ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging/(crediting):

Registered number: 00671298

FARMILOE & FARMILOE (W.B.S.) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FARMILOE & FARMILOE (W.B.S.) LIMITED

COMPANY INFORMATION

Directors	T L C Farmiloe
	M Heining
	J W Horner
	G Williams


Registered number	00671298


Registered office	12a Fleet Business Park
	Sandy Lane
	Church Crookham
	Fleet
	Hants England
	GU52 8BF


Independent auditor	Barnes Roffe Audit Limited
	Chartered Accountants Statutory Auditor
	Leytonstone House
	3 Hanbury Drive
	London
	E11 1GA

FARMILOE & FARMILOE (W.B.S.) LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditor's report	4 - 7
Statement of comprehensive income	8
Balance sheet	9
Statement of changes in equity	10
Statement of cash flows	11
Notes to the financial statements	12 - 27

FARMILOE & FARMILOE (W.B.S.) LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The directors present their Strategic Report for the year ended 31 March 2025.

Business review

The Company has shown a slight increase in its turnover compared to 2024 showing an addition of 5.6%. Gross profit margins have decreased to 28.5% from 29.3%.
Operating profits have decreased to £180k compared to £244k in the prior year.
Trading margins remain a focus of management as well as previous targets to control costs and keeping the stock management processes in force.
At the year end the Company had net current assets of £3.18m showing an increase over the 2024 figure of £3.01m.

Principal risks and uncertainties

The principal business risks and uncertainties affecting the Company are considered to relate to competition for market share in the high value and mid value product range. The directors are consistently looking at the product range and the markets in which they operate.
The Company faces exposure to price risk due to the competitive nature of the market in which it operates. To manage these risks the directors are negotiating optimum deals with suppliers and customers.

The Company is subject to foreign currency risk, due to increased trade in the European market. Foreign exchange contracts are used and will continue to be used, if favourable to do so, going forwards.

Financial key performance indicators

The Company consider turnover, gross profit, operating profit, net current assets and net current liabilities as its key performance indicators. The results of these have been discussed in the business review.

This report was approved by the board on 7 November 2025 and signed on its behalf.

T L C Farmiloe

Director

Page 1

FARMILOE & FARMILOE (W.B.S.) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

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

Directors' responsibilities statement

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

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

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

Results and dividends

The profit for the year, after taxation, amounted to £170,678 (2024 - £152,442).

The directors do not propose a dividend (2024 - £Nil).

Directors

The directors who served during the year were:

R A M Farmiloe (resigned 15 February 2025)

T L C Farmiloe

M Heining

J W Horner

G Williams

G A Allen (resigned 7 May 2024)

D Knight (resigned 5 June 2024)

Future developments

We believe that the Company is well placed in the market and the strength and sustainability of the Company's postion is underpinned by its in-depth knowledge of the industry, its extensive data base and its reputation. As a result of the Company will continue to develop to deal with any changes to the market as described in the Strategic Report.

Page 2

FARMILOE & FARMILOE (W.B.S.) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

This report was approved by the board on 7 November 2025 and signed on its behalf.

T L C Farmiloe

Director

Page 3

FARMILOE & FARMILOE (W.B.S.) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FARMILOE & FARMILOE (W.B.S.) LIMITED

Opinion

We have audited the financial statements of Farmiloe & Farmiloe (W.B.S.) Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity 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 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Page 4

FARMILOE & FARMILOE (W.B.S.) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FARMILOE & FARMILOE (W.B.S.) LIMITED (CONTINUED)

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, 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.

Page 5

FARMILOE & FARMILOE (W.B.S.) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FARMILOE & FARMILOE (W.B.S.) LIMITED (CONTINUED)

Auditor's 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 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 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:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:

∙Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the Company operates in and how the Company are complying with the legal and regulatory frameworks;

∙Enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

∙Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

Any instances of non-compliance with laws and regulations identified and communicated were considered in our audit approach. The most significant laws and regulations were determined as follows:

∙UK GAAP FRS 102 and Companies Act; and

∙Tax compliance regulations.

Additional audit procedures performed by the audit engagement team included:

∙Review of the financial statement disclosures and testing to supporting documentation;

∙Completion of disclosure checklists to identify areas of non-compliance.

The areas that we identified as being susceptible to material misstatement due to fraud were:

∙Revenue Recognition;

∙Management Override.

Audit procedures in response to the identified areas above:

∙Obtaining an understanding of the processes and controls around revenue recognition;

∙Substantively testing revenue via various testing including transactional, cut off and sequencing;

∙Evaluation of the appropriateness of the accounting policies;

∙Testing the appropriateness of journal entries and other adjustments;

∙Assessing whether the judgements made in making accounting estimates are indicative of a potential bias;

∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Page 6

FARMILOE & FARMILOE (W.B.S.) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FARMILOE & FARMILOE (W.B.S.) LIMITED (CONTINUED)

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 through out the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditor's report.

