REGISTERED NUMBER: 11033657 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2025

for

Aykroyd and Sons Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

Mr D B Aykroyd

Mr N J Aykroyd

Ms F E Aykroyd-Davies

Ms D L Aykroyd-Duckett

Ms S H Galdo

Mr S S Aykroyd

REGISTERED OFFICE:

Unit 17

Bala Enterprise Park

Bala

Gwynedd

LL23 7NJ

REGISTERED NUMBER:

11033657 (England and Wales)

SENIOR STATUTORY AUDITOR:

Ian Sluckis BA FCA

AUDITORS:

Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

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

The principal activities of the group continue to be that of distribution of character pyjamas, nightwear, swimwear and leisurewear.

The principal activities of the company continue to be that of a holding company.

The results for the financial position of the group are shown in the annexed financial statements.

The directors of the company regard the financial key performance indicators as turnover and profitability before tax. We were delighted with sales of £81.7m, considerably higher than the previous year, as the company continues to grow its range.

The principle risks and uncertainties affecting the business are in respect of foreign curreny exchange and raw material availiability and prices. All the above factors are closely monitored by the directors.

Aykroyd & Sons Holdings Limited: Stakeholder Engagement:

As the Board at Aykroyds we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be the most likely to promote the success of the group for the benefit of its members as a whole and in doing so have regard for the following other matters:

The likely consequences of any decisions in the long term:

Aykroyd & Sons Holdings Limited is a family run business and has been in existence for over 100 years. With the next generation of the Aykroyd family taking full active roles as board members and now as senior management too we have shown our commitment to the company's future. With this influx of energy and enthusiasm to bring the company design and creativity to a high level there has been investment in a whole team of experts bringing new ideas and exciting changes to ensure we are always ahead.

Aykroyd's Far East Limited a related party of Aykroyd & Sons Limited is now in fully operational . Aykroyds directors have focused hard on developing the company giving us a huge advantage in regards to our China sourcing & efficiency with the aim to further increase capability, compliance & competitivity.

The interest of the group's employees:

The company has always been renowned for looking after their employees. We have 34 out of 115 employees with over 20 years of service. The directors still ensure continuity of this practice in the following ways:

- Setting remuneration at market-leading rates and rewarding performance and pay bonuses when possible.

- Providing training in-house and career development support.

- Ensuring we are up to date with health & safety training and continuous monitoring.

- Ensuring an open-door approach for all discussions.

- Arranging staff days out for the three sites to get together and have fun.

The need to foster the group's business relationship with suppliers, customers and others:

Our business is built on good relationships with customers, suppliers and others. The directors have made a conscious decision to focus on further developing our design and licensing side of the group along with the profile of the group through social media. We continue to attend licensing shows and aim to have the latest licenses to provide the best for our customers. We work with our suppliers to ensure meeting required compliance and standards and have a team to specifically work on this.

The impact of the group's operations on the community and the environment:

The Aykroyds history was in manufacturing in the small town of Bala, generations of families worked for the company and the directors gave huge support inside and outside the work environment. This continues to this day with the company supporting the local Sports Association and football club. We regularly hold charity money raising events too, especially for charities close to our heart.

Our planet:

The board of directors are committed to helping the environment wherever possible. We have installed solar panels on our Bala and Altrincham sites plus electric charging points for staff to use. We have a packaging waste procedure in place to ensure all the waste cardboard and plastic is baled on site and then sent for recycling. The directors encourage paper free working but where we do use paper it is recycled. All rubbish is sorted to minimise waste.

The desirability of the group maintaining a reputation for high standards of business conduct:

Aykroyds whole business of design, licensing, sourcing and distribution of character clothing requires high standard of business conduct, as well as the IT, administration and accounting. None of it can be done without directors continuously ensuring compliance is met at every stage to ensure our reputation is maintained, without which the group could not continue.

The need to act fairly between employees of the group:

Being aware of the importance of transparency and accountability the directors put together a monthly newsletter which is sent to all group employees and on our website. This is seen to encourage openness and that along with regular meetings not only at board level but throughout the company. Communication to all employees is a vital part of our strategy, application in our work and delivery.

