FASHION FABRIC TRANSPRINTERS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Mr Y Ahmed

Mr Y Y Ahmed

Mr I Ahmed

Mr H Ismail

Mr D A Ismail

SECRETARY:

Y Ahmed

REGISTERED OFFICE:

333 Humberstone Lane

Thurmaston

Leicester

LE4 9JR

REGISTERED NUMBER:

01234556 (England and Wales)

AUDITORS:

HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

The directors present their strategic report of the company and the group for the year ended 31st March 2025.

REVIEW OF BUSINESS

The directors consider that the group performed satisfactorily despite tough market conditions. Turnover was £13,912,944 (2024: £14,884,827) a decrease of 6.5%, gross margins have increased to 28.40% from 20.03%.

The group made an operating loss of £184,988 (2024: £276,612).

The loss for the year after taxation amounted to £315,931 (2024: £344,263).

The net asset position of the company remains healthy with shareholders' funds of £9,625,579 (2024: £10,541,510). In the opinion of the directors, the company has sufficient resources to continue trading at, or above, current levels of activity and is well placed to adapt to changes and opportunities in the market.

The group is continuing to implement plans to control and where possible reduce operating costs, to discontinue non-profitable ranges and to add new profitable ranges. The market conditions are expected to remain competitive for the foreseeable future but the directors expect to maintain the company's market share are optimistic for the the future.

During the prior year, two separate incidents occurred where one of the buildings was flooded, this caused an element of disruption in trading for a short period of time. Insurance proceeds were received in relation to this

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider that the business faces no specific risks other than normal industry risks. Given the

straightforward nature of the business, the group's directors are of the opinion that extensive KPI analysis is not used extensively. However in generating an understanding of the development, performance and position of the business, the company and group actively monitors gross profit margin, stock holding, customer and supplier trading balances. The group's management also actively monitors revenue and operating costs. The company considers relevant risks to the business as below:

Interest rate risk

The group finances its operations through a mixture of retained profits, bank borrowings and intercompany loans. The group's exposure to interest rate fluctuations on its borrowing is managed by the use of both fixed and floating facilities.

Liquidity risk

The group seeks to manage liquidity risk ensuring sufficient liquidity is available to meet foreseeable needs and by investing cash assets safely and profitably. Primarily this is achieved through intercompany loans and bank borrowings.

Currency risk

The group is exposed to translation and transaction foreign exchange risk. Where possible this is managed through the use of foreign currency bank accounts, cash holdings and the use of short term forward contracts.

Economic risk

The directors have considered economic challenges in relation to their risk assessment and impact on the business. In their opinion they have taken all reasonable steps to mitigate factors arising, including the consideration of employment sustainability, sourcing of supplies and customer base retention. Such factors are considered by the directors to represent ongoing inherent risk to the business that they will continue to seek to manage including any risks to cashflow and revenue sustainability

RESEARCH AND DEVELOPMENT

The directors are optimistic that the investment in development of new techniques which will create greater marketing opportunities and increased sales.

KEY PERFORMANCE INDICATORS

The directors monitor the business on the basis of revenue and gross margin targets. The directors actively monitor trade receivables recovery metrics.

FUTURE DEVELOPMENTS

The group intends to continue to seek to grow the business through organic growth.

ON BEHALF OF THE BOARD:

Mr Y Y Ahmed - Director

8th December 2025

The directors present their report with the financial statements of the company and the group for the year ended 31st March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of fashion manufacturing.

DIVIDENDS

During the year dividends of £600,000 (2024: £600,000) were declared. The directors recommend that no further distributions be made.

DIRECTORS

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

Mr Y Ahmed

Mr Y Y Ahmed

Mr I Ahmed

Mr H Ismail

Mr D A Ismail

FINANCIAL INSTRUMENTS

The group utilises various financial instruments including loans, cash and items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these is to raise finance for the company's operations. The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail in the Strategic Report.

