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Kandy Works Properties Limited
Registered number: 12913500
Annual report and
financial statements
For the year ended 30 June 2025
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KANDY WORKS PROPERTIES LIMITED
COMPANY INFORMATION
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N A Reed (appointed 1 November 2024)
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D M Bannerman (appointed 1 November 2024)
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Chartered Accountants & Statutory Auditor
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KANDY WORKS PROPERTIES LIMITED
CONTENTS
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Independent Auditor's Report
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Consolidated Statement of Comprehensive Income
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Notes to the Financial Statements
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KANDY WORKS PROPERTIES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
The directors present their Group Strategic Report and the audited financial statements for the year ended 30 June 2025.
The Statement of Comprehensive Income, which is set out on page 13, shows the business turnover increasing from £40.6m to £44.8m, a rise of over 10%.
This rise was primarily in sales to its own customers and marketplace partners. Retail sales also saw an increase, while Wholesale turnover fell. Much of this was due to partners continuing their move away from buying wholesale and towards a direct dispatch model.
Following a thorough review of the factors contributing to the fall in turnover in FY24, changes were made to the design and development process to address some of the desirability issues. In addition, work was done to rebalance the proportion of options and stock intake between the main and mid-season launch. This ensured a stronger customer offer and longer selling window for key styles.
During the year, the Group saw an increase in gross margin from 60.0% to 61.8%. This was the result of selling less product with a discount enabled by the work done to increase the product's appeal.
Marketing expenditure decreased by £0.9m as the Group successfully sought to market more efficiently to its customers. This was assisted by a move towards online marketing, which offers a more agile platform to attract sales than traditional paper-based marketing.
The Group continues to avoid the heavy discounting tactic used by its competitors to engage customers, believing this strategy doesn’t offer a sustainable solution to the headwinds faced in the marketplace. Instead, the Board believes continuing to invest in the brand better serves the Group's long-term interests.
Employment costs rose £0.7m during the year as the Group continued to enhance its team, especially in e-commerce. This aimed, as always, to improve the consumer’s online experience and provide more actionable insights into customers’ online behaviour. The rise in employment costs also reflects external factors, including changes to National Insurance rates and an uplift in the National Minimum Wage, both of which contributed to higher overall payroll expenses.
Overheads were £0.4m favourable year on year, with increases in Rent and Rates charges due to a full year of the White Rose store trading impacting FY25. However, this was offset by significant savings elsewhere. The Group remains committed to monitoring all aspects of expenditure and seeks to be as efficient as possible.
Operating profit increased by £3.6m in the financial year, leading to a profit before tax of £2.0m, and EBITDA increased by £3.6m to £2.5m.
The Group continued holding healthy cash reserves to exploit market opportunities and insure against business shocks.
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KANDY WORKS PROPERTIES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
Business environment
The Group continues to operate in a very competitive market. Many brands provide consumers with clothing, homeware, and accessories through multi-channel models. To insulate against market shifts, the Group constantly monitors its competitors and recognises the need to invest carefully in all areas of its business. This is especially important at the touchpoints the customers have with the label, as this is where the most value can be added to the shopper’s experience.
Emphasis remains on product quality, range, and branding. The Group continues to invest in its website, and while paper marketing remains an important part of its strategy, it is evolving towards a more e-commerce focused plan.
The Group maintains a focus on sustainability, a key concern for its customers and the fashion industry. It has committed to minimising the negative environmental and social impacts associated with manufacturing, transporting, and packaging the goods it sells.
Future developments
The Group will continue to invest in retaining existing customers, reactivating lapsed customers and recruiting new customers. It believes that increasing the number of shoppers and keeping those already engaged with the brand offers the best opportunity to increase sales and profitability.
The Group remains committed to enhancing operational efficiency, supported by robust cost management practices.
Principal risks and uncertainties
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The Group's board has developed a framework for identifying risks and uncertainties that may impact its performance. It focuses on but is not limited to the following:
∙Changing consumer spending habits - this is managed by frequent analysis of external trends, closely monitoring its product sales and the behaviour of its customers, potential customers and competitors.
∙Inflation – the Group recognises that inflation continues to give its customers concerns about their cost of living. It realises that any future prolonged period of inflation will impact consumers’ purchasing habits again as real incomes suffer.
∙Adverse exchange rate fluctuations - the Group is vulnerable to falls in the value of the GBP relative to the USD as many of its suppliers price in USD. To combat this, it purchases USD in advance of the applicable season. However, it recognises that this is a short-term measure and that long-term currency risk and the inherent pressure on prices are best managed by investment in the brand so that consumers’ desire to be associated with its products is as price-inelastic as possible.