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 an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Stuart Moon (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Leytonstone House

3 Hanbury Drive

London

E11 1GA

7 November 2025

Page 7

FARMILOE & FARMILOE (W.B.S.) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	4	12,053,423	11,413,628
Cost of sales		(8,621,765)	(8,073,505)
Gross profit		3,431,658	3,340,123
Distribution costs		(1,387,831)	(1,465,614)
Administrative expenses		(1,908,593)	(1,630,172)
Other operating income	5	45,152	-
Operating profit	6	180,386	244,337
Interest payable and similar expenses	9	(55,085)	(34,159)
Profit before tax		125,301	210,178
Tax on profit	10	45,377	(57,736)
Profit for the financial year		170,678	152,442

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 12 to 27 form part of these financial statements.

Page 8

FARMILOE & FARMILOE (W.B.S.) LIMITED

REGISTERED NUMBER: 00671298

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	11		-		-
Tangible assets	12		100,926		190,550
			100,926		190,550
Current assets
Stocks	13	2,351,337		1,886,216
Debtors: amounts falling due within one year	14	3,466,495		3,372,053
Cash at bank and in hand	15	122,501		381,832
		5,940,333		5,640,101
Creditors: amounts falling due within one year	16	(2,865,526)		(2,825,596)
Net current assets			3,074,807		2,814,505
Total assets less current liabilities			3,175,733		3,005,055

Net assets			3,175,733		3,005,055

Capital and reserves
Called up share capital	18	260,000	260,000
Profit and loss account	19	2,915,733	2,745,055
		3,175,733	3,005,055

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 November 2025.

T L C Farmiloe

Director

The notes on pages 12 to 27 form part of these financial statements.

Page 9

FARMILOE & FARMILOE (W.B.S.) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2023	260,000	2,592,613	2,852,613

Profit for the year	-	152,442	152,442

At 1 April 2024	260,000	2,745,055	3,005,055

Profit for the year	-	170,678	170,678
At 31 March 2025	260,000	2,915,733	3,175,733

The notes on pages 12 to 27 form part of these financial statements.

Page 10

FARMILOE & FARMILOE (W.B.S.) LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	170,678	152,442
Adjustments for:
Depreciation of tangible assets	78,449	82,218
Loss on disposal of tangible assets	4,568	(9,673)
Interest paid	55,085	34,159
Taxation charge	(45,377)	57,736
(Increase)/decrease in stocks	(465,121)	48,179
(Increase) in debtors	(48,690)	(531,566)
Increase/(decrease) in creditors	196,647	(161,607)
Corporation tax (paid)	(62,710)	(24,202)
Net cash generated from operating activities	(116,471)	(352,314)

Cash flows from investing activities
Purchase of tangible fixed assets	(5,593)	(91,622)
Sale of tangible fixed assets	12,200	9,673
Net cash from investing activities	6,607	(81,949)
Cash flows from financing activities
Movements on invoice discounting	(94,382)	653,508
Interest paid	(55,085)	(34,159)
Net cash used in financing activities	(149,467)	619,349
Net (decrease)/increase in cash and cash equivalents	(259,331)	185,086
Cash and cash equivalents at beginning of year	381,832	196,746
Cash and cash equivalents at the end of year	122,501	381,832

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	122,501	381,832

The notes on pages 12 to 27 form part of these financial statements.

Page 11

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Farmiloe & Farmiloe (W.B.S.) Limited is a private company limited by shares, incorporated in England and Wales. The registered office is 12a Fleet Business Park, Sandy Lane, Church Crookham, Fleet, Hants, England, GU52 8BF.
The principle activity of the Company is that of the sale of bathroom furniture.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within administrative expenses.

Page 12

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

The Company recognises revenue upon delivery of goods.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

2.6

Finance costs

Finance costs are charged to Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 14

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Software licenses

years

Considering that the software is likely to be used by the Company for a minimum of four years, the directors believe that the amortisation period is appropriate.

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following annual basis:

Long-term leasehold property	-	Over the term of the lease
Motor vehicles	-	20-25% straight line
Fixtures and fittings	-	20-33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Included in cost is the directly attributable freight costs incurred upon purchase.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of comprehensive income.

Page 15

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Page 16

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.16

Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 17

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The directors have made a provision against stock for potential slow-moving and obsolete items due to changes in fashion and discontinuation of certain ranges by suppliers. The directors maintain good relationships with suppliers but the estimated provision is deemed prudent given the nature of the industry. The estimate is 10% of the value of stock and is included in note 13.

Turnover

The whole of the turnover is attributable to principal activity of the Company being the provider of bathroom and sanitary products.

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	12,046,942	11,409,243
Rest of Europe	6,481	4,385
	12,053,423	11,413,628

5.	Other operating income
		2025	2024
		£	£

	Government grants receivable	45,152	-

Page 18

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Pensions	44,844	47,616
Car lease rentals	195,566	192,478
Other operating lease rentals	4,809	4,976
Loss/(Profit) on disposal	4,568	(9,673)
Depreciation	78,449	82,218
Building lease rentals	203,461	203,420
Exchange differences	(14,320)	(8,887)
Auditors remuneration	15,000	15,000

Wages and salaries	1,591,331	1,566,021
Social security costs	170,616	158,745
Cost of defined contribution scheme	44,844	47,616
	1,806,791	1,772,382

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Directors	6	7
Accounts staff	3	3
Office/admin staff	12	12
Sales staff	4	10
Warehouse and drivers	20	9

	45	41

Page 19

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8.	Directors' remuneration
		2025	2024
		£	£


Directors' emoluments	353,502	444,694
Company contributions to defined contribution pension schemes	12,750	17,672
	366,252	462,366

During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.

