REGISTERED NUMBER: 02360505 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GUARDSMAN INDUSTRIES LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

5

Report of the Independent Auditors

8

Consolidated Statement of Comprehensive Income

11

Consolidated Statement of Financial Position

12

Company Statement of Financial Position

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Consolidated Statement of Cash Flows

17

Notes to the Consolidated Financial Statements

18

DIRECTOR:

T P Mrotek

REGISTERED OFFICE:

C/O Corporation Service Company (UK) Ltd

5 Churchill Place

10th Floor

London

E14 5HU

REGISTERED NUMBER:

02360505 (England and Wales)

AUDITORS:

Forvis Mazars LLP

Chartered Accountants

and Statutory Auditor

30 Old Bailey

London

EC4M 7AU

The director presents the annual report of Guardsman Industries Limited ("the Company") and its subsidiary, Guardsman Europe Limited (together "the Group") containing a Group Strategic Report, Report of the Director and the financial statements for the year ended 31 December 2024.

PRINCIPAL ACTIVITIES

The principal activity of the Group during the period continues to be the marketing and distribution of Guardsman furniture protection plans, consumer products and furniture care kits. The Company acts as an agent in the sale and administration of fabric and furniture protection insurance policies. The Group operates from Abingdon, Oxfordshire supporting the UK, Republic of Ireland, The Netherlands and Spain. Guardsman Industries Limited has an Irish subsidiary, Guardsman Europe Limited, which sells and manages unregulated service plans and service requests in Ireland, Spain and the Netherlands. This subsidiary began trading in January 2021.

Guardsman Industries Limited is a master franchisor for a business that trades as 'Safeclean'. In this capacity, the Company sells franchises and supplies products and management services to its network of franchisees. Safeclean franchisees remove furniture and carpet stains.

Guardsman Industries Limited has also developed and successfully built up non-regulated furniture repair services to consumers and businesses, utilising the franchisee and repairer network.

REVIEW OF BUSINESS

The Group's key financial and other performance indicators during the period were as follows:

2024

2023

£   's

£   's

Turnover

13,248

12,569

Operating loss before interest and taxation

(3,903

)

(453

)

Average number of employees

76

76

Profit and loss account

The performance for the 12 months ended 31 December 2024 was not in line with the expectations of the Director as a result of difficult trading conditions and the profit-sharing arrangements provided for during the year, which resulted in a reported loss. In 2025, the Company has taken measures to strengthen financial resilience and future proof our operations including cost discipline, the Company continues to review and reduce non-essential spend. Additionally, the Company has made operational enhancements by making improvements in claims management and investing in technology in order to support greater customer accessibility. The Company also continues to focus on development of new product lines and retail partnerships in order to broaden income sources.

The loss for the period, after taxation, amounted to (£3,903,872) (2023: loss of £485,557).

PRINCIPAL RISKS AND UNCERTAINTIES

The Group has implemented a co-ordinated set of risk management and control systems, including strategic planning and management reporting, to help anticipate, measure, monitor, and manage its exposure to risk. Risks which the Group faces include price and product competition, increases in costs and frequency of claims, loss of supply of product components, changes in the regulatory and legal environment, and credit and interest rate risks, which may increase due to the global shortage of credit. To address the risks the Group undertakers measures such as annual strategic plans for all product lines including SWOT analysis, full competitor analysis, along with constant monitoring of the regulatory environment reacting to any changes.

SECTION 172(1) STATEMENT

The Director of the Company consider that they have acted in the way that would most likely promote the success of the Group for the benefit of its member (having regard to relevant stakeholders and matters set out in Section 172 (1) (a-f) of the Companies Act 2006) in the relevant decisions taken during the year ended 31 December 2024.

In coming to the conclusion, the Director has considered who the stakeholders of the business are, the issues they need to take into consideration and concluded that the following stakeholders are material to the Group:

i. Shareholder: the Company is a wholly owned subsidiary of the Amynta Group. As such, it must ensure that its strategic decisions consider the interests of its shareholder and are aligned with the wider Amynta Group strategy. The shareholder expects the Company to generate profits and contribute to the Amynta Group results.

ii. Employees: employee culture, values, behaviours, and overall performance are central factors for the Group in ensuring good customer experience and elimination of conduct risk.

iii. Customers: the Group works in the best interests of its customers and therefore customer considerations are a key component of the Director's and Group's decision making.

iv. Suppliers and third parties: the Group seeks to maintain strong relationships with its suppliers to ensure quality of service, cost effectiveness, economies of scale and effective collaboration.

v. Regulators: the Company is authorised and regulated by the FCA. Ensuring there is a strong, open and cooperative relationship with the Group's regulator is a key objective for the Group and its Directors. This relationship underpins the Group's permissions to operate, its ability to carry out business and its reputation with customers and other stakeholders.