∙Supplier failure - the Group endeavours to build strong relationships with its supply base and consistency is continually monitored through various indicators such as scorecards and visits. Any supplier considered at risk of collapse or suffering from issues that may cause severe delays is replaced.
∙Brand reputation - the Group constantly monitors its brand perception via customer interaction and social and traditional media. It also continually invests in the brand to maximise its resilience.
∙Financial risk - the Group maintains a large cash balance to insulate against significant financial shocks. This also ensures that it is not beholden to any lender for its short or long-term financing requirements.
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KANDY WORKS PROPERTIES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
∙Environmental and social concerns - the Group has implemented systems to monitor environmental and social risks within its supply chain. It recognises that failing to manage these risks could severely damage the brand’s reputation.
∙Cybersecurity - the Group has implemented a comprehensive cybersecurity policy which addresses areas such as compliance, data safeguarding and maintaining digital assets.
Financial key performance indicators
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Key performance indicators used by the directors to monitor the Group include the following:
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Gross margin as % of turnover
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Statement of Compliance with Section 172 (1) Companies Act 2006
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The board of directors of Kandy Works Properties Limited consider that both individually and together for the year ended 30 June 2025 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the Group for the benefit of its members as a whole and having regard to the matters set out in s.172 (1) (a) to (f) as below:
a) The likely consequences of any decision in the long term;
b) The interests of the Group’s employees;
c) The need to foster the Group’s business relationships with suppliers, customers and others;
d) The impact of the Group’s operations on the community and the environment;
e) The desirability of the Group maintaining a reputation for high standards of business conduct; and
f) The need to act fairly between members of the Group.
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KANDY WORKS PROPERTIES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
(a) The likely consequences of any decision in the long term:
The directors acknowledge that all decisions should be based on the Group's and its stakeholders' long-term interests. The impact of any decision is discussed, and one of the factors weighed in that discussion is its lasting implications. The Group’s dividend policy reflects this. The effect of the timing and quantum of the dividend is balanced against the interests of the other parties, which are crucial to the sustainability of the business. This ensures that dividends are only paid when they will not detrimentally affect the stakeholders' current or future interests. For example, care is taken to ensure the Group retains enough funds to be able to take advantage of any profitable investments at a later date.
(b) The interests of the Group’s employees:
The directors affirm that the business cannot function without its employees' goodwill, hard work and dedication. It knows that the key to maintaining this relationship is ensuring that the employee’s interests align with the Group’s. The Group regularly seeks the views of colleagues. A senior director chairs an employee forum, attended by employee representatives from all departments who are encouraged to share feedback. The aim is to foster an honest and forthright interaction between all employees. Management provide weekly updates detailing the Group’s performance to its employees. In addition, the directors visit the Group’s other locations regularly.
(c) The need to foster the Group’s business relationships with suppliers, customers and others:
The directors recognise that one of their core responsibilities is to encourage the development of connections with suppliers and customers. Colleagues understand the importance of maintaining fair and respectful relationships with the Group’s partners outside the organisation and that this is crucial to the success of the Group. Suppliers and wholesale customers are engaged regularly to strengthen these bonds. The Group’s board knows it cannot successfully exist without engaging with its customers. The business maintains various social media links and employs colleagues to generate, monitor and respond to posts. It also operates a customer-specific contact centre. Interactions with this service are aggregated and reported upon so that significant problems are pre-empted. The aim is to create an association that generates a lasting willingness to purchase.
(d) The impact of the Group’s operations on the community and the environment:
The directors know the business is nested in its local community and relies on civic amenities to function. It also draws many of its staff from the local area, so fosters good community relations. The Group is investing in sustainability to reduce its environmental impact by incorporating more recycled material into its range and packaging. Furthermore, the Group continues to support local charities through clothing and other donations.
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KANDY WORKS PROPERTIES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
(e) The desirability of the Group maintaining a reputation for high standards of business conduct:
The directors of the Group recognise their essential duty to ensure that the Group complies with the laws and regulations in each of the jurisdictions in which it operates. As part of our commitment to ethical and responsible business practices, the Group is a member of Sedex (Supplier Ethical Data Exchange). This membership supports our efforts to promote transparency, manage risk, and uphold high standards across our supply chain, particularly in areas such as labour rights, health and safety, environmental impact, and business ethics. The directors understand that reputational damage is a significant risk to the Group and strive to ensure that the policies and practices to avoid and mitigate this risk are of the highest standard.
