Purdy & Figg Ltd - Limited company accounts 25.1

REGISTERED NUMBER: 12477148 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

PURDY & FIGG LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTORS:

Mr J A Rubin

Mr C W J Rubin

Mr B Hodder

Mr J F Akehurst

REGISTERED OFFICE:

9 Heron Business Park

Eastman Way

Hemel Hempstead Industrial Estate

Hemel Hempstead

HP2 7FW

REGISTERED NUMBER:

12477148 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Paul Dell FCA

AUDITORS:

Xeinadin Audit Limited Chartered Accountants

Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

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

REVIEW OF BUSINESS

Purdy and Figg is on a mission to turn cleaning from a mundane chore to a joyful, sustainable experience.

The year to 31st March 2025 was a breakout year for the brand characterised by strong revenue and brand penetration growth. Brand penetration increased to one in twenty houses across the UK, with revenues growing at 115% year on year. Our strategy to transform the cleaning category via our core DTC channel, through investment in improved products, new scents and marketing activity, continued to pay off. With additional scale built throughout the year, margins continue to improve and we see significant further opportunity to continue to grow margins, further allowing for increased investment in brand and performance marketing to continue to reach and delight many new customers, both in our core UK market but also in new markets throughout 2025.

Purdy and Figg continued to deliver on its plan to grow revenues and invest in new products and scent experiences for our customers. Revenues grew to £39.3m for the year ended March 2025, an increase of 115% from the prior year's total of £18.3m. Additionally, Purdy and Figg continued to increase investments in other key areas including product, staff, brand and performance marketing and website.

During the year the company delivered operating profits before exceptional items of £0.8m, a 21% increase on the prior year's total of £0.6m. Gross margins remained strong, allowing for significant investment in marketing activity to grow our active subscriber base 77% YoY.

Looking ahead to the year ended March 2026, we will continue to focus on growth through delivery of our mission to turn cleaning from a chore to a joy for UK consumers alongside launching products into select new markets.

As is the case in high growth environments, a number of risks persist, including geopolitical uncertainty affecting our supply chain, inflationary pressures, and uncertainties surrounding the total addressable market for premium cleaning products. Our focus will continue to be on nurturing our high performance culture whilst striving to deliver high quality, natural and environmentally sustainable cleaning products to delight our customers through our financially sustainable model.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors are responsible for the identification and management of the principal risks and uncertainties affecting the company. These are reviewed on a regular basis and relevant mitigation actions and controls exist to manage these risks and uncertainties.

UK consumer confidence

The company's revenue and profitability depend on sustained consumer demand for its products and the continued growth of the direct-to-consumer model. Changes in consumer preferences, heightened competition, or a downturn in discretionary spending could adversely affect sales volumes and gross margins. Risk of adverse impact of consumer confidence is mitigated through continued investment in brand development, digital marketing and new product development to maintain consumer engagement and relevance. Regular analysis of customer data and feedback is undertaken to monitor trends and inform decision-making.

Supply chain

Purdy and Figg operates across multiple markets and supply chains, encompassing manufacturing, distribution, and fulfilment partners. The business is exposed to supply chain risk across both raw material pricing and shipping, customs and duty costs. Supply chain risk is mitigated through close working relationships with key suppliers. Introduction of sales and operational planning techniques have created more accurate future demand projections further mitigating disruption risks. Supply continuity is regularly reviewed by senior management.

Liquidity

The company mitigates its liquidity risk by maintaining a sufficient cash balance to meet foreseeable obligations. The directors regularly review cash forecasts, operational cash flows and working capital requirements.

KEY PERFORMANCE INDICATORS (KPIS)

The directors use a number of Key Performance Indicators ("KPIs") to monitor the development, performance and position of the company on a regular basis. These KPIs are aligned with the company's strategic objectives of sustainable growth, profitability, and customer engagement.Both financial and non-financial measures are reviewed by the board throughout the year. The principal KPIs monitored are set out below.

Revenue Growth

Revenue for the year increased by 115% to £39.3 million (2024: £18.3 million), reflecting continued growth in the company's direct-to-consumer online sales channel and the success of new product launches. This performance demonstrates the ongoing strength of the Purdy & Figg brand and customer acquisition strategy.