For each of these groups of stakeholders the Group and its Director seek to ensure they understand and take account of their concerns through a process of engagement, namely:

i. Shareholder: The Chairman of the Group is the President of Global Consumer Warranty for the Amynta Group. Regular communications and reporting between the Director and their Group counterparts ensure appropriate information flows.

ii. Employees: the Group seeks and listens to employee feedback, implementing suggestions where they are compatible with the Group's goals.

iii. Customers: the Group ensures that each customer relationship is managed in the most effective way and it is important to the Group to maintain a high standard of business conduct. The Group strives through constant training and monitoring of service levels to conclude claims quickly and fairly for our customers to deliver the best possible outcomes. We maintain a key focus on treating customers fairly and ensuring we have a flexible approach to meet the needs of a diverse customer base including specific consideration of the needs of vulnerable customers.

iv. Suppliers and third parties: the Group actively manages and promotes strong relationships with its suppliers and outsourced service providers to ensure good service, cost effectiveness, use of economies of scale and effective collaboration.

v. Regulators: The Group aims to maintain strong and effective relationships with the FCA, working in a collaborative manner to enable good customer outcomes while treating customers fairly. The importance of having an open and collaborative relationship with the regulators is embedded as a conduct requirement for all regulated staff.

ANALYSIS OF KEY PERFORMANCE INDICATORS

The Company measures its performance on a number of key performance indicators, including:

- increasing revenue

- controlling costs

- operating margin

- average number of employees

- accurate monthly accounts closed by day 5 of month end;

- balance sheet accounts reconciled by end of the following month;

- statutory accounts filed on time and no penalties incurred;

- tax returns filed on time and no penalties incurred; and

- clean audit reports, both internal and external as evidenced by no material misstatements or audit qualifications.

The Group continues to operate in a challenging environment with a significantly worsening economic landscape and the ongoing conflict in Ukraine which is leading to continued global instability. Ongoing regulatory focus in the form of the new Consumer Duty will also remain a priority for the business. Despite this, the Group is continuing to drive revenue growth both through its existing retail partners, the winning of new business and the development of new product lines. The Group continues to deliver the very highest levels of customer service.

The operational performance has remained a core strength and policies and claims management continue to be a key focus for the business. The Group is continuing to strive towards claims cost reductions, however this is becoming increasingly challenging as a result of inflation both locally and globally. However, following actuarial assessments, the Group has had to make further provisions for shortfalls in claims funds relating to historical policies. Action continues to be taken by the Group to substantially reduce the risk of further losses occurring.

During 2024 the Group continued its relationship with its underwriting partner, Fortegra Europe Insurance Company Limited, based in Malta, however the relationship terminated at the end of May 2024. A new partnership has been established with Acasta Europe starting in June 2024, and this will allow the Group to maintain its strong position in the market and successfully navigate the complex regulatory environment.

The Group has continued to develop and extend the business beyond the core furniture protection plan model. The Safeclean franchising model continues to receive investment in both training and marketing support to build network capability and strengthen the consumer proposition. Revenue and profit also continue to be built from Guardsman Professional Services to retailers for first year warranty work and the Group continues to acquire new customers in this area. The Group has also continued to enhance its consumer product range which is distributed through retailers, via an Amazon store and direct to consumers.

The director expects that with continued investment; and cost reductions performance will remain strong and that the Group will return to profitability in 2025.

ON BEHALF OF THE BOARD:

T P Mrotek - Director

22 December 2025

The director presents their report with the financial statements of the Company and the Group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the Group during the period continues to be the marketing and distribution of Guardsman furniture protection plans, consumer products and furniture care kits. The Company acts as an agent in the sale and administration of fabric and furniture protection insurance policies. The Group operates from Abingdon, Oxfordshire supporting the UK, Republic of Ireland, The Netherlands and Spain. Guardsman Industries Limited has an Irish subsidiary, Guardsman Europe Limited, which sells and manages unregulated service plans and service requests in Ireland, Spain and the Netherlands. This subsidiary began trading in January 2021.

