IRIS Accounts Production v25.3.0.601 00301933 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities true true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Fair value model Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 00301933 2023-12-31 00301933 2024-12-31 00301933 2024-01-01 2024-12-31 00301933 2022-12-31 00301933 2023-01-01 2023-12-31 00301933 2023-12-31 00301933 ns15:EnglandWales 2024-01-01 2024-12-31 00301933 ns14:PoundSterling 2024-01-01 2024-12-31 00301933 ns10:Director1 2024-01-01 2024-12-31 00301933 ns10:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00301933 ns10:MediumEntities 2024-01-01 2024-12-31 00301933 ns10:Audited 2024-01-01 2024-12-31 00301933 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 00301933 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 00301933 ns10:FullAccounts 2024-01-01 2024-12-31 00301933 1 2024-01-01 2024-12-31 00301933 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 00301933 ns10:Director2 2024-01-01 2024-12-31 00301933 ns10:Director3 2024-01-01 2024-12-31 00301933 ns10:Director4 2024-01-01 2024-12-31 00301933 ns10:Director5 2024-01-01 2024-12-31 00301933 ns10:Director6 2024-01-01 2024-12-31 00301933 ns10:Director7 2024-01-01 2024-12-31 00301933 ns10:Director8 2024-01-01 2024-12-31 00301933 ns10:Director9 2024-01-01 2024-12-31 00301933 ns10:Director10 2024-01-01 2024-12-31 00301933 ns10:Director11 2024-01-01 2024-12-31 00301933 ns10:RegisteredOffice 2024-01-01 2024-12-31 00301933 1 2024-01-01 2024-12-31 00301933 1 2023-01-01 2023-12-31 00301933 ns5:CurrentFinancialInstruments 2024-12-31 00301933 ns5:CurrentFinancialInstruments 2023-12-31 00301933 ns5:Non-currentFinancialInstruments 2024-12-31 00301933 ns5:Non-currentFinancialInstruments 2023-12-31 00301933 ns5:ShareCapital 2024-12-31 00301933 ns5:ShareCapital 2023-12-31 00301933 ns5:RevaluationReserve 2024-12-31 00301933 ns5:RevaluationReserve 2023-12-31 00301933 ns5:CapitalRedemptionReserve 2024-12-31 00301933 ns5:CapitalRedemptionReserve 2023-12-31 00301933 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 00301933 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 00301933 ns5:ShareCapital 2022-12-31 00301933 ns5:RetainedEarningsAccumulatedLosses 2022-12-31 00301933 ns5:RevaluationReserve 2022-12-31 00301933 ns5:CapitalRedemptionReserve 2022-12-31 00301933 ns5:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00301933 ns5:RevaluationReserve 2023-01-01 2023-12-31 00301933 ns5:CapitalRedemptionReserve 2023-01-01 2023-12-31 00301933 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 00301933 ns5:RevaluationReserve 2024-01-01 2024-12-31 00301933 ns5:CapitalRedemptionReserve 2024-01-01 2024-12-31 00301933 ns5:NetGoodwill 2024-01-01 2024-12-31 00301933 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 00301933 ns5:ReportableOperatingSegment1 2024-01-01 2024-12-31 00301933 ns5:ReportableOperatingSegment1 2023-01-01 2023-12-31 00301933 ns5:ReportableOperatingSegment2 2024-01-01 2024-12-31 00301933 ns5:ReportableOperatingSegment2 2023-01-01 2023-12-31 00301933 ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount 2024-01-01 2024-12-31 00301933 ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount 2023-01-01 2023-12-31 00301933 ns15:UnitedKingdom 2024-01-01 2024-12-31 00301933 ns15:UnitedKingdom 2023-01-01 2023-12-31 00301933 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2024-01-01 2024-12-31 00301933 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2023-01-01 2023-12-31 00301933 ns10:HighestPaidDirector 2024-01-01 2024-12-31 00301933 ns10:HighestPaidDirector 2023-01-01 2023-12-31 00301933 ns5:OwnedAssets 2024-01-01 2024-12-31 00301933 ns5:OwnedAssets 2023-01-01 2023-12-31 00301933 ns5:ComputerSoftware 2024-01-01 2024-12-31 00301933 ns5:ComputerSoftware 2023-01-01 2023-12-31 00301933 2 2024-01-01 2024-12-31 00301933 2 2023-01-01 2023-12-31 00301933 ns5:NetGoodwill 2023-12-31 00301933 ns5:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 00301933 ns5:ComputerSoftware 2023-12-31 00301933 ns5:NetGoodwill 2024-12-31 00301933 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 00301933 ns5:ComputerSoftware 2024-12-31 00301933 ns5:NetGoodwill 2023-12-31 00301933 ns5:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 00301933 ns5:ComputerSoftware 2023-12-31 00301933 ns5:LandBuildings 2023-12-31 00301933 ns5:LandBuildings ns5:ShortLeaseholdAssets 2023-12-31 00301933 ns5:FurnitureFittings 2023-12-31 00301933 ns5:MotorVehicles 2023-12-31 00301933 ns5:LandBuildings 2024-01-01 2024-12-31 00301933 ns5:LandBuildings ns5:ShortLeaseholdAssets 2024-01-01 2024-12-31 00301933 ns5:FurnitureFittings 2024-01-01 2024-12-31 00301933 ns5:MotorVehicles 2024-01-01 2024-12-31 00301933 ns5:LandBuildings 2024-12-31 00301933 ns5:LandBuildings ns5:ShortLeaseholdAssets 2024-12-31 00301933 ns5:FurnitureFittings 2024-12-31 00301933 ns5:MotorVehicles 2024-12-31 00301933 ns5:LandBuildings 2023-12-31 00301933 ns5:LandBuildings ns5:ShortLeaseholdAssets 2023-12-31 00301933 ns5:FurnitureFittings 2023-12-31 00301933 ns5:MotorVehicles 2023-12-31 00301933 ns5:CostValuation 2023-12-31 00301933 ns5:UnlistedNon-exchangeTraded ns5:CostValuation 2023-12-31 00301933 ns5:UnlistedNon-exchangeTraded 2024-12-31 00301933 ns5:UnlistedNon-exchangeTraded 2023-12-31 00301933 ns5:Subsidiary1 2024-01-01 2024-12-31 00301933 1 ns5:Subsidiary1 2024-01-01 2024-12-31 00301933 ns5:Subsidiary2 2024-01-01 2024-12-31 00301933 ns5:Subsidiary2 3 2024-01-01 2024-12-31 00301933 ns5:Subsidiary3 2024-01-01 2024-12-31 00301933 5 ns5:Subsidiary3 2024-01-01 2024-12-31 00301933 ns5:Subsidiary4 2024-01-01 2024-12-31 00301933 7 ns5:Subsidiary4 2024-01-01 2024-12-31 00301933 ns5:Subsidiary5 2024-01-01 2024-12-31 00301933 ns5:Subsidiary5 9 2024-01-01 2024-12-31 00301933 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 00301933 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 00301933 ns5:BetweenOneTwoYears ns5:Non-currentFinancialInstruments 2024-12-31 00301933 ns5:BetweenOneTwoYears ns5:Non-currentFinancialInstruments 2023-12-31 00301933 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2024-12-31 00301933 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2023-12-31 00301933 ns5:WithinOneYear 2024-12-31 00301933 ns5:WithinOneYear 2023-12-31 00301933 ns5:BetweenOneFiveYears 2024-12-31 00301933 ns5:BetweenOneFiveYears 2023-12-31 00301933 ns5:AllPeriods 2024-12-31 00301933 ns5:AllPeriods 2023-12-31 00301933 ns5:Secured 2024-12-31 00301933 ns5:Secured 2023-12-31 00301933 ns5:TaxLossesCarry-forwardsDeferredTax 2024-12-31 00301933 ns5:TaxLossesCarry-forwardsDeferredTax 2023-12-31 00301933 ns5:DeferredTaxation 2023-12-31 00301933 ns5:DeferredTaxation 2024-01-01 2024-12-31 00301933 ns5:DeferredTaxation 2024-12-31 00301933 ns10:OrdinaryShareClass1 2024-12-31 00301933 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 00301933 ns5:RevaluationReserve 2023-12-31 00301933 ns5:CapitalRedemptionReserve 2023-12-31 00301933 ns5:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-01-01 2024-12-31 00301933 ns5:OtherRelatedParties 2024-01-01 2024-12-31 00301933 ns5:OtherRelatedParties 2023-01-01 2023-12-31 00301933 1 2024-01-01 2024-12-31

