IT Luggage Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—6
Consolidated Profit and Loss Account	7
Consolidated Statement of Comprehensive Income	8
Consolidated Balance Sheet	9
Company Balance Sheet	10
Consolidated Statement of Changes in Equity	11
Company Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Notes to the Consolidated Statement of Cash Flows	15
Notes to the Financial Statements	16—27

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

Principal Activity

The principal activities of the group during the year continued to be the importation, wholesale and retail of travel goods and luggage. The group's headquarters are based in the United Kingdom, but the group also operates in the USA, Hong Kong, China, Thailand and the EU.

Review of the Business

The key financial and other performance indicators during the year were as follows:

	2025	2024	Change
	$	$	%
Turnover	146,067,426	146,636,504	-0.4
Group operating profit	6,124,176	6,197,857	-1.2
Profit after tax	7,351,376	7,595,722	-21.3
Total equity	46,357,540	45,842,692	1.1
Current assets as % of current liabilities (Quick ratio)	161%	161%	0
Average number of employees	303	225	78

During the year turnover was largely aligned to the previous period as global demand has stabilised following the uncertainty experienced from the pandemic in previous periods. Sales channels continue to be diversified and market reach continues to expand, with some jurisdictions outperforming others. Freight costs continue to put pressure on profit margins but management's tight financial controls on overheads has resulted in strong profitability once again.

Furthermore, the group continues to rely on its strong cashflow position to preserve valuable liquidity within the group, allowing the funding of working capital requirements and transfer loans across the entities when necessary. The quick ratio remained equal across the group due to consistent trading and and performance. The group continued to generate profits resulting in improved cash reserves compared to YE24.

The directors regularly monitor certain key performance indicators, including:

Operating cash flows

Like for like sales growth

Purchasing volume discounts

Principal Risks and Uncertainties

The group's operations are exposed to numerous risks and external factors as described below.

Credit risk

The group's exposure to credit risk is limited to the carrying amount of financial assets recognised at the end of the reporting period. The group continuously monitors defaults of customers and other counterparties to minimise this risk. Additionally, the group insures the majority of its trade debtors.

Political and economic uncertainty

Travel may be at risk during times of political and economic uncertainty. The affected regions may experience reduced travel, which may reduce demand for luggage and travel goods. Given the group's worldwide operations, this uncertainty may affect the performance of certain entity markets within the group. Global uncertainty arose during the covid-19 pandemic, particularly in FY21 and FY22, and whilst that was alleviated by FY23, other geopolitical factors arising in the period could cause further macro economic uncertainty.

Development and performance

The overall results for the period were largely similar year-on-year, which was a strong sign of financial stability, following the unpredictability of previous periods. However the group continue to have strong desire to grow demand through new sales channels and improve profitability through optimising their production processes.

Further opportunities exist to grow the business in existing markets, with better designs and competitive pricing.

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IT Luggage Limited

Strategic Report (continued)

For The Year Ended 31 March 2025

Section 172(1) Statement

IT Luggage Limited takes its duties under section 172 of the Companies Act 2006 seriously. We are committed to promoting the long-term success of the company for the benefit of our shareholders and stakeholders. In fulfilling our duties under the Act, we have taken into account the following factors:

The interests of our shareholders

We have worked hard to create value for our shareholders, delivering a strong financial performance during the year. We have also implemented various initiatives to meet the needs of our shareholders, most of whom are also officers of the company. These initiatives include focusing on promoting profitable product lines, investing our focus into lucrative markets and cutting surplus costs where viable.

Employees engagement

Our employees are central to our success, and we are committed to treating them fairly and with respect. We have recently invested in various employee engagement initiatives, including creating social and networking opportunities for employees, and encouraging connections. We have also created upskilling opportunities, to offer employees scope for growth.

Customer engagement

Our customers are at the heart of everything we do. We strive to deliver high-quality products and services that meet their needs and exceed their expectations. During the year, we regularly met with customers to ensure that the right products and services were available to meet their requirements.

