Future Sound and Vision Holdings Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 09854560

Future Sound and Vision Holdings Limited

Consolidated Financial Statements

For the year ended

31 March 2025

Future Sound and Vision Holdings Limited

Consolidated Financial Statements

Year ended 31 March 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Director's report	4

Independent auditor's report to the member	6

Consolidated statement of income and retained earnings	10

Company statement of income and retained earnings	11

Consolidated statement of financial position	12

Company statement of financial position	13

Consolidated statement of cash flows	14

Notes to the consolidated financial statements	15

Future Sound and Vision Holdings Limited

Officers and Professional Advisers

Director	A Williams

Registered office	Building 15 Gateway 1000
	Arlington Business Park
	Stevenage
	Hertfordshire
	SG1 2FP

Auditor	Streets Audit LLP
	Chartered accountants & statutory auditors
	Building 15, Gateway 1000
	Arlington Business Park
	Stevenage
	Hertfordshire
	SG1 2FP

Bankers	Barclays
	Leicester
	LE87 2BB

Future Sound and Vision Holdings Limited

Strategic Report

Year ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025. Review of the business The directors aim to present a balanced and comprehensive review of the development and performance of the group during the year and its position at the year end. The review is consistent with the size and and non complex nature of the group and is written in the context of the risks and uncertainties that we face. The group has continued to operate a number of manufacturing premises in Hertfordshire, with strong growth in the UK and US for its products. It manufactures custom luxury mechanised furniture and solutions for a wide range of customers, both domestic and commercial. As set out in the accounting policies, these group financial statements include the results of the whole group for the current and comparative accounting period. The directors consider that the key performance indicators are those that best communicate the financial performance and strength of the group as a whole, these being turnover, gross profit and operating margin. Turnover has increased by 5% on the previous year to £21.8m. This is largely due to a continued strong demand for its products. The gross profit percentage for the year has decreased when compared to the previous year at 46% (2024 - 49%), as has operating margin at 25% (2024 - 29%). The operating profit for the year was £5.4m which is in line with the directors' expectations. As for many businesses of this size, the business environment in which the company operates continues to be challenging, however the business has, once again, delivered satisfactory results for the year. Results and dividends The profit for the year, after taxation, amounted to £4.7m (2024 - £5.2m). Particulars of dividends paid are detailed in the notes to the financial statements. Principal risks and uncertainties Competitive pressures within the market is the main risk facing the company. The group manages this risk by focusing on product differentiation, quality, efficiency, market knowledge and customer service to give it a competitive advantage. The Group is also exposed to foreign exchange risk. Careful planning allows natural hedges within the business to reduce these risks. The group makes use of financial instruments through the operating of bank accounts. The group also makes purchases and sales in foreign currency. Future events The group intends to continue to serve its core markets with its existing product range and develop complimentary new products where opportunities present themselves. After the year end, the group has acquired a further commercial property from the director. As part of this transaction, the directors loan account has also been settled.

This report was approved by the board of directors on 9 December 2025 and signed on behalf of the board by:

A Williams
Director

Registered office:

Building 15 Gateway 1000

Arlington Business Park

Stevenage

Hertfordshire

SG1 2FP

Future Sound and Vision Holdings Limited

Director's Report

Year ended 31 March 2025

The director presents his report and the consolidated financial statements of the group for the year ended 31 March 2025 .

Director

The director who served the company during the year was as follows:

A Williams

Dividends

The director does not recommend the payment of a dividend.