POLITICAL DONATIONS AND EXPENDITURE

There were no political donations during the year, other donations were made by the group of £151,050 (2024: £150,000).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, HW Bedford Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr Y Y Ahmed - Director

8th December 2025

Opinion

We have audited the financial statements of Fashion Fabric Transprinters Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31st March 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

-	adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

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 obtained an understanding of the legal and regulatory frameworks that are applicable to the company and group and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company and group is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assess the susceptibility of the company and group's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the group has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alberto Di Lorenzo FCA (Senior Statutory Auditor)

for and on behalf of HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

8th December 2025

TURNOVER

3

13,912,944

14,884,827

Cost of sales

9,959,525

11,903,667

GROSS PROFIT

3,953,419

2,981,160

Administrative expenses

4,188,065

3,319,796

(234,646

)

(338,636

)

Other operating income

49,658

62,024

OPERATING LOSS

5

(184,988

)

(276,612

)

Interest receivable and similar income

86,446

105,350

(98,542

)

(171,262

)

Interest payable and similar expenses

7

223,755

248,007

LOSS BEFORE TAXATION

(322,297

)

(419,269

)

Tax on loss

8

(6,366

)

(75,006

)

LOSS FOR THE FINANCIAL YEAR

(315,931

)

(344,263

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(315,931

)

(344,263

)

Loss attributable to:

Owners of the parent

(397,096

)

(363,503

)

Non-controlling interests

81,165

19,240

(315,931

)

(344,263

)

Total comprehensive income attributable to:

Owners of the parent

(397,096

)

(363,503

)

Non-controlling interests

81,165

19,240

(315,931

)

(344,263

)

FIXED ASSETS

Tangible assets

11

3,330,865

3,303,139

Investments

12

-

-

3,330,865

3,303,139

CURRENT ASSETS

Stocks

13

5,471,867

5,320,199

Debtors

14

4,391,585

4,799,824

Cash at bank and in hand

2,410,158

3,769,693

12,273,610

13,889,716

CREDITORS

Amounts falling due within one year

15

5,274,830

5,890,121

NET CURRENT ASSETS

6,998,780

7,999,595

TOTAL ASSETS LESS CURRENT LIABILITIES

10,329,645

11,302,734

CREDITORS

Amounts falling due after more than one year

16

(4,574

)

(55,366

)

PROVISIONS FOR LIABILITIES

19

(699,492

)

(705,858

)

NET ASSETS

9,625,579

10,541,510

CAPITAL AND RESERVES

Called up share capital

20

200,000

200,000

Share premium

21

40,000

40,000

Retained earnings

21

9,374,191

10,371,287

SHAREHOLDERS' FUNDS

9,614,191

10,611,287

NON-CONTROLLING INTERESTS

22

11,388

(69,777

)

TOTAL EQUITY

9,625,579

10,541,510

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

Mr Y Y Ahmed - Director

FIXED ASSETS

Tangible assets

11

2,596,604

2,401,942

Investments

12

1,000

51,000

2,597,604

2,452,942

CURRENT ASSETS

Stocks

13

4,873,697

4,595,495

Debtors

14

3,822,668

4,149,205

Cash at bank and in hand

2,225,987

3,610,724

10,922,352

12,355,424

CREDITORS

Amounts falling due within one year

15

5,289,123

6,027,152

NET CURRENT ASSETS

5,633,229

6,328,272

TOTAL ASSETS LESS CURRENT LIABILITIES

8,230,833

8,781,214

CREDITORS

Amounts falling due after more than one year

16

(4,574

)

(55,366

)

PROVISIONS FOR LIABILITIES

19

(519,974

)

(490,290

)

NET ASSETS

7,706,285

8,235,558

CAPITAL AND RESERVES

Called up share capital

20

200,000

200,000

Share premium

21

40,000

40,000

Retained earnings

21

7,466,285

7,995,558

SHAREHOLDERS' FUNDS

7,706,285

8,235,558

Company's profit for the financial year

70,727

48,387

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

Mr Y Y Ahmed - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1st April 2023

