ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 06247528

SHEERLUXE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

SHEERLUXE LIMITED

COMPANY INFORMATION

Directors	G Coleridge Cole
	C Jones
	J P Lewin (appointed 1 April 2025)


Company secretary	J P Lewin


Registered number	06247528


Registered office	171 Wingate Square
	London
	England
	SW4 0AN

SHEERLUXE LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 3
Directors' Report	4 - 5
Independent Auditors' Report	6 - 9
Consolidated Statement of Comprehensive Income	10
Consolidated Balance Sheet	11
Company Balance Sheet	12 - 13
Consolidated Statement of Changes in Equity	14 - 15
Company Statement of Changes in Equity	16 - 17
Consolidated Statement of Cash Flows	18 - 19
Consolidated Analysis of Net Debt	20
Notes to the Financial Statements	21 - 39

SHEERLUXE LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

SheerLuxe Limited is a UK-based digital media publisher & broadcaster delivering premium editorial and branded content across fashion, beauty, wellness, and lifestyle sectors.
Through a multi channel content strategy spanning email and web, social media channels, a youtube channel, podcast platforms, and events, the Company has established itself as a trusted voice among affluent and engaged audiences.
In the year ended 31 March 2025, SheerLuxe delivered record revenue and profit performance, reflecting robust demand from brand partners, increased content output, and sustained audience growth. The business also expanded internationally with the incorporation of SheerLuxe ME FZ-LLC (UAE) which began trading in FY2025. This marks a significant step in the Group’s long-term global growth strategy.

Business Model and Strategy

SheerLuxe monetises its reach and influence through commercial partnerships, sponsored content, and branded campaigns delivered across its digital network. The Company’s editorial integrity, data-led content strategy, and ability to engage high-value demographics underpins its commercial success.
The strategic focus remains on:
• Growing and retaining a high-quality, engaged audience;
• Scaling international operations while maintaining brand consistency;
• Expanding revenue streams via diversified content formats;
• Investing in digital infrastructure and talent to support future scalability.

Review of the Business

Turnover increased by 24% year-on-year to £9.95 million (2024: £8.03 million), driven by:
• Growth in commercial partnerships;
• Increased demand for content targeting male audiences via SL Man and younger audiences via LuxeGen;
• Growth in video, podcast, and social content engagement;
• Growth in channel reach.
Operating profit rose to £3.97 million (2024: £3.20 million), reflecting increased operating leverage. Profit before tax reached £4.13 million (2024: £3.27 million), with a net profit margin of 34.7% (2024: 30.6%).
The business remains debt-free, with no interest-bearing liabilities.

Page 1

SHEERLUXE LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Key Performance Indicators

Financial KPIs:
• Turnover: £9,946,997 (up 24%)
• Operating Profit: £3,970,213 (up 24%)
• Profit Before Tax: £4,128,475 (up 26%)
• Net Profit Margin: 34.7% (2024: 30.6%)
Non-Financial KPIs:
• Monthly reach across digital platforms (site, email, social, YouTube, podcast) continued to grow 23% year on year, diversifying the reach of the business across a broader base of digital channels;
• SL Man and LuxeGen audiences expanded, supported by targeted content strategies;
• High levels of employee engagement and retention, reflecting the Group’s focus on talent development, retention and wellbeing.

Principal Risks and Uncertainties

The Board regularly reviews the risk environment. Key risks include:
• Market volatility: Fluctuations in digital advertising spend and economic conditions may impact revenue.
• Competition: The online media landscape is competitive and continues to evolve.
• Regulatory change: Compliance with data protection and advertising regulations remains a priority, particularly in relation to influencer and sponsored content.
• Operational resilience: As the Group expands internationally, ensuring infrastructure scalability, brand consistency, and talent retention is critical.
Mitigation includes active risk management, continually monitoring the regulatory environment, and investment in digital systems and leadership capability.

Page 2

SHEERLUXE LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Future Outlook

Looking ahead to FY26, the Group aims to:
• Continue to explore new and innovative content formats to diversify audience engagement and revenue;
• Continued investment in people and technology;
• Maintain disciplined cost management while pursuing growth opportunities.;
The Board remains confident in the resilience of the business model and the long-term prospects of the Group.

This report was approved by the board on 10 December 2025 and signed on its behalf.

G Coleridge Cole

Director

Page 3

SHEERLUXE LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

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

Directors' responsibilities statement

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

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

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

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

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

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group 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 Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Results and dividends

The profit for the year, after taxation, amounted to £3,455,544 (2024 - £2,454,728).

