REGISTERED NUMBER: 01153586 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

TALLON INTERNATIONAL LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

O Gupwell

B Heath

B J Fisher

S Clay

T S Bird

REGISTERED OFFICE:

Unit 4

Cyan Park

Coventry

CV2 4QP

REGISTERED NUMBER:

01153586 (England and Wales)

SENIOR STATUTORY AUDITOR:

Gregg Olner MPhil BA(Hons) FCA

AUDITORS:

HB&O Ltd

Chartered Accountants and Statutory Auditor

Highdown House

11 Highdown Road

Leamington Spa

Warwickshire

CV31 1XT

BANKERS:

HSBC Bank Plc

PO Box 24

55 Corporation Street

Coventry

CV1 1QJ

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

REVIEW OF BUSINESS

The board agreed prior to the trading year that the same 3 strategic business priorities would remain:

1. Relentlessly maintain >98% stock availability

2. Maintain competitive selling prices

3. Deliver Supply Chain excellence

The global shipping industry continued to remain incredibly volatile. Container pricing was sporadic and schedule reliability continued to be challenging, making it difficult to budget, cost goods and accurately forecast delivery dates. A level of stability was finally observed through FY Q4.

Managing volatility and the unexpected is now the new normal for all Importers and Tallon are well placed to thrive in such an environment. The mature robust supply chain processes and a deliberate strategy to keep the business agile means we are able to react to any situation presented without delay or bureaucracy.

Material costs have remained high globally with extensive work needed with our long established supplier partners to work vigorously on cost reduction exercises.

Domestically all overheads continue to increase YoY. The business continues to carry out regular Value For Money studies ensuring that all services provided are of the best value. The 2024 Government budget has signalled a further huge cost headwind for all businesses with an additional increase to National Minimum Wage and substantial increase to employers National Insurance costs.

Diary & Calendar purchase habits have returned to a more normal buying pattern after a very cautious approach taken prior year. Sales have been strong without the need for any discounts.

The additional Warehouse space signalled in last years report went live in FY Q1 after some speedy installation of warehouse racking. Immediate efficiencies have been observed in key Warehouse KPI's already confirming that this was the correct and necessary strategic action for our group to take. All staff have moved into the new HQ and a brand new showroom was installed and opened in FY Q3. Tallon are now well and truly set up for success moving forward.

Customer support and loyalty for Tallon remained strong throughout the whole year, with a recognition that we provide benchmark OTIF service levels and consistent profit opportunities to our vast customer base. We have successfully, and importantly consistently raised the bar higher with stock availability, which now trends at >98% availability.

All of this culminated in us reporting a decrease in turnover to £17,674,801 (2024 - £18,317,250). Pleasingly gross profit margin has slightly improved to 33.3% (2024 - 31.7%) despite all the inflationary pressures and is true testament to our relentless focus on costs. Net profit of £704,590 (2023 - £694,362) was achieved enabling a dividend of £350,000 (2024 - £500,000) to be paid to the parent Company. Consequently net assets have increased only slightly to £6,644,469 (2024 - £6,460,757).

Given the ongoing and volatile headwinds experienced during this reporting year it is testament to the customer loyalty Tallon have worked hard to secure that despite revenues decreasing year on year gross margins have increased . The Directors are confident that by continuing with a relentless and consistent focus on service levels, customer loyalty will remain and improved gross profit margins will be possible moving forward.

PRINCIPAL RISKS AND UNCERTAINTIES

The global supply chain infrastructure simply remains very volatile and very unpredictable. Container rates can and do increase rapidly without warning and can be triggered by numerous unforeseen events. It will be again important to secure a sensible mixture of contract and FAK rates moving forward to mitigate exposure to sudden increases, whilst equally affording the ability to benefit from sudden drops. Blank sailing programs remain consistent, meaning a need to plan our supply chains even more closely to avoid product arriving late. This is now a well-practised and mature process in place within the business and one that the Directors feel offers us a competitive advantage.

The Warehouse space constraint is now resolved but requires further work to maximise the efficiency of this space. We must also consider the profile of our inbound container timings to afford more time for goods picking in our peak season window.

Exposure to exchange rate fluctuations continues to be a threat with GBP at further risk due to regular and unpredictable global events. Continuous maturing of our hedging strategy will be paramount to allow us to price our selling costs at competitive levels and risk manage accordingly.

