Company Registration No. 06697759 (England and Wales)
PANAZ HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
31 March 2025
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
PANAZ HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr A J W Attard
Mrs P M Attard
Mr S J Attard
Mr R S Attard
Mr N Memon
Mr J A Daly (Non - Executive)
Secretary
Mrs P M Attard
Company number
6697759
Registered office
Panaz Hq, Bentley Wood Way
Network 65 Business Park
Hapton
Burnley
Lancashire
BB11 5ST
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
PANAZ HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 7
Independent auditor's report
8 - 11
Group statement of comprehensive income
12
Group balance sheet
13 - 14
Company balance sheet
15 - 16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Notes to the financial statements
20 - 36
PANAZ HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

Fair Overview of the Business

Panaz Holdings owns a group of companies that manufactures and distributes exclusive Interior textiles, all of which are designed within the Group and produced within our own manufacturing facilities or in conjunction with our strategic partners.

The Panaz group now consists of Panaz Ltd, a UK and European focused contract fabric specialising in the supply of high-performance fabrics to the medical, hospitality, cruise ship and workspace interiors market. Panaz USA that reflects the market sectors that Panaz Ltd specialise in but supplying the USA. Essential Soft Furnishings (ESF) that manufactures finished soft furnishings for contract interiors, and Chase Erwin specialising in high end residential luxury interior fabrics.

The global team within the Panaz Group has successfully established one of Europe’s foremost fabric companies, becoming leaders in the design, manufacture, and distribution of exclusive and desirable fabrics.

There is a clear culture within the Panaz Group that is determined to ensure our customers receive the best possible professional service and embedded in the business is a strong, dedicated and internationally focused management team capable of delivering sizable growth.

Our continued strategy in the development of product, innovation in process and in upskilling our internal stakeholders has successfully led to profitable growth.

Key performance indicators

- Group Revenue: £26m

- Turnover up on par, excluding the one-off contract the previous year, like for like year on year sales revenue +6.7%

- EBITDA £2.5m

Key strengths

- Market leader with an ambition to grow and lead globally

- Huge spectrum of growth through an abundance of opportunities

- Lead by exemplary Customer service levels

- Substantial electronic customer interaction – website over 1m hits per annum.

- Exceptional employee engagement of over 85%

- Panaz is an acknowledged Industry innovator

- Over 10,000 Samples shipped weekly worldwide

Customer profile

- High-profile blue-chip customers

- Highly discerning Interior design and Architectural customer base.

- International and global Panaz brand awareness

- Global Shipping and cruise ship clients

- Over 80% repeat customers

Diversified product range offering unique one stop shop for contract fabric solutions.

Over 10,000 individual SKUs with a further number of print variants creates the largest choice of contract fabric available from stock in the UK. With multi-channel usage adding versatility and increased stock turn.

PANAZ HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Highlights for 2024/25

The Panaz Group today represents a strong portfolio of companies, each with a clear focus on their core products, markets, and customer bases. Together, these businesses form a cohesive group, strategically aligned to deliver well-defined product categories into both UK and international markets. Over the last four decades, this clarity of purpose has been central to our ability to create value, build reputation, and sustain growth.

The trading year 2024/25 presented a number of external challenges. As an international group, we are not immune to the pressures of the global economy. Geopolitical uncertainties, particularly in China, Israel, and Ukraine, have disrupted some of our key markets in Northern Europe and the Middle East, resulting in pressure on revenues in these regions. Closer to home, the UK has been impacted by persistent inflation, rising taxation, and generally fragile business confidence.

These factors undoubtedly created headwinds, yet I am pleased to report that our Group has responded with resilience and determination. The Board has been impressed by the commitment of our management teams and employees, who have continued to find new ways of creating opportunity, expanding market presence, and strengthening relationships with customers and partners.

Business Performance and Highlights

Panaz Ltd has delivered a year of strong strategic progress, underpinned by several notable developments. In particular, we have increased our penetration in the cruise sector, where Panaz fabrics are now featured on many new and refurbished vessels, enriching luxury interiors through our specialist collaborations and internationally recognised MED and IMO accredited products.

We have also made substantial progress in the workspace sector, which continues to evolve in response to changing working practices. Offices are increasingly adopting a more relaxed, hospitality-inspired environment, and Panaz is well positioned to respond. Our comprehensive design portfolio offers innovative solutions for sound absorption, privacy, and durability — areas of growing demand as workspaces adapt to modern needs.