The Group upholds high standards of conduct across all areas of the business. A comprehensive Employee Handbook outlines key policies, including whistleblowing procedures to ensure colleagues can raise concerns safely and confidentially.
(f) The need to act fairly between members of the Group:
The directors know that the Group needs to consider the interests of its members equally. It also recognises that there will be occasions when members' interests are in conflict and that any contest should be resolved to balance those competing interests. Member views are sought if such a situation arises. Any decision taken is documented and explained in an open and accountable way so that all the members can see what actions were taken to reach a settlement.
This report was approved by the board on 27 October 2025 and signed on its behalf.
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KANDY WORKS PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
The directors present their report and the financial statements for the year ended 30 June 2025.
Directors' responsibilities statement
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The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,516,119 (2024 - loss £1,446,745).
Dividends of £Nil (2024: £Nil) were paid to ordinary shareholders during the year.
Going concern
The directors consider the use of the going concern assumption appropriate in preparing these financial statements as they have not identified any factors that may give rise to any uncertainty over the ability of the Group to continue as a going concern.
Sales have increased during the year, the gross margin has improved alongside reduced marketing costs and efficiencies in the cost of taking and dispatching of orders.
The Group continues to have a significant cash position of £8.6m (2024: £7.4m), a strong net current asset position at £12.9m (2024: £11.0m) and net asset position of £16.6m (2024: £15.1m).
The Group’s healthy cash balance at the year-end gives it strength and flexibility, particularly in buying decisions. This, along with the other factors included within the Business Review and Future Developments section of the Strategic Report, supports the director's assessment that no factors give rise to a material uncertainty over the going concern assumption.
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KANDY WORKS PROPERTIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
The directors who served during the year were:
D T Abbott (resigned 27 December 2024)
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N A Reed (appointed 1 November 2024)
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D M Bannerman (appointed 1 November 2024)
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Qualifying third party indemnity provisions
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The Group has made qualifying third-party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this Annual Report.
Greenhouse gas emissions, energy consumption and energy efficiency action
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The Group is required to report its annual greenhouse gas emissions pursuant to the (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 ("Regulations"). The 2018 regulations, known as Streamlined Energy and Carbon Reporting (SECR), came into effect on 1 April 2019, and the Group is required to report the emissions and energy consumption for this year to 30 June 2025 to coincide with the financial reporting period.
Following the location-based methodology, 415,506 kWh (2024: 429,888 kWh) of scope 2 energy and 228,702 kWh (2024: 222,759 kWh) of scope 1 natural gas has been consumed in relation to the Group's UK premises, resulting in 127,860 kgCO2e (2024: 129,751 kgCO2e). In addition, under scope 1, the energy consumption of 32,852 kgCO2e (2024: 35,426 kgCO2) resulted from transport usage. During the year, no specific steps were taken to lower energy consumption.
Emissions per employee have been considered to be an appropriate intensity ratio - average emissions per employee for the year were 908 kgCO2e (2024: 913 kgCO2e), and the Group aims to lower this where possible in future.
Matters covered in the Group Strategic Report
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Certain information is not shown in the Directors’ Report is shown in the Group Strategic Report instead in accordance with Section 414C (11) of the Companies Act 2006. The Strategic Report includes a business review, future developments and information on the Group's key performance indicators.
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Group since the year end.
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KANDY WORKS PROPERTIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 27 October 2025 and signed on its behalf.
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KANDY WORKS PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KANDY WORKS PROPERTIES LIMITED
Opinion
We have audited the financial statements of Kandy Works Properties Limited (the ‘Parent Company’) and its subsidiaries (the 'Group') for the year ended 30 June 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated and Company Statement of Financial Position, Consolidated and Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Group's and Parent Company’s affairs as at 30 June 2025 and of the Group's profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Parent 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 Group's nor Parent Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the consolidated 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.
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KANDY WORKS PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KANDY WORKS PROPERTIES LIMITED
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated 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 consolidated financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the consolidated financial statements are prepared is consistent with the consolidated financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Group and Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the Parent Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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KANDY WORKS PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KANDY WORKS PROPERTIES LIMITED
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 6, the directors are responsible for the preparation of the consolidated 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 consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing the Group's and Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Group or Parent Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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.
Based on our understanding of the Group and the Parent Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the consolidated financial statements: employment regulation, health and safety regulation, and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Group is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Group and the Parent Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the consolidated financial statements, such as tax legislation, pension legislation, and the Companies Act 2006.