REGISTERED NUMBER: 00301933 (England and Wales)

| BRADSHAW TAYLOR LTD. |

| STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2024 |

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

| Page |

Company Information | 1 |

Strategic Report | 2 |  | to |  | 5

Report of the Directors | 6 |  | to |  | 7

Report of the Independent Auditors | 8 |  | to |  | 10

Income Statement | 11 |

Other Comprehensive Income | 12 |

Statement of Financial Position | 13 |

Statement of Changes in Equity | 14 |

Notes to the Financial Statements | 15 |  | to |  | 26

BRADSHAW TAYLOR LTD.

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | M E Taylor

| A M Taylor

| C E B Cavell-Taylor

| N J Toothill

| S Prior

| N J Vance

| J Hewetson

| J S McEuen

| M L Janssen

| W Fowler

| S Del Zotto

| REGISTERED OFFICE: | 16 Mill Street

| Oakham

| Rutland

| LE15 6EA

| REGISTERED NUMBER: | 00301933 (England and Wales)

| AUDITORS: | Duncan & Toplis Audit Limited, Statutory Auditor

| 14 All Saints Street

| Stamford

| Lincolnshire

| PE9 2PA

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

REVIEW OF BUSINESS

Strategic Management

The company's strategy is to develop individual brands within the United Kingdom, Europe and other markets.

The company has five key brands. Three are distributed in the UK on an exclusive basis (Schöffel Country, KEEN Footwear and Schöffel Ski). Two are owned brands which are being developed for the future (Sherpa Adventure Gear and Artilect).

The company operates in the UK, Europe and the USA and is gaining traction in all three markets. The company services two market sectors - the country market (with Schöffel Countrywear) and the outdoor and ski market (with KEEN, Artilect, Sherpa Adventure Gear and Schöffel Ski).

The Country Market

Schöffel Countrywear is growing strongly in the D2C market in the UK and is now starting to gain traction in the European country market. In the US, Schöffel Country has established a bridgehead with the key country retailers with the launch of a D2C offer in 2024.

The Outdoor and Ski Market

Schöffel Ski is successfully distributed into the UK market and is established as the No 2 premium ski brand in the UK. Keen Footwear is distributed into the UK market to both outdoor retailers and the lifestyle footwear market where the brand is growing strongly.