A significant milestone in the year was the establishment of a strategic collaboration with Sanderson Design Group PLC, under which Panaz became the official distributor of Sanderson designs into the global contract (non-residential) sector. This agreement is not only commercially valuable but also a testament to the reputation that Panaz has built within the contract market over 40 years. The Board views this partnership as the beginning of a long and fruitful relationship.

Our healthcare business also achieved success, with Panaz securing a new contract with the NHS to supply cubicle curtains. This initiative strengthens our established healthcare upholstery business and provides hospitals with flexible, mix-and-match solutions that align with our wider healthcare collections.

Innovation remains at the heart of our competitive strategy. Panaz was the first company in its field to embrace digital printing technology, and we remain committed to leadership in this area. During the year, we invested in a new wide-width digital machine, which will enhance capacity, reduce delivery times, and broaden the creative possibilities we can offer to customers.

Chase Erwin faced a more demanding year, with revenues broadly static. In relative terms, however, this stability was encouraging, particularly against a backdrop of weaker competitor performance. Profitability was impacted by investment in marketing activity and new collection launches. The Board views these as necessary, forward-looking investments that will support renewed growth and enhanced visibility in 2025 and beyond.

ESF delivered a satisfying performance, with sales increasing on the back of a strong customer service proposition. To sustain this growth, new staff were recruited and trained across key business functions, including manufacturing and project management. This investment in people reflects our ongoing belief that service excellence and specialist expertise are essential to our long-term success.

Group Synergies and Efficiencies

An important aspect of our strategy has been the ongoing centralisation of core business functions across the Group. This is beginning to yield significant benefits in terms of efficiency gains and the consistency of customer touchpoints. Our warehousing automation project, due to be completed in the coming year, will further strengthen our infrastructure, improve service reliability, and provide a scalable platform for growth.

PANAZ HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

Sustainability and Responsibility

The interiors industry, like all sectors, is increasingly shaped by the challenges of sustainability and climate resilience. The Panaz Group takes its responsibilities in this area seriously, and I am pleased with the progress made during the year. We continue to focus on reducing energy consumption, investing in electric vehicles, and enhancing recycling across our operations.

We were delighted to achieve ISO 14001 accreditation in the period under review, providing external validation of our environmental management systems. We are also on track to secure Oeko-Tex accreditation in 2025, further strengthening our sustainability credentials and aligning us with the expectations of both customers and regulators.

Strategic Outlook

Looking forward, the Board remains optimistic about the Group’s prospects. We are in the final stages of discussions regarding a strategic acquisition, which we expect to complete during 2025. In addition, we continue to evaluate further acquisition opportunities that will enhance our brand portfolio, deepen customer engagement, and broaden the Group’s international reach.

As we prepare to celebrate the 40th anniversary of the Panaz Group, it is an opportune moment to reflect on how far we have come and, equally, to look ahead with ambition. Our commitment to innovation, design excellence, and sustainability provides a strong foundation for the future.

On behalf of the Board, I would like to extend my sincere thanks to our colleagues, whose professionalism and dedication underpin our success, to our customers, whose loyalty and trust inspire us, and to our partners, whose collaboration strengthens our offering.

The year ahead will undoubtedly bring new challenges, but I remain confident that the Group is well positioned to meet them, to seize new opportunities, and to continue building long-term value for all stakeholders.

PANAZ HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Principle Risks and Uncertainties

The Management of all the businesses and the execution of the group’s strategy is subject to several risks.

The main business risk is dependent upon the launch and success of new collection launches; however, these are somewhat mitigated by our professional designers and stylists, our market knowledge and the perception of the brands within global markets.

The management within the companies are aware of the risks of international trade particularly the impact caused by Brexit and continue to monitor developments and put in place European strategies to mitigate that risk.

As of the current reporting period, our company faces several principal risks and uncertainties that could potentially impact our operations, financial performance, and strategic objectives. It is crucial that we address and manage these factors proactively to ensure sustainable growth and shareholder value. Below is an overview of the key risks and uncertainties:

Market Volatility: Fluctuations in the market, changes in consumer preferences, and competition within our industry pose significant risks to our revenue and market share. Adapting swiftly to evolving trends and customer demands is essential for us to remain competitive.

