Value Products Limited

	Page
Strategic Report	1
Directors' Report	2
Independent Auditor's Report	3—5
Profit and Loss Account	6
Statement of Comprehensive Income	7
Balance Sheet	8
Statement of Changes in Equity	9
Statement of Cash Flows	10
Notes to the Statement of Cash Flows	11
Notes to the Financial Statements	12—16

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

Review of the Business

Turnover for the period to 31 March 2025 totalled £18,875,412 (2024 £16,413,679) whichis a healthy increase in turnover.

The company's KPIs are considered to its sales, gross profit margin and EBITDA. The company continued to review these to ensure the continued profitability of the company despite uncertainty over economic conditions generally.

The directors are satisfied that the financial results for the period reflect the continuing strength of the company.

Principal Risks and Uncertainties

The company's operations are subject to significant laws and regulations that govern its continued trade and operations. The principle risk to the company is changes to these laws and regulations. The directors therefore place significant emphasis on ensuring that the company operates within its legal constraints.

Foreign currency exchange

Another risk relates to the purchases the company makes in foreign currencies. The company attempts to manage this via forward contracts, foreign bank accounts and buying when currencies are favourable.

Liquidity and cashflow

The directors regularly review the company's performance and cashflow, together with forecasts, buying and stock requirements. They consider the company has adequate headroom for the foreseeable future, ensuring adequate reserves are in place at all times.

Interest risk

The company has minimal exposure to interest risk due to its low requirement on debt financing.

Credit risk

The company ensures that the vetting process for customers is robust and adhered to, including credit checking. Trade debtors are closely monitored on an ongoing basis, reducing the exposure to minimal levels.

On behalf of the board

Mr Martyn Bright

Director

23/12/2025

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Value Products Limited

Company No. 03038023

Directors' Report For The Year Ended 31 March 2025

Directors' Report

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

Principal Activity

The company's principal activity continues to be that of the sale of health and safety products.

Directors

The directors who held office during the year were as follows:

Mr Martyn Bright

Mr Hugh McKenna

Statement of Directors' Responsibilities

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

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

Independent Auditors

The auditors, mca Banbury Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Martyn Bright

Director

23/12/2025

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Independent Auditor's Report

to the Members of

Value Products Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Value Products Limited for the year ended 31 March 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 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 entity's ability to continue as a going concern for a period of at least 12 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. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Value Products Limited

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 or 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.

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.

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

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

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

Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspectedand alleged fraud; and

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

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

Performed analytical procedures to identify any unusual or unexpected relationships;

Tested journal entries to identify unusual transactions;

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

Investigated the rationale behind significant or unusual transactions.

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

Agreeing financial statement disclosures to underlying supporting documentation

Enquiring of management as to actual and potential litigation and claims;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

...CONTINUED

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Independent Auditor's Report (continued)

to the Members of

Value Products Limited

Auditor's Responsibilities for the Audit of the Financial Statements - continued

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 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 that 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.

Martin Cox (Senior Statutory Auditor)

for and on behalf of mca Banbury Ltd , Statutory Auditor

23/12/2025

mca Banbury Ltd

Chartered Accountants and Registered Auditors

The American Barns, Banbury Road

Lighthorne, Warwick

Warwickshire

CV35 0AE

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Value Products Limited

Profit and Loss Account

For The Year Ended 31 March 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	18,875,412	16,413,679
Cost of sales		(12,509,252 )	(11,007,628 )

GROSS PROFIT		6,366,160	5,406,051

Administrative expenses		(6,188,979 )	(5,248,247 )

OPERATING PROFIT AND PROFIT BEFORE TAXATION		177,181	157,804
Tax on Profit	7	(34,023 )	(55,701 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		143,158	102,103

The notes on pages 11 to 16 form part of these financial statements.

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Value Products Limited

Statement of Comprehensive Income

For The Year Ended 31 March 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	143,158	102,103
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	143,158	102,103

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Value Products Limited

Balance Sheet

As At 31 March 2025

Balance Sheet

Registered number: 03038023

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	8		181,250		246,249
Investments	9		2		2

			181,252		246,251
CURRENT ASSETS
Stocks	10	1,816		1,409
Debtors	11	5,579,168		9,090,562
Cash at bank and in hand		242,268		209,024

		5,823,252		9,300,995
Creditors: Amounts Falling Due Within One Year	12	(3,915,171 )		(7,601,071 )

NET CURRENT ASSETS (LIABILITIES)			1,908,081		1,699,924

TOTAL ASSETS LESS CURRENT LIABILITIES			2,089,333		1,946,175

NET ASSETS			2,089,333		1,946,175

CAPITAL AND RESERVES
Called up share capital	13		2		2
Profit and Loss Account			2,089,331		1,946,173

SHAREHOLDERS' FUNDS			2,089,333		1,946,175

On behalf of the board

Mr Martyn Bright

Director

23/12/2025

The notes on pages 11 to 16 form part of these financial statements.