Sherpa Adventure Gear has a small but vibrant position in the US market with many of the key American premium outdoor retailers and Sherpa enjoys a similar position in the European outdoor market, represented by key outdoor retailers from Scandinavia, Benelux and Germany.

Artilect is a premium technical performance-based brand, created in 2020, and has established a strong following with the core European retailers in Scandinavia, Benelux, Germany and Switzerland.

Business Environment

Trading remains constrained by the competitive environment in wholesale and retail sectors due to the on-going challenges faced by the economy with higher inflation, interest rates, the war in Ukraine and uncertainty with international tariffs.

Business Performance

The board consider that the key performance indicators for the company are those that communicate the financial performance and strength of the company as a whole. The key financial highlights are as follows:

| 2024 |  | 2023 |  | Change |

| £m |  | £m |  | % |

Revenue |  | 24.8 |  | 26.0 |  | -4.5% |

Gross Profit |  | 11.4 |  | 10.3 |  | 11.4% |

Gross Margin % |  | 46.1% |  | 39.5% |  | 16.7% |

EBITDA before exceptional items |  | 1.5 |  | 1.4 |  | 8.3% |

Profit/(loss) on ordinary items before taxation |  | 0.1 |  | (1.5) |  | 106.6% |

Overall revenues declined in year due to the sale of the retail operations and discontinuing non-core brands and markets. Revenue for continuing operations was £24.6m which was consistent with the prior year (2023: £24.6m).

The D2C channel increased 31.9% to £8.2m (2023: £6.2m) accounting for 36% of continuing product sales (2023: 27%).

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Revenue: Continuing and Discontinuing Operations

| Continuing |  | Discontinued |  | 2024 |

| Operations |  | Operations |  | Total |

| £m |  | £m |  | £m |

Product sales |  | 23.0 |  | 0.2 |  | 23.2 |

Service contract income |  | 1.6 |  | - |  | 1.6 |

Total revenue |  | 24.6 |  | 0.2 |  | 24.8 |

United Kingdom |  | 23.8 |  | 0.2 |  | 24.0 |

Europe |  | 0.6 |  | - |  | 0.6 |

Rest of the world |  | 0.2 |  | - |  | 0.2 |

Total revenue |  | 24.6 |  | 0.2 |  | 24.8 |

Business to business (B2C) |  | 14.8 |  | 0.2 |  | 15.0 |

Direct to consumer (D2C) |  | 8.2 |  | - |  | 8.2 |

Retail operation |  | - |  | - |  | - |

Total product sales |  | 23.0 |  | 0.2 |  | 23.2 |

| Continuing |  | Discontinued |  | 2023 |

| Operations |  | Operations |  | Total |

| £m |  | £m |  | £m |

Product sales |  | 23.2 |  | 1.4 |  | 24.6 |

Service contract income |  | 1.4 |  | - |  | 1.4 |

Total revenue |  | 24.6 |  | 1.4 |  | 26.0 |

United Kingdom |  | 23.6 |  | 1.4 |  | 25.0 |

Europe |  | 0.8 |  | - |  | 0.8 |

Rest of the world |  | 0.2 |  | - |  | 0.2 |

Total revenue |  | 24.6 |  | 1.4 |  | 26.0 |

Business to business (B2C) |  | 17.0 |  | 0.9 |  | 17.9 |

Direct to consumer (D2C) |  | 6.2 |  | 0.3 |  | 6.5 |

Retail operation |  | - |  | 0.2 |  | 0.2 |

Total product sales |  | 23.2 |  | 1.4 |  | 24.6 |

| Continuing |  | Discontinued |  | Total |

| Change |  | Change |  | Change |

| % |  | % |  | % |

Product sales |  | -1.0% |  | -87.4% |  | -5.8% |

Service contract income |  | 18.5% |  | n/a |  | 18.5% |

Total revenue |  | 0.1% |  | -87.4% |  | -4.5% |

United Kingdom |  | 1.2% |  | -87.4% |  | -3.7% |

Europe |  | -27.1% |  | n/a |  | -27.1% |

Rest of the world |  | -15.0% |  | n/a |  | -15.0% |

Total revenue |  | 0.1% |  | -87.4% |  | -4.5% |

Business to business (B2C) |  | -13.0% |  | -83.8% |  | -16.4% |

Direct to consumer (D2C) |  | 31.9% |  | -87.5% |  | 26.6% |

Retail operation |  | n/a |  | -100.0% |  | -100.0% |

Total product sales |  | -1.0% |  | -87.4% |  | -5.8% |

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks arising from the company's activities are liquidity risk, currency risk, interest rate risk and credit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.

Liquidity risk

Liquidity risk is the risk that the company is unable to meet its payment obligations associated with its liabilities as they fall due. The company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the company's reputation. The company determines its liquidity requirements by the use of cash flow forecasts. On at least an annual basis, the board reviews and approves any funding requirements of the company which they continue to monitor and review on an ongoing basis.

Currency risk

Currency risk is managed by appropriate use of forward currency contracts.

Interest rate risk

Interest rate risk is managed by regular review of fixed and variable rate facilities available from the company's bankers.

Credit risk

Credit risk is managed by constant monitoring of the creditworthiness of customers and by identifying and addressing any credit issues in a timely manner.

