Nimogen Limited Company accounts

COMPANY REGISTRATION NUMBER: 02654807

NIMOGEN LIMITED

FINANCIAL STATEMENTS

31 March 2025

NIMOGEN LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

Contents	Page

Strategic report	1

Directors' report	4

Independent auditor's report to the member	7

Statement of comprehensive income	11

Statement of financial position	12

Statement of changes in equity	13

Notes to the financial statements	14

NIMOGEN LIMITED

STRATEGIC REPORT

YEAR ENDED 31 MARCH 2025

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

Fair review of the business

The nature of the business remained unchanged during the accounting year and the company continued to retail precious jewellery and fine diamonds, Patek Philippe, Rolex, Tudor, pre-owned Patek Philippe and Rolex Certified Pre-Owned watches from its showrooms in Wilmslow and Guildford and Rolex through Rolex at Prestons, Leeds. Sales of the key brand partners, Patek Philippe and Rolex, continued their upward trajectory during the accounting year and the ongoing investment programme in Rolex Certified Pre-Owned watches continued to produce further growth in turnover. Jewellery sales by volume reduced as this was the first full accounting year where jewellery imported from international manufacturers and suppliers was not retailed by the company. This reduced sales volume was mitigated by a significant increase in the average selling price. The retail of fine jewellery designed and manufactured by the group's own London workshop continues to develop and it is anticipated that during this current year there will be significant growth in sales from this part of the business. The new Patek Philippe environment in Wilmslow, with a dedicated window and two floors of showroom space, has had a positive impact on sales in its first full year of trading. At the Guildford showroom the fit out of 117 High Street commenced during the year which will double the window space and showroom footprint. The properties at 115 and 117 High Street will have separate entrances with an internal access between the two units. The showroom at 115 High Street will be fitted out over two floors for Rolex and that at 117 High Street will be fitted out over a similar space for fine jewellery. Despite the current negativity surrounding the economy the directors believe that the relationships with the two key brand partners and the continued investment in both jewellery and its retail environments will produce further growth in this current accounting year.

Results

The company made a pre-tax profit of £7,928,339 (2024: £8,798,098) for the year from a turnover of £60,323,771 (2024: £55,467,035). At 31 March 2025 the company had net assets of £24,258,195 (2024: £23,779,722).

Principal risks and uncertainties

The principal risks and uncertainties facing the company relate to uncertainties around global economic fundamentals and their potential impact on the demand for the company's products. The directors do not consider that these risks will have a material effect on the company's performance due to its strength in the markets within which it operates.

Performance monitoring

The delivery of the company's strategic objectives is monitored by the directors through Key Performance Indicators and the periodic review of various aspects of the company's operations. The directors consider the following Key Performance Indicators as appropriate measures for the delivery of its corporate strategy. Financial Definition Sales Revenue Growth in sales revenue and the strength of the company's market position. Operating Profit The continued growth of operating profits which allows the company to continue to invest in its retail stock and facilities.

Directors' statement of compliance with duty to promote the success of the company

Under section 172 of the Companies Act 2006 the directors of the company are required to act in a way which promotes the long term success of the company and considers the interest of the company's stakeholders. The directors of the company have at all times acted in the way that they considered, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to: - the likely consequences of any decision in the long term; - the interests of the company's employees; - the need to foster the company's business relationships with suppliers, customers and others; - the impact of the company's operations on the community and the environment; - the desirability of the company maintaining a reputation for high standards of business conduct; - the need to act fairly between members of the company.

The directors of the company meet on a regular basis and make decisions that they consider promote the success of the company and are in the best interests of the members as a whole. The key stakeholders of the company are its employees, suppliers, customers and members. Employees are key to the success of the business and are provided with generous remuneration packages, good working conditions and extensive training. In addition, staff comments and feedback are encouraged by anonymous staff surveys. Relationships with our suppliers are very important to us. We have developed strong relationships with these suppliers over many years which facilitates an efficient supply chain. We aim to provide our customers with the highest quality experience in outstanding retail environments. To maintain this, we continue to invest in both our showrooms and high level employee training programmes. We always aim to conduct our business with the utmost integrity.

This report was approved by the board of directors on 21 December 2025 and signed on behalf of the board by:

K D Massey

Director

Registered office:

36-38 Park Green

Macclesfield

England

SK11 7NE

NIMOGEN LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 MARCH 2025

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

Principal activities

The principal activity of the company continues to be the retailing of diamonds and fine wristwatches from locations in Guildford, Leeds and Wilmslow.