Disclosure of information in the strategic report

The company has chosen to set out in the strategic report information about the future developments of the company and the financial instruments.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the director to prepare consolidated financial statements for each financial year. Under that law the director has elected to prepare the consolidated financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the consolidated financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these consolidated financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is 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 consolidated financial statements comply with the Companies Act 2006. He is 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 9 December 2025 and signed on behalf of the board by:

A Williams
Director

Registered office:

Building 15 Gateway 1000

Arlington Business Park

Stevenage

Hertfordshire

SG1 2FP

Future Sound and Vision Holdings Limited

Independent Auditor's Report to the Member of Future Sound and Vision Holdings Limited

Year ended 31 March 2025

Opinion

We have audited the consolidated financial statements of Future Sound and Vision Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the consolidated financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the consolidated 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 consolidated 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 consolidated financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the consolidated 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 or the parent company's ability to continue as a going concern for a period of at least twelve months from when the consolidated financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report, other than the consolidated financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the consolidated 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 consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated 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 there is a material misstatement in the consolidated financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the director's report for the financial year for which the consolidated financial statements are prepared is consistent with the consolidated financial statements; and

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company consolidated financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the consolidated financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - 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 identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - 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, data protection, anti-bribery, employment, environmental 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; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 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 set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. 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; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. 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 consolidated financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of our report

This report is made solely to the company's member, 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 member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Day

(Senior Statutory Auditor)

For and on behalf of

Streets Audit LLP

Chartered accountants & statutory auditors

Building 15, Gateway 1000

Arlington Business Park

Stevenage

Hertfordshire

SG1 2FP

10 December 2025

Future Sound and Vision Holdings Limited

Consolidated Statement of Income and Retained Earnings

Year ended 31 March 2025

		2025	2024
Note		£	£
Turnover	4	21,827,373	20,715,551

Cost of sales	11,866,582	10,570,609
	-------------	-------------
Gross profit	9,960,791	10,144,942

Distribution costs		1,144,595	1,290,074
Administrative expenses		3,426,203	2,889,652
		------------	-------------
Operating profit	5	5,389,993	5,965,216

Other interest receivable and similar income	9	880,596	573,228
		------------	-------------
Profit before taxation		6,270,589	6,538,444

Tax on profit	10	1,590,873	1,363,161
		------------	------------
Profit for the financial year and total comprehensive income		4,679,716	5,175,283
		------------	------------

Retained earnings at the start of the year	26,758,976	21,583,693
	-------------	-------------
Retained earnings at the end of the year	31,438,692	26,758,976
	-------------	-------------

All the activities of the group are from continuing operations.

Future Sound and Vision Holdings Limited

Company Statement of Income and Retained Earnings

Year ended 31 March 2025

	2025	2024
Note	£	£
Profit for the financial year and total comprehensive income	440,161	290,431
Retained earnings at the start of the year	4,689,010	4,398,579
	------------	------------
Retained earnings at the end of the year	5,129,171	4,689,010
	------------	------------

Future Sound and Vision Holdings Limited

Consolidated Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	11	19,713	39,427
Tangible assets	12	9,384,506	7,656,087
Investments	13	767,927	767,927
		-------------	------------
		10,172,146	8,463,441

Current assets

Stocks	14	797,594	691,416
Debtors	15	2,077,639	1,815,246
Cash at bank and in hand		20,892,554	18,077,705
		-------------	-------------
		23,767,787	20,584,367

Creditors: amounts falling due within one year	16	2,073,064	1,980,309
		-------------	-------------
Net current assets		21,694,723	18,604,058
		-------------	-------------
Total assets less current liabilities		31,866,869	27,067,499

Provisions	17	418,077	298,423
		-------------	-------------
Net assets		31,448,792	26,769,076
		-------------	-------------

Capital and reserves

Called up share capital	20	10,100	10,100
Profit and loss account	21	31,438,692	26,758,976
		-------------	-------------
Shareholder funds		31,448,792	26,769,076
		-------------	-------------

These consolidated financial statements were approved by the board of directors and authorised for issue on 9 December 2025 , and are signed on behalf of the board by:

A Williams
Director

Company registration number: 09854560

Future Sound and Vision Holdings Limited

Company Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	12	3,447,360	2,092,860
Investments	13	110,200	110,200
		------------	------------
		3,557,560	2,203,060