Interim dividends paid during the year amounted to £1,655,533 (2024 - £1,000,000). The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

G Coleridge Cole

C Jones

Additionally, J P Lewin was appointed as a director on 1 April 2025.

Page 4

SHEERLUXE LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditors

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

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

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

Auditors

The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 10 December 2025 and signed on its behalf.

G Coleridge Cole

Director

Page 5

SHEERLUXE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHEERLUXE LIMITED

Opinion

We have audited the financial statements of Sheerluxe Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 March 2025 and of the Group's profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the 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.

Page 6

SHEERLUXE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHEERLUXE LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 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 4, 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 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 directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 7

SHEERLUXE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHEERLUXE LIMITED (CONTINUED)

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 Auditors' 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 Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgment and maintain professional scepticism throughout the audit;
- We 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 deliberate override of internal control;
- We 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 internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We review the Company's relationships with related parties, identifying and disclosing transactions during the year and balances at year-end with such parties.

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 Auditors' Report.

Page 8

SHEERLUXE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHEERLUXE LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.

M S Caldicott ACA FCCA CTA (Senior Statutory Auditor)

for and on behalf of

White Hart Associates (London) Limited

Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA

10 December 2025

Page 9

SHEERLUXE LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	3	9,946,997	8,031,965
Cost of sales		(94,144)	(139,849)
Gross profit		9,852,853	7,892,116
Administrative expenses		(5,882,640)	(4,693,279)
Operating profit	4	3,970,213	3,198,837
Income from fixed assets investments		103,799	15,577
Interest receivable and similar income	9	54,463	63,353
Interest payable and similar expenses	10	-	(5,135)
Profit before tax		4,128,475	3,272,632
Tax on profit	11	(672,931)	(817,904)
Profit for the financial year		3,455,544	2,454,728

Other comprehensive income for the year
Total comprehensive income for the year		3,455,544	2,454,728

Profit for the year attributable to:
Owners of the Parent Company		3,455,544	2,454,728

The notes on pages 21 to 39 form part of these financial statements.

Page 10

SHEERLUXE LIMITED

REGISTERED NUMBER: 06247528

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	12		75,537		90,274
Tangible assets	13		173,709		145,660
			249,246		235,934
Current assets
Debtors: amounts falling due after more than one year	15	151,764		-
Debtors: amounts falling due within one year	15	3,207,452		1,972,520
Current asset investments	16	-		783,362
Cash at bank and in hand	17	5,115,913		4,248,917
		8,475,129		7,004,799
Creditors: amounts falling due within one year	18	(1,230,129)		(1,371,315)
Net current assets			7,245,000		5,633,484
Total assets less current liabilities			7,494,246		5,869,418
Provisions for liabilities
Deferred tax	19	(59,129)		(58,984)
			(59,129)		(58,984)
Net assets			7,435,117		5,810,434

Capital and reserves
Called up share capital	20	109	95
Share premium account	21	669,584	219,926
Capital redemption reserve	21	51	51
Profit and loss account	21	6,765,373	5,590,362
		7,435,117	5,810,434

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 December 2025.

G Coleridge Cole

Director

The notes on pages 21 to 39 form part of these financial statements.

Page 11

SHEERLUXE LIMITED

REGISTERED NUMBER: 06247528

COMPANY BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	12		75,537		90,274
Tangible assets	13		173,709		145,660
Investments	14		2,157		2,157
			251,403		238,091
Current assets
Debtors: amounts falling due after more than one year	15	151,764		-
Debtors: amounts falling due within one year	15	3,215,591		1,972,520
Current asset investments	16	-		783,362
Cash at bank and in hand	17	5,102,440		4,248,917
		8,469,795		7,004,799
Creditors: amounts falling due within one year	18	(1,183,536)		(1,373,472)
Net current assets			7,286,259		5,631,327
Total assets less current liabilities			7,537,662		5,869,418

Provisions for liabilities
Deferred taxation	19	(59,129)		(58,984)
			(59,129)		(58,984)
Net assets			7,478,533		5,810,434

Capital and reserves
Called up share capital	20		109		95
Share premium account	21		669,584		219,926
Capital redemption reserve	21		51		51
Profit and loss account brought forward		5,590,362		4,135,634
Profit for the year		3,498,960		2,454,728
Other changes in the profit and loss account		(2,280,533)		(1,000,000)
Profit and loss account carried forward			6,808,789		5,590,362
			7,478,533		5,810,434

Page 12

SHEERLUXE LIMITED

REGISTERED NUMBER: 06247528

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 December 2025.