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)

Environmental

We are measuring our Corporate Carbon Footprint in emissions scope 1, 2 and 3. We expect to have a full assessment of our full year 2024 impact by Q4 of 2025. Our climate work in scope 3 will bring us product level carbon footprints. This data will enable us to assess our potential reductions required for a move to net-zero with the near term (2030) and far term (2050) targets. If our potential reductions are in line with the promises required, we will file both intent and targets with the Science Based Targets Initiative. Once our commitments to reduction are in place, we will complete an action plan for our reductions across those scopes. We will then look to our strategies for carbon mitigation and removal. We would like these investments to be in projects that are close to our outdoor community and in the countries in which we manufacture our products.

Building on our assessments from last year, we are continuing to develop our supply chain and are maintaining our drive to move more of our business to manufacturing partners that share our values and understand the impact they have on the planet. We continue a progressive 'move to natural' with increased use of natural fibres that are wherever possible certified for responsible, fair and sustainable sourcing. Similarly, we continue to seek to use in our manufacturing renewable and recycled content in any styles that are not natural fibre based.

Key suppliers have signed up to our Vendor Compliance Manual and Operations Guide which highlights our required ESG standards, including factory auditing. We will build further on those Vendor assessments to demand more transparency and performance from our supply chain.

We constantly look to improve our business efficiency and reduce our impact on the planet. Specific areas of focus have been:

- Business travel

- Employee commuting

- Electricity and gas (energy usage)

- Vehicle fleet.

- Materials used in our product collections

- Vendor locations, fabric sources and ethics

- Packaging reuse and recycling

We set an ethos of being a responsible company, and we work hard to reduce waste in all its forms.

Social

We are committed to investing in our staff and where possible we promote from within and have a very local workforce.

We are assessing and benchmarking our company performance for workers to ensure that we offer the right benefits and policies to support our staff. This includes reviews of bonus structures, sick pay, parental leave, career development opportunity/investment and other such areas. Staff will be given feedback opportunities to make comments or suggestions.

During the year we donated to various charitable causes including Room to Read, The Game and Wildlife Conservation Trust and other local charities.

Governance

The directors meet regularly on at least a monthly basis both in person and via video-calls to monitor operational performance and to make strategic decisions to address the macroeconomic environment and other challenges affecting the business.

ON BEHALF OF THE BOARD:

C E B Cavell-Taylor - Director

8 November 2025

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of the sale of specialist clothing and footwear and group strategy and admin.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

M E Taylor

A M Taylor

C E B Cavell-Taylor

N J Toothill

S Prior

N J Vance

J Hewetson

J S McEuen

M L Janssen

Other changes in directors holding office are as follows:

W Fowler - appointed 30 October 2024

S Del Zotto - appointed 30 October 2024

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise cash, bank term borrowings, bank import loans and overdraft, trade debtors and trade creditors.

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.

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

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.

ON BEHALF OF THE BOARD:

C E B Cavell-Taylor - Director

8 November 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BRADSHAW TAYLOR LTD.

Opinion

We have audited the financial statements of Bradshaw Taylor Ltd. (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 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 December 2024 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

- | certain disclosures of directors' remuneration specified by law are not made; or

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BRADSHAW TAYLOR LTD.

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, reperforming the calculation and reviewing the outcome of current year estimates since the financial reporting date.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and safety regulations, consumer rights and employment law.

Our work included a review of relevant correspondence within the year for any evidence of non-compliance and reading minutes of meetings of those charged with governance. In addition, an assessment of the company's legal expenses and possible contingencies was performed. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

BRADSHAW TAYLOR LTD.

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.

Alistair Main BFP FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

10 November 2025

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

REVENUE | 3 | 24,789,128 |  | 25,969,595 |  |

Cost of sales | 13,366,029 |  | 15,713,051 |  |

GROSS PROFIT | 11,423,099 |  | 10,256,544 |  |

Distribution costs | 1,012,605 |  | 1,099,946 |  |

Administrative expenses | 9,986,412 |  | 8,901,121 |  |

|  |  | 10,999,017 |  |  |  |  | 10,001,067 |  |

424,082 |  | 255,477 |  |

Other operating income | 4 | 477,835 |  | 531,552 |  |

OPERATING PROFIT | 6 | 901,917 |  | 787,029 |  |

Exceptional income | 7 | - |  | 434,240 |  |

Exceptional costs | 7 | (21,790 | ) | (994,156 | ) |

880,127 |  | 227,113 |  |

Interest receivable and similar income | 253,688 |  | 191,914 |  |

1,133,815 |  | 419,027 |  |

Loss on revaluation of assets | - |  | (750,933 | ) |

1,133,815 |  | (331,906 | ) |

Interest payable and similar expenses | 8 | 1,032,092 |  | 1,197,855 |  |

PROFIT/(LOSS) BEFORE TAXATION | 101,723 |  | (1,529,761 | ) |

Tax on profit/(loss) | 9 | 37,032 |  | (142,903 | ) |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 64,691 |  | (1,386,858 | ) |

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

PROFIT/(LOSS) FOR THE YEAR | 64,691 |  | (1,386,858 | ) |

OTHER COMPREHENSIVE INCOME |

Revaluation of freehold property | - |  | 1,344,079 |  |

Income tax relating to other comprehensive income | - |  | 14,000 |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | - |  | 1,358,079 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 64,691 |  | (28,779 | ) |