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KANDY WORKS PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KANDY WORKS PROPERTIES LIMITED
In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the consolidated financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut off assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the consolidated financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit 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.
Shaun Mullins (Senior Statutory Auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
5th Floor
3 Wellington Place
Leeds
LS1 4AP
28 October 2025
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KANDY WORKS PROPERTIES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
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Interest receivable and similar income
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Profit/(loss) for the financial year
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There were no recognised gains and losses for 2025 or 2024 other than those included in the Consolidated Statement of Comprehensive Income.
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There was no other comprehensive income for 2025 (2024:£NIL).
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The notes on pages 19 to 39 form part of these financial statements.
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EBITDA for the current year was £2,481,020 (2024: £(1,086,604)).
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KANDY WORKS PROPERTIES LIMITED
REGISTERED NUMBER: 12913500
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 October 2025.
The notes on pages 19 to 39 form part of these financial statements.
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KANDY WORKS PROPERTIES LIMITED
REGISTERED NUMBER: 12913500
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the Parent Company for the year was £37,718 (2024: £28,650).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 October 2025.
The notes on pages 19 to 39 form part of these financial statements.
- 15 -
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KANDY WORKS PROPERTIES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
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Comprehensive expense for the year
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Total comprehensive expense for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 19 to 39 form part of these financial statements.
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- 16 -
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KANDY WORKS PROPERTIES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
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Comprehensive expense for the year
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Total comprehensive expense for the year
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Comprehensive expense for the year
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Total comprehensive expense for the year
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The notes on pages 19 to 39 form part of these financial statements.
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- 17 -
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KANDY WORKS PROPERTIES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
Cash flows from operating activities
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Profit/(loss) for the financial year
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Depreciation of tangible assets
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Impairments of fixed assets
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(Increase)/decrease in stocks
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(Increase)/decrease in debtors
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Increase/(decrease) in creditors
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Corporation tax received/(paid)
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Net cash from investing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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- 18 -
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KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Kandy Works Properties Limited ("the Company") is a privately owned company, limited by shares, and incorporated in England and Wales. The Company's registration number is 12913500. The address of its registered office and principal place of business is Kandy Works, Brown Lane East, Leeds, West Yorkshire LS11 0BT.
The principal activity of the Company is that of a holding company.
The principal activity of the Group is that of the sale of women's clothing, men's clothing, homeware and accessories under the Joe Browns brand via a mail order catalogue, its website and stores. The Group also operates a wholesale division which sells to a variety of other businesses ranging from public limited companies to small owner managed retail stores.
2.Accounting policies
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Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
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Parent Company reduced disclosure exemptions
|
The Parent Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
- 19 -
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KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
The directors consider the use of the going concern assumption appropriate in preparing these financial statements as they have not identified any factors that may give rise to any uncertainty over the ability of the Group to continue as a going concern.
Sales have increased during the year, the gross margin has improved alongside reduced marketing costs and efficiencies in the cost of taking and dispatching of orders.
The Group continues to have a significant cash position of £8.6m (2024: £7.4m), a strong net current asset position at £12.9m (2024: £11.0m) and net asset position of £16.6m (2024: £15.1m).
The Group’s healthy cash balance at the year-end gives it strength and flexibility, particularly in buying decisions. This, along with the other factors included within the Business Review and Future Developments section of the Strategic Report, supports the director's assessment that no factors give rise to a material uncertainty over the going concern assumption.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP, rounded to the nearest £1.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
- 20 -
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KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Group has transferred the significant risks and rewards of ownership to the buyer;
∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Royalty income
Royalty income is recognised on an accruals basis in accordance with the substance of the agreements in place.
Rental income
The Company receives rental income. This income is recognised in the Statement of Comprehensive Income on a straight line basis as the provision of rental space is provided.
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Operating leases: the Group as lessee
|
Payments under operating leases relate to the leases undertaken in respect of the three retail stores.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
- 21 -
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KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
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Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
- 22 -
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KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Long-term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Impairment of fixed assets and goodwill
|
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.
- 23 -
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KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
|
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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.
- 24 -
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|
KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
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Financial instruments (continued)
|
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
- 25 -
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KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
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Financial instruments (continued)
|
Basic financial liabilities
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
- 26 -
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|
KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
|
|
Judgements in applying accounting policies and key sources of estimation uncertainty
|
In applying the Company and the Group’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectively involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Critical judgements in applying the accounting policies
The critical judgements that the directors have made in the process of applying the Company and the Group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements are discussed below:
Stock provision
The Group estimates any required impairment to the carrying value of stock by assessing the amount and value of obsolete and slow-moving stock, using their judgement of the future sales value generated by those stock items. Refer to Note 13 for details of impairment losses recognised in stock.