Economic Conditions: Global and regional economic conditions can influence consumer spending, supply chain costs, and credit availability. We have worked hard with our suppliers to subdue as much as possible cost rise volatility.

Regulatory Compliance: Adhering to complex and evolving regulations is paramount. We monitor and refine our products to adhere to global regulations.

Technological Disruptions: Rapid advancements in technology can render our products/services obsolete or introduce new competitors. Embracing innovation and investing in research and development is vital to remain relevant.

Cybersecurity Threats: As we rely more on digital infrastructure, the risk of cyberattacks and data breaches increases. Safeguarding customer information and intellectual property is a top priority.

Supply Chain Interruptions: Dependencies on third-party suppliers and global sourcing expose us to supply chain disruptions, such as natural disasters, geopolitical issues, or production delays. Diversifying suppliers and implementing contingency plans mitigate these risks.

Talent Acquisition and Retention: Attracting and retaining skilled employees is crucial for us to sustain our competitive advantage. Talent shortages, turnover, and skills gaps are being addressed by upskilling to avoid hindering our business growth.

Environmental Factors: Climate change regulations and public awareness impact our reputation; we ensure that our sustainable practices reduce our environmental footprint. We aim to sustain and improve our natural environment for the benefit of all. We are committed to continual improvement in our environmental performance by improving the efficiency with which we use resources and through compliance with all relevant environmental regulation and legislation. We operate a robust environmental management system to ensure environmental issues are integrated into our business processes and practices.

Financial Risks: Currency fluctuations, interest rate changes, and credit risks may impact our financial position, especially in the case of significant debt exposure. These are robustly managed through our treasury and accounts departments.

Addressing these principal risks and uncertainties requires a comprehensive risk management strategy. Regular monitoring, scenario planning, and mitigation measures are essential to enhance resilience and support long-term growth. Our commitment to proactive risk management enables us to navigate challenges successfully and capitalize on opportunities for sustainable success.

PANAZ HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Going concern

Despite the ongoing headwinds facing the UK economy, the Directors remain confident in the Group’s resilience and believe it is well-positioned to capitalise on future growth opportunities in the years ahead.

Acquisitions

With significant levels of cash generation, Panaz Group is interested in acquisition opportunities that it believes will

add value, enhance the Panaz brand awareness, and deliver a greater customer journey.

On behalf of the board

Mr A J W Attard
Director
3 November 2025
PANAZ HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of a holding company. Group principal activity continued to be that of the manufacture and distribution of exclusive interior textiles and wall coverings.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £2,403,668. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A J W Attard
Mrs P M Attard
Mr S J Attard
Mr R S Attard
Mr N Memon
Mr J A Daly (Non - Executive)
Auditor

The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, 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 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;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PANAZ HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr A J W Attard
Mrs P M Attard
Director
Director
7 November 2025
PANAZ HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PANAZ HOLDINGS LIMITED
- 8 -
Opinion

We have audited the financial statements of Panaz Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 March 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 and 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 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. 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 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 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 our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

PANAZ HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PANAZ HOLDINGS LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 is 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 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 either intend to liquidate the 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 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

PANAZ HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PANAZ HOLDINGS LIMITED
- 10 -

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- the matters discussed among the audit engagement team including significant component audit teams and involving relevant specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

- a ny matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

  - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

  - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

  - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Company's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

- in addressing the identified risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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. For example, the further removed non-compliance with laws and regulations (irregularities) 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. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or 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.

PANAZ HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PANAZ HOLDINGS LIMITED
- 11 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