Supplier engagement

Our suppliers are important partners in our business. We work closely with them to ensure that we have a reliable supply chain that meets our needs and delivers value for money. During the year, we regularly engaged with our suppliers to help them better understand our needs as well as build relationships to collaboratively work together over difficult periods.

Environmental impact

We are committed to operating in a responsible and sustainable manner. We have recently incorporated eco products using recycled materials within our range using FSC and recycled cardboard for all packaging.

On behalf of the board

Mr S Selvi

Director

24/12/2025

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IT Luggage Limited

Company No. 01967787

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.

Dividends

The value of dividends paid amounted to $5,490,494 . The directors do not recommend payment of a further dividend.

Directors

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

Mr S Selvi

Mr P Richardson

Mr M A Cetin

Mr S M Mehta

Streamlined Energy and Carbon Reporting

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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 the group and of the profit or loss of the group 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 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 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 and group'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 and group's auditors are aware of that information.

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IT Luggage Limited

Directors' Report (continued)

For The Year Ended 31 March 2025

Independent Auditors

The auditors, M. Tatar & Associates, 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 S Selvi

Director

24/12/2025

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Independent Auditor's Report

to the Members of

IT Luggage Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of IT Luggage Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated 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 group's and of the parent company's affairs as at 31 March 2025 and of the group's profit/(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 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 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 and parent company'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.

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their 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 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 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.

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Independent Auditor's Report (continued)

to the Members of

IT Luggage Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3—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 and 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.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach uses a combination of a robust risk assessment, an in-depth understanding of the entity's control environment and financial processes, and tailored substantive procedures to enable comprehensive assurance over financial data to be gathered. This approach demonstrates how our procedures are deemed capable of detecting irregularities, including fraud.

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.

Munir Tatar (Senior Statutory Auditor)

for and on behalf of M. Tatar & Associates , Statutory Auditor

24/12/2025

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IT Luggage Limited

Consolidated Profit and Loss Account

For The Year Ended 31 March 2025

Consolidated Profit and Loss Account

		2025	2024
	Notes	$	$
TURNOVER	3	146,067,426	146,636,504
Cost of sales		(99,205,482 )	(99,648,142 )

GROSS PROFIT		46,861,944	46,988,362

Distribution costs		(3,336,298 )	(2,986,607 )
Administrative expenses		(38,083,962 )	(38,126,882 )
Other operating income		682,492	322,984

OPERATING PROFIT	5	6,124,176	6,197,857
Profit on disposal of fixed assets		7,211	4,278
Other interest receivable and similar income	10	3,271,810	2,926,693
Interest payable and similar charges	11	(10,121 )	(15,500 )

PROFIT BEFORE TAXATION		9,393,076	9,113,328
Tax on Profit	12	(2,041,700 )	(1,517,606 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		7,351,376	7,595,722

The notes on pages 15 to 27 form part of these financial statements.

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IT Luggage Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 March 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	$	$
PROFIT FOR THE FINANCIAL YEAR	7,351,376	7,595,722
OTHER COMPREHENSIVE INCOME:
Loss due to foreign exchange differences	(1,581,791 )	(63,263 )

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	5,769,585	7,532,459

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IT Luggage Limited

Consolidated Balance Sheet

As At 31 March 2025

Consolidated Balance Sheet

Registered number: 01967787

		2025		2024
	Notes	$	$	$	$
FIXED ASSETS
Intangible Assets	13		57,464		57,550
Tangible Assets	14		3,494,111		3,671,647
Investment Properties	15		4,853,866		4,735,865

			8,405,441		8,465,062
CURRENT ASSETS
Stocks	17	10,420,021		5,941,560
Debtors	18	25,644,294		31,794,028
Cash at bank and in hand		66,562,857		63,276,612

		102,627,172		101,012,200
Creditors: Amounts Falling Due Within One Year	19	(63,853,551 )		(62,833,020 )

