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REGISTERED NUMBER: 07559928 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

MERCHANT & MILLS LIMITED

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Chartered Accountants' Report | 9 |

MERCHANT & MILLS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | C N K Denham

| R A Field

| REGISTERED OFFICE: | Unit 7-9 Rye Industrial Park

| Rye Harbour Road

| Rye

| East Sussex

| TN31 7TE

| REGISTERED NUMBER: | 07559928 (England and Wales)

| ACCOUNTANTS: | Ashdown Hurrey

| Chartered Accountants & Business Advisers

| 20 Havelock Road

| Hastings

| East Sussex

| TN34 1BP

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

BALANCE SHEET

31 MARCH 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 2,495 |  | 8,408 |  |

Tangible assets | 5 | 1,098,025 |  | 1,133,176 |  |

Investments | 6 | 7,094 |  | 7,094 |  |

1,107,614 |  | 1,148,678 |  |

CURRENT ASSETS

Stocks | 961,862 |  | 796,659 |  |

Debtors | 7 | 175,121 |  | 240,936 |  |

Cash at bank and in hand | 1,156,989 |  | 1,018,938 |  |

2,293,972 |  | 2,056,533 |  |

CREDITORS

Amounts falling due within one year | 8 | 556,204 |  | 393,040 |  |

NET CURRENT ASSETS | 1,737,768 |  | 1,663,493 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,845,382 |  | 2,812,171 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (85,423 | ) | (91,119 | ) |

PROVISIONS FOR LIABILITIES | (28,992 | ) | (30,673 | ) |

NET ASSETS | 2,730,967 |  | 2,690,379 |  |

CAPITAL AND RESERVES

Called up share capital | 4 |  | 4 |  |

Capital redemption reserve | 12 | 4 |  | 4 |  |

Retained earnings | 12 | 2,730,959 |  | 2,690,371 |  |

SHAREHOLDERS' FUNDS | 2,730,967 |  | 2,690,379 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

BALANCE SHEET - continued

31 MARCH 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2025 and were signed on its behalf by:

C N K Denham - Director

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Merchant & Mills 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| On the basis of this consideration, the directors are satisfied that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they consider that no material uncertainty exists. As a result, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements.

| 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 2012, is being amortised evenly over its estimated useful life of five years.

| This has now been amortised fully.

| 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.

| Computer software is being amortised evenly over its estimated useful life of five years.

| Tangible fixed assets

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

| Freehold property | - | 2% on cost

| Improvements to property | - | 2% on cost

| Plant and machinery | - | 25% on reducing balance

| Fixtures and fittings | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 33% on cost

| Stocks

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

| 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.

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

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

| 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 36 (2024 - 32 ) .

4. | INTANGIBLE FIXED ASSETS

| Other |

| intangible |

| Goodwill |  | assets |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024

| and 31 March 2025 | 10,000 |  | 29,564 |  | 39,564 |  |

| AMORTISATION

| At 1 April 2024 | 10,000 |  | 21,156 |  | 31,156 |  |

| Charge for year | - |  | 5,913 |  | 5,913 |  |

| At 31 March 2025 | 10,000 |  | 27,069 |  | 37,069 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  | 2,495 |  | 2,495 |  |

| At 31 March 2024 | - |  | 8,408 |  | 8,408 |  |

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | TANGIBLE FIXED ASSETS

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| COST

| At 1 April 2024 | 254,805 |  | 862,380 |  | 38,852 |  |

| Additions | - |  | 19,537 |  | 6,050 |  |

| At 31 March 2025 | 254,805 |  | 881,917 |  | 44,902 |  |

| DEPRECIATION

| At 1 April 2024 | 45,865 |  | 60,836 |  | 23,533 |  |

| Charge for year | 10,192 |  | 35,277 |  | 4,072 |  |

| At 31 March 2025 | 56,057 |  | 96,113 |  | 27,605 |  |

| NET BOOK VALUE

| At 31 March 2025 | 198,748 |  | 785,804 |  | 17,297 |  |

| At 31 March 2024 | 208,940 |  | 801,544 |  | 15,319 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2024 | 212,152 |  | 14,368 |  | 263,008 |  | 1,645,565 |  |