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Value Products Limited

Statement of Changes in Equity

For The Year Ended 31 March 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 April 2023	2	1,844,070	1,844,072
Profit for the year and total comprehensive income	-	102,103	102,103

As at 31 March 2024 and 1 April 2024	2	1,946,173	1,946,175


Profit for the year and total comprehensive income	-	143,158	143,158

As at 31 March 2025	2	2,089,331	2,089,333

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Value Products Limited

Statement of Cash Flows

For The Year Ended 31 March 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	88,945	(10 )
Tax paid		(55,701 )	(54,570 )

Net cash generated from/(used in) operating activities		33,244	(54,580 )



Increase/(decrease) in cash and cash equivalents		33,244	(54,580 )
Cash and cash equivalents at beginning of year	2	209,024	263,604

Cash and cash equivalents at end of year	2	242,268	209,024

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Value Products Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from/(used in) operations

	2025	2024
	£	£
Profit for the financial year	143,158	102,103
Adjustments for:
Tax on profit	34,023	55,701
Amortisation of intangible assets	64,999	65,000
Movements in working capital:
(Increase)/decrease in stocks	(407 )	1,598
Decrease in trade and other debtors	3,511,394	940,446
Decrease in trade and other creditors	(3,664,222 )	(1,164,858 )

Net cash generated from/(used in) operations	88,945	(10 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	242,268	209,024

3. Analysis of changes in net funds

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	209,024	33,244	242,268

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Value Products Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Value Products Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03038023 . The registered office is 1st Floor, Fleetsbridge House, Fleets Corner Business Park, Nuffield Road, Poole, Dorset, BH17 0LA.

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

All monetary amounts are rounded to the nearest pound.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Exemption From Preparing Consolidated Financial Statements

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

2.3. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.6. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are amortised to profit and loss account over its estimated economic life of 5 years.

2.7. Investments

Investments in subsidiary undertakings are recognised at cost.

2.8. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

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Value Products Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.9. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.10. Financial Instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Basic financial assets and liabilities that are payable or receivable within one year, typically trade payables or receivables; are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

2.11. Foreign Currencies

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

2.12. Taxation

Corporation tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Sale of goods	18,875,412	16,413,679

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	18,875,412	16,413,679

	18,875,412	16,413,679

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Value Products Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	(112,986)	8,094
Research and Development Costs	175	-
Amortisation of intangible fixed assets	65,000	65,000

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	4,000	4,000


Other Services
Other non-audit services	2,000	2,000

6. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

7. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	34,023	55,701


Total tax charge for the period			34,023	55,701


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			177,181	157,804

Tax on profit at 25% (UK standard rate)			44,295	39,451
Goodwill/depreciation not allowed for tax			16,250	16,250
Capital allowances			(26,522 )	-

Total tax charge for the period			34,023	55,701

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Value Products Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Intangible Assets

	Goodwill	Other	Total
	£	£	£
Cost
As at 1 April 2024	200,000	224,999	424,999

As at 31 March 2025	200,000	224,999	424,999

Amortisation
As at 1 April 2024	55,000	123,750	178,750
Provided during the period	20,000	44,999	64,999

As at 31 March 2025	75,000	168,749	243,749

Net Book Value
As at 31 March 2025	125,000	56,250	181,250

As at 1 April 2024	145,000	101,249	246,249

9. Investments

	Unlisted
	£
Cost
As at 1 April 2024	2

As at 31 March 2025	2

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	2

As at 1 April 2024	2

Subsidiaries

Details of the company's subsidiaries as at 31 March 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Axent Embriodery Ltd		Ordinary	100.00%	-
Firstaid4sport Ltd		Ordinary	100.00%	-

10. Stocks

	2025	2024
	£	£
Finished goods	1,816	1,409

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Value Products Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

11. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	514,974	403,350
Amounts owed by group undertakings	4,882,654	8,598,902
Other debtors	181,540	88,310

	5,579,168	9,090,562

12. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	9,043	5,027
Amounts owed to group undertakings	3,411,331	7,090,765
Other creditors	427,321	376,065
Corporation tax	34,023	55,701
Accruals and deferred income	33,453	73,513

	3,915,171	7,601,071

13. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

14. Related Party Disclosures

The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

15. Controlling Parties

The company's ultimate controlling party is Poole Bay Holdings Ltd by virtue of its 100% ownership of the issued share capital. Its registered office is 1st Floor, Fleetsbridge House, Fleets Corner Business Park, Nuffield Road, Poole, Dorset, United Kingdom, BH17 0LA.

The highest level at which consolidated accounts are prepared and published is Poole Bay Holdings Ltd and these accounts are available from the company's registered office address.

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