Current assets

Debtors	15	2,207,944	2,201,300
Cash at bank and in hand		11,010,410	10,459,050
		-------------	-------------
		13,218,354	12,660,350

Creditors: amounts falling due within one year	16	11,636,443	10,164,100
		-------------	-------------
Net current assets		1,581,911	2,496,250
		------------	------------
Total assets less current liabilities		5,139,471	4,699,310
		------------	------------
Net assets		5,139,471	4,699,310
		------------	------------

Capital and reserves

Called up share capital	20	10,300	10,300
Profit and loss account	21	5,129,171	4,689,010
		------------	------------
Shareholder funds		5,139,471	4,699,310
		------------	------------

The profit for the financial year of the parent company was £ 440,161 (2024: £ 290,431 ).

These consolidated financial statements were approved by the board of directors and authorised for issue on 9 December 2025 , and are signed on behalf of the board by:

A Williams
Director

Company registration number: 09854560

Future Sound and Vision Holdings Limited

Consolidated Statement of Cash Flows

Year ended 31 March 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	4,679,716	5,175,283

Adjustments for:
Depreciation of tangible assets	566,793	419,415
Amortisation of intangible assets	19,714	19,714
Other interest receivable and similar income	( 880,596)	( 573,228)
Loss on disposal of tangible assets	28,245	–
Tax on profit	1,590,873	1,363,161
Accrued (income)/expenses	( 201,729)	2,352

Changes in:
Stocks	( 106,178)	( 138,631)
Trade and other debtors	( 262,393)	1,991,751
Trade and other creditors	89,766	( 420,050)
	------------	------------
Cash generated from operations	5,524,211	7,839,767

Interest received	880,596	573,228
Tax paid	( 1,266,501)	( 1,065,211)
	------------	------------
Net cash from operating activities	5,138,306	7,347,784
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 2,353,457)	( 3,316,671)
Proceeds from sale of tangible assets	30,000	–
	------------	------------
Net cash used in investing activities	( 2,323,457)	( 3,316,671)
	------------	------------

Net increase in cash and cash equivalents	2,814,849	4,031,113
Cash and cash equivalents at beginning of year	18,077,705	14,046,592
	-------------	-------------
Cash and cash equivalents at end of year	20,892,554	18,077,705
	-------------	-------------

Future Sound and Vision Holdings Limited

Notes to the Consolidated Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Building 15 Gateway 1000, Arlington Business Park, Stevenage, Hertfordshire, SG1 2FP. The trading address is Units 2-7 Kimpton Enterprise Park, Claggy Road, Kimpton, Hitchin, SG4 8HP.

2. Statement of compliance

These consolidated financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

The financial statements have been prepared on the historical cost basis. The financial statements have been prepared in sterling as this is the functional currency of the entity.

No disclosure exemptions are available under FRS102 section 1.12.

Consolidation

The consolidated financial statements incorporate the financial statements of the company and its subsidiaries, being Future Sound & Vision Limited, Matthew Hill Bespoke Limited and FSV SPV 2023 Limited. As a consolidated statement of comprehensive income is published, a separate statement of comprehensive income for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are detailed in the revenue recognition policy note. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: 1) Depreciation and amortisation charges The annual depreciation and amortisation charge for each class of tangible and intangible asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Long leasehold property	-	Over the life of the lease
Plant and machinery	-	15% reducing balance
Fixtures, fittings and equipment	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Income from investments is included in the statement of comprehensive income in the accounting period to which it relates.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Sale of goods	21,827,373	20,715,551
	-------------	-------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
	£	£
United Kingdom	7,363,927	7,239,779
Overseas	14,463,446	13,475,772
	-------------	-------------
	21,827,373	20,715,551
	-------------	-------------

5. Operating profit

Operating profit or loss is stated after charging:

	2025	2024
	£	£
Amortisation of intangible assets	19,714	19,714
Depreciation of tangible assets	566,793	419,415
Loss on disposal of tangible assets	28,245	–
Foreign exchange differences	4,351	901
	---------	---------

6. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the consolidated financial statements	20,000	22,750
	--------	--------

Fees payable to the company's auditor and its associates for other services:

Taxation compliance services	30,000	30,000
Taxation advisory services	–	7,900
Other non-audit services	28,921	33,403
	--------	--------
	58,921	71,303
	--------	--------

7. Staff costs

The average number of persons employed by the group during the year, including the director, amounted to:

	2025	2024
	No.	No.
Production staff	112	109
Administrative staff	9	9
	----	----
	121	118
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	6,050,332	5,407,559
Social security costs	671,805	589,674
Other pension costs	676,261	632,815
	------------	------------
	7,398,398	6,630,048
	------------	------------

8. Director's remuneration

The director's aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	195,619	81,818
Company contributions to defined contribution pension plans	60,000	60,000
	---------	---------
	255,619	141,818
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	1	1
	----	----

9. Other interest receivable and similar income

	2025	2024
	£	£
Interest on cash and cash equivalents	880,596	573,228
	---------	---------

10. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	1,471,219	1,173,352

Deferred tax:

Origination and reversal of timing differences	119,654	189,809
	------------	------------
Tax on profit	1,590,873	1,363,161
	------------	------------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	6,270,589	6,538,444
	------------	------------
Profit on ordinary activities by rate of tax	1,567,647	1,643,777
Effect of expenses not deductible for tax purposes	5,145	23,756
Effect of capital allowances and depreciation	18,081	3,128
R&D enhanced deduction adjustment	–	( 307,500)
	------------	------------
Tax on profit	1,590,873	1,363,161
	------------	------------

11. Intangible assets

Group	Goodwill
	£
Cost
At 1 April 2024 and 31 March 2025	1,218,328
	------------
Amortisation
At 1 April 2024	1,178,901
Charge for the year	19,714
	------------
At 31 March 2025	1,198,615
	------------
Carrying amount
At 31 March 2025	19,713
	------------
At 31 March 2024	39,427
	------------

The company has no intangible assets.

12. Tangible assets

Group	Freehold property	Long leasehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2024	5,284,393	452,841	4,143,501	332,217	622,319	10,835,271
Additions	1,354,500	134,900	716,467	20,698	126,892	2,353,457
Disposals	–	–	( 406,534)	–	–	( 406,534)
	------------	---------	------------	---------	---------	-------------
At 31 Mar 2025	6,638,893	587,741	4,453,434	352,915	749,211	12,782,194
	------------	---------	------------	---------	---------	-------------
Depreciation
At 1 Apr 2024	158,645	227,638	2,179,175	298,427	315,299	3,179,184
Charge for the year	19,831	35,834	393,382	20,205	97,541	566,793
Disposals	–	–	( 348,289)	–	–	( 348,289)
	------------	---------	------------	---------	---------	-------------
At 31 Mar 2025	178,476	263,472	2,224,268	318,632	412,840	3,397,688
	------------	---------	------------	---------	---------	-------------
Carrying amount
At 31 Mar 2025	6,460,417	324,269	2,229,166	34,283	336,371	9,384,506
	------------	---------	------------	---------	---------	-------------
At 31 Mar 2024	5,125,748	225,203	1,964,326	33,790	307,020	7,656,087
	------------	---------	------------	---------	---------	-------------

Company	Freehold property
	£
Cost
At 1 April 2024	2,092,860
Additions	1,354,500
	------------
At 31 March 2025	3,447,360
	------------
Depreciation
At 1 April 2024 and 31 March 2025	–
	------------
Carrying amount
At 31 March 2025	3,447,360
	------------
At 31 March 2024	2,092,860
	------------

13. Investments

Group	Other investments other than loans
	£
Cost
At 1 April 2024 and 31 March 2025	767,927
	---------
Impairment
At 1 April 2024 and 31 March 2025	–
	---------

