Caseware UK (AP4) 2023.0.135 2023.0.135 Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.Business combinations are accounted for by applying the purchase method. The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction. On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities. Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the Company’s interest in the identifiable net assets, liabilities and contingent liabilities acquired.Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.The Company assesses impairment on intangible and tangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The factors that the Company considers important which could trigger an impairment review include the following: 1.) Significant underperformance relative to expected historical or projected future operating results 2.) Significant changes in the manner of use of the acquired assets or the strategy for overall business; and 3.) Significant negative industry or economic trends. In determining the present value of estimated future cashflows expected to be generated from the continued use of the assets, the Company is required to make estimates and assumptions that can materially affect the financial statements. These assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment loss would be recognised whenever evidence exists that the carrying value is not recoverable. For purposes of assessing impairment, assets are grouped at the lowest levels of which there are separately identifiable cashflows. An impairment loss is recognised and charged to profit or loss if the discounted expected future cash flows are less than the carrying amount. Fair value is estimated by discounting the expected future cashflows using a discount factor that reflects the risk-free rate of interest for a term consistent with the period of expected cashflows.The Company was under the control of Mr R.P. Grimmer throughout the current and previous year. The immediate parent of the Company is Broomco (1356) Limited, a company registered in England and Wales. The ultimate parent is RGHVBRM Limited, a company registered in England and Wales. The smallest and largest consolidated financial statements presented are that of RGHVBRM Limited. They are publicly available from the Companies House, Crown Way, Cardiff, CF14 3UZ, DX 33050 Cardiff, United Kingdom.112 2024-01-01 false 109 true false 03711684 2024-01-01 2024-12-31 03711684 2023-01-01 2023-12-31 03711684 2024-12-31 03711684 2023-12-31 03711684 2023-01-01 03711684 c:Exceptional 2024-01-01 2024-12-31 03711684 c:Exceptional 2023-01-01 2023-12-31 03711684 d:CompanySecretary1 2024-01-01 2024-12-31 03711684 d:Director1 2024-01-01 2024-12-31 03711684 d:Director2 2024-01-01 2024-12-31 03711684 d:Director3 2024-01-01 2024-12-31 03711684 d:Director4 2024-01-01 2024-12-31 03711684 d:Director5 2024-01-01 2024-12-31 03711684 d:Director6 2024-01-01 2024-12-31 03711684 d:RegisteredOffice 2024-01-01 2024-12-31 03711684 d:Agent1 2024-01-01 2024-12-31 03711684 c:Buildings c:LongLeaseholdAssets 2024-01-01 2024-12-31 03711684 c:Buildings c:LongLeaseholdAssets 2024-12-31 03711684 c:Buildings c:LongLeaseholdAssets 2023-12-31 03711684 c:MotorVehicles 2024-01-01 2024-12-31 03711684 c:MotorVehicles 2024-12-31 03711684 c:MotorVehicles 2023-12-31 03711684 c:FurnitureFittings 2024-01-01 2024-12-31 03711684 c:FurnitureFittings 2024-12-31 03711684 c:FurnitureFittings 2023-12-31 03711684 c:OfficeEquipment 2024-01-01 2024-12-31 03711684 c:OfficeEquipment 2024-12-31 03711684 c:OfficeEquipment 2023-12-31 03711684 c:ComputerEquipment 2024-01-01 2024-12-31 03711684 c:ComputerEquipment 2024-12-31 03711684 c:ComputerEquipment 2023-12-31 03711684 c:Goodwill 2024-01-01 2024-12-31 03711684 c:CurrentFinancialInstruments 2024-01-01 2024-12-31 03711684 c:CurrentFinancialInstruments 2024-12-31 03711684 c:CurrentFinancialInstruments 2023-12-31 03711684 c:Non-currentFinancialInstruments 2024-12-31 03711684 c:Non-currentFinancialInstruments 2023-12-31 03711684 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 03711684 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 03711684 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-12-31 03711684 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 03711684 c:UKTax 2024-01-01 2024-12-31 03711684 c:UKTax 2023-01-01 2023-12-31 03711684 c:ShareCapital 2024-12-31 03711684 c:ShareCapital 2023-12-31 03711684 c:ShareCapital 2023-01-01 03711684 c:OtherMiscellaneousReserve 2024-01-01 2024-12-31 03711684 c:OtherMiscellaneousReserve 2024-12-31 03711684 c:OtherMiscellaneousReserve 2023-12-31 03711684 c:OtherMiscellaneousReserve 2023-01-01 03711684 