Christopher Johnson FCA
Senior Statutory Auditor
For and on behalf of PM+M Solutions for Business LLP
17 November 2025
Chartered Accountants
Statutory Auditor
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
PANAZ HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
£
£
Turnover
3
26,368,602
26,697,627
Cost of sales
(13,758,599)
(14,535,085)
Gross profit
12,610,003
12,162,542
Distribution costs
(3,181,023)
(3,002,075)
Administrative expenses
(7,750,330)
(7,188,124)
Other operating income/(expenses)
50
(30,000)
Operating profit
4
1,678,700
1,942,343
Interest receivable and similar income
7
242,610
216,353
Interest payable and similar expenses
9
(20,045)
(15,896)
Profit before taxation
1,901,265
2,142,800
Tax on profit
10
(533,755)
(553,469)
Profit for the financial year
1,367,510
1,589,331
Other comprehensive income
Currency translation loss taken to retained earnings
(10,758)
(7,794)
Total comprehensive income for the year
1,356,752
1,581,537
Profit for the financial year is attributable to:
- Owners of the parent company
1,299,104
1,561,246
- Non-controlling interests
68,406
28,085
1,367,510
1,589,331
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,288,346
1,553,452
- Non-controlling interests
68,406
28,085
1,356,752
1,581,537
PANAZ HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
13
109,613
125,272
Other intangible assets
13
47,177
77,592
Total intangible assets
156,790
202,864
Tangible assets
12
3,498,426
3,287,099
Investments
15
2,141,074
2,539,499
5,796,290
6,029,462
Current assets
Stocks
16
5,407,171
4,756,587
Debtors
17
5,193,727
5,019,196
Cash at bank and in hand
3,632,209
5,476,669
14,233,107
15,252,452
Creditors: amounts falling due within one year
18
(5,204,286)
(5,456,416)
Net current assets
9,028,821
9,796,036
Total assets less current liabilities
14,825,111
15,825,498
Creditors: amounts falling due after more than one year
19
(193,498)
(208,251)
Provisions for liabilities
Deferred tax liability
21
267,161
205,879
(267,161)
(205,879)
Net assets
14,364,452
15,411,368
Capital and reserves
Called up share capital
23
2
10,002
Capital redemption reserve
10,000
10,000
Profit and loss reserves
14,250,996
15,356,318
Equity attributable to owners of the parent company
14,260,998
15,376,320
Non-controlling interests
103,454
35,048
Total equity
14,364,452
15,411,368
PANAZ HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 14 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 3 November 2025 and are signed on its behalf by:
03 November 2025
Mr A J W Attard
Director
Company registration number 6697759 (England and Wales)
PANAZ HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 15 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,259,040
2,293,040
Investments
15
3,094,449
3,492,874
5,353,489
5,785,914
Current assets
Debtors
17
972,081
948,871
Cash at bank and in hand
1,134,275
2,541,302
2,106,356
3,490,173
Creditors: amounts falling due within one year
18
(156,819)
(136,312)
Net current assets
1,949,537
3,353,861
Total assets less current liabilities
7,303,026
9,139,775
Creditors: amounts falling due after more than one year
19
(193,498)
(208,251)
Provisions for liabilities
Deferred tax liability
21
31,504
31,979
(31,504)
(31,979)
Net assets
7,078,024
8,899,545
Capital and reserves
Called up share capital
23
2
10,002
Capital redemption reserve
10,000
10,000
Profit and loss reserves
7,068,022
8,879,543
Total equity
7,078,024
8,899,545
PANAZ HOLDINGS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 16 -