Carrying amount
At 1 April 2024 and 31 March 2025	767,927
	---------
At 31 March 2024	767,927
	---------

Company	Shares in group undertakings
	£
Cost
At 1 April 2024 and 31 March 2025	110,200
	---------
Impairment
At 1 April 2024 and 31 March 2025	–
	---------

Carrying amount
At 1 April 2024 and 31 March 2025	110,200
	---------
At 31 March 2024	110,200
	---------

During a previous year the subsidiary company purchased a property on behalf of the Holding Company. Ownership will be transferred to the Holding Company in due course.

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Future Sound & Vision Limited	Building 15, Gateway 1000	Ordinary	100
	Arlington Business Park
	Stevenage
	SG1 2FP
Matthew Hill Bespoke Limited	Building 15, Gateway 1000	Ordinary	100
	Arlington Business Park
	Stevenage
	SG1 2FP
FSV SPV 2023 Limited	Building 15, Gateway 1000	Ordinary	100
	Arlington Business Park
	Stevenage
	SG1 2FP

All of the above companies are trading.

14. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Raw materials and consumables	797,594	691,416	–	–
	---------	---------	----	----

15. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	1,428,480	1,364,062	–	1,200
Amounts owed by group undertakings	–	–	2,207,844	2,200,000
Prepayments and accrued income	160,520	405,941	–	–
Director's loan account	3,305	3,305	100	100
Other debtors	485,334	41,938	–	–
	------------	------------	------------	------------
	2,077,639	1,815,246	2,207,944	2,201,300
	------------	------------	------------	------------

16. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	832,152	814,346	–	–
Amounts owed to group undertakings	–	–	11,561,360	10,061,360
Accruals and deferred income	302,621	504,350	5,600	5,600
Corporation tax	609,137	404,419	68,620	96,810
Social security and other taxes	260,670	191,702	863	330
Other creditors	68,484	65,492	–	–
	------------	------------	-------------	-------------
	2,073,064	1,980,309	11,636,443	10,164,100
	------------	------------	-------------	-------------

17. Provisions

Group	Deferred tax (note 18)
	£
At 1 April 2024	298,423
Additions	119,654
	---------
At 31 March 2025	418,077
	---------

The company does not have any provisions.

18. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 17)	418,077	298,423	–	–
	---------	---------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	418,077	298,423	–	–
	---------	---------	----	----

19. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 676,261 (2024: £ 632,815 ).

20. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	10,100	10,100	10,100	10,100
	--------	--------	--------	--------

21. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

22. Analysis of changes in net debt

	At 1 Apr 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	18,077,705	2,814,849	20,892,554
	-------------	------------	-------------

23. Capital commitments

Capital expenditure contracted for but not provided for in the consolidated financial statements is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Tangible assets	–	250,000	–	–
	----	---------	----	----

24. Director's advances, credits and guarantees

At the start of the year the director owed £3,205 to the company. This balance did not change in the year. This is repayable on demand.

25. Related party transactions

Group

During the year rent was paid to the director totalling £48,000 (2024 - £84,000). During the year sales were made to a company owned by a director totalling £9,959,307 (2024 - £8,421,468). The balance owed to the company at the end of the year was £632,638 (2024 - £52,317). The company has received a loan of £42,848 (2024 - £42,848) from the same entity. During the year the holding company purchased a property from the director for £1,300,000. This has been paid in full and no balance is outstanding at the year end. There are no other related party transactions which require disclosure under FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £ 709,573 (2024: £ 710,303 ) .

Future Sound and Vision Holdings Limited

Notes to the Consolidated Financial Statements (continued)

Year ended 31 March 2025

25. Related party transactions (continued)

Company

As permitted by FRS 102 section 1.12 the company has taken advantage of the disclosure exemptions available under that standard in relation to group companies.