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 03711684 c:RetainedEarningsAccumulatedLosses 2024-12-31 03711684 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03711684 c:RetainedEarningsAccumulatedLosses 2023-12-31 03711684 c:RetainedEarningsAccumulatedLosses 2023-01-01 03711684 d:OrdinaryShareClass1 2024-01-01 2024-12-31 03711684 d:OrdinaryShareClass1 2023-01-01 2023-12-31 03711684 d:OrdinaryShareClass1 2024-12-31 03711684 d:OrdinaryShareClass1 2023-12-31 03711684 d:FRS102 2024-01-01 2024-12-31 03711684 d:Audited 2024-01-01 2024-12-31 03711684 d:FullAccounts 2024-01-01 2024-12-31 03711684 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03711684 1 2024-01-01 2024-12-31 03711684 c:ComputerSoftware 2024-12-31 03711684 c:ComputerSoftware 2023-12-31 03711684 c:WithinOneYear 2024-12-31 03711684 c:WithinOneYear 2023-12-31 03711684 c:BetweenOneFiveYears 2024-12-31 03711684 c:BetweenOneFiveYears 2023-12-31 03711684 c:MoreThanFiveYears 2024-12-31 03711684 c:MoreThanFiveYears 2023-12-31 03711684 c:HirePurchaseContracts c:WithinOneYear 2024-12-31 03711684 c:HirePurchaseContracts c:WithinOneYear 2023-12-31 03711684 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-12-31 03711684 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-12-31 03711684 c:AcceleratedTaxDepreciationDeferredTax 2024-12-31 03711684 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03711684 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 03711684 4 2024-01-01 2024-12-31 03711684 c:ComputerSoftware c:OwnedIntangibleAssets 2024-01-01 2024-12-31 03711684 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Financial Statements Leisuregrow Products Limited For the year ended 31 December 2024 Registered number: 03711684
Leisuregrow Products Limited
Company Information
Directors | Mr. R. P. Grimmer
| Mr. J. R. Grimmer
| Mr. J. Travis
| Mr. F. D. Kaminski
| Mr. J. Quigley
| Mr. J. G. Pullen
Company secretary | Mr. J. Travis
Registered number | 03711684
Registered office | Dewmead Farm, New Inn Road
| Hinxworth
| Baldock
| Hertfordshire
| SG7 5HG
Independent auditor | Grant Thornton
| Chartered Accountants & Statutory Auditors
| 13-18 City Quay
| Dublin 2
Bankers | HSBC
| Town Centre
| Danestrete
| Stevenage
Solicitors | Hopsons Solicitors
| 2 Imperial Square
| Cheltenham
| Gloucester
| GL50 1QB
Leisuregrow Products Limited
Contents
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Directors' responsibilities statement | 5
Independent auditor's report | 6 - 9
Statement of comprehensive income | 10
Statement of financial position | 11
Statement of changes in equity | 12
Notes to the financial statements | 13 - 29
Leisuregrow Products Limited
Strategic report For the year ended 31 December 2024
Introduction
The directors are pleased to present their strategic report for the Company for the year ended 31 December 2024.
Business review
The principal activity of the Company during the year was the marketing and distribution of a range of products for the leisure and garden products market. The directors' aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Their review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties they face. As with many businesses of their size, the business environment in which they operate continues to be challenging. With this in mind, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of their control. There were no significant changes in the activities of the Company during the year. The directors consider that the key performance indicators (KPIs) are turnover, gross margin and EBITDA and these indicators are closely monitored. These KPIs allow the directors to assess both the growth and profitability of the Company against competitors and the internal and external factors that affect the business. The directors are satisfied with the performance in respect of these KPIs.
| 2024 | 2023
| £ | £
Turnover | 40,709,298 | 41,436,619
Gross margin % | 28% | 29.7%
EBITDA | 1,923,012 | 2,226,164
The directors are pleased with the overall performance of the business. The results of the company for the year show a loss before tax of £281,660 (2023: profit of £639,212). The shareholders' funds of the Company total £11,349,390 (2023: £12,735,987). The group has reported a loss with a decrease in turnover during the period. The directors continue to expect the company's performance to improve in the succeeding periods based on budgets and projections and actions taken by the company to address any risks affecting the business. They will continue to identify and develop new business opportunities within the industry sector with the view to continued growth.