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 315,505 |  | 361,716 |  |

Property, plant and equipment | 11 | 3,142,266 |  | 3,408,893 |  |

Investments | 12 | 2,917,519 |  | 2,917,519 |  |

Investment property | 13 | 620,000 |  | 620,000 |  |

6,995,290 |  | 7,308,128 |  |

CURRENT ASSETS

Inventories | 14 | 6,514,370 |  | 9,697,044 |  |

Debtors | 15 | 14,072,356 |  | 17,698,743 |  |

Cash at bank and in hand | 1,521,943 |  | 1,396,557 |  |

22,108,669 |  | 28,792,344 |  |

CREDITORS

Amounts falling due within one year | 16 | 18,868,075 |  | 26,374,513 |  |

NET CURRENT ASSETS | 3,240,594 |  | 2,417,831 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 10,235,884 |  | 9,725,959 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (3,618,766 | ) | (3,210,564 | ) |

PROVISIONS FOR LIABILITIES | 22 | (189,235 | ) | (152,203 | ) |

NET ASSETS | 6,427,883 |  | 6,363,192 |  |

CAPITAL AND RESERVES

Called up share capital | 23 | 6,183 |  | 6,183 |  |

Revaluation reserve | 24 | 1,968,530 |  | 1,968,530 |  |

Capital redemption reserve | 24 | 20,821 |  | 20,821 |  |

Retained earnings | 24 | 4,432,349 |  | 4,367,658 |  |

SHAREHOLDERS' FUNDS | 6,427,883 |  | 6,363,192 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 8 November 2025 and were signed on its behalf by:

C E B Cavell-Taylor - Director

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |  | Capital |

| share |  | Retained |  | Revaluation |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2023 | 6,183 |  | 5,736,833 |  | 628,134 |  | 20,821 |  | 6,391,971 |  |

Changes in equity

Total comprehensive income | - |  | (1,386,858 | ) | 1,358,079 |  | - |  | (28,779 | ) |

Transfer | - |  | 17,683 |  | (17,683 | ) | - |  | - |  |

Balance at 31 December 2023 | 6,183 |  | 4,367,658 |  | 1,968,530 |  | 20,821 |  | 6,363,192 |  |

Changes in equity

Total comprehensive income | - |  | 64,691 |  | - |  | - |  | 64,691 |  |

Balance at 31 December 2024 | 6,183 |  | 4,432,349 |  | 1,968,530 |  | 20,821 |  | 6,427,883 |  |

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Bradshaw Taylor Ltd. 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows.

| The company is a subsidiary of Cavell Taylor Holdings Limited. Consolidated financial statements of Cavell Taylor Holdings Limited can be obtained from:

| Companies House

| Crown Way

| Cardiff

| CF14 3UZ

| Preparation of consolidated financial statements

| The financial statements contain information about Bradshaw Taylor Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Cavell Taylor Holdings Limited, 16 Mill Street, Oakham, Rutland, LE15 6EA.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Significant judgements and estimates

| In the application of the company's accounting policies, management are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| 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.

| The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

| i) Stock provision:

| The company sells outdoor clothing and is subject to changing consumer demands and economic trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management consider the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods.

| ii) Bad debt provision

| The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other receivables, management consider factors including the credit rating of the receivable, the aging profile of receivables and historical experience. The bad debt provision is netted off against the overall trade debtor amount.

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| iii) Sales return provision

| The sales return provision is estimated on the basis of historical return and after date sales analysis. The provision is recorded to allocate the returns to the same period in which the revenue is recorded. A sales return provision has been recognised in accruals.

| Revenue

| Revenue represents amounts receivable for the supply of goods and services and is net of VAT and trade discounts. Product revenue is recognised on the delivery of products to wholesale customers and on the sale of products to retail customers.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

| Other intangible assets

| Patents and licences are carried at cost and are reviewed for impairment in value at each reporting date.

| Brands are held at cost less accumulated amortisation and impairment losses and are to be amortised evenly over their estimated useful life of 10 years.

| Property, plant and equipment

| The company has adopted a policy of revaluing freehold property. The revalued amounts equate to the fair value at the date of the revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so the carrying amounts do not materially differ from the fair value at the statement of financial position date. Any revaluation surplus on freehold property is recognised through other comprehensive income in the revaluation reserve.

| The directors are of the opinion that the residual value of the freehold property is such that depreciation would not be material.

| Plant and equipment assets are held at cost less accumulated depreciation and impairment losses.

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

| Short leasehold property |  | - 20% on cost |  |

| Improvements to property |  | - 12.5% on cost |  |

| Fixtures and fittings |  | - at varying rates between 10% and 33% on cost |  |

| Motor vehicles |  | - 20% on cost |  |

| Investments

| Investments in subsidiary undertakings are recognised at cost less accumulated impairment losses.

| In the absence of available market data to determine fair value, other unlisted investments are recognised at cost less accumulated impairment losses.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Inventories

| Inventories are stated at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving and obsolete items. Cost includes the product cost, import duties and inward carriage costs. Inventories are accounted for on a first-in-first-out basis.

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

| 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 the income statement.

| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

| Such assets are subsequently carried at fair value and the changes in fair value are recognised in the income statement, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

| Basic financial liabilities, including trade and other creditors, bank loans, loans from related companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

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

| Derivative financial instruments

| Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value through the income statement.

| The company uses forward exchange contracts to mitigate the company's exposure to foreign exchange risks. The fair value is determined using valuation techniques that utilise observable inputs. The key assumptions used in valuing the derivatives are the forward exchange rates.

| 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 statement of financial position date.

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 financial reporting 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 the income statement in the period to which they relate.