Domestically all overheads have increased and will be further impacted by the 2024 Autumn Budget with further sizeable increases to the National Minimum Wage and Employers National Insurance. The business will need to look further and deeper into continuous cost saving exercises.

The ongoing cost of living crisis narrative remains an ever worrying undertone to the UK economy. The high street and retail sector are continually impacted with large well-known brands at risk of administration. Tallon are well placed to continue with this success due to the value product offerings and a wide range of NPI planned throughout the year to keep our ranges fresh and relevant.

Despite the economic outlook the Directors are confident that the business resilience again demonstrated through 24/25, and the evolving strategic roadmap now in place will serve to protect the business, employees and customers safety. Customer loyalty will continue to be nurtured by delivering all products on time and in full at competitive pricing levels. Coupled with the long standing and strong relationships we have with our trading partners the company will continue to grow and prosper.

ON BEHALF OF THE BOARD:

S Clay - Director

22 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the wholesaling of stationery and ancillary goods.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £ 350,000 .

DIRECTORS

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

O Gupwell

B Heath

B J Fisher

S Clay

T S Bird

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:

S Clay - Director

22 December 2025

Opinion

We have audited the financial statements of Tallon International Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities 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 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.

Gregg Olner MPhil BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of HB&O Ltd

Chartered Accountants and Statutory Auditor

Highdown House

11 Highdown Road

Leamington Spa

Warwickshire

CV31 1XT

22 December 2025

TURNOVER

3

17,674,801

18,317,250

Cost of sales

11,791,597

12,513,077

GROSS PROFIT

5,883,204

5,804,173

Distribution costs

693,183

768,656

Administrative expenses

4,509,467

4,323,637

5,202,650

5,092,293

680,554

711,880

Other operating income

24,000

24,000

OPERATING PROFIT

5

704,554

735,880

Interest receivable and similar income

36

1,684

704,590

737,564

Interest payable and similar expenses

6

-

43,202

PROFIT BEFORE TAXATION

704,590

694,362

Tax on profit

7

175,878

181,388

PROFIT FOR THE FINANCIAL YEAR

528,712

512,974

PROFIT FOR THE YEAR

528,712

512,974

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

528,712

512,974

FIXED ASSETS

Tangible assets

9

401,794

257,399

Investments

10

870

870

402,664

258,269

CURRENT ASSETS

Stocks

11

3,515,316

3,030,779

Debtors

12

3,074,902

3,996,928

Cash at bank and in hand

1,782,682

1,167,116

8,372,900

8,194,823

CREDITORS

Amounts falling due within one year

13

2,043,271

1,934,300

NET CURRENT ASSETS

6,329,629

6,260,523

TOTAL ASSETS LESS CURRENT LIABILITIES

6,732,293

6,518,792

PROVISIONS FOR LIABILITIES

16

87,824

53,035

NET ASSETS

6,644,469

6,465,757

CAPITAL AND RESERVES

Called up share capital

17

5,000

5,000

Retained earnings

18

6,639,469

6,460,757

SHAREHOLDERS' FUNDS

6,644,469

6,465,757

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

S Clay - Director

B J Fisher - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

5,000

6,447,783

6,452,783

Changes in equity

Dividends

-

(500,000

)

(500,000

)

Total comprehensive income

-

512,974

512,974

Balance at 31 March 2024

5,000

6,460,757

6,465,757

Changes in equity

Dividends

-

(350,000

)

(350,000

)

Total comprehensive income

-

528,712

528,712

Balance at 31 March 2025

5,000

6,639,469

6,644,469

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the prior year.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about Tallon International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Zintello Merchants Limited, C/O Fisher & Partners, Princes Drive Estate, Coventry Road, Kenilworth, Warwickshire, CV8 2FD.

Critical accounting judgements and key sources of estimation uncertainty

The significant estimates and assumptions included within these financial statements are set out below:

Accounting estimates:

i) Stock provisioning

When calculating the stock provision management considers the potential resale ability of stock items, at or above cost, when determining the associated provision required.

Accounting judgements:

ii) Stock provisioning

The business model is to buy goods in bulk quantities and sell it to distributors in smaller quantities. The key judgements in the financial statements are:

a) whether to make a provision or not for stock, given that some goods such as calendars and diaries are time appropriate; and

b) the level of such a provision, given any potential sale incentives offered to customers for old goods.