Gross Profit Margin

Gross profit margin was 62.0% (2024: 60.5%). Margins have remained robust despite cost pressures arising from inflation and logistics challenges. The company continues to focus on manufacturing and supply chain efficiency, sustainable sourcing, and effective pricing management to protect profitability.

Operating Profit Margin

Operating profit margin for the year was 2.0% (2024: 3.5%). The slight reduction reflects planned investment in performance marketing to drive customer acquisition and revenue growth. In addition, further investments in people and technology have been made to support long-term scalability. Management continues to balance growth investment with disciplined cost control.

Customer Retention Rate (Non-Financial)

Customer retention remained broadly flat year on year, with both 12 month and 24 month retention rates in line with FY24. The company maintains a loyal and engaged customer base supported by subscription offerings, product satisfaction, and strong customer service. Retention remains a key focus for sustainable growth and lifetime value.

Cash Generation and Liquidity

The company maintained positive operating cash flow and a strong cash position at year end. No long-term borrowings were outstanding, and sufficient cash balances exist to fund customer acquisition costs, working capital and future expansion.

DIRECTORS COMMENTARY

The directors consider that these indicators provide a balanced and comprehensive view of the company's performance during the year and its financial position at the balance sheet date. The KPIs are consistent with those used internally by management and are reviewed alongside qualitative factors such as brand strength, customer satisfaction and new customer acquisition.

The board is satisfied that the company continues to make progress towards its strategic objectives and is well placed to deliver sustainable growth in future periods.

ON BEHALF OF THE BOARD:

Mr J A Rubin - Director

5 December 2025

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

PRINCIPAL ACTIVITY

The main business activity of the company was that of manufacturer and retailer of homecare products.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025 (2024: Nil).

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 J A Rubin

Mr C W J Rubin

Mr B Hodder

Other changes in directors holding office are as follows:

Mr J F Akehurst was appointed as a director after 31 March 2025 but prior to the date of this report.

Mr G M Gillo ceased to be a director after 31 March 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

Mr J A Rubin - Director

5 December 2025

Opinion

We have audited the financial statements of Purdy & Figg Ltd (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud, we:

- obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;

- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;

- tested a sample of revenue transactions to supporting evidence; and

- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators where appropriate.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Mr Paul Dell FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited Chartered Accountants

Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

5 December 2025

TURNOVER

4

39,304

18,293

Cost of sales

(14,925

)

(7,234

)

GROSS PROFIT

24,379

11,059

Administrative expenses

(23,736

)

(10,419

)

643

640

Other operating income

135

5

OPERATING PROFIT

6

778

645

Exceptional item

7

(30

)

(236

)

748

409

Interest payable and similar expenses

8

(1

)

(32

)

PROFIT BEFORE TAXATION

747

377

Tax on profit

9

(154

)

(122

)

PROFIT FOR THE FINANCIAL YEAR

593

255

PROFIT FOR THE YEAR

593

255

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

593

255

FIXED ASSETS

Tangible assets

10

422

330

CURRENT ASSETS

Stocks

11

4,356

843

Debtors

12

1,657

1,228

Investments

13

18

-

Cash at bank

1,336

1,787

7,367

3,858

CREDITORS

Amounts falling due within one year

14

6,504

3,509

NET CURRENT ASSETS

863

349

TOTAL ASSETS LESS CURRENT

LIABILITIES

1,285

679

CREDITORS

Amounts falling due after more than one

year

15

(10

)

(32

)

PROVISIONS FOR LIABILITIES

19

(105

)

(83

)

NET ASSETS

1,170

564

CAPITAL AND RESERVES

Called up share capital

20

-

Share premium

21

2,060

2,047

Retained earnings

21

(890

)

(1,483

)

SHAREHOLDERS' FUNDS

1,170

564

The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2025 and were signed on its behalf by:

Mr J A Rubin - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£'000

Balance at 1 April 2023

-

(1,738

)

2,047

309

Changes in equity

Total comprehensive income

-

255

-

255

Balance at 31 March 2024

-

(1,483

)

2,047

564

Changes in equity

Issue of share capital

-

13

Total comprehensive income

-

593

-

593

Balance at 31 March 2025

-

(890

)

2,060

1,170

Cash flows from operating activities

Cash generated from operations

1

(136

)