3. | REVENUE

| The revenue and profit (2023 - loss) before taxation are attributable to the principal activities of the company.

| An analysis of revenue by class of business is given below:

| 2024 |  | 2023

£ | £ |

| Product sales | 23,191,887 |  | 24,621,999 |  |

| Service contract income | 1,597,241 |  | 1,347,596 |  |

24,789,128 |  | 25,969,595 |  |

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

| 2024 |  | 2023

£ | £ |

| United Kingdom | 24,180,803 |  | 24,926,520 |  |

| Europe | 423,740 |  | 825,800 |  |

| Rest of the World | 184,585 |  | 217,275 |  |

24,789,128 |  | 25,969,595 |  |

4. | OTHER OPERATING INCOME

| 2024 |  | 2023

£ | £ |

| Rents received | 172,044 |  | 154,143 |  |

| Recharges and sundry receipts | 98,209 |  | 83,793 |  |

| Management charges | 207,582 |  | 293,616 |  |

477,835 |  | 531,552 |  |

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

5. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 3,530,057 |  | 3,191,616 |  |

| Social security costs | 300,662 |  | 260,852 |  |

| Other pension costs | 145,176 |  | 97,356 |  |

3,975,895 |  | 3,549,824 |  |

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

| 2024 |  | 2023

| Directors | 10 |  | 10 |  |

| Marketing, administration and warehouse | 82 |  | 87 |  |

92 |  | 97 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 503,899 |  | 256,816 |  |

| Directors' pension contributions to money purchase schemes | 26,178 |  | 18,321 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 7 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 2024 |  | 2023

£ | £ |

| Emoluments etc | 88,062 |  | 78,999 |  |

| Pension contributions to money purchase schemes | 4,312 |  | 12,061 |  |

6. | OPERATING PROFIT

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

| 2024 |  | 2023

£ | £ |

| Depreciation - owned assets | 432,969 |  | 521,017 |  |

| Loss on disposal of fixed assets | 85,567 |  | - |  |

| Brands amortisation | 46,211 |  | 46,198 |  |

| Auditors' remuneration | 54,392 |  | 32,819 |  |

| Foreign exchange differences | (53,080 | ) | 67,465 |  |

7. | EXCEPTIONAL INCOME/(COSTS)

|  | 2024 |  |  | 2023 |  |

|  | £ |  |  | £ |  |

| Exceptional income |  |

| Profit on sale of retail outlets |  |  | - |  |  | 434,240 |  |

| Exceptional costs |  |

| Legal fees for closed operations |  |  | (21,790 | ) |  | - |  |

| Exceptional stock write-offs and provisions |  |  | - |  |  | (641,394 | ) |

| Exceptional foreign exchange losses |  |  | - |  |  | (352,762 | ) |

|  | (21,790 | ) |  | (994,156 | ) |

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Bank interest | 138,386 |  | 31,006 |  |

| Bank loan interest | 882,203 |  | 1,056,752 |  |

| Other interest paid | 11,503 |  | 110,097 |  |

1,032,092 |  | 1,197,855 |  |

9. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the profit for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Deferred tax | 37,032 |  | (142,903 | ) |

| Tax on profit/(loss) | 37,032 |  | (142,903 | ) |

| Reconciliation of total tax charge/(credit) included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Profit/(loss) before tax | 101,723 |  | (1,529,761 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) | 25,431 |  | (382,440 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 12,692 |  | 196,400 |  |

| Depreciation in excess of capital allowances | 6,409 |  | 43,137 |  |

| Utilisation of tax losses | (7,500 | ) | - |  |

| Total tax charge/(credit) | 37,032 |  | (142,903 | ) |

| Tax effects relating to effects of other comprehensive income |

| There were no tax effects for the year ended 31 December 2024.

| 2023 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation of freehold property | 1,344,079 |  | 14,000 |  | 1,358,079 |  |

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

10. | INTANGIBLE FIXED ASSETS

| Patents |

| and |

| Goodwill |  | licences |  | Brands |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024

| and 31 December 2024 | 25,000 |  | 12,392 |  | 461,980 |  | 499,372 |  |

| AMORTISATION

| At 1 January 2024 | 25,000 |  | - |  | 112,656 |  | 137,656 |  |

| Amortisation for year | - |  | - |  | 46,211 |  | 46,211 |  |

| At 31 December 2024 | 25,000 |  | - |  | 158,867 |  | 183,867 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  | 12,392 |  | 303,113 |  | 315,505 |  |

| At 31 December 2023 | - |  | 12,392 |  | 349,324 |  | 361,716 |  |

11. | PROPERTY, PLANT AND EQUIPMENT

| Plant, |

| fixtures |

| Freehold |  | Short |  | and |  | Motor |

| property |  | leasehold |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2024 | 2,450,000 |  | 145,564 |  | 3,331,498 |  | 27,702 |  | 5,954,764 |  |

| Additions | - |  | - |  | 251,909 |  | - |  | 251,909 |  |

| Disposals | - |  | - |  | (291,457 | ) | - |  | (291,457 | ) |

| At 31 December 2024 | 2,450,000 |  | 145,564 |  | 3,291,950 |  | 27,702 |  | 5,915,216 |  |

| DEPRECIATION

| At 1 January 2024 | - |  | 92,924 |  | 2,425,245 |  | 27,702 |  | 2,545,871 |  |