G Coleridge Cole

Director

The notes on pages 21 to 39 form part of these financial statements.

Page 13

SHEERLUXE LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2024	95	219,926	51	5,590,362	5,810,434
Comprehensive income for the year
Profit for the year	-	-	-	3,455,544	3,455,544
Total comprehensive income for the year	-	-	-	3,455,544	3,455,544
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(1,655,533)	(1,655,533)
Shares purchased into Treasury	-	-	-	(625,000)	(625,000)
Shares issued during the year	14	449,658	-	-	449,672
Total transactions with owners	14	449,658	-	(2,280,533)	(1,830,861)
At 31 March 2025	109	669,584	51	6,765,373	7,435,117

The notes on pages 21 to 39 form part of these financial statements.

Page 14

SHEERLUXE LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2023	95	219,926	51	4,135,634	4,355,706
Comprehensive income for the year
Profit for the year	-	-	-	2,454,728	2,454,728
Total comprehensive income for the year	-	-	-	2,454,728	2,454,728
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(1,000,000)	(1,000,000)
Total transactions with owners	-	-	-	(1,000,000)	(1,000,000)
At 31 March 2024	95	219,926	51	5,590,362	5,810,434

The notes on pages 21 to 39 form part of these financial statements.

Page 15

SHEERLUXE LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2024	95	219,926	51	5,590,362	5,810,434
Comprehensive income for the year
Profit for the year	-	-	-	3,498,960	3,498,960
Total comprehensive income for the year	-	-	-	3,498,960	3,498,960
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(1,655,533)	(1,655,533)
Shares purchased into Treasury	-	-	-	(625,000)	(625,000)
Shares issued during the year	14	449,658	-	-	449,672
Total transactions with owners	14	449,658	-	(2,280,533)	(1,830,861)
At 31 March 2025	109	669,584	51	6,808,789	7,478,533

The notes on pages 21 to 39 form part of these financial statements.

Page 16

SHEERLUXE LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2023	95	219,926	51	4,135,634	4,355,706
Comprehensive income for the year
Profit for the year	-	-	-	2,454,728	2,454,728
Total comprehensive income for the year	-	-	-	2,454,728	2,454,728
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(1,000,000)	(1,000,000)
Total transactions with owners	-	-	-	(1,000,000)	(1,000,000)
At 31 March 2024	95	219,926	51	5,590,362	5,810,434

The notes on pages 21 to 39 form part of these financial statements.

Page 17

SHEERLUXE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	3,455,544	2,454,728
Adjustments for:
Amortisation of intangible assets	45,137	31,982
Depreciation of tangible assets	51,979	34,604
Interest paid	-	5,135
Interest received	(54,463)	(63,353)
Taxation charge	672,931	817,904
Increase in debtors	(1,021,152)	(477,508)
Increase in amounts owed by related parties	(213,780)	(43,789)
(Decrease)/increase in creditors	(88,541)	347,707
Corporation tax paid	(877,195)	(863,288)
Dividends received	(103,799)	(15,577)
Net cash generated from operating activities	1,866,661	2,228,545

Cash flows from investing activities
Purchase of intangible fixed assets	(30,400)	(58,292)
Purchase of tangible fixed assets	(80,028)	(39,390)
Interest received	54,463	63,353
Dividends received	103,799	15,577
Decrease/(increase) in fixed term deposits	783,362	(33,632)
Net cash from investing activities	831,196	(52,384)

Page 18

SHEERLUXE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

		2025	2024
		£	£


Cash flows from financing activities
Issue of ordinary shares	449,672	-
Dividends paid	(1,655,533)	(1,000,000)
Interest paid	-	(5,135)
Purchase of shares into Treasury	(625,000)	-
Net cash used in financing activities	(1,830,861)	(1,005,135)
Net increase in cash and cash equivalents	866,996	1,171,026
Cash and cash equivalents at beginning of year	4,248,917	3,077,891
Cash and cash equivalents at the end of year	5,115,913	4,248,917

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	5,115,913	4,248,917
	5,115,913	4,248,917

The notes on pages 21 to 39 form part of these financial statements.

Page 19

SHEERLUXE LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2025


At 1 April 2024	Cash flows	At 31 March 2025
£	£	£

Cash at bank and in hand	4,248,917	866,996	5,115,913
	4,248,917	866,996	5,115,913

The notes on pages 21 to 39 form part of these financial statements.