Guardsman Industries Limited is a master franchisor for a business that trades as 'Safeclean'. In this capacity, the Company sells franchises and supplies products and management services to its network of franchisees. Safeclean franchisees remove furniture and carpet stains.

Guardsman Industries Limited has also developed and successfully built up non-regulated furniture repair services to consumers and businesses, utilising the franchisee and repairer network.

DIVIDENDS

No dividends were paid or declared for the year ended 31 December 2024 (2023 - £nil).

FUTURE DEVELOPMENTS

The competitive and commercial trading environment for the business is likely to remain intense in 2025 and the directors expect the market to become more challenging. The new underwriting partnership with Acasta will allow the Company to continue to develop and support the existing and future regulated activities. The Company has invested a lot of time in further improving product value for consumers and has worked closely with their retail partners to achieve this.

The current economic situation with high interest rates has reduced demand for expensive purchases by consumers and the period of high inflation has left costs higher comparatively to previous financial years. This drives up costs of furniture repairs due to higher parts costs as well as replacement furniture being more expensive than previous years. These costs are being constantly monitored and action taken where necessary.

With the backing of the Amynta Group, the director expects the Group to drive profit into the business through investment in further technology enhancements that will drive productivity and improve the customer experience. Guardsman Europe Limited continues to deliver profit and the Group has the opportunity to further expand across the European Union at the appropriate time.

The director remains confident that the development and investments the Group is making in the core furniture protection plans will further increase market share and sales. As well as supporting the growth of existing retailers and gaining new retailers, Guardsman is looking to expand into new products and markets with the support of The Amynta Group.

Guardsman will also continue to develop and invest in the other business channels to support a complete consumer offering. The furniture care products range has grown over recent years and is being further expanded in 2024 through our online Amazon store. The professional services offering and the Safeclean franchise proposition also continue to see investment.

The director and leadership team remain focused on delivery against defined strategic goals, which are designed to deliver further sales, customer experience improvements and profit growth in the coming years. This strategy includes growth driven by new customer wins and new product development; increased profit driven by process improvements and a cost focus; and technology innovations to further improve delivery of service excellence as well as driving productivity. The director is confident that this strategy will continue to grow the Company and deliver against its objectives.

DIRECTORS

T P Mrotek has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Ms E E Mulloy ceased to be a director on 3 October 2025.

GOING CONCERN

Following regular actuarial reviews of the back book claims funds (in run-off), top ups have been made in 2024, to fund these to cover the projected future claims liabilities. The Company continues to deliver aggressive claims cost reduction activities to benefit these funds as they mature as well as the ongoing Fortegra fund. Going forward, the new underwriting contract with Acasta does not feature a profit-sharing arrangement, therefore reducing the potential for liabilities in the future.

The financial statements have been prepared on a going concern basis as The Amynta Group, the ultimate parent undertaking, has provided £10m of additional paid capital in March 2019 which was reduced to £4m in December 2019. This paid in capital remains in place in 2024 to enable the Company to meets it liabilities as they fall due. Additionally, in September 2024 the Company issued £5m of share capital to the Amynta Group.

After making enquiries, the director has a reasonable expectation that the Group has sufficient resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the annual financial statements.

EXEMPTION FROM GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION & ENERGY EFFICIENCY

ACTION DISCLOSURES

The Group meets the qualifying conditions and is therefore exempt from the requirement to disclose energy and carbon information under The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's and Company's auditors are unaware, and the 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 Group's and Company's auditors are aware of that information.

AUDITORS

The auditors, Forvis Mazars LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T P Mrotek - Director

22 December 2025

Opinion

We have audited the financial statements of Guardsman Industries Limited (the parent company) and its subsidiary (the group) for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, 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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

- give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's loss 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 group and the parent 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

Our responsibilities and the responsibilities of the 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 'Group Strategic Report, Report of the Director and Consolidated Financial Statements', other than the financial statements and our auditor's report thereon. The director is 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.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 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 director

As explained more fully in the Statement of Director's Responsibilities set out on page 6 , the director is 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 director determines 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 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 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 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 the financial statements.

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

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.

Based on our understanding of the group and the parent company and their industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: the regulatory and supervisory requirements of the Financial Conduct Authority (FCA), employment regulations, anti-bribery, corruption and fraud and anti-money laundering regulations.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

- Inquiring of management and, where appropriate, those charged with governance, as to whether the group and the parent company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

- Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

- Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and

- Considering the risk of acts by the group and the parent company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006.