NET CURRENT ASSETS (LIABILITIES)			38,773,621		38,179,180

TOTAL ASSETS LESS CURRENT LIABILITIES			47,179,062		46,644,242

PROVISIONS FOR LIABILITIES
Deferred Taxation	20		(821,522 )		(801,550 )

NET ASSETS			46,357,540		45,842,692

CAPITAL AND RESERVES
Called up share capital	22		62,709		62,709
Revaluation reserve			4,052,518		3,953,998
Other reserves			(1,475,268 )		22,206
Profit and Loss Account			43,086,417		41,465,229

Equity attributable to owners of the parent			45,726,376		45,504,142
Non-controlling interest			631,164		338,550

TOTAL EQUITY			46,357,540		45,842,692

On behalf of the board

Mr S Selvi

Director

24/12/2025

The notes on pages 15 to 27 form part of these financial statements.

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IT Luggage Limited

Company Balance Sheet

As At 31 March 2025

Company Balance Sheet

Registered number: 01967787

		2025		2024
	Notes	$	$	$	$
FIXED ASSETS
Intangible Assets	13		22,597		35,912
Tangible Assets	14		2,307,648		2,294,556
Investment Properties	15		4,853,866		4,735,865
Investments	16		531,501		394,842

			7,715,612		7,461,175
CURRENT ASSETS
Stocks	17	3,032,611		1,525,800
Debtors	18	30,582,885		22,323,513
Cash at bank and in hand		58,533,872		59,525,360

		92,149,368		83,374,673
Creditors: Amounts Falling Due Within One Year	19	(52,012,072 )		(46,954,588 )

NET CURRENT ASSETS (LIABILITIES)			40,137,296		36,420,085

TOTAL ASSETS LESS CURRENT LIABILITIES			47,852,908		43,881,260

PROVISIONS FOR LIABILITIES
Deferred Taxation	20		(821,522 )		(801,550 )

NET ASSETS			47,031,386		43,079,710

CAPITAL AND RESERVES
Called up share capital	22		63,144		63,144
Revaluation reserve			4,052,518		3,953,998
Other reserves			1,273,793		393,529
Profit and Loss Account			41,641,931		38,669,039

SHAREHOLDERS' FUNDS			47,031,386		43,079,710

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was $9,454,545 (2024: $7,571,395).

On behalf of the board

Mr S Selvi

Director

24/12/2025

The notes on pages 15 to 27 form part of these financial statements.

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IT Luggage Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 March 2025

Consolidated Statement of Changes in Equity

	Share Capital	Revaluation reserve	Other reserves	Profit and Loss Account
	$	$	$	$
As at 1 April 2023	486,664	3,953,998	85,469	39,276,438
Profit for year	-	-	-	7,257,172

Other comprehensive income FX translation (GBP to USD)	-	-	(63,263)	-

Other comprehensive income for the year	-	-	(63,263 )	-

Total comprehensive income for the year	-	-	(63,263)	7,257,172

Dividends paid	-	-	-	(5,515,924)
Arising on shares issued during the period	(423,955 )	-	-	-
Disposal of shares in subsidiary to non-controlling interest	-	-	-	108,993

As at 31 March 2024 and 1 April 2024	62,709	3,953,998	22,206	41,465,229


Profit for year	-	-	-	7,351,376

Surplus on revaluation	-	98,520	-	-
Other comprehensive income FX translation (GBP to USD)	-	-	(1,440,617)	(239,694)

Other comprehensive income for the year	-	98,520	(1,440,617 )	(239,694 )

Total comprehensive income for the year	-	98,520	(1,440,617)	7,111,682

Dividends paid	-	-	-	(5,490,494)
Share capital reduction	-	-	(56,857 )	-
Disposal of shares in subsidiary to non-controlling interest	-	-	-	-
Non-controlling interest arising on business combination	-	-	-	-