Principal risks and uncertainties
The directors consider that the principal risks and uncertainties faced by the Company are in the following categories: Economic risk Uncertainty about global economic conditions due to the current economic climate could result in difficulties for the Company. Brexit risk The Company sources the vast majority of goods from the Far East and as such, there is some degree of risk reduction from Brexit depending on the trade negotiations with the Far East by the UK Government. As such the Company does not anticipate a major change to existing trade tariffs on its imported goods. Page 1
Leisuregrow Products Limited
Strategic report (continued) For the year ended 31 December 2024 Principal risks and uncertainties (continued) Competition risk The directors of the Company manage competition risk through close attention to customer service levels. Financial risk All key financial figures are monitored on an ongoing basis. People in our business The continued success of the Company has been achieved by the people working in it. There are many long serving members of staff and the relatively low turnover of personnel reflects the general policy of providing good terms and conditions of employment while dealing with staff as well as other stakeholders in the business, in a fair and consistent manner. Their continued loyalty and hard work is much appreciated.
Financial key performance indicators
The Company considers the following measures to be important indicators of the underlying performance of the business: Gross margin Gross margin for the Company was 28.0% compared with 29.7% in 2023.
Future developments
The Company plans to continue and grow its present activities. This report was approved by the board and signed on its behalf.
................................................ Mr. R. P. Grimmer Director
Date: 19 November 2025
Page 2
Leisuregrow Products Limited
Directors' report For the year ended 31 December 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the Company during the year was the marketing and distribution of a range of products for the leisure and garden products market.
Results and dividends
The loss for the year, after taxation, amounted to £186,597 (2024 - profit £527,163). The directors have recommended a dividend of £1,200,000 for 2024 (2023: £60,000).
Directors
The directors who served during the year were:
Mr. R. P. Grimmer
Mr. J. R. Grimmer
Mr. J. Travis
Mr. F. D. Kaminski
Mr. J. Quigley
Mr. J. G. Pullen
Research and development activities
The Company engaged in research and development activities of £886,834 (2023: £888,606) during the year.
Branches outside the State
There are no branches of the Company outside the State.
Matters covered in the Strategic report
As permitted by Section 414 (c) (11) of the Companies Act 2006, the directors have elected to disclose information required to be in the directors' report by Schedule 7 of the "Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008", in the Strategic report.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end. Page 3
Leisuregrow Products Limited
Directors' report (continued) For the year ended 31 December 2024
Auditor
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ Mr. R. P. Grimmer Director
Date: 19 November 2025
Page 4
Leisuregrow Products Limited
Directors' responsibilities statement For the year ended 31 December 2024 The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. On behalf of the board: ............................................... Mr. R. P. Grimmer Director Date: 19 November 2025 Page 5
Independent auditor's report to the members of Leisuregrow Products Limited
Opinion
We have audited the financial statements of Leisuregrow Products Limited which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2024, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in the 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, Leisuregrow Products Limited's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2024 and of its financial performance for the year then ended; 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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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. Page 6
Independent auditor's report to the members of Leisuregrow Products Limited (continued)
Other information
Other information comprises the information included in the annual report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' report and the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and ∙the Directors' report and the Strategic Report 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 we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report and the Strategic Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, 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. Page 7
Independent auditor's report to the members of Leisuregrow Products Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 their 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. A further description of an auditor's 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 auditor's report. Explanation as to what extent 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection and Employment laws, Health and Safety Regulation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulation that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. Page 8
Independent auditor's report to the members of Leisuregrow Products Limited (continued) Responsibilities of the auditor for the audit of the financial statements (continued) In response to these principal risks, our audit procedures included but were not limited to: ∙inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the Company’s legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made; ∙gaining an understanding of the internal controls established to mitigate risk related to fraud; ∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; ∙challenging assumptions and judgements made by management in their significant accounting estimates, including useful lives of depreciable assets, estimating allowance for impairment losses in intangible and tangible fixed assets and allowances for impairment of trade debtors; and ∙review of the financial statements disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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. Tracey Sullivan (Senior statutory auditor) for and on behalf of Grant Thornton Chartered Accountants & Statutory Audit Firm 13-18 City Quay Dublin 2 Ireland Date: 19 November 2025 Page 9
Leisuregrow Products Limited
Statement of comprehensive income For the year ended 31 December 2024
| 2024 | 2023
Note | £ | £
Turnover |  | 40,709,298 | 41,436,619
Cost of sales |  | (29,292,899) | (29,116,412)
Gross profit |  | 11,416,399 | 12,320,207
Warehouse and distribution costs |  | (3,939,062) | (4,552,400)
Administrative expenses |  | (6,043,456) | (5,957,032)
Other operating income | 4 | 120,000 | 120,000
Exceptional costs |  | (1,090,402) | (430,943)
Operating profit | 5 | 463,479 | 1,499,832
Interest receivable and similar income |  | - | 336
Interest payable and similar expenses | 9 | (745,139) | (860,956)
(Loss)/profit before tax |  | (281,660) | 639,212
Tax on (loss)/profit | 10 | 95,063 | (112,049)
(Loss)/profit for the financial year |  | (186,597) | 527,163
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 13 to 29 form part of these financial statements.