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £582,147 (2024 - £1,678,623 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 3 November 2025 and are signed on its behalf by:
03 November 2025
Mr A J W Attard
Director
Company registration number 6697759 (England and Wales)
PANAZ HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2023
10,002
10,000
14,172,866
14,192,868
6,963
14,199,831
Year ended 31 March 2024:
Profit for the year
-
-
1,561,246
1,561,246
28,085
1,589,331
Other comprehensive income:
Currency translation differences
-
-
(7,794)
(7,794)
-
(7,794)
Total comprehensive income
-
-
1,553,452
1,553,452
28,085
1,581,537
Dividends
11
-
-
(370,000)
(370,000)
-
(370,000)
Balance at 31 March 2024
10,002
10,000
15,356,318
15,376,320
35,048
15,411,368
Year ended 31 March 2025:
Profit for the year
-
-
1,299,104
1,299,104
68,406
1,367,510
Other comprehensive income:
Currency translation differences
-
-
(10,758)
(10,758)
-
(10,758)
Total comprehensive income
-
-
1,288,346
1,288,346
68,406
1,356,752
Dividends
11
-
-
(2,403,668)
(2,403,668)
-
(2,403,668)
Reduction of shares
23
(10,000)
-
10,000
-
0
-
-
Balance at 31 March 2025
2
10,000
14,250,996
14,260,998
103,454
14,364,452
PANAZ HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
10,002
10,000
7,570,920
7,590,922
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
1,678,623
1,678,623
Dividends
11
-
-
(370,000)
(370,000)
Balance at 31 March 2024
10,002
10,000
8,879,543
8,899,545
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
582,147
582,147
Dividends
11
-
-
(2,403,668)
(2,403,668)
Reduction of shares
23
(10,000)
-
10,000
-
0
Balance at 31 March 2025
2
10,000
7,068,022
7,078,024
PANAZ HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,048,143
2,446,754
Interest paid
(20,045)
(15,896)
Income taxes paid
(603,190)
(370,757)
Net cash inflow from operating activities
424,908
2,060,101
Investing activities
Purchase of intangible assets
(600)
(20,100)
Purchase of tangible fixed assets
(522,879)
(264,433)
Proceeds from disposal of tangible fixed assets
-
800
Purchase of investments
-
(2,000,000)
Proceeds from disposal of investments
500,000
-
Loans made to other entities
-
(486,599)
Repayment of loans
41,210
247,189
Interest received
139,247
202,483
Dividends received
1,788
1,788
Net cash generated from/(used in) investing activities
158,766
(2,318,872)
Financing activities
Repayment of bank loans
(13,784)
(12,311)
Dividends paid to equity shareholders
(2,403,668)
(370,000)
Net cash used in financing activities
(2,417,452)
(382,311)
Net decrease in cash and cash equivalents
(1,833,778)
(641,082)
Cash and cash equivalents at beginning of year
5,476,669
6,127,120
Effect of foreign exchange rates
(10,682)
(9,369)
Cash and cash equivalents at end of year
3,632,209
5,476,669
PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
1
Accounting policies
Company information

Panaz Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Panaz Hq, Bentley Wood Way, Network 65 Business Park, Hapton, Burnley, Lancashire, BB11 5ST.

The group consists of Panaz Holdings Ltd and all of its subsidiaries.

1.1
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

1.2
Basis of consolidation

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Panaz Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20-33% Straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently shown net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and machinery
10%-20% straight line
Office equipment
20% straight line
Motor vehicles
20% straight line
PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 23 -
Other financial assets

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 profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 24 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The requirement for a stock provision is reviewed on an ongoing basis. The estimation of certain stock lines that have not been sold for a period of longer than 12 months are then provided for in the accounts. The stock provision at the year end totals £567,942 (202 4 - £561,327).

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
UK
17,104,678
18,694,243
Europe
4,567,206
4,420,408
Rest of World
4,696,718
3,582,976
26,368,602
26,697,627
2025
2024
£
£
Other revenue
Interest income
240,822
214,565
Dividends received
1,788
1,788

All turnover arose from the manufacture and distribution of exclusive interior textiles and wall coverings.

4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(449,431)
(270,506)
Fees payable to the group's auditor for the audit of the group's financial statements
8,850
8,400
Depreciation of owned tangible fixed assets
310,931
311,491
Loss/(profit) on disposal of tangible fixed assets
542
(642)
Amortisation of intangible assets
46,674
28,018
Stocks impairment losses recognised or reversed
35,803
147,261
Operating lease charges
413,429
347,201
PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Administration
65
63
6
6
Sales
26
26
-
-
Production
45
42
-
-
Total
136
131
6
6

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
5,555,903
4,861,556
117,985
112,400
Social security costs
626,988
544,974
-
0
-
0
Pension costs
125,592
272,377
-
0
140,000
6,308,483
5,678,907
117,985
252,400
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
259,963
401,462
Company pension contributions to defined contribution schemes
6,320
145,789
266,283
547,251
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
129,411
45,607
Company pension contributions to defined contribution schemes
6,320
140,000

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 2 (2024 - 2)

PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
131,543
164,907
Other interest income
109,279
49,658
Total interest revenue
240,822
214,565
Other income from investments
Dividends received
1,788
1,788
Total income
242,610
216,353
8
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,100
6,700
Audit of the financial statements of the company's subsidiaries
24,000
22,800
31,100
29,500
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank loans
14,751
15,824
Other interest
5,294
72
Total finance costs
20,045
15,896
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
472,473
552,559
Adjustments in respect of prior periods
-
0
13,532
Total current tax
472,473
566,091
Deferred tax
Origination and reversal of timing differences
61,282
(12,622)
Total tax charge
533,755
553,469
PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 28 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,901,265
2,142,800
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
475,316
535,700
Tax effect of expenses that are not deductible in determining taxable profit
40,094
25,259
Tax effect of income not taxable in determining taxable profit
(447)
(447)
Adjustments in respect of prior years
-
0
13,532
Permanent capital allowances in excess of depreciation
10,766
(28,506)
Tax at marginal rate
-
0
(95)
Fixed asset differences
8,026
8,026
Taxation charge
533,755
553,469
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
2,403,668
370,000
PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
3,086,014
1,414,892
678,205
235,099
5,414,210
Additions
16,808
363,301
142,770
-
0
522,879
Disposals
-
0
-
0
(1,300)
-
0
(1,300)
Exchange adjustments
-
0
-
0
(1,187)
-
0
(1,187)
At 31 March 2025
3,102,822
1,778,193
818,488
235,099
5,934,602
Depreciation and impairment
At 1 April 2024
502,483
1,048,192
471,570
104,866
2,127,111
Depreciation charged in the year
80,301
124,063
69,024
37,543
310,931
Eliminated in respect of disposals
-
0
-
0
(758)
-
0
(758)
Exchange adjustments
-
0
-
0
(1,108)
-
0
(1,108)
At 31 March 2025
582,784
1,172,255
538,728
142,409
2,436,176
Carrying amount
At 31 March 2025
2,520,038
605,938
279,760
92,690
3,498,426
At 31 March 2024
2,583,531
366,700
206,635
130,233
3,287,099
Company
Freehold land and buildings
£
Cost
At 1 April 2024 and 31 March 2025
2,620,000
Depreciation and impairment
At 1 April 2024
326,960
Depreciation charged in the year
34,000
At 31 March 2025
360,960
Carrying amount
At 31 March 2025
2,259,040
At 31 March 2024
2,293,040
PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
13
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2024
156,590
123,483
280,073
Additions
-
0
600
600
At 31 March 2025
156,590
124,083
280,673
Amortisation and impairment
At 1 April 2024
31,318
45,891
77,209
Amortisation charged for the year
15,659
31,015
46,674
At 31 March 2025
46,977
76,906
123,883
Carrying amount
At 31 March 2025
109,613
47,177
156,790
At 31 March 2024
125,272
77,592
202,864
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Panaz Limited
England, United Kingdom
Textile manufacturer
Ordinary
100.00
Panaz USA Inc
USA
Textile manufacturer
Ordinary
100.00
Chase Erwin Limited
England, United Kingdom
Textile manufacturer
Ordinary
100.00
Essential Soft Furnishings Limited
England, United Kingdom
Textile manufacturer
Ordinary
80.00

Registered office addresses (all UK unless otherwise indicated):

1
Panaz HQ, Bentley Wood Way, Network 65 Business Park, Hapton, Burnley, Lancashire, BB11 5ST
2
17 Mandeville Court Yard, 142 Battersea Park Road, London, SW11 4NB
3
Essential Soft Furnishings Ltd Peak Works, Pickup Street, Blackburn, Lancashire, BB1 5DW

Panaz Holdings Limited has provided parental guarantee through section 479A of the company's act to Essential Soft Furnishings Limited during this financial year.

PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
15
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
953,375
953,375
Listed investments
27,417
27,417
27,417
27,417
Unlisted investments
2,113,657
2,512,082
2,113,657
2,512,082
2,141,074
2,539,499
3,094,449
3,492,874
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2024
2,539,499
Valuation changes
101,575
Disposals
(500,000)
At 31 March 2025
2,141,074
Carrying amount
At 31 March 2025
2,141,074
At 31 March 2024
2,539,499
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2024
953,375
2,539,499
3,492,874
Valuation changes
-
101,575
101,575
Disposals
-
(500,000)
(500,000)
At 31 March 2025
953,375
2,141,074
3,094,449
Carrying amount
At 31 March 2025
953,375
2,141,074
3,094,449
At 31 March 2024
953,375
2,539,499
3,492,874
PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
1,760,033
1,507,436
-
0
-
0
Finished goods and goods for resale
3,647,138
3,249,151
-
0
-
0
5,407,171
4,756,587
-
0
-
0
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,906,457
3,732,624
35,000
35,000
Amounts owed by group undertakings
-
-
50,000
30,000
Other debtors
972,551
1,009,931
887,081
883,871
Prepayments and accrued income
314,719
276,641
-
0
-
0
5,193,727
5,019,196
972,081
948,871
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
13,996
13,027
13,996
13,027
Trade creditors
3,651,556
3,650,919
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
32,901
Corporation tax payable
302,924
433,644
126,743
74,304
Other taxation and social security
386,407
596,217
-
-
Other creditors
136,783
129,388
-
0
-
0
Accruals and deferred income
712,620
633,221
16,080
16,080
5,204,286
5,456,416
156,819
136,312
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
193,498
208,251
193,498
208,251
Amounts included above which fall due after five years are as follows:
Payable by instalments
122,421
145,700
122,421
145,700
PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
207,494
221,278
207,494
221,278
Payable within one year
13,996
13,027
13,996
13,027
Payable after one year
193,498
208,251
193,498
208,251