Stock provisions have been made in these financial statements. The amounts and effect are disclosed in the notes below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT, discounts and rebates. Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to properties

-

over the lease term

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

at variable rates on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is based on the first in, first out principle and comprises the cost of goods and any overheads that have been incurred in bringing the stock to their present location and condition. Net realisable value represents the estimated selling price less expected marketing, selling and distribution costs. A provision is made, where necessary, for obsolete and slow-moving items.

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 a standard rate set on an annual basis and considered to be reflective of market conditions. Exchange differences are taken into account in arriving at the operating result.

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.

Product development expenditure

Product development expenditure is charged to the profit and loss account as the expenditure is incurred. The company is continually developing its products by upgrading its existing products, extending its range of current products and creating new products.

Operating leases

Rentals paid under operating leases are charged to the profit and loss account over the life of the lease.

Financial instruments

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Open foreign currency contracts are revalued at the period end with the surplus and deficits being recognised in the profit and loss account.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

15,645,558

15,626,176

Europe

1,628,168

2,268,213

Rest of world

401,075

422,861

17,674,801

18,317,250

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,923,166

2,041,805

Social security costs

176,749

199,362

Other pension costs

105,776

119,884

2,205,691

2,361,051

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

2025

2024

Total staff

46

50

2025

2024

£

£

Directors' remuneration

411,749

448,781

Directors' pension contributions to money purchase schemes

73,870

67,870

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

153,833

162,922

Pension contributions to money purchase schemes

1,321

60,000

5.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

94,566

63,658

Loss/(profit) on disposal of fixed assets

663

(244

)

Auditors' remuneration

7,000

7,000

Operating leases - plant and machinery

39,571

40,998

Operating leases - land and buildings

511,755

301,755

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Zintello Merchants Limited

loan interest

-

43,202

-

43,202

7.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

141,089

186,291

Deferred tax

34,789

(4,903

)

Tax on profit

175,878

181,388

UK corporation tax has been charged at 25% (2024 - 25%).

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

£

£

Profit before tax

704,590

694,362

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

176,148

173,591

Effects of:

Expenses not deductible for tax purposes

1,805

7,691

Capital allowances in excess of depreciation

(2,418

)

-

Depreciation in excess of capital allowances

-

629

Movement on temporary timing differences

(271

)

(523

)

Effect of different tax rates

614

-

Total tax charge

175,878

181,388

From April 2023, there was an increase in the main rate of corporation tax to 25%, which is expected to remain unchanged for the foreseeable future.

8.

DIVIDENDS

2025

2024

£

£

Interim

350,000

500,000

9.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

properties

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2024

56,016

392,685

256,859

97,742

803,302

Additions

141,898

69,187

28,539

-

239,624

Disposals

-

(1,074

)

-

-

(1,074

)

At 31 March 2025

197,914

460,798

285,398

97,742

1,041,852

DEPRECIATION

At 1 April 2024

34,614

212,446

206,666

92,177

545,903

Charge for year

29,399

49,988

13,787

1,392

94,566

Eliminated on disposal

-

(411

)

-

-

(411

)

At 31 March 2025

64,013

262,023

220,453

93,569

640,058

NET BOOK VALUE

At 31 March 2025

133,901

198,775

64,945

4,173

401,794

At 31 March 2024

21,402

180,239

50,193

5,565

257,399

10.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

and 31 March 2025

870

NET BOOK VALUE

At 31 March 2025

870

At 31 March 2024

870

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Tallon Stationery EU Limited

Registered office: 1st Floor, Reuben House, Reuben Street, Dublin 1, D08 Y2Y3

Nature of business: Wholesalers of stationery

%

Class of shares:

holding

Ordinary

100.00

11.

STOCKS

2025

2024

£

£

Stocks

3,515,316

3,030,779

At the year end there were provisions for impairment against stock of £540,798 (2024 - £564,472).

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

2,518,061

2,263,535

Amounts owed by group undertakings

-

1,300,000

Other debtors

167,468

171,547

Prepayments

389,373

261,846

3,074,902

3,996,928

An impairment loss of £105,181 (2024 - £45,433) was recognised against trade debtors during the year.

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

589,437

631,406

Tax

143,242

188,443

Social security and other taxes

40,736

38,453

VAT

442,391

341,884

Amounts owed to parent company

286,821

81,164

Amounts owed to subsidiary

870

870

Accrued expenses

539,774

652,080

2,043,271

1,934,300