As at 31 March 2025	62,709	4,052,518	(1,475,268 )	43,086,417

	Total Attributable to Parent	Non-controlling interest	Total
	$	$	$
As at 1 April 2023	43,802,569	-	43,802,569
Profit for year	7,257,172	338,550	7,595,722

Other comprehensive income FX translation (GBP to USD)	(63,263)	-	(63,263)

Other comprehensive income for the year	(63,263 )	-	(63,263 )

Total comprehensive income for the year	7,193,909	338,550	7,532,459

Dividends paid	(5,515,924)	-	(5,515,924)
Arising on shares issued during the period	(423,955)	-	(423,955)
Disposal of shares in subsidiary to non-controlling interest	108,993	-	108,993

As at 31 March 2024 and 1 April 2024	45,504,142	338,550	45,842,692


Profit for year	7,351,376	-	7,351,376

Surplus on revaluation	98,520	-	98,520
Other comprehensive income FX translation (GBP to USD)	(1,680,311)	-	(1,680,311)

Other comprehensive income for the year	(1,581,791 )	-	(1,581,791 )

Total comprehensive income for the year	5,769,585	-	5,769,585

Dividends paid	(5,490,494)	-	(5,490,494)

...CONTINUED

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IT Luggage Limited

Consolidated Statement of Changes in Equity (continued)

For The Year Ended 31 March 2025

Share capital reduction	(56,857)	-	(56,857)
Disposal of shares in subsidiary to non-controlling interest	-	52,920	52,920
Non-controlling interest arising on business combination	-	239,694	239,694

As at 31 March 2025	45,726,376	631,164	46,357,540

Management have changed the presentational currency for this accounting period from GBP to USD. The functional currency remains GBP. The prior year figures and current year figures have been translated to USD with the foreign exchange translation posted to Other Comprehensive Income. The figure appears both under the SOCI and the SOCIE.

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IT Luggage Limited

Company Statement of Changes in Equity

For The Year Ended 31 March 2025

Company Statement of Changes in Equity

	Share Capital	Revaluation reserve	Other reserves	Profit and Loss Account	Total
	$	$	$	$	$
As at 1 April 2023	63,144	3,953,998	85,469	34,931,129	39,033,740
Profit for year	-	-	-	9,253,833	9,253,833

Other comprehensive income FX translation (GBP to USD)	-	-	308,060	-	308,060

Other comprehensive income for the year	-	-	308,060	-	308,060

Total comprehensive income for the year	-	-	308,060	9,253,833	9,561,893

Dividends paid	-	-	-	(5,515,923)	(5,515,923)

As at 31 March 2024 and 1 April 2024	63,144	3,953,998	393,529	38,669,039	43,079,710


Profit for year	-	-	-	8,463,386	8,463,386

Surplus on revaluation	-	98,520	-	-	98,520
Other comprehensive income FX translation (GBP to USD)	-	-	880,264	-	880,264

Other comprehensive income for the year	-	98,520	880,264	-	978,784

Total comprehensive income for the year	-	98,520	880,264	8,463,386	9,442,170

Dividends paid	-	-	-	(5,490,494)	(5,490,494)

As at 31 March 2025	63,144	4,052,518	1,273,793	41,641,931	47,031,386

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IT Luggage Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	$	$
Cash flows from operating activities
Net cash generated from operations	1	2,761,262	10,336,799
Interest paid		(10,121 )	(15,500 )
Tax paid		(4,682,568 )	(3,905,545 )

Net cash (used in)/generated from operating activities		(1,931,427 )	6,415,754

Cash flows from investing activities
Purchase of intangible assets		(26,519 )	(7,863 )
Purchase of tangible assets		(359,593 )	(1,089,960 )
Proceeds from disposal of tangible assets		13,016	10,020
Purchase of investment in subsidiary undertaking		-	(64,292 )
Interest received		3,271,810	2,926,693