Page 10
Leisuregrow Products Limited Registered number:03711684
Statement of financial position As at 31 December 2024
| 2024 | 2024 | 2023 | 2023
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Intangible fixed assets | 13 |  | 19,136 |  | 19,095
Tangible fixed assets | 14 |  | 1,656,578 |  | 1,845,992
|  |  | 1,675,714 |  | 1,865,087
Current assets |  |  |  |  |
Stocks | 15 | 11,686,450 |  | 14,454,021 |
Debtors: amounts falling due within one year | 16 | 10,797,118 |  | 9,012,015 |
Cash at bank and in hand | 17 | 532,970 |  | 246,681 |
|  | 23,016,538 |  | 23,712,717 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 18 | (13,078,054) |  | (11,785,296) |
Net current assets |  |  | 9,938,484 |  | 11,927,421
Total assets less current liabilities |  |  | 11,614,198 |  | 13,792,508
Creditors: amounts falling due after more than one year | 19 |  | (180,984) |  | (972,697)
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (83,824) |  | (83,824) |
|  |  | (83,824) |  | (83,824)
Net assets |  |  | 11,349,390 |  | 12,735,987
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 2 |  | 2
Other reserves | 24 |  | 7,235,085 |  | 7,235,085
Profit and loss account | 24 |  | 4,114,303 |  | 5,500,900
Shareholders' funds |  |  | 11,349,390 |  | 12,735,987
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 November 2025.
................................................ Mr. R. P. Grimmer
Director
The notes on pages 13 to 29 form part of these financial statements. Page 11
Leisuregrow Products Limited
Statement of changes in equity For the year ended 31 December 2024
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 2 | 7,235,085 | 5,500,900 | 12,735,987
Loss for the year | - | - | (186,597) | (186,597)
Contributions by and distributions to owners |  |  |  |
Dividends | - | - | (1,200,000) | (1,200,000)
At 31 December 2024 | 2 | 7,235,085 | 4,114,303 | 11,349,390
Statement of changes in equity For the year ended 31 December 2023
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 2 | 7,235,085 | 5,033,737 | 12,268,824
Profit for the year | - | - | 527,163 | 527,163
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (60,000) | (60,000)
At 31 December 2023 | 2 | 7,235,085 | 5,500,900 | 12,735,987
| The notes on pages 13 to 29 form part of these financial statements.
Page 12
Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024 1.Accounting policies
| 1.1 | General information
Leisuregrow Products Limited (the Company) is a members' limited company which is registered and incorporated in the United Kingdom. The Company's registered office is Dewmead Farm, New Inn Road, Hinxworth, Baldock, Hertfordshire, SG7 5HG. The principal activity of the Company is disclosed in the Directors' Report.
| 1.2 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).
| 1.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 1.4 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquire at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life at a rate of 25%. Page 13
Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024 1.Accounting policies (continued)
| 1.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | Over the life of the lease (6 years)
|  |  |  | Motor vehicles | - | 25% straight line
|  |  |  | Fixtures and fittings | - | 10% straight line
|  |  |  | Office equipment | - | 25% straight line
|  |  |  | Computer equipment | - | 25% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 1.6 | Business combinations and goodwill
Business combinations are accounted for by applying the purchase method. The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction. Page 14
Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024 1.Accounting policies (continued)
| 1.6 | Business combinations and goodwill (continued)
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities. Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the Company’s interest in the identifiable net assets, liabilities and contingent liabilities acquired.