ON BEHALF OF THE BOARD:

Mr D B Aykroyd - Director

8 December 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

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

Mr D B Aykroyd

Mr N J Aykroyd

Ms F E Aykroyd-Davies

Ms D L Aykroyd-Duckett

Ms S H Galdo

Mr S S Aykroyd

STREAMLINED ENERGY AND CARBON REPORTING

The Companies Act 2006 (Directors' report) Regulation 2018 requires Aykroyd & Sons Holdings Limited to disclose annual energy consumption and greenhouse gas emissions (GHG).

The Government Environmental Guidelines have been followed in conjuction with the GHG protocol Corporate Accounting and Reporting Standard, using the 2025 Government conversion factors.

The table below details the SECR-regulated energy and GHG emissions:

Energy (kwh)

2025

2024

Natural gas

159,352

164,337

Electricity

286,828

280,263

Company vehicles

322,280

331,931

Total energy

768,460

776,531

Emissions (tCO2e)

Scope 1

Natural gas

32

33

Scope 1

Company vehicles

76

77

Scope 2

Electricity

51

58

Total SECR emissions

159

168

Emissions intensity ratio

Emissions intensity (tCO2e)/£m turnover

1.98

2.77

Aykroyd & Sons Holdings Limited care about protecting the planet and are committed to reducing its environmental impact. We recognise we have a duty to make positive changes and to help achieve this the company have installed 16 electric charging points at our offices and are only purchasing hybrid or fully electric company vehicles, as well as encouraging staff to do the same. Solar panels have been installed at both the Altrincham and Bala offices and have generated over 50,000kwhs which was returned to the grid.

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;

-	state whether applicable 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 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 he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr D B Aykroyd - Director

8 December 2025

Opinion

We have audited the financial statements of Aykroyd and Sons Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other 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 31 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 five, 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:

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

Identifying and assessing potential risks to irregularities

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

-

the nature of the industry and sector, control environment and business performance;

-

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

-

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

-

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

-

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

-

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

-

the matters discussed among the audit engagement team and involving other internal specialists including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override.

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

Our procedures to respond to risks identified included the following:

-

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

-

enquiring of management concerning actual and potential litigation and claims;

-

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

-

obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

-

in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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.

Ian Sluckis BA FCA (Senior Statutory Auditor)

for and on behalf of Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

8 December 2025

TURNOVER

3

81,739,457

57,350,042

Cost of sales

(76,041,889

)

(53,196,449

)

GROSS PROFIT

5,697,568

4,153,593

Distribution costs

(759,676

)

(644,435

)

Administrative expenses

(2,331,901

)

(1,802,909

)

2,605,991

1,706,249

Other operating income

(18,317

)

(26,985

)

OPERATING PROFIT

5

2,587,674

1,679,264

Interest receivable and similar income

57,201

3,758

2,644,875

1,683,022

Gain/loss on revaluation of investment property

821,435

-

3,466,310

1,683,022

Interest payable and similar expenses

6

(154,198

)

(192,941

)

PROFIT BEFORE TAXATION

3,312,112

1,490,081

Tax on profit

7

(899,949

)

(435,279

)

PROFIT FOR THE FINANCIAL YEAR

2,412,163

1,054,802

Profit attributable to:

Owners of the parent

2,412,163

1,054,802

PROFIT FOR THE YEAR

2,412,163

1,054,802

OTHER COMPREHENSIVE INCOME

Movement on hedging reserve

132,536

128,344

Currency translation difference on

Foreign currency net investments

758

(393

)

Income tax relating to components of other comprehensive income

(33,134

)

(32,086

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

100,160

95,865

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,512,323

1,150,667

Total comprehensive income attributable to:

Owners of the parent

2,512,323

1,150,667

FIXED ASSETS

Intangible assets

9

226,669

304,943

Tangible assets

10

2,309,655

2,405,742

Investments

11

Interest in joint venture

Share of gross assets

1,831,940

1,311,983

Share of gross liabilities

(1,831,890

)

(1,311,933

)

Investment property

12

1,329,421

539,233

3,865,795

3,249,968

CURRENT ASSETS

Stocks

13

4,578,629

4,592,926

Debtors

14

15,331,342

12,236,702

Investments

15

7,900

7,900

Cash at bank and in hand

939,523

837,595

20,857,394

17,675,123

CREDITORS

Amounts falling due within one year

16

(8,506,468

)

(6,378,960

)

NET CURRENT ASSETS

12,350,926

11,296,163

TOTAL ASSETS LESS CURRENT LIABILITIES

16,216,721

14,546,131

CREDITORS

Amounts falling due after more than one year

17

(5,458,982

)