The loan outstanding at 31 March 2025 is secured by a fixed and floating charge over the group's assets. The loan is repayable in installments to 2035 and subject to interest at 1.95% over the Bank of England base rate.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Fixed asset timing differences
271,762
209,065
Short term timing differences
(4,601)
(3,186)
267,161
205,879
Liabilities
Liabilities
2025
2024
Company
£
£
Fixed asset timing differences
31,504
31,979
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
205,879
31,979
Charge/(credit) to profit or loss
61,282
(475)
Liability at 31 March 2025
267,161
31,504
PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 34 -
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
125,592
272,377

D efined contribution pension scheme s are operated for all qualifying employees. The assets of the schemes are held separately from those of the group in independently administered funds.

Contributions totalling £29,121 (2024: £21,382) were payable to the fund at the balance sheet date.

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
-
9,498
-
9,498
B Ordinary shares of £1 each
-
501
-
501
C Ordinary shares of £1 each
-
1
-
1
D Ordinary shares of £1 each
-
1
-
1
E Ordinary shares of £1 each
-
1
-
1
Ordinary shares of 1p each
200
-
2
-
200
10,002
2
10,002

During the year, the Company undertook a subdivision of its share capital whereby each existing ordinary share of £1.00 was subdivided into 2 00 new ordinary shares of £0.01 each. This subdivision did not affect the total issued share capital or the rights attached to the shares.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
395,729
330,197
-
-
Between two and five years
515,563
466,202
-
-
911,292
796,399
-
-
PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 35 -
25
Related party transactions

During the period, the group purchased goods from companies with a common director totalling £29,950 (2024 - £45,345). At the balance sheet date the amount owed to the group totalled £nil (2024 - £nil).

During the period, the group set up a loan to a company with a common director, at the balance sheet date the amount due from the related company totalled £35,000 (2024 - £35,000).

During the year, remuneration of £36,000 (2024 - £7,560) was payable to associates of a director in the year.

26
Directors' transactions

Dividends totalling £0 (2024 - £370,000) were paid in the year in respect of shares held by the company's directors.

Included within other debtors due within one year are loans to directors amounting to £908,610 (202 4 - £949,821). The balance is repayable on demand and interest free.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director 1 -
-
889,918
180,636
(170,732)
899,822
Director 2 -
-
59,903
24,359
(75,474)
8,788
949,821
204,995
(246,206)
908,610
27
Controlling party

In October 2024, the company entered into a group reconstruction. From this date Panaz Group Ltd is now the parent company.

The ultimate controlling party of the company is Mr A Attard.

PANAZ HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 36 -
28
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,367,510
1,589,331
Adjustments for:
Taxation charged
533,755
553,469
Finance costs
20,045
15,896
Investment income
(242,610)
(216,353)
Loss/(gain) on disposal of tangible fixed assets
542
(642)
Amortisation and impairment of intangible assets
46,674
28,018
Depreciation and impairment of tangible fixed assets
310,931
311,491
Movements in working capital:
(Increase)/decrease in stocks
(650,584)
106,869
Increase in debtors
(215,741)
(4,592)
(Decrease)/increase in creditors
(122,379)
63,267
Cash generated from operations
1,048,143
2,446,754
29
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
5,476,669
(1,844,460)
3,632,209
Borrowings excluding overdrafts
(221,278)
13,784
(207,494)
5,255,391
(1,830,676)
3,424,715
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