Net cash generated from investing activities		2,898,714	1,774,598

Cash flows from financing activities
Proceeds from issue of share capital		-	(423,955 )
Purchase/redemption of own shares		(56,857 )	-
Equity dividends paid		(5,490,494 )	(5,515,924 )
Amount introduced by directors		7,866,309	6,239,386
Effect of foreign exchange rates		-	(460,370)
Shares in subsidiary owned by non-controlling interest		-	89,177

Net cash generated from/(used in) financing activities		2,318,958	(71,686 )



Increase in cash and cash equivalents		3,286,245	8,118,666
Cash and cash equivalents at beginning of year	2	63,276,612	55,157,946

Cash and cash equivalents at end of year	2	66,562,857	63,276,612

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IT Luggage Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	$	$
Profit for the financial year	7,351,376	7,595,722
Adjustments for:
Tax on profit	2,041,700	1,517,606
Interest expense	10,121	15,500
Interest income	(3,271,810 )	(2,926,693 )
Amortisation of intangible assets	18,689	16,303
Depreciation of tangible assets	486,980	322,904
Profit on disposal of tangible assets	(7,211)	(4,278)
Foreign exchange (gains)/losses	(1,348,235)	38,956
Movements in working capital:
Increase in stocks	(4,478,461 )	(3,152,387 )
Decrease/(increase) in trade and other debtors	5,643,907	(9,653,818 )
(Decrease)/increase in trade and other creditors	(3,685,794 )	16,566,984

Net cash generated from operations	2,761,262	10,336,799

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	66,562,857	63,276,612

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	63,276,612	3,286,245	66,562,857

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IT Luggage Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

IT Luggage Limited is a private company, limited by shares, incorporated in England & Wales, with a registration number 01967787 . The registered office is Luggage House, The Chase, Foxholes Business Park, Hertford, Hertfordshire, SG13 7NN.

With effect from 1 April 2024, the Group changed its presentation currency from Pound Sterling (GBP) to US Dollars (USD) to better manage foreign exchange fluctuations. The consolidated financial statements are now presented in US Dollars. The functional currency of the parent company remains Pound Sterling (GBP), whilst overseas subsidiaries maintain their accounts in their respective local functional currencies. Prior year comparatives have been restated from GBP to USD following this change as described in the accounting policies.

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. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2025.

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 group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

2.4. Going Concern Disclosure

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

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IT Luggage Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. 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.

2.6. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be 20 years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

2.7. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Software (including website): 20% straight line

Patents & licences: 5% straight line

2.8. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Leasehold	2% straight line
Plant & Machinery	15% straight line
Motor Vehicles	25% straight line
Fixtures & Fittings	15% straight line
Computer Equipment	15% straight line

2.9. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

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IT Luggage Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.10. Investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

2.11. 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.

2.12. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and 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.

2.13. Foreign Currencies

a) Functional and Presentation Currency

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The Group's presentation currency is US Dollars (USD). The functional currency of the parent company is Pound Sterling (GBP), whilst overseas subsidiaries use their respective local currencies as their functional currencies.

b) Transactions and balances

Transactions denominated in currencies other than an entity's functional currency are translated into the functional currency at the exchange rates prevailing on the transaction dates. At each reporting date, monetary assets and liabilities denominated in foreign currencies are retranslated at the rates prevailing at the reporting date. Exchange gains and losses resulting from the settlement of such transactions and from the retranslation of monetary assets and liabilities are recognised in profit or loss for the period. Non-monetary items measured at historical cost are translated using the exchange rate at the transaction date.

c) Translation of Foreign Operations

The results and financial position of Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

...CONTINUED

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IT Luggage Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.13. Foreign Currencies - continued

Assets and liabilities for each balance sheet presented are translated at the closing exchange rate at the date of that balance sheet
Income and expenses for each income statement are translated at average exchange rates prevailing during the year (or at transaction date rates where exchange rates fluctuate significantly)
Share capital and reserves are translated at historical rates prevailing at the date of the transaction
All resulting exchange differences are recognised in other comprehensive income and accumulated in the translation reserve within equity

On disposal or partial disposal of a foreign operation, the cumulative exchange differences relating to that operation are reclassified from equity to profit or loss as part of the gain or loss on disposal.