Page 20

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Sheerluxe Limited is a private company, limited by shares, registered in England and Wales, registration number 06247528. The registered office is 171 Wingate Square London, SW4 0AN.

2.Accounting policies

2.1

Basis of preparation of financial statements

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

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

The financial statements have been prepared on a going concern basis.
The directors have made an assessment of the Company’s ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements and are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future.
In making this assessment, the directors have considered the Company’s current financial position, cash flow forecasts, and available funding, as well as the potential impact of current economic conditions on trading performance. The business continues to generate positive cash flows and maintains strong relationships with its customers and suppliers.
Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 21

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.5

Revenue

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 22

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

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

2.9

Pensions

Defined contribution pension plan

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

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

Page 23

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.10

Current and deferred taxation

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

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

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

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

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

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

2.11

Intangible assets

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

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

Amortisation is provided on the following bases:

Computer software

50%

reducing balance

Page 24

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.12

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	Straight line over lease period of building
				Computer equipment	-	25% reducing balance after year of acquisition

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.14

Debtors

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

2.15

Cash and cash equivalents

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

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

Page 25

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.16

Creditors

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

2.17

Provisions for liabilities

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

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

2.18

Financial instruments

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

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

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

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Page 26

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.18

Financial instruments (continued)

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

Basic financial liabilities

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

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

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

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

Derecognition of financial assets

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

Derecognition of financial liabilities

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

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 27

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Turnover	9,946,997	8,031,965
	9,946,997	8,031,965

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	9,706,176	8,031,965
Rest of the world	240,821	-
	9,946,997	8,031,965

	Exchange differences	251	-
	Other operating lease rentals	23,296	23,621

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

12,000

8,500

Page 28

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

6.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	3,123,814	2,621,673	3,123,814	2,621,673
Social security costs	346,224	273,341	346,224	273,341
Cost of defined contribution scheme	63,771	56,010	63,771	56,010
	3,533,809	2,951,024	3,533,809	2,951,024

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

	2025	2024
	No.	No.

Average number of employees	63	56

The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL)

7.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	190,000	172,500
Group contributions to defined contribution pension schemes	9,413	10,000
	199,413	182,500

During the year retirement benefits were accruing to no directors (2024 - NIL) in respect of defined contribution pension schemes.

8.	Dividend income
		2025	2024
		£	£

	Dividends received from Money Market Fund	103,799	15,577

Page 29

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	54,463	63,353
		54,463	63,353

10.	Interest payable and similar expenses
		2025	2024
		£	£

	Other interest payable	-	5,135
		-	5,135

Corporation tax
Current tax on profits for the year	672,786	810,130
	672,786	810,130

Total current tax	672,786	810,130

Deferred tax
Origination and reversal of timing differences	145	7,774
Total deferred tax	145	7,774


		672,931	817,904

Page 30

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.Taxation (continued)

Profit on ordinary activities before tax

4,128,475

3,272,632

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	1,032,119	818,158
Effects of:
Fixed asset differences	262	-
Expenses not deductible for tax purposes	26,406	3,363
Other permanent differences	(394,359)	-
Exempt ABGH distributions	-	(3,894)
Adjustments to tax charge in respect of previous periods	663	-
Adjustments to tax charge in respect of previous periods - deferred tax	(2,812)	(2,534)
Other	-	2,811
Profit/loss attributable to foreign subsidiary	10,652	-
Total tax charge for the year	672,931	817,904

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 31

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.	Intangible assets
	Group and Company

		Computer software
		£
	Cost
	At 1 April 2024	343,526
	Additions	30,400
	At 31 March 2025	373,926
	Amortisation
	At 1 April 2024	253,252
	Charge for the year	45,137
	At 31 March 2025	298,389
	Net book value
	At 31 March 2025	75,537
	At 31 March 2024	90,274

Page 32

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Tangible fixed assets
	Group and Company

	Fixtures and fittings	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 April 2024	175,523	103,579	279,102
Additions	52,264	27,764	80,028
At 31 March 2025	227,787	131,343	359,130
Depreciation
At 1 April 2024	99,372	34,070	133,442
Charge for the year on owned assets	34,601	17,378	51,979
At 31 March 2025	133,973	51,448	185,421
Net book value
At 31 March 2025	93,814	79,895	173,709
At 31 March 2024	76,151	69,509	145,660

Page 33

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2024	2,157
	At 31 March 2025	2,157