| 1.7 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 1.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 1.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 1.10 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Page 15
Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024 1.Accounting policies (continued)
| 1.10 | Financial instruments (continued)
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 16
Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024 1.Accounting policies (continued)
| 1.10 | Financial instruments (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 1.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 1.12 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 1.13 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 1.14 | Leased assets: the company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Page 17
Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024 1.Accounting policies (continued)
| 1.15 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 1.16 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 1.17 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 1.18 | Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 18
Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024 1.Accounting policies (continued)
| 1.19 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
2. | Judgments in applying accounting policies and key sources of estimation uncertainty
The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the financial reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: Estimating useful lives of depreciable assets The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. It is not practical to quantity the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted. Estimating allowance for impairment losses in intangible and tangible fixed assets The Company assesses impairment on intangible and tangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The factors that the Company considers important which could trigger an impairment review include the following: 1.) Significant underperformance relative to expected historical or projected future operating results 2.) Significant changes in the manner of use of the acquired assets or the strategy for overall business; and 3.) Significant negative industry or economic trends. In determining the present value of estimated future cashflows expected to be generated from the continued use of the assets, the Company is required to make estimates and assumptions that can materially affect the financial statements. These assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment loss would be recognised whenever evidence exists that the carrying value is not recoverable. For purposes of assessing impairment, assets are grouped at the lowest levels of which there are separately identifiable cashflows. An impairment loss is recognised and charged to profit or loss if the discounted expected future cash flows are less than the carrying amount. Fair value is estimated by discounting the expected future cashflows using a discount factor that reflects the risk-free rate of interest for a term consistent with the period of expected cashflows. Allowances for impairment of debtors The Company estimates the allowance for doubtful debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances including but not limited to, the length of relationship. Page 19
Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024
3. | Turnover
The whole of the turnover is attributable to its principal activity. The directors consider it to be seriously prejudicial to the interests of the Company to disclose information regarding turnover, therefore the fact that such information has not been disclosed must be stated in accordance with SI2008/410, schedule 1(68).
4. | Other operating income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Management fee income | 120,000 | 120,000
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | (13,368) | (326,047)
6. | Auditor's remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements | 42,500 | 36,000
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 3,847,393 | 4,046,162
| Social security costs | 384,576 | 301,627
| Cost of defined contribution scheme | 79,386 | 87,770
|  | 4,311,355 | 4,435,559
Page 20
Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024 7.Employees (continued)
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Number of administration and warehouse staff | 82 | 82
|  | Number of sales staff | 27 | 30
|  |  | 109 | 112
8. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 749,692 | 684,051
| The highest paid director received remuneration of £182,859 (2023: £186,831). The value of the Company's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £11,309 (2023: £10,978). The number of directors to whom pension benefits are accruing is 5 (2023: 5).
9. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 359,402 | 435,555
| Finance leases and hire purchase contracts | 23,673 | 22,858
| Other interest payable | 362,064 | 402,543
|  | 745,139 | 860,956
Page 21
Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | 112,049
| Adjustments in respect of previous periods | (95,063) | -
| Deferred tax |  |
| Total deferred tax | - | -
| Taxation on (loss)/profit on ordinary activities | (95,063) | 112,049
| Factors affecting tax charge for the financial year
| The tax assessed for the financial year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (281,660) | 639,212
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%) | (70,415) | 150,215
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 14,187 | 66,639
| Capital allowances for year in excess of depreciation | 67,841 | (28,110)
| Other timing differences | - | 100
| Losses brought forward | (10,866) | -
| R&D tax credit | (95,810) | (76,795)
| Total tax charge for the year | (95,063) | 112,049
| Factors that may affect future tax charges
There are no factors that may affect future tax charges.
11. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Dividends | 1,200,000 | 60,000
Page 22
Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024
12. | Exceptional items
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exceptional costs | 1,090,402 | 430,943
Management performed an assessment of exceptional costs. In the prior year, these arose from one off legal costs incurred by the Company. In the current year, exceptional costs were incurred with the closure of two of the Company’s warehouses and the amalgamation of the warehousing and distribution operation into one site following the successful opening of the new facility in 2023
13. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 January 2024 | 19,095
| Additions | 6,425
| At 31 December 2024 | 25,520
| Amortisation |
| Charge for the year on owned assets | 6,384
| At 31 December 2024 | 6,384
| Net book value |
| At 31 December 2024 | 19,136
| At 31 December 2023 | 19,095
| Amortisation of intangible fixed assets is included in administrative expenses.