2.14. Taxation

Income 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 group'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.

2.15. Change in Presentation Currency

With effect from 1 April 2024, the Group changed its presentation currency from Pound Sterling (GBP) to US Dollars (USD). This change better reflects the Group's international operations by managing material foreign exchange volatility and facilitates comparison with industry peers operating in global markets.

Under FRS 102, a change in presentation currency is accounted for prospectively.

Accordingly:

Comparative figures for the year ended 31 March 2024 have been restated by translating all amounts at the closing and average rates applicable for that period
The opening balance sheet as at 1 April 2023 has been restated using the closing rate at that date
No adjustments have been made to the measurement of assets, liabilities, income or expenses as a result of this change; it is purely a translation adjustment

The restatement has been applied as follows:

Assets and liabilities: translated at closing rates at each balance sheet date (31 March 2024 and 1 April 2023)
Income and expenses: translated at average rates for the 2024 period
Equity components: share capital and reserves translated at historical rates, with resulting cumulative translation differences recognised in the translation reserve

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IT Luggage Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	$	$
Sale of goods	146,067,426	146,636,504

4. Other Operating Income

	2025	2024
	$	$
Other operating income	682,492	322,984

	682,492	322,984

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	$	$
Bad debts	7,516	(65,612)
Depreciation of tangible fixed assets	486,980	322,904
Amortisation of intangible fixed assets	18,689	16,303

6. Auditor's Remuneration

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

	2025	2024
	$	$
Audit Services
Audit of the group and company's financial statements	54,180	53,160


Other Services
Other non-audit services	49,279	39,110

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	Group		Company
	2025	2024	2025	2024
	$	$	$	$
Wages and salaries	29,339,508	28,981,756	25,720,115	25,921,635
Social security costs	3,812,315	4,206,442	3,811,547	4,206,442
Other pension costs	229,877	135,725	136,441	73,830

	33,381,700	33,323,923	29,668,103	30,201,907

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IT Luggage Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	Group		Company
	2025	2024	2025	2024
Office and administration	265	189	65	62
Sales, marketing and distribution	38	36	10	9

	303	225	75	71

9. Directors' remuneration

	2025	2024
	$	$
Emoluments	23,116,899	23,554,711

Information regarding the highest paid director was as follows:

	2025	2024
	$	$
Emoluments	13,881,730	13,461,881

10. Interest Receivable and Similar Income

	2025	2024
	$	$
Bank interest receivable	3,267,445	2,913,271
Other interest receivable	4,365	13,422

	3,271,810	2,926,693

11. Interest Payable and Similar Charges

	2025	2024
	$	$
Bank loans and overdrafts	3,766	13,406
Late payment tax charges	6,355	2,094

	10,121	15,500

12. 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%	1,522,584	1,488,595
Deferred Tax
Deferred taxation			519,116	29,011


Total tax charge for the period			2,041,700	1,517,606

...CONTINUED

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IT Luggage Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

	2025	2024
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:
	$	$
Profit before tax	9,393,076	9,113,328

Tax on profit at 25% (UK standard rate)	2,348,269	2,287,773
Goodwill/depreciation not allowed for tax	168,617	132,107
Expenses not deductible for tax purposes	2,985	-
Tax losses utilised	1,689,080	9,062,427
Capital allowances	(112,521 )	(110,197 )
Difference in tax rates	-	(18,333 )
Deferred tax from unrecognised tax loss or credit	(519,116 )	(412,660 )
Unrelieved loss on disposal of operations	(7,211 )	-
Overseas tax suffered/expensed	(155,902 )	-
Dividends from companies	(1,372,501 )	-
Foreign tax rates	-	1,703,301
Tax losses unutilised carried forward	-	(11,126,812 )