(6,481,819

)

PROVISIONS FOR LIABILITIES

21

(229,370

)

(48,266

)

NET ASSETS

10,528,369

8,016,046

CAPITAL AND RESERVES

Called up share capital

22

4,450,000

4,450,000

Hedging reserve

23

(26,744

)

(126,146

)

Retained earnings

23

6,105,113

3,692,192

SHAREHOLDERS' FUNDS

10,528,369

8,016,046

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

Mr D B Aykroyd - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

17,800,000

17,800,000

Investment property

12

-

-

17,800,000

17,800,000

CREDITORS

Amounts falling due within one year

16

(12,180

)

(9,744

)

NET CURRENT LIABILITIES

(12,180

)

(9,744

)

TOTAL ASSETS LESS CURRENT LIABILITIES

17,787,820

17,790,256

CREDITORS

Amounts falling due after more than one year

17

(5,075,000

)

(6,090,000

)

NET ASSETS

12,712,820

11,700,256

CAPITAL AND RESERVES

Called up share capital

22

4,450,000

4,450,000

Retained earnings

23

8,262,820

7,250,256

SHAREHOLDERS' FUNDS

12,712,820

11,700,256

Company's profit for the financial year

1,012,564

1,157,100

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

Mr D B Aykroyd - Director

Called up

share

Retained

Hedging

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

4,450,000

2,637,783

(222,404

)

6,865,379

Changes in equity

Total comprehensive income

-

1,054,409

96,258

1,150,667

Balance at 31 March 2024

4,450,000

3,692,192

(126,146

)

8,016,046

Changes in equity

Total comprehensive income

-

2,412,921

99,402

2,512,323

Balance at 31 March 2025

4,450,000

6,105,113

(26,744

)

10,528,369

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

4,450,000

6,093,156

10,543,156

Changes in equity

Total comprehensive income

-

1,157,100

1,157,100

Balance at 31 March 2024

4,450,000

7,250,256

11,700,256

Changes in equity

Total comprehensive income

-

1,012,564

1,012,564

Balance at 31 March 2025

4,450,000

8,262,820

12,712,820

Cash flows from operating activities

Cash generated from operations

1

1,749,457

3,457,770

Interest paid

(47,057

)

(70,169

)

Finance costs paid

(107,141

)

(122,772

)

Tax paid

(437,516

)

(42,066

)

Net cash from operating activities

1,157,743

3,222,763

Cash flows from investing activities

Purchase of tangible fixed assets

(236,755

)

(317,922

)

Sale of tangible fixed assets

63,500

149,600

Sale of investment property

74,481

-

Interest received

57,201

3,758

Net cash from investing activities

(41,573

)

(164,564

)

Cash flows from financing activities

Preference shares redeemed

(1,015,000

)

(1,015,000

)

Net cash from financing activities

(1,015,000

)

(1,015,000

)

Increase in cash and cash equivalents

101,170

2,043,199

Cash and cash equivalents at beginning of year

2

837,595

(1,205,212

)

Effect of foreign exchange rate changes

758

(392

)

Cash and cash equivalents at end of year

2

939,523

837,595

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

2025

2024

£

£

Profit before taxation

3,312,112

1,490,081

Depreciation charges

341,372

338,796

Profit on disposal of fixed assets

(36,990

)

(44,405

)

Gain on revaluation of fixed assets

(821,435

)

-

Government grants

(8,000

)

(8,163

)

Finance costs

154,198

192,941

Finance income

(57,201

)

(3,758

)

2,884,056

1,965,492

Decrease in stocks

14,297

4,893,950

Increase in trade and other debtors

(3,127,774

)

(5,340,948

)

Increase in trade and other creditors

1,978,878

1,939,276

Cash generated from operations

1,749,457

3,457,770

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 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

939,523

837,595

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

837,595

193,169

Bank overdrafts

-

(1,398,381

)

837,595

(1,205,212

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

837,595

101,928

939,523

837,595

101,928

939,523

Liquid resources

Current asset investments

7,900

-

7,900

7,900

-

7,900

Debt

Debts falling due after 1 year

(6,090,000

)

1,015,000

(5,075,000

)

(6,090,000

)

1,015,000

(5,075,000

)

Total

(5,244,505

)

1,116,928

(4,127,577

)