 5,573,583 |  | 4,762,957 |  |

| Rest of world | 1,664,879 |  | 1,391,117 |  |

13,678,767 |  | 11,619,704 |  |

4. | EMPLOYEES AND DIRECTORS

| 31.3.25 |  | 31.3.24

£ | £ |

| Wages and salaries | 1,651,118 |  | 1,600,152 |  |

| Social security costs | 82,962 |  | 73,106 |  |

| Other pension costs | 94,672 |  | 92,988 |  |

1,828,752 |  | 1,766,246 |  |

NPS (Shoes) Limited (Registered number: 05678953)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

4. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the year was as follows:

| 31.3.25 |  | 31.3.24

| Administration | 16 |  | 24 |  |

| Manufacturing | 42 |  | 36 |  |

58 |  | 60 |  |

| 31.3.25 |  | 31.3.24

£ | £ |

| Directors' remuneration | 12,000 |  | 12,000 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 31.3.25 |  | 31.3.24

£ | £ |

| Depreciation - owned assets | 126,538 |  | 107,369 |  |

| Loss/(profit) on disposal of fixed assets | 3,663 |  | (7,161 | ) |

| Goodwill amortisation | - |  | 891 |  |

| Foreign exchange differences | 62,662 |  | 51,963 |  |

6. | AUDITORS' REMUNERATION

| 31.3.25 |  | 31.3.24

£ | £ |

| Fees payable to the company's auditors for other services: |

| The auditing of accounts of any associate of the company | 9,500 |  | 10,000 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 31.3.25 |  | 31.3.24

£ | £ |

| Current tax:

| UK corporation tax | 960,665 |  | 839,167 |  |

| Over/Under Provision for PY | - |  | (104,739 | ) |

| Total current tax | 960,665 |  | 734,428 |  |

| Deferred tax | 10,263 |  | 9,002 |  |

| Tax on profit | 970,928 |  | 743,430 |  |

NPS (Shoes) Limited (Registered number: 05678953)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

8. | DIVIDENDS

| 31.3.25 |  | 31.3.24

£ | £ |

| Allotted, called up and fully paid shares of 1 each

| Final | 370,000 |  | 300,000 |  |

9. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 40,136 |  |

| AMORTISATION

| At 1 April 2024

| and 31 March 2025 | 40,136 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | - |  |

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | Plant and |  | and |

| property |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2024 | 1,672,299 |  | 580,907 |  | 100,385 |  | 2,353,591 |  |

| Additions | - |  | 148,699 |  | 17,885 |  | 166,584 |  |

| Disposals | - |  | (100,008 | ) | - |  | (100,008 | ) |

| At 31 March 2025 | 1,672,299 |  | 629,598 |  | 118,270 |  | 2,420,167 |  |

| DEPRECIATION

| At 1 April 2024 | 158,572 |  | 335,940 |  | 46,612 |  | 541,124 |  |

| Charge for year | 26,814 |  | 82,469 |  | 17,255 |  | 126,538 |  |

| Eliminated on disposal | - |  | (74,201 | ) | - |  | (74,201 | ) |

| At 31 March 2025 | 185,386 |  | 344,208 |  | 63,867 |  | 593,461 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,486,913 |  | 285,390 |  | 54,403 |  | 1,826,706 |  |

| At 31 March 2024 | 1,513,727 |  | 244,967 |  | 53,773 |  | 1,812,467 |  |

NPS (Shoes) Limited (Registered number: 05678953)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

11. | STOCKS

| 31.3.25 |  | 31.3.24

£ | £ |

| Raw materials | 177,026 |  | 221,195 |  |

| Work-in-progress | 230,738 |  | 268,212 |  |

| Finished goods | 1,262,222 |  | 1,326,338 |  |

1,669,986 |  | 1,815,745 |  |

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade debtors | 222,584 |  | 473,155 |  |

| Other debtors | 1,033,192 |  | 589,847 |  |

| Prepayments | 35,504 |  | 15,043 |  |

1,291,280 |  | 1,078,045 |  |

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade creditors | 260,781 |  | 886,813 |  |

| Tax | 380,665 |  | 429,607 |  |

| Social security and other taxes | 201,926 |  | 199,587 |  |

| Other creditors | 14,183 |  | 55,373 |  |

| Accruals and deferred income | 153,735 |  | 182,769 |  |

1,011,290 |  | 1,754,149 |  |

14. | PROVISIONS FOR LIABILITIES

| 31.3.25 |  | 31.3.24

£ | £ |

| Deferred tax | 84,948 |  | 74,685 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 74,685 |  |

| Provided during year | 10,263 |  |

| Balance at 31 March 2025 | 84,948 |  |

NPS (Shoes) Limited (Registered number: 05678953)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.3.25 |  | 31.3.24

| value: | £ | £ |

| 100 | Allotted, called up and fully |

| paid | 1 | 100 |  | 100 |  |

16. | RESERVES

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 April 2024 | 9,563,335 |  | 40,501 |  | 9,603,836 |  |

| Profit for the year | 2,851,111 |  | 2,851,111 |  |

| Dividends | (370,000 | ) | (370,000 | ) |

| At 31 March 2025 | 12,044,446 |  | 40,501 |  | 12,084,947 |  |

17. | RELATED PARTY DISCLOSURES

| Entities with control, joint control or significant influence over the entity |  |

| During the year the company made transfers totalling £631,985.61 (2024: NIL) to a company with a connected person as director. At the year end this balance was still outstanding.

| During the year there were also repayments of £125,000 (2024: £125,000) and £35,412 (2024: £35,412) relating to amount outstanding in 2024 to company with a connected person as director. The balance at the year end was NIL as it was fully been paid during the year.