Total tax charge for the period	2,041,700	1,517,606

13. Intangible Assets

Group

	Goodwill	Other	Development Costs	Total
	$	$	$	$
Cost or Valuation
As at 1 April 2024	411,026	39,172	210,553	660,751
Additions	-	-	26,519	26,519
Revaluations	(46,234 )	10,597	(2,669 )	(38,306 )

As at 31 March 2025	364,792	49,769	234,403	648,964

Amortisation
As at 1 April 2024	404,950	35,239	163,012	603,201
Provided during the period	-	2,488	16,341	18,829
Revaluations	(40,158 )	4,573	5,055	(30,530 )

As at 31 March 2025	364,792	42,300	184,408	591,500

Net Book Value
As at 31 March 2025	-	7,469	49,995	57,464

As at 1 April 2024	6,076	3,933	47,541	57,550

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IT Luggage Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Company

	Goodwill	Development Costs	Total
	$	$	$
Cost
As at 1 April 2024	355,924	65,902	421,826
Revaluations	8,868	-	8,868

As at 31 March 2025	364,792	65,902	430,694

Amortisation
As at 1 April 2024	355,924	29,990	385,914
Provided during the period	-	13,315	13,315
Revaluations	8,868	-	8,868

As at 31 March 2025	364,792	43,305	408,097

Net Book Value
As at 31 March 2025	-	22,597	22,597

As at 1 April 2024	-	35,912	35,912

14. Tangible Assets

Group

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	$	$	$	$
Cost or Valuation
As at 1 April 2024	3,318,074	698,512	376,238	2,222,836
Additions	56,062	121,371	135,916	42,307
Disposals	-	-	(151,394 )	-
Revaluation	(202,781 )	-	(4,508 )	280

As at 31 March 2025	3,171,355	819,883	356,252	2,265,423

Depreciation
As at 1 April 2024	844,939	48,574	270,469	1,790,034
Provided during the period	194,410	170,461	59,554	73,681
Disposals	-	-	(145,589 )	-
On revaluations	(187,470 )	-	180	8,209

As at 31 March 2025	851,879	219,035	184,614	1,871,924

Net Book Value
As at 31 March 2025	2,319,476	600,848	171,638	393,499

As at 1 April 2024	2,473,135	649,938	105,769	432,802


	Computer Equipment	Total
	$	$
Cost or Valuation
As at 1 April 2024	11,621	6,627,281
Additions	3,937	359,593

...CONTINUED

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IT Luggage Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Disposals	-	(151,394 )
Revaluation	-	(207,009 )

As at 31 March 2025	15,558	6,628,471

Depreciation
As at 1 April 2024	1,618	2,955,634
Provided during the period	5,290	503,396
Disposals	-	(145,589 )
On revaluations	-	(179,081 )

As at 31 March 2025	6,908	3,134,360

Net Book Value
As at 31 March 2025	8,650	3,494,111

As at 1 April 2024	10,003	3,671,647

Company

	Land & Property
	Leasehold	Motor Vehicles	Fixtures & Fittings	Total
	$	$	$	$
Cost or Valuation
As at 1 April 2024	2,365,644	283,730	1,862,039	4,511,413
Additions	-	135,916	38,284	174,200
Disposals	-	(151,394 )	-	(151,394 )

As at 31 March 2025	2,365,644	268,252	1,900,323	4,534,219

Depreciation
As at 1 April 2024	487,705	247,183	1,481,969	2,216,857
Provided during the period	47,798	41,954	65,551	155,303
Disposals	-	(145,589 )	-	(145,589 )

As at 31 March 2025	535,503	143,548	1,547,520	2,226,571

Net Book Value
As at 31 March 2025	1,830,141	124,704	352,803	2,307,648

As at 1 April 2024	1,877,939	36,547	380,070	2,294,556

15. Investment Property

Group

	2025
	$
Fair Value
As at 1 April 2024	4,735,865
Fair value adjustments	118,001

As at 31 March 2025	4,853,866

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IT Luggage Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Company