Page 23

|  | Leisuregrow Products Limited |
Notes to the financial statements For the year ended 31 December 2024
| 14. | Tangible fixed assets
|  | Long-term leasehold property | Motor vehicles | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 January 2024 | 1,677,964 | 23,195 | 1,226,462 | 67,428 | 685,611 | 3,680,660
| Additions | 133,073 | - | 5,542 | - | 34,720 | 173,335
| At 31 December 2024 | 1,811,037 | 23,195 | 1,232,004 | 67,428 | 720,331 | 3,853,995
| Depreciation |  |  |  |  |  |
| At 1 January 2024 | 597,094 | 19,330 | 580,787 | 65,812 | 571,645 | 1,834,668
| Charge for the year on owned assets | 204,003 | 3,865 | 97,552 | 554 | 56,775 | 362,749
| At 31 December 2024 | 801,097 | 23,195 | 678,339 | 66,366 | 628,420 | 2,197,417
| Net book value |  |  |  |  |  |
| At 31 December 2024 | 1,009,940 | - | 553,665 | 1,062 | 91,911 | 1,656,578
| At 31 December 2023 | 1,080,870 | 3,865 | 645,675 | 1,616 | 113,966 | 1,845,992
Page 24

Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024
15. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Finished goods and goods for resale | 11,686,450 | 14,454,021
| An impairment write off of £Nil (2023: £Nil) was recognised in cost of sales against stock during the year due to slow moving stock.
16. | Debtors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 7,343,115 | 4,241,894
| Amounts owed by joint ventures and associated undertakings | 2,635,973 | 3,569,306
| Other debtors | 153,679 | 325,416
| Prepayments and accrued income | 658,278 | 875,399
| Corporation tax repayable | 6,073 | -
|  | 10,797,118 | 9,012,015
| An impairment loss of £139,824 (2023: £217,348) was recognised against trade debtors.
17. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 532,970 | 246,681
| Less: bank overdrafts | (6,018,235) | (2,969,209)
|  | (5,485,265) | (2,722,528)
Page 25
Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 6,018,235 | 2,969,209
| Bank loans | 2,121,940 | 3,966,155
| Trade creditors | 3,891,503 | 3,688,957
| Amounts owed to group undertakings | 109,435 | 202,355
| Corporation tax | - | 349,951
| Other taxation and social security | 692,226 | 324,528
| Obligations under finance lease and hire purchase contracts | 83,634 | 83,634
| Other creditors (incl directors loans) | 16,165 | 24,097
| Accruals and deferred income | 144,916 | 176,410
|  | 13,078,054 | 11,785,296
| The Company's financing facility includes a shipment credit facility of £4,000,000 to cover working capital and liquidity commitments. The shipping credit facility is repayable on demand and interest rates of 2.57% over base was charged during 2024. These are secured by: Debenture comprising fixed and floating charges over all the assets and undertaking of the Company including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future; ∙charge over contract monies of the Company; and ∙general pledge over documents and goods from the Company. The directors loan is repayable on demand and there is zero interest charged.
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | - | 708,079
| Net obligations under finance leases and hire purchase contracts | 180,984 | 264,618
|  | 180,984 | 972,697
Page 26
Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024
20. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 2,121,940 | 3,966,155
| Amounts falling due 2-5 years |  |
| Bank loans | - | 708,079
|  | 2,121,940 | 4,674,234
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Under 1 year | 83,635 | 83,634
| Between 1-5 years | 181,209 | 264,618
|  | 264,844 | 348,252
| Hire purchase payable is secured by the Company's underlying assets.
22. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (83,824)
| At end of year | (83,824)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | 83,824 | 83,824
Page 27
Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024
23. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Authorised |  |
|  | 1,000 (2023: 1,000) Ordinary shares of £1.00 each | 1,000 | 1,000
|  | Allotted, called up and fully paid |  |
|  | 2 (2023: 2) Ordinary shares of £1.00 each | 2 | 2
24. | Reserves
Other reserves Other reserves represent capital contributions received in prior periods. Profit and loss account Includes all current and prior period retained profits and losses.
25. | Contingent liabilities
The bankers who hold this guarantee have a fixed and floating charge over the Company's properties.
26. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 64,880 | -
| Later than 1 year and not later than 5 years | 302,773 | -
| Later than 5 years | - | -
|  | 367,653 | -
27. | Related party transactions
| The Company was under the control of Mr R.P. Grimmer throughout the current and previous year.
Page 28
Leisuregrow Products Limited
Notes to the financial statements For the year ended 31 December 2024
28. | Post balance sheet events
There have been no significant events affecting the Company since the financial year end.
29. | Controlling party
The immediate parent of the Company is Broomco (1356) Limited, a company registered in England and Wales. The ultimate parent is RGHVBRM Limited, a company registered in England and Wales. The smallest and largest consolidated financial statements presented are that of RGHVBRM Limited. They are publicly available from the Companies House, Crown Way, Cardiff, CF14 3UZ, DX 33050 Cardiff, United Kingdom.
Page 29