200,000

11,334,790

40,000

Changes in equity

Dividends

-

(600,000

)

-

Total comprehensive income

-

(363,503

)

-

Balance at 31st March 2024

200,000

10,371,287

40,000

Changes in equity

Dividends

-

(600,000

)

-

Total comprehensive income

-

(397,096

)

-

Balance at 31st March 2025

200,000

9,374,191

40,000

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1st April 2023

11,574,790

(89,017

)

11,485,773

Changes in equity

Dividends

(600,000

)

-

(600,000

)

Total comprehensive income

(363,503

)

19,240

(344,263

)

Balance at 31st March 2024

10,611,287

(69,777

)

10,541,510

Changes in equity

Dividends

(600,000

)

-

(600,000

)

Total comprehensive income

(397,096

)

81,165

(315,931

)

Balance at 31st March 2025

9,614,191

11,388

9,625,579

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st April 2023

200,000

8,547,171

40,000

8,787,171

Changes in equity

Dividends

-

(600,000

)

-

(600,000

)

Total comprehensive income

-

48,387

-

48,387

Balance at 31st March 2024

200,000

7,995,558

40,000

8,235,558

Changes in equity

Dividends

-

(600,000

)

-

(600,000

)

Total comprehensive income

-

70,727

-

70,727

Balance at 31st March 2025

200,000

7,466,285

40,000

7,706,285

Cash flows from operating activities

Cash generated from operations

1

(173,746

)

1,961,021

Interest paid

(219,039

)

(242,939

)

Interest element of hire purchase payments paid

(4,716

)

(5,068

)

Tax paid

(3

)

(121,465

)

Net cash from operating activities

(397,504

)

1,591,549

Cash flows from investing activities

Purchase of tangible fixed assets

(528,746

)

(248,081

)

Sale of tangible fixed assets

121,059

278,568

Interest received

86,446

105,350

Net cash from investing activities

(321,241

)

135,837

Cash flows from financing activities

Capital repayments in year

(50,790

)

(54,111

)

Amount introduced by directors

10,284

28,001

Amount withdrawn by directors

(284

)

(9,765

)

Equity dividends paid

(600,000

)

(600,000

)

Net cash from financing activities

(640,790

)

(635,875

)

(Decrease)/increase in cash and cash equivalents

(1,359,535

)

1,091,511

Cash and cash equivalents at beginning of year

2

3,769,693

2,678,182

Cash and cash equivalents at end of year

2

2,410,158

3,769,693

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Loss before taxation

(322,297

)

(419,269

)

Depreciation charges

303,824

323,688

Loss on disposal of fixed assets

76,138

105,461

Impairment charges

-

15,730

Finance costs

223,755

248,007

Finance income

(86,446

)

(105,350

)

194,974

168,267

(Increase)/decrease in stocks

(151,668

)

1,197,450

Decrease in trade and other debtors

399,570

340,917

(Decrease)/increase in trade and other creditors

(616,622

)

254,387

Cash generated from operations

(173,746

)

1,961,021

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

2,410,158

3,769,693

Year ended 31st March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

3,769,693

2,968,848

Bank overdrafts

-

(290,666

)

3,769,693

2,678,182

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

3,769,693

(1,359,535

)

2,410,158

3,769,693

(1,359,535

)

2,410,158

Debt

Finance leases

(106,157

)

50,792

(55,365

)

(106,157

)

50,792

(55,365

)

Total

3,663,536

(1,308,743

)

2,354,793

1.	STATUTORY INFORMATION

Fashion Fabric Transprinters Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Basis of consolidation

The Group financial statements consolidate the company and its subsidiary undertakings at 31 March each year.

Group reconstructions are accounted for under the merger method of accounting. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.

Fashion Fabric Transprinters Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements, which are presented alongside the consolidated financial statements. Exemptions have been taken in relation to presentation of remuneration of some key management personnel and company cash flow.