| Additions | 24,573 |  | - |  | 7,719 |  | 57,879 |  |

| At 31 March 2025 | 236,725 |  | 14,368 |  | 270,727 |  | 1,703,444 |  |

| DEPRECIATION

| At 1 April 2024 | 138,632 |  | 11,369 |  | 232,154 |  | 512,389 |  |

| Charge for year | 19,363 |  | 750 |  | 23,376 |  | 93,030 |  |

| At 31 March 2025 | 157,995 |  | 12,119 |  | 255,530 |  | 605,419 |  |

| NET BOOK VALUE

| At 31 March 2025 | 78,730 |  | 2,249 |  | 15,197 |  | 1,098,025 |  |

| At 31 March 2024 | 73,520 |  | 2,999 |  | 30,854 |  | 1,133,176 |  |

6. | FIXED ASSET INVESTMENTS

| Interest

| in joint

| venture

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 7,094 |  |

| NET BOOK VALUE

| At 31 March 2025 | 7,094 |  |

| At 31 March 2024 | 7,094 |  |

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade debtors | 14,365 |  | 25,614 |  |

| Other debtors | 14,070 |  | 6,941 |  |

| Tax | 141,186 |  | 169,024 |  |

| VAT | - |  | 23,857 |  |

| Prepayments | 5,500 |  | 15,500 |  |

175,121 |  | 240,936 |  |

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Bank loans and overdrafts | 6,755 |  | 6,520 |  |

| Trade creditors | 68,845 |  | 20,000 |  |

| Tax | 196,219 |  | 204,305 |  |

| VAT | 7,693 |  | - |  |

| Other creditors | 1,450 |  | 2,004 |  |

| Accruals and deferred income | 178,912 |  | 93,964 |  |

| Accrued expenses | 96,330 |  | 66,247 |  |

556,204 |  | 393,040 |  |

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Bank loans - 2-5 years | 27,021 |  | 26,082 |  |

| Bank loans more 5 yr by instal | 58,402 |  | 65,037 |  |

85,423 |  | 91,119 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 58,402 |  | 65,037 |  |

10. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 31.3.25 |  | 31.3.24

£ | £ |

| Within one year | 94,450 |  | 94,450 |  |

| Between one and five years | 94,450 |  | 188,900 |  |

188,900 |  | 283,350 |  |

| The company has rental agreements in place on the following properties:-

| 22A Winchelsea Road, Rye, East Sussex.

| Units 7-9, Rye Industrial Park, Rye, East Sussex.

| Unit 13, Rye Industrial Park, Rye, East Sussex.

| Unit 31, Rye Industrial Park, Rye, East Sussex.

| Unit 30, Rye Industrial Park, Rye, East Sussex.

| Units R10- R10A, Rastrum park, Rye, East Sussex.

| 4 The Grove, Rye, East Sussex.

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

11. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.3.25 |  | 31.3.24

£ | £ |

| Bank loans | 92,178 |  | 97,639 |  |

| Barclays Bank PLC have a charge over 14a Tower Street, Rye, East Sussex, TN31 7AT. This property is on the company's balance sheet and where the business conducts its trade from.

12. | RESERVES

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 April 2024 | 2,690,371 |  | 4 |  | 2,690,375 |  |

| Profit for the year | 527,653 |  | 527,653 |  |

| Dividends | (487,065 | ) | (487,065 | ) |

| At 31 March 2025 | 2,730,959 |  | 4 |  | 2,730,963 |  |

13. | ULTIMATE PARENT COMPANY

| The company is controlled by MMXX Estates Limited (company number 12494079), which holds 100% of the issued share capital.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

MERCHANT & MILLS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Merchant & Mills Limited for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Merchant & Mills Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Merchant & Mills Limited and state those matters that we have agreed to state to the Board of Directors of Merchant & Mills Limited, as a body, in this report in accordance with icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Merchant & Mills Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Merchant & Mills Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Merchant & Mills Limited. You consider that Merchant & Mills Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Merchant & Mills Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ashdown Hurrey

Chartered Accountants & Business Advisers

20 Havelock Road

Hastings

East Sussex

TN34 1BP

4 November 2025