1,580

Interest paid

-

(31

)

Interest element of hire purchase payments

paid

(1

)

(1

)

Net cash from operating activities

(137

)

1,548

Cash flows from investing activities

Purchase of tangible fixed assets

(302

)

(320

)

Sale of tangible fixed assets

-

(25

)

Net cash from investing activities

(302

)

(345

)

Cash flows from financing activities

Loan repayments in year

(10

)

(223

)

Capital repayments in year

(13

)

15

Share issue

12

-

Net cash from financing activities

(11

)

(208

)

(Decrease)/increase in cash and cash equivalents

(450

)

995

Cash and cash equivalents at beginning of

year

2

1,787

788

Cash and cash equivalents at end of year

2

1,336

1,787

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

2025

2024

£'000

Profit before taxation

747

377

Depreciation charges

211

92

Loss on disposal of fixed assets

-

25

Finance costs

1

32

959

526

Increase in stocks

(3,513

)

(543

)

Increase in trade and other debtors

(579

)

(674

)

Increase in trade and other creditors

2,997

2,271

Cash generated from operations

(136

)

1,580

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

£'000

Cash and cash equivalents

1,336

1,787

Year ended 31 March 2024

31.3.24

1.4.23

£'000

Cash and cash equivalents

1,787

788

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£'000

Net cash

Cash at bank

1,787

(451

)

1,336

1,787

(451

)

1,336

Liquid resources

Current asset investments

-

18

-

18

Debt

Finance leases

(20

)

13

(7

)

Debts falling due within 1 year

(10

)

-

(10

)

Debts falling due after 1 year

(20

)

10

(10

)

(50

)

23

(27

)

Total

1,737

(410

)

1,327

1.	STATUTORY INFORMATION

Purdy & Figg Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents the invoiced value of goods and services supplied to external customers, excluding value added tax. Turnover is recognised and a debtor recorded as accrued income once all obligations under the sales order have been performed subject to adjustments for work in progress at the year end.

Turnover is recognised when goods and services are delivered and legal title is passed to customers.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

over the period of the leases

Plant and machinery

-

33% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

50% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. The company assesses at each reporting date whether tangible fixed assets are fully impaired.

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class. Overheads are charged to profit or loss as incurred.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Current asset investments

Current asset investments are stated at fair value at the reporting date where such a value can be reliably measured. Fair value is determined by reference to quoted market prices, published rates, or other appropriate valuation techniques as applicable.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The items in the financial statements where these judgements and estimates have been made include:

- assessing the useful economic lives attributed to tangible fixed assets used to determine the annual depreciation charge,

- the provision for any obsolete or slow moving stock.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company, with 99.7% of sales taking place within the UK.

5.	EMPLOYEES AND DIRECTORS

2025

2024

£ 000's

£ 's

Wages and salaries

3,975

1,233

Social security costs

365

138

Other pension costs

38

21

4,378

1,392

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

2025

2024

Production

29

27

Administration

37

25

Directors

3

Non-executive directors

1

70

56

2025

2024

£ 000's

Directors' remuneration

1,826

437

Information regarding the highest paid director is as follows:

2025

2024

£ 000's

Emoluments etc

766

159

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£'000

Hire of plant and machinery

73

52

Depreciation - owned assets

203

83

Depreciation - assets on hire purchase contracts

7

10

Loss on disposal of fixed assets

-

25

Auditors' remuneration

35

23

Foreign exchange differences

16

28

7.	EXCEPTIONAL ITEMS

2025

2024

£'000

Exceptional item

(30

)

(236

)

The exceptional item in the current year relates to an irrecoverable balance arising from a fraudulent transaction.

The exceptional item in the prior year relates to exceptional stock write downs.