Directors

The directors who served the company during the year were as follows:

K D Massey
N J Evans
L C Cook

Dividends

Interim dividends of £5,270,064 (2024: £1,200,000) were paid to the ordinary shareholders during the year.

Future developments

The directors anticipate making further investment in the company's stores in order to develop the business and continue to increase its turnover and profitability. In addition the directors are looking forward to continuing to work closely with the premium brands that the company partners.

Greenhouse gas emissions and energy consumption

	Unit	2025	2024
Emissions resulting from activities for which the company is responsible	tCO2e	50	103
Emissions resulting from the purchase of electricity by the company for its own use	tCO2e	44	83
		----	----
Total emissions	tCO2e	94	186
Total energy consumption	kWh	517,136	420,667
Tonnes CO2e per property(6)		15.67	31.00
		---------	---------

Methodologies for energy and emissions calculations

We have used the conversion factors issued by the Department for Business, Energy and Industrial Strategy in order to derive the emissions data in metric tonnes CO2e

Principal measures taken to increase energy efficiency

We have made an effort to purchase more energy efficient equipment and have enquired into making energy efficiency improvements across our retail stores.

Financial instruments

The directors consider that the company only has limited exposure to the various aspects of financial risk and it does not enter into currency hedging contracts as there is no requirement for this within its trade. The company's revenue is invoiced in sterling and practically all its operational costs arise within the United Kingdom.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of disclosure to auditor

Each of the persons who is a director at the date of approval of this report confirms that:

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

This report was approved by the board of directors on 21 December 2025 and signed on behalf of the board by:

K D Massey

Director

Registered office:

36-38 Park Green

Macclesfield

England

SK11 7NE

NIMOGEN LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBER OF NIMOGEN LIMITED

YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of Nimogen Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, statement of financial position, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and, based on the work undertaken in the course of the audit, the Strategic Report and the Directors' Report have been prepared in accordance with the applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: - obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; - inquired of management and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; - discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 and the Companies Act 2006. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures. The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and testing a sample of revenue transactions recorded in the year to determine whether revenue had been recorded correctly. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of our report

This report is made solely to the company's member, 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 member those matters 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 member as a body, for our audit work, for this report, or for the opinions we have formed.

Fraser Wolff FCCA

(Senior Statutory Auditor)

For and on behalf of

Edwards Veeder LLP

Chartered Accountants & Statutory Auditor

Alex House

260-268 Chapel Street

Salford

M3 5JZ

21 December 2025

NIMOGEN LIMITED

STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED 31 MARCH 2025

		2025	2024
Note		£	£
Turnover	4	60,323,771	55,467,035

Cost of sales	40,588,155	35,836,299
	-------------	-------------
Gross profit	19,735,616	19,630,736

Administrative expenses		11,903,599	11,534,329
Other operating income	5	110,348	684,553
		-------------	-------------
Operating profit	6	7,942,365	8,780,960

Other interest receivable and similar income	10	–	23,630
Interest payable and similar expenses	11	14,026	6,492
		-------------	-------------
Profit before taxation		7,928,339	8,798,098

Tax on profit	12	2,179,802	2,368,956
		------------	------------
Profit for the financial year and total comprehensive income		5,748,537	6,429,142
		------------	------------

All the activities of the company are from continuing operations.

NIMOGEN LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	14		3,951,391	4,930,161

Current assets

Stocks	15	20,565,270	17,560,772
Debtors	16	3,642,210	7,969,673
Cash at bank and in hand		1,085,423	674,854
		-------------	-------------
		25,292,903	26,205,299

Creditors: amounts falling due within one year	17	4,823,016		7,066,627
		-------------		-------------
Net current assets			20,469,887	19,138,672
			-------------	-------------
Total assets less current liabilities			24,421,278	24,068,833

Creditors: amounts falling due after more than one year	18		–	30,073

Provisions

Taxation including deferred tax	20	163,083	259,038
		-------------	-------------
Net assets		24,258,195	23,779,722
		-------------	-------------

Capital and reserves

Called up share capital	23	100	100
Revaluation reserve	24	4,419	4,419
Profit and loss account	24	24,253,676	23,775,203
		-------------	-------------
Shareholder funds		24,258,195	23,779,722
		-------------	-------------

These financial statements were approved by the board of directors and authorised for issue on 21 December 2025 , and are signed on behalf of the board by:

K D Massey

Director

Company registration number: 02654807

NIMOGEN LIMITED

STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 MARCH 2025

			Called up share capital	Revaluation reserve	Profit and loss account	Total
			£	£	£	£
At 1 April 2023			100	4,557	18,545,923	18,550,580