	2025
	$
Fair Value
As at 1 April 2024	4,735,865
Fair value adjustments	118,001

As at 31 March 2025	4,853,866

16. Investments

Company

	Subsidiaries
	$
Cost or Valuation
As at 1 April 2024	394,842
Additions	123,455
Fair value adjustments	13,204

As at 31 March 2025	531,501

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	531,501

As at 1 April 2024	394,842

Subsidiaries

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

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
IT Luggage DE GmbH	GERMANY	Ordinary	100.00%	-
IT Luggage USA, Ltd	USA	Ordinary	100.00%	-
IT Luggage HK Ltd	HONG KONG	Ordinary	100.00%	-
IT Luggage AUS PTY Ltd	AUSTRALIA	Ordinary	100.00%	-
IT Luggage (Thailand) Ltd	THAILAND	Ordinary	88.00%	-

The shareholding in IT Luggage (Thailand) Ltd increased from 76% to 88% during the period, and continues to form part of the consolidation

. The 12% non-controlling interest is owned by a third-party.

The aggregate capital and reserves and the result for the year of the subsidiaries listed above, that were not included in the consolidated accounts, were as follows together with the reason for non consolidation.

Name Profit/Loss Capital and Reserves Reason

IT Luggage AUS PTY Ltd $0 $636 Dormant

17. Stocks

	Group		Company
	2025	2024	2025	2024
	$	$	$	$
Stock	10,420,021	5,941,560	3,032,611	1,525,800

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IT Luggage Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

18. Debtors

	Group		Company
	2025	2024	2025	2024
	$	$	$	$
Due within one year
Trade debtors	24,384,999	29,386,185	768,647	1,680,773
Amounts owed by group undertakings	-	-	29,710,519	19,869,228
Other debtors	1,259,295	2,407,843	103,719	773,512

	25,644,294	31,794,028	30,582,885	22,323,513

19. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	$	$	$	$
Trade creditors	12,663,125	13,962,443	1,382,004	681,890
Amounts owed to group undertakings	91,807	93,820	91,807	93,820
Other creditors	38,489,841	31,891,492	38,021,738	29,927,486
Corporation tax	(4,427,577 )	(1,267,593 )	(4,581,850 )	(1,132,234 )
Taxation and social security	12,767,046	13,533,313	14,123,591	14,239,602
Accruals and deferred income	4,269,309	4,619,545	2,974,782	3,144,024

	63,853,551	62,833,020	52,012,072	46,954,588

20. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2025	2024	2025	2024
	$	$	$	$
Other timing differences	821,522	801,550	821,522	801,550

21. Provisions for Liabilities

Group
	Deferred Tax	Total
	$	$
As at 1 April 2024	268,273	268,273
Utilised	519,116	519,116
Reversals	6,685	6,685

Balance at 31 March 2025	794,074	794,074

Company
	Deferred Tax	Total
	$	$
As at 1 April 2024	268,273	268,273
Utilised	519,116	519,116
Reversals	6,685	6,685

Balance at 31 March 2025	794,074	794,074

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IT Luggage Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

22. Share Capital

	2025	2024
Allotted, called up and fully paid	$	$
49,999 Ordinary Shares of $ 1.29 each	62,709	62,709

23. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was $136,441 (2024: $73,380).

At the balance sheet date contributions of $20,744 (2024: $14,051) were due to the fund and are included in creditors.

24. Related Party Disclosures

Key management personnel (including directors) received compensation of $41,702,361 (2024: $39,141,999)

$41,702,361 of the other creditors / taxation / accruals and deferred income balance within note 19 relates to liabilitiies owed to the Directors of the company, which are considered to be related party transactions. The movement in the year relates to a combination of additional amounts accrued and payments made by the company to the Directors of some of the liability.

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