9.	Interest payable and similar expenses
		2025	2024
		£	£

Invoice discounting charges

55,085

34,159


Current tax on profits for the year	-	62,335
Adjustments in respect of previous periods	(62,335)	-

	Deferred tax
	Origination and reversal of timing differences	16,958	(4,599)


		(45,377)	57,736

Page 20

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10.Taxation (continued)

Profit on ordinary activities before tax

125,301

210,178

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	31,325	52,545
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	7,061	5,191
Adjustments in respect of previous periods	(62,335)	-
Group relief	(21,428)	-
Total tax charge for the year	(45,377)	57,736

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.	Intangible assets

		Computer software
		£
	Cost
	At 1 April 2024	81,763
	At 31 March 2025	81,763
	Amortisation
	At 1 April 2024	81,763
	At 31 March 2025	81,763
	Net book value
	At 31 March 2025	-
	At 31 March 2024	-

Page 22

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.	Tangible fixed assets

	Long-term leasehold property	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 April 2024	100,427	245,018	869,652	1,215,097
Additions	-	-	5,593	5,593
Disposals	-	(34,995)	-	(34,995)
At 31 March 2025	100,427	210,023	875,245	1,185,695
Depreciation
At 1 April 2024	93,372	120,054	811,121	1,024,547
Charge for the year on owned assets	4,143	42,436	31,870	78,449
Disposals	-	(18,227)	-	(18,227)
At 31 March 2025	97,515	144,263	842,991	1,084,769
Net book value
At 31 March 2025	2,912	65,760	32,254	100,926
At 31 March 2024	7,055	124,964	58,531	190,550

Page 23

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Stocks
		2025	2024
		£	£

	Finished goods and goods for resale	2,351,337	1,886,216

Included within stock is an impairment provision of £Nil (2024 - £209,689).

14.

Debtors

					2025	2024
					£	£


Trade debtors	1,674,727	1,656,216
Amounts owed by group companies	788,142	662,062
Amounts owed by connected companies	507,772	620,849
Other debtors	210,244	155,849
Prepayments and accrued income	280,038	254,547
Deferred taxation	5,572	22,530
	3,466,495	3,372,053

15.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	122,501	381,832

Page 24

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

16.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	1,088,439	949,543
Corporation tax	-	62,335
Other taxation and social security	343,870	373,157
Other creditors	1,078,035	1,175,324
Accruals and deferred income	355,182	265,237
	2,865,526	2,825,596

Included within other creditors are amounts of £ 1,041,451 (2024 - £1,134,853) in respect of factored debts which are secured over the related debts and by a composite guarantee with the parent company and company under common control.

17.	Deferred taxation

	2025	2024
	£	£

At beginning of year	22,530	17,931
Credited to profit or loss	(16,958)	4,599
At end of year	5,572	22,530

The deferred tax asset is made up as follows:
	2025	2024
	£	£

Fixed asset timing differences	(12,259)	(29,268)
Other short term differences	17,831	51,798
	5,572	22,530

18.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

260,000 (2024 - 260,000) Ordinary shares of £1.00 each	260,000	260,000

Page 25

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

19.

Reserves

Profit and loss account

The profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.

20.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The Company contributions to the scheme in the year ended 31 March 2025 totalled £44,844 (2024 - £47,616). At the balance sheet date the Company owed contributions of £5,771 (2024 - £7,240).


Not later than 1 year	205,000	30,000
Later than 1 year and not later than 5 years	3,589,375	40,000
	3,794,375	70,000

					2025	2024
					£	£


Not later than 1 year	150,923	164,409
Later than 1 year and not later than 5 years	182,345	132,033
	333,268	296,442

Page 26

FARMILOE & FARMILOE (W.B.S.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

22.

Related party transactions

At the year end the Company was owed £507,772 (2024 - £620,849) from companies under common control. Movements in amounts owed relate to the net movement of recharged expenses and repayments thereof.
During the year the Company paid rent of £202,500 (2024 - £202,500) to a pension fund of which the directors have a beneficial interest and a company under common control. At the year end amounts were owed to the pension fund of £Nil (2024 - £36,681) included within trade creditors.
At the year end the Company was owed £788,142 (2024 - £662,062) from group companies. Sales were made to group companies of £1,161,988 (2024 - £295,442).

23.	Controlling party

The immediate and ultimate parent undertaking is George Farmiloe & Sons Trading Limited, a company incorporated in England and Wales.
The ultimate controlling party is T L C Farmiloe, a director of the Company.

Page 27