In addition, we evaluated the director's and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to the posting of manual journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to the level of deferred income and the provision for profit-sharing arrangements and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included, but were not limited to:

- Making enquiries of the director and management on whether they had knowledge of any actual, suspected or alleged fraud;

- Gaining an understanding of the internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud; and

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 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.

Sam Porritt (Senior Statutory Auditor)

for and on behalf of Forvis Mazars LLP

Chartered Accountants

and Statutory Auditor

30 Old Bailey

London

EC4M 7AU

22 December 2025

TURNOVER

4

13,248,219

12,568,997

Cost of sales

12,366,522

8,100,562

GROSS PROFIT

881,697

4,468,435

Distribution costs

278,974

259,487

Administrative expenses

4,505,471

4,661,996

4,784,445

4,921,483

OPERATING LOSS

6

(3,902,748

)

(453,048

)

Interest receivable and similar income

15,045

7,576

(3,887,703

)

(445,472

)

Interest payable and similar expenses

8

2,172

2,101

LOSS BEFORE TAXATION

(3,889,875

)

(447,573

)

Tax on loss

9

13,997

37,984

LOSS FOR THE FINANCIAL YEAR

(3,903,872

)

(485,557

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(3,903,872

)

(485,557

)

Loss attributable to:

Owners of the parent

(3,903,872

)

(485,557

)

Total comprehensive income attributable to:

Owners of the parent

(3,903,872

)

(485,557

)

FIXED ASSETS

Tangible assets

11

18,111

33,603

Investments

12

-

-

18,111

33,603

CURRENT ASSETS

Stocks

13

149,487

265,053

Debtors

14

9,111,334

5,514,754

Cash at bank

6,953,562

5,485,509

16,214,383

11,265,316

CREDITORS

Amounts falling due within one year

15

4,801,198

4,067,151

NET CURRENT ASSETS

11,413,185

7,198,165

TOTAL ASSETS LESS CURRENT LIABILITIES

11,431,296

7,231,768

CREDITORS

Amounts falling due after more than one year

16

(2,638,230

)

(2,769,902

)

PROVISIONS FOR LIABILITIES

18

(7,417,780

)

(4,182,708

)

NET ASSETS

1,375,286

279,158

CAPITAL AND RESERVES

Called up share capital

19

5,002,002

2,002

Share premium

20

5,799,998

5,799,998

Retained earnings

20

(9,426,714

)

(5,522,842

)

SHAREHOLDERS' FUNDS

1,375,286

279,158

The financial statements were approved by the director and authorised for issue on 22 December 2025 and were signed by:

T P Mrotek - Director

FIXED ASSETS

Tangible assets

11

18,111

33,603

Investments

12

22,263

22,263

40,374

55,866

CURRENT ASSETS

Stocks

13

149,487

265,053

Debtors

14

8,604,820

5,134,743

Cash at bank

4,915,747

3,917,488

13,670,054

9,317,284

CREDITORS

Amounts falling due within one year

15

4,725,083

4,030,820

NET CURRENT ASSETS

8,944,971

5,286,464

TOTAL ASSETS LESS CURRENT LIABILITIES

8,985,345

5,342,330

CREDITORS

Amounts falling due after more than one year

16

(2,494,372

)

(2,658,126

)

PROVISIONS FOR LIABILITIES

18

(5,869,702

)

(3,092,496

)

NET ASSETS/(LIABILITIES)

621,271

(408,292

)

CAPITAL AND RESERVES

Called up share capital

19

5,002,002

2,002

Share premium

20

5,799,998

5,799,998

Retained earnings

20

(10,180,729

)

(6,210,292

)

SHAREHOLDERS' FUNDS

621,271

(408,292

)

Company's loss for the financial year

(3,970,437

)

(739,482

)

The financial statements were approved by the director and authorised for issue on 22 December 2025 and were signed by:

T P Mrotek - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

2,002

(5,037,285

)

5,799,998

764,715

Changes in equity

Total comprehensive income

-

(485,557

)

-

(485,557

)

Balance at 31 December 2023

2,002

(5,522,842

)

5,799,998

279,158

Changes in equity

Issue of share capital

5,000,000

-

-

5,000,000

Total comprehensive income

-

(3,903,872

)