| Charge for year | - |  | 25,637 |  | 407,332 |  | - |  | 432,969 |  |

| Eliminated on disposal | - |  | - |  | (205,890 | ) | - |  | (205,890 | ) |

| At 31 December 2024 | - |  | 118,561 |  | 2,626,687 |  | 27,702 |  | 2,772,950 |  |

| NET BOOK VALUE

| At 31 December 2024 | 2,450,000 |  | 27,003 |  | 665,263 |  | - |  | 3,142,266 |  |

| At 31 December 2023 | 2,450,000 |  | 52,640 |  | 906,253 |  | - |  | 3,408,893 |  |

| Cost or valuation at 31 December 2024 is represented by:

| Plant, |

| fixtures |

| Freehold |  | Short |  | and |  | Motor |

| property |  | leasehold |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| Valuation in 2023 | 2,450,000 |  | - |  | - |  | - |  | 2,450,000 |  |

| Cost | - |  | 145,564 |  | 3,291,950 |  | 27,702 |  | 3,465,216 |  |

2,450,000 |  | 145,564 |  | 3,291,950 |  | 27,702 |  | 5,915,216 |  |

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

11. | PROPERTY, PLANT AND EQUIPMENT - continued

| If freehold property had not been revalued it would have been included at historical costs of £226,007 (2023 - £226,007) for the original properties and £2,904,280 (2023 - £2,904,280) for improvements.

| Freehold property of value £2,450,000 was valued on an open market basis most recently in October 2024 by Fisher Hargreaves Proctor Ltd Chartered Surveyors, qualified independent valuers. In accordance with the RICS standards, the valuation was prepared with regard to market based evidence for similar property in the local area, subject to occupational leases where relevant. The directors, having assessed the local property market, do not consider that a market valuation at 31 December 2024 would materially differ.

12. | FIXED ASSET INVESTMENTS

| Shares in |

| group |  | Unlisted |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024

| and 31 December 2024 | 4,205 |  | 2,913,314 |  | 2,917,519 |  |

| NET BOOK VALUE

| At 31 December 2024 | 4,205 |  | 2,913,314 |  | 2,917,519 |  |

| At 31 December 2023 | 4,205 |  | 2,913,314 |  | 2,917,519 |  |

| The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Bradshaw Taylor Holding B.V.

| Registered office: Klavermaten 49, 7472DD Goor, The Netherlands

| Nature of business: Holding company

| %

| Class of shares: | holding |

| Ordinary (direct) | 100.00 |

| Bradshaw Taylor B.V.

| Registered office: Klavermaten 49, 7472DD Goor, The Netherlands

| Nature of business: Sale of specialist clothing and footwear

| %

| Class of shares: | holding |

| Ordinary (indirect) | 100.00 |

| Bradshaw Taylor Vastgoed B.V.

| Registered office: Klavermaten 49, 7472DD Goor, The Netherlands

| Nature of business: Investment property and distribution

| %

| Class of shares: | holding |

| Ordinary (indirect) | 100.00 |

| Bradshaw Taylor USA Inc.

| Registered office: 1209 Orange Street, City of Wilmington 19801, County of New Castle, Delaware, USA

| Nature of business: Sale of specialist clothing and footwear

| %

| Class of shares: | holding |

| Ordinary (direct) | 100.00 |

| Bradshaw Taylor Canada Limited

| Registered office: 3rd Floor, 22420 Dewdney Trunk Road, Maple Ridge, British Colombia, Canada

| Nature of business: Sale of specialist clothing and footwear

| %

| Class of shares: | holding |

| Ordinary (direct) | 100.00 |

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

13. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2024

| and 31 December 2024 | 620,000 |  |

| NET BOOK VALUE

| At 31 December 2024 | 620,000 |  |

| At 31 December 2023 | 620,000 |  |

| Investment property was valued on an open market basis most recently in July 2024 by DM Hall LLP Chartered Surveyors, qualified independent valuers. In accordance with the RICS standards, the valuation was prepared with regard to market based evidence for similar property in the local area, subject to occupational leases where relevant. The directors, having assessed the local property market, do not consider that a market valuation at 31 December 2024 would materially differ.

14. | INVENTORIES

2024 | 2023 |

£ | £ |

| Finished goods | 6,514,370 |  | 9,697,044 |  |

| Inventories are recognised after provisions for impairment of £544,025 (2023 - £914,700).

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

2024 | 2023 |

£ | £ |

| Trade debtors | 1,557,933 |  | 2,234,300 |  |

| Amounts owed by group undertakings | 12,103,796 |  | 14,482,106 |  |

| Other debtors | 225,985 |  | 165,304 |  |

| Prepayments and accrued income | 184,642 |  | 817,033 |  |

14,072,356 |  | 17,698,743 |  |

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

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts (see note 18) | 6,721,999 |  | 10,705,033 |  |

| Trade creditors | 1,185,297 |  | 5,335,161 |  |

| Amounts owed to group undertakings | 8,026,406 |  | 8,178,385 |  |

| Other taxes and social security | 1,247,367 |  | 1,087,390 |  |

| Other creditors | 69,945 |  | 53,466 |  |

| Accruals and deferred income | 1,617,061 |  | 1,015,078 |  |

18,868,075 |  | 26,374,513 |  |

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

2024 | 2023 |

£ | £ |

| Bank loans (see note 18) | 2,414,624 |  | 3,210,564 |  |

| Other loans (see note 18) | 1,204,142 |  | - |  |

3,618,766 |  | 3,210,564 |  |

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

18. | LOANS

| An analysis of the maturity of loans is given below:

2024 | 2023 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 6,721,999 |  | 10,705,033 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 383,234 |  | 636,827 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 2,031,390 |  | 2,573,737 |  |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Other loans - more than 5 years | 1,204,142 |  | - |  |

| A £1,000,000 loan repayable in instalments commenced in January 2019 with a term of 5 years. Interest on the loan is charged at 2% per annum over the Bank of England base rate.

| A £3,000,000 loan repayable in instalments commenced in May 2020 with a term of 6 years. Interest on the loan is charged at 3.99% per annum over the Bank of England base rate.

| A £2,500,000 loan repayable in instalments commenced in April 2022 with a term of 5 years. Interest on the loan is charged at 2.3% per annum over the Bank of England base rate.

| Short-term import loans totalling £5,222,366 (2023 - £9,214,557) are due within 9 months (2023 - 8 months) of the year end.

| An invoice discounting facility of up to £3,500,000 is in place on which discounting charges of 3.1% over the Bank of England base rate are charged.

| A $1,500,000 (£1,204,142) loan repayable not in instalments commenced in May 2024 with a term of 15 years and 6 months. Interest on the loan is charged at 4.6% per annum.

19. | LEASING AGREEMENTS

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

2024 | 2023 |

£ | £ |

| Within one year | 198,743 |  | 220,641 |  |

| Between one and five years | 365,687 |  | 463,318 |  |

564,430 |  | 683,959 |  |

20. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Bank loans | 9,136,623 |  | 13,915,597 |  |

| Bank loans are secured by fixed and floating charges over all of the company's assets including freehold land and buildings. A director has also given personal guarantees of up to £1,200,000.

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

21. | FINANCIAL INSTRUMENTS

| The company has the following financial instruments:

|  | 2024 |  |  | 2023 |  |

|  | £ |  |  | £ |  |

| Financial assets that are debt instruments measured at amortised cost |  |

| Trade debtors |  | 1,557,993 |  |  | 2,234,300 |  |

| Amounts owed by group undertakings |  | 12,103,796 |  |  | 14,482,106 |  |

| Other debtors |  | 225,985 |  |  | 165,304 |  |

| Financial liabilities measured at amortised cost |  |

| Bank loans |  | 9,136,623 |  |  | 13,915,597 |  |

| Other loans |  | 1,204,142 |  |  | - |  |

| Trade creditors |  | 1,185,297 |  |  | 5,335,161 |  |

| Amounts owed to group undertakings |  | 8,026,406 |  |  | 8,178,385 |  |

| Other creditors |  | 69,945 |  |  | 53,466 |  |

| The total interest income and expense for financial assets and financial liabilities that are not measured at fair value through the Income Statement was £253,688 (2023 - £191,914) and £1,032,092 (2023 - £1,197,855) respectively.

22. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax

| Tax losses carried forward | (2,029 | ) | (92,691 | ) |

| Accelerated capital allowances | 191,264 |  | 244,894 |  |

189,235 |  | 152,203 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 152,203 |  |

| Charge to Income Statement during year | 37,032 |  |

| Balance at 31 December 2024 | 189,235 |  |

| The reversal of deferred taxation timing differences is not expected to be significant in the forthcoming year.

23. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 6,183 | Ordinary | £1 | 6,183 |  | 6,183 |  |

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

24. | RESERVES

| Capital |

| Retained |  | Revaluation |  | redemption |

| earnings |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 January 2024 | 4,367,658 |  | 1,968,530 |  | 20,821 |  | 6,357,009 |  |

| Profit for the year | 64,691 |  | 64,691 |  |

| At 31 December 2024 | 4,432,349 |  | 1,968,530 |  | 20,821 |  | 6,421,700 |  |

| Retained earnings

| The retained earnings reserve represents cumulative profit and loss net of dividends and other adjustments.

| Revaluation reserve

| The aggregate surplus on re-measurement of freehold properties, net of associated deferred tax, is transferred to a separate non-distributable revaluation reserve in order to assist with the identification of profits available for distribution.

| Capital redemption reserve

| The capital redemption reserve is a non-distributable reserve into which amounts are transferred following the redemption or purchase of the company's own shares out of distributable profits.

25. | CONTINGENT LIABILITIES

| The company has a contingent liability in connection with its bank having provided a guarantee in the sum of £400,000 to HM Revenue and Customs.

26. | RELATED PARTY DISCLOSURES

| Key management personnel of the entity |

| Key management personnel compensation is considered to be the same as reported under directors' remuneration disclosed in note 5.

| Related entities in which one or more director(s) has a significant participating interest

2024 | 2023 |

£ | £ |

| Sales & recharges invoiced to related parties | 2,503,197 |  | 3,359,443 |  |

| Purchases & recharges incurred from related parties | 595,655 |  | 394,297 |  |

| Amounts due from related parties at year end | 635,904 |  | 559,792 |  |

| Amounts due to related parties at year end | - |  | 10,965 |  |

| All amounts outstanding are unsecured and repayable on demand.

27. | SUBSEQUENT EVENTS

| Subsequent to the year end but prior to the date of issue of these financial statements, other loans totalling £1,204,142 ($1,500,000) were cancelled by the lender, releasing the company of all liabilities arising from the loan. The balance will be released to the Income Statement in the financial statements for the year ended 31 December 2025.

28. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is C E B Cavell-Taylor.