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£'000

Bank loan interest

-

31

Hire purchase interest

1

32

9.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£'000

Deferred tax

154

122

Tax on profit

154

122

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£'000

Profit before tax

748

377

Profit multiplied by the standard rate of corporation tax in the UK of 25%

(2024 - 25%)

187

94

Effects of:

Expenses not deductible for tax purposes

21

15

Income not taxable for tax purposes

(27

)

-

Capital allowances in excess of depreciation

(23

)

(51

)

Utilisation of tax losses

(192

)

(5

)

Loss on disposal of asset

-

6

Research & development enhanced deduction

34

(60

)

Movement of accelerated capital allowances

154

122

credit

Total tax charge

154

121

10.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£'000

COST

At 1 April 2024

82

245

33

Additions

27

188

41

At 31 March 2025

109

433

74

DEPRECIATION

At 1 April 2024

16

63

9

Charge for year

42

102

19

At 31 March 2025

58

165

28

NET BOOK VALUE

At 31 March 2025

51

268

46

At 31 March 2024

66

182

24

Motor

Computer

vehicles

equipment

Totals

£'000

COST

At 1 April 2024

11

78

449

Additions

-

46

302

At 31 March 2025

11

124

751

DEPRECIATION

At 1 April 2024

11

20

119

Charge for year

-

47

210

At 31 March 2025

11

67

329

NET BOOK VALUE

At 31 March 2025

-

57

422

At 31 March 2024

-

58

330

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£'000

COST

At 1 April 2024

and 31 March 2025

21

11

32

DEPRECIATION

At 1 April 2024

7

11

18

Charge for year

7

-

7

At 31 March 2025

14

11

25

NET BOOK VALUE

At 31 March 2025

7

-

7

At 31 March 2024

14

-

14

11.

STOCKS

2025

2024

£'000

Finished goods

4,356

843

12.

DEBTORS

2025

2024

£'000

Amounts falling due within one year:

Trade debtors

-

8

Other debtors

797

424

Staff loans

-

21

Tax

109

-

Prepayments

376

269

1,282

722

Amounts falling due after more than one year:

Deferred tax asset

375

506

Aggregate amounts

1,657

1,228

The deferred tax asset has been calculated based on the trading losses carried forward at 31 March 2025, based on the current corporation tax rate of 25%. Such losses are expected to be relieved in the financial year to March 2026.

13.	CURRENT ASSET INVESTMENTS

2025

2024

£'000

Other investments

18

-

14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£'000

Bank loans and overdrafts (see note 16)

10

Hire purchase contracts (see note 17)

7

8

Trade creditors

4,103

1,493

Social security and other taxes

157

66

VAT

421

1,165

Other creditors

129

233

Pension payable

12

8

Directors' current accounts

-

1

Accruals and deferred income

1,665

525

6,504

3,509

15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR

2025

2024

£'000

Bank loans (see note 16)

10

20

Hire purchase contracts (see note 17)

-

12

10

32

16.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£'000

Amounts falling due within one year or on demand:

Bank loans

10

Amounts falling due between one and two years:

Bank loans

10

Amounts falling due between two and five years:

Bank loans

-

10

17.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£'000

Net obligations repayable:

Within one year

7

8

Between one and five years

-

12

7

20

Non-cancellable

operating leases

2025

2024

£'000

Within one year

512

392

Between one and five years

140

189

652

581

18.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£'000

Hire purchase contracts

7

20

Hire purchase contracts are secured over the asset to which they relate.

19.	PROVISIONS FOR LIABILITIES

2025

2024

£'000

Deferred tax

105

83

Deferred

tax

£'000

Balance at 1 April 2024

83

Charge to Income Statement during year

23

Balance at 31 March 2025

106

Deferred tax relates to accelerated capital allowances.

20.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2025

2024

value:

£

202,904

Share capital 2

0.001

p

2

The following shares were issued during the year:

506 Ordinary 0.00001 shares of 0.001p for cash of £ 12,498

21.

RESERVES

Retained

Share

earnings

premium

Totals

£'000

At 1 April 2024

(1,483

)

2,047

564

Profit for the year

593

Bonus share issue

-

1

Share options issued

-

12

At 31 March 2025

(890

)

2,060

1,170

22.	PENSION COMMITMENTS

The company operates a fully insured defined contribution pension scheme for certain members of staff and the director. The pension charge represents the amounts paid by the company to the fund during the year. Payments during the year, amounted to £38,486 (2024: £20,761). These contributions are invested separately from the company's assets.

23.	CONTINGENT LIABILITIES

There were no contingent liabilities at either the beginning or end of the financial year.

24.	CAPITAL COMMITMENTS

As at 31 March 2025 and 31 March 2024 the company had no capital commitments which had been contracted for but not provided in the financial statement.

25.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.