-

(3,903,872

)

Balance at 31 December 2024

5,002,002

(9,426,714

)

5,799,998

1,375,286

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

2,002

(5,470,810

)

5,799,998

331,190

Changes in equity

Total comprehensive income

-

(739,482

)

-

(739,482

)

Balance at 31 December 2023

2,002

(6,210,292

)

5,799,998

(408,292

)

Changes in equity

Issue of share capital

5,000,000

-

-

5,000,000

Total comprehensive income

-

(3,970,437

)

-

(3,970,437

)

Balance at 31 December 2024

5,002,002

(10,180,729

)

5,799,998

621,271

Cash flows from operating activities

Cash generated from operations

1

1,491,965

(978,284

)

Interest paid

(2,172

)

(2,101

)

Tax paid

(36,785

)

(72,880

)

Net cash from operating activities

1,453,008

(1,053,265

)

Cash flows from investing activities

Interest received

15,045

7,576

Net cash from investing activities

15,045

7,576

Increase/(decrease) in cash and cash equivalents

1,468,053

(1,045,689

)

Cash and cash equivalents at beginning of year

2

5,485,509

6,531,198

Cash and cash equivalents at end of year

2

6,953,562

5,485,509

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

31.12.24

31.12.23

£

£

Loss before taxation

(3,889,875

)

(447,573

)

Depreciation charges

15,492

15,601

Profit sharing arrangements

2,777,206

(647,716

)

Claims provision

457,866

334,697

Finance costs

2,172

2,101

Finance income

(15,045

)

(7,576

)

(652,184

)

(750,466

)

Decrease in stocks

115,566

201,757

Decrease in trade and other debtors

1,426,208

1,765,935

Increase/(decrease) in trade and other creditors

602,375

(2,195,510

)

Cash generated from operations

1,491,965

(978,284

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

6,953,562

5,485,509

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

5,485,509

6,531,198

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

5,485,509

1,468,053

6,953,562

5,485,509

1,468,053

6,953,562

Total

5,485,509

1,468,053

6,953,562

1.	STATEMENT OF COMPLIANCE

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. Guardsman Industries Limited is a private company limited by shares incorporated in England. The registered office is:

C/O Corporation Service Company (UK) Ltd

5 Churchill Place

10th Floor

London

E14 5HU

The Company's financial statements have been prepared in compliance with FRS 102 as it applies to the financial statements for the year ended 31 December 2024.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Sterling

Going concern

The financial statements have been prepared on a going concern basis.

Basis of Consolidation

The group consolidated financial statements include the financial statements of the company and its subsidiary undertaking made up to 31 December. A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group's accounting policies when preparing the consolidated financial statements. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue recognition

Fees, excluding Value Added Tax and Insurance Premium Tax, receivable for the administration and claims handling of fabric and furniture protection insurance policies are recognised in proportion to the Group's average experience of costs incurred to set-up, maintain, and manage claims handling over the life of such policies. This policy leads to a deferred income balance as detailed in notes 15 & 16.

Revenue in respect of consumer products is recognised upon delivery to the customer.

Revenue in respect of professional services is recognised on completion of the work.

Revenue in respect of franchise operations is recognised immediately in the month charged.

Turnover also includes the variable consideration arising under profit-sharing arrangements. See the separate accounting policy (page 20) for its recognition.

Tangible fixed assets

All property, plant and machinery are initially recorded at cost.

Depreciation is provided on all property, plant and machinery, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - 3 or 5 years straight line

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable.

Impairment of non-financial assets

Non-financial assets are valued at cost less impairment.

The Group assesses at each reporting date whether an asset may be impaired. If any such indication exists the Group estimates recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the Group estimates, the recoverable amount of the cash generating unit to which the asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revaluation decrease.

An impairment loss recognised for all assets, including goodwill, is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.

Stocks

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

Cost is determined on the first-in, first-out (FIFO) method.

Costs include all costs incurred in bringing each product to its present location and conditions, as follows;

Finished goods for resale - cost of direct materials and labour plus attributable overheads based on normal level of activity.

Net realisable value is based on estimated selling price less any further costs expected to be incurred to disposal.

Stocks are assessed for impairment at the end of each reporting period. Impairment charges are recognised in the Statement of Comprehensive Income.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income - Continuing operations Consolidated Statement of Comprehensive Income, 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 statement of financial position date.