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

SheerLuxe ME FZ-LLC

HD36, Ground Floor, In5 Media, Dubai Media City, Dubai, United Arab Emirates

Ordinary

100%

	The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

SheerLuxe ME FZ-LLC

(41,417)

(43,574)

Page 34

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.	Debtors
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Due after more than one year
Corporation tax recoverable	151,764	-	151,764	-
	151,764	-	151,764	-

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Due within one year
Trade debtors	2,287,772	1,762,129	2,230,375	1,762,129
Amounts owed by group companies	-	-	65,542	-
Amounts owed by related parties	304,977	91,197	304,977	91,197
Other debtors	84,572	81,480	84,566	81,480
Amounts owed by shareholders	449,671	-	449,671	-
Prepayments and accrued income	80,460	37,714	80,460	37,714
	3,207,452	1,972,520	3,215,591	1,972,520

16.	Current asset investments
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Fixed term deposits	-	783,362	-	783,362
	-	783,362	-	783,362

The fixed term deposits matured in December 2024.

17.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	5,115,913	4,248,917	5,102,440	4,248,917
	5,115,913	4,248,917	5,102,440	4,248,917

Page 35

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

18.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	44,740	78,207	43,050	78,207
Amounts owed to group undertakings	-	-	-	2,157
Corporation tax	380,550	433,195	380,550	433,195
Other taxation and social security	490,888	378,624	490,888	378,624
Other creditors	23,022	127,275	23,022	127,275
Accruals and deferred income	290,929	354,014	246,026	354,014
	1,230,129	1,371,315	1,183,536	1,373,472

Page 36

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

19.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(58,984)
	Charged to profit or loss	(145)
	At end of year	(59,129)

	Company

		2025
		£

	At beginning of year	(58,984)
	Charged to profit or loss	(145)
	At end of year	(59,129)

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

	Accelerated capital allowances	(59,129)	(58,984)	(59,129)	(58,984)
		(59,129)	(58,984)	(59,129)	(58,984)

Page 37

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

20.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

9,535 (2024 - 9,535) Ordinary A shares of £0.01 each	95	95
1,350 (2024 - 0 ) Ordinary B shares of £0.01 each	14	-

	109	95

On 6 March 2025, the Company issued 1,350 Ordinary B shares of £0.01 each for a total consideration of £449,671. The company provided loans to certain shareholders to fund the purchase of these shares, which are repayable in full whenever the shares are disposed of. The Ordinary B shares rank pari passu in all respects with the Ordinary A shares.

21.

Reserves

Share premium account

The share premium account represents the amounts received in excess of the nominal value of shares issued.

Capital redemption reserve

The capital redemption reserve arises on the redemption or purchase of the Company's own shares out of distributable profits.

Profit and loss account

The profit and loss account represents the cumulative retained earnings of the Company.

22.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £63,771 (2024 - £56,010). Contributions totalling £13,705 (2024 - £11,244) were payable to the fund at the reporting date and are included in creditors.

Page 38

SHEERLUXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

23.	Commitments under operating leases
	At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	255,267	260,565
Later than 1 year and not later than 5 years	33,618	288,885
	288,885	549,450

24.

Related party transactions

Blush Talent Management Limited is considered a related party by virtue of common directors and shareholders. At the year end, the amount owed from the related party was £NIL (2024: £12,474). The amount owed is interest free and repayable on demand.
Luxe & Co Agency Limited is considered a related party by virtue of common directors and shareholders At the year end, the amount owed from the related party was £304,977 (2024: £78,723). The amount owed is interest free and repayable on demand.
As detailed in note 20 above, loans to certain shareholders amounting to £449,671 were outstanding at the year-end. These loans were unsecured, interest-free and repayable in full whenever the shares are disposed of. The associated on account tax payment made to HMRC in respect of these loans of £151,764 is included in debtors due after more than one year and will be recoverable 9 months after the end of the accounting period in which the loans are repaid.

25.	Post balance sheet events

On 28 October 2024, the Company completed a share buyback transaction involving the purchase of 367 £0.01 A Ordinary Shares. The shares were acquired for a total consideration of £625,000. These shares were held as Treasury shares at 31 March 2025, but were subsequently cancelled on 29 July 2025.

26.	Controlling party

The ultimate controlling parties are two of the directors, G Coleridge Cole and C Jones, by virtue of their ownership of the majority of the issued share capital of Golden Wonder Investments Limited, which became the parent company during the year following a share reorganisation.

Page 39