Other sources of estimation uncertainty
Other sources of estimation uncertainty, that are not considered to give rise to an increased risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Royalty income recognition
The Group received royalty income over a period that is not co-terminus with the reporting date. For these periods the Group estimates whether the Group will achieve their targets that generate the royalties and the amount of income that should be recognised, using their judgement based on historical performance.
Determining residual values and useful economic lives of tangible assets
The Group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. Judgement is also applied when determining the residual values for fixed assets. When determining the residual value, the directors have assessed the amount that the Group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.
- 27 -
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KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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An analysis of turnover by class of business is as follows:
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Analysis of turnover by country of destination:
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The operating profit is stated after charging/(crediting):
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Depreciation of tangible fixed assets
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Impairment of tangible fixed assets
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|
Other operating lease rentals
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- 28 -
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KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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During the year, the Group obtained the following services from the Company's auditor:
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Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
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Fees payable to the Company's auditor in respect of:
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Taxation compliance services
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Selling, distribution and office
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The Company has no employees other than the directors, who did not receive any remuneration from the Company (2024 - £NIL). Details of the directors' remuneration from the Group are in the below note.
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- 29 -
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|
KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Group contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 2 directors (2024 - 1) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £321,537 (2024 - £149,726).
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The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £11,515 (2024 - £NIL).
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Other interest receivable
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Current tax on profits for the year
|
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
|
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Adjustment to tax charge in respect of previous periods
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- 30 -
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|
KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
10.Taxation (continued)
|
|
Factors affecting tax charge for the year
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|
The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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Profit/(loss) on ordinary activities before tax
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Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes
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Adjustments to tax charge in respect of prior periods
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Adjustment to tax charge in respect of prior periods - deferred tax
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Total tax charge for the year
|
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Factors that may affect future tax charges
|
There were no factors that may affect future tax charges.
- 31 -
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|
KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 32 -
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KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
11.Tangible fixed assets (continued)
- 33 -
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KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
|
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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Kandy Works, Brown Lane East, Leeds, West Yorkshire, LS11 0BT
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- 34 -
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|
KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
|
|
The difference between purchase price or production cost of stocks and their replacement cost is not material.
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During the year, an impairment of £33,161 (2024: £50,263 reversal) was recognised within cost of sales in the Statement of Comprehensive Income.
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Prepayments and accrued income
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Cash and cash equivalents
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- 35 -
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KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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Charged to profit or loss
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- 36 -
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KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
17.Deferred taxation (continued)
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Charged to profit or loss
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Fixed asset timing differences
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Short term timing differences
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The dilapidation provision is held against 3 stores which matures at varying dates.
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- 37 -
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KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Allotted, called up and fully paid
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11,230 (2024 - 8,511) Ordinary shares of £1.00 each
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Nil (2024 - 2,719) Ordinary A shares of £1.00 each
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All shares have equal voting rights and dividend rights in accordance with the Articles of Association.
On 29 August 2024, all Ordinary A shares were re-designated to Ordinary shares.
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Merger reserve
The merger reserve represents the cumulative reserve movement arising from business combinations.
Profit and loss account
The profit and loss account represents cumulative profits or losses net of dividends declared and other adjustments.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the only aspects Group to the fund and amounted to £200,049 (2024: £109,382). Contributions totalling £31,542 (2024: £20,993) were payable to the fund at the reporting date and are included in creditors.
- 38 -
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KANDY WORKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
In the year to 30 June 2023 the Company issued 463 B ordinary shares at an exercise price of £408 per share. In the current year the Company did not issue any additional share options and no existing share options were exercised. The options can only be exercised on an exit event. As at year end 285 options were exercisable.
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Commitments under operating leases
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At 30 June 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Group has taken advantage of the exemption conferred by FRS 102 Section 33 not to disclose transactions with wholly owned members of the Group.
During the year services were provided to the Group by a related party of £Nil (2024: £22,500). The amount payable at the year end was £Nil (2024: £Nil).
During the year services were provided to the Group by key management personnel of £40,949 (2024: £47,808). The amount payable as at the year end was £4,500 (2024: £5,702).
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The directors do not believe there is a single ultimate controlling party.
- 39 -
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