Profit for the year					6,429,142	6,429,142
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account		–	(138)	138	–
			----	-------	-------------	-------------
Total comprehensive income for the year			–	( 138)	6,429,280	6,429,142

Dividends paid and payable		13	–	–	( 1,200,000)	( 1,200,000)
			----	-------	-------------	-------------
Total investments by and distributions to owners			–	–	( 1,200,000)	( 1,200,000)

At 31 March 2024			100	4,419	23,775,203	23,779,722

Profit for the year					5,748,537	5,748,537
			----	-------	-------------	-------------
Total comprehensive income for the year			–	–	5,748,537	5,748,537

Dividends paid and payable		13	–	–	( 5,270,064)	( 5,270,064)
			----	----	------------	------------
Total investments by and distributions to owners			–	–	( 5,270,064)	( 5,270,064)

			----	-------	-------------	-------------
At 31 March 2025			100	4,419	24,253,676	24,258,195
			----	-------	-------------	-------------

NIMOGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. General information

The company is a private company limited by shares, incorporated in England and Wales. The address of the registered office is 36-38 Park Green, Macclesfield, England, SK11 7NE (Company registration number: 02654807 ).

2. Statement of compliance

The financial statements have been prepared in compliance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of long leasehold property. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest GBP.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Prestons Group Limited which can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: - No cash flow statement has been presented for the company. - Disclosures in respect of financial instruments have not been presented. - Disclosures in respect of share-based payments have not been presented. - No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State. These financial statements present the results of the company only. Its financial statements are consolidated into the financial statements of Prestons Group Limited, a company incorporated in England and Wales (Registered office: 36-38 Park Green, Macclesfield, England, SK11 7NE). A copy of the group accounts can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Valuation of land and buildings: As described in note 14 to the financial statements, the company's long-leasehold property is stated at fair value based on the valuation of an independent chartered surveyor with experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset. The carrying amount of revalued long-leasehold property at 31 March 2025 is £750,000 (2024 £750,000). Useful life of fixed assets: In making decisions regarding the depreciation of non-current assets, management must estimate the useful life of said assets to the business. A change in estimate would result in a change in the depreciation charged to the profit or loss in each year. The carrying amount of depreciation at 31 March 2025 is £6,117,963 (2024 £4,965,885).

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer; the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Long leasehold property	-	2% straight line
Leasehold property improvements	-	25% straight line
Fixtures, fittings and equipment	-	25% straight line

	Motor vehicles	-	25% straight line

Investment property

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. At the reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. 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 on the assets of the company after deducting all of its liabilities. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Sale of goods	60,323,771	55,467,035
	-------------	-------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
	£	£
United Kingdom	60,144,089	55,409,102
Overseas	179,682	57,933
	-------------	-------------
	60,323,771	55,467,035
	-------------	-------------

5. Other operating income

	2025	2024
	£	£
Rental income	60,000	60,000
Other operating income	50,348	624,553
	---------	---------
	110,348	684,553
	---------	---------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	1,160,578	1,361,135
Gains on disposal of tangible assets	–	( 12,453)
Fair value adjustments to investment property	–	( 311,210)
Operating lease rentals	661,750	599,438
	------------	------------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	48,000	48,000
	--------	--------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	60,591	55,250
	--------	--------

8. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Management staff	3	3
Administrative staff	8	9
Retail staff	68	65
Manufacturing staff	9	8
	----	----
	88	85
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	5,614,261	5,384,625
Social security costs	678,578	641,250
Other pension costs	123,466	167,573
	------------	------------
	6,416,305	6,193,448
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	1,583,203	1,548,299
Company contributions to defined contribution pension plans	17,921	7,758
	------------	------------
	1,601,124	1,556,057
	------------	------------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	3	3
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	1,080,000	1,229,105
Company contributions to defined contribution pension plans	4,921	–
	------------	------------
	1,084,921	1,229,105
	------------	------------

10. Other interest receivable and similar income

	2025	2024
	£	£
Interest on cash and cash equivalents	–	23,630
	----	--------

11. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	10,413	–
Interest on obligations under finance leases and hire purchase contracts	3,613	6,492
	--------	-------
	14,026	6,492
	--------	-------

12. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	2,256,699	2,427,937
Adjustments in respect of prior periods	19,058	( 47,555)
	------------	------------
Total current tax	2,275,757	2,380,382
	------------	------------

Deferred tax:

Origination and reversal of timing differences	( 95,955)	( 89,229)
Fair value adjustment	–	77,803
	--------	--------
Total deferred tax	( 95,955)	( 11,426)
	------------	------------
Tax on profit	2,179,802	2,368,956
	------------	------------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	7,928,339	8,798,098
	------------	------------
Profit on ordinary activities by rate of tax	1,982,085	2,199,525
Adjustment to tax charge in respect of prior periods	19,058	( 47,555)
Effect of expenses not deductible for tax purposes	31,724	61,548
Effect of capital allowances and depreciation	242,890	244,667
Effect of revenue exempt from tax	–	( 77,803)
Movement in deferred tax	( 95,955)	( 11,426)
	------------	------------
Tax on profit	2,179,802	2,368,956
	------------	------------

13. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	5,270,064	1,200,000
	------------	------------

14. Tangible assets

	Freehold property	Long leasehold property	Leasehold property improvements	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2024	2,321,500	750,000	3,648,132	2,854,689	321,725	9,896,046
Additions	–	–	17,745	164,063	–	181,808
Disposals	–	–	–	–	( 8,500)	( 8,500)
	------------	---------	------------	------------	---------	-------------
At 31 Mar 2025	2,321,500	750,000	3,665,877	3,018,752	313,225	10,069,354
	------------	---------	------------	------------	---------	-------------
Depreciation
At 1 Apr 2024	100,599	–	2,651,023	2,014,919	199,344	4,965,885
Charge for the year	46,430	–	553,663	495,120	65,365	1,160,578
Disposals	–	–	–	–	( 8,500)	( 8,500)
	------------	---------	------------	------------	---------	-------------
At 31 Mar 2025	147,029	–	3,204,686	2,510,039	256,209	6,117,963
	------------	---------	------------	------------	---------	-------------
Carrying amount
At 31 Mar 2025	2,174,471	750,000	461,191	508,713	57,016	3,951,391
	------------	---------	------------	------------	---------	-------------
At 31 Mar 2024	2,220,901	750,000	997,109	839,770	122,381	4,930,161
	------------	---------	------------	------------	---------	-------------

Included within the above is investment property as follows:

	£
	------------
At 1 April 2024 and 31 March 2025	750,000
	------------

The company's investment property was valued based on open market conditions at 31 March 2025 by Greenhams Commercial Limited, an independent RICS registered valuer with experience in the location and asset type. During the year, £60,000 income was received from the investment property.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Long leasehold property
	£
At 31 March 2025
Aggregate cost	664,519
Aggregate depreciation	(243,438)
	---------
Carrying value	421,081
	---------

At 31 March 2024
Aggregate cost	664,519
Aggregate depreciation	(230,148)
	---------
Carrying value	434,371
	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 March 2025	35,151
	--------
At 31 March 2024	88,491
	--------

15. Stocks

	2025	2024
	£	£
Finished goods and goods for resale	20,565,270	17,560,772
	-------------	-------------

16. Debtors

	2025	2024
	£	£
Trade debtors	199,726	916,782
Amounts owed by group companies	3,198,750	6,711,700
Prepayments and accrued income	201,780	198,749
Other debtors	41,954	142,442
	------------	------------
	3,642,210	7,969,673
	------------	------------

17. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	3,533,148	4,340,568
Accruals and deferred income	332,825	415,210
Corporation tax	127,987	427,570
Social security and other taxes	401,007	710,428
Obligations under finance leases and hire purchase contracts	30,073	34,977
Director loan accounts	288,178	1,035,348
Other creditors	109,798	102,526
	------------	------------
	4,823,016	7,066,627
	------------	------------

HSBC UK Bank plc has a fixed and floating charge over all of the company assets dated 9 September 2009.

Finance lease and hire purchase creditors are secured on the assets for which the finance was provided.

The aggregate amount of creditors due within one year for which security was given amounted to £30,073 (2024: £34,977).

18. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Obligations under finance leases and hire purchase contracts	–	30,073
	----	--------

Finance lease and hire purchase creditors are secured on the assets for which the finance was provided.

The aggregate amount of creditors due after more than one year for which security was given amounted to £nil (2024: £30,073).

19. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2025	2024
	£	£
Not later than 1 year	31,236	38,590
Later than 1 year and not later than 5 years	–	31,236
	--------	--------
	31,236	69,826
Less: future finance charges	( 1,163)	( 4,776)
	--------	--------
Present value of minimum lease payments	30,073	65,050
	--------	--------

20. Provisions

	Deferred tax (note 21)
	£
At 1 April 2024	259,038
Additions	( 95,955)
	---------
At 31 March 2025	163,083
	---------

21. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 20)	163,083	259,038
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	85,280	181,235
Revaluation of tangible assets	77,803	77,803
	---------	---------
	163,083	259,038
	---------	---------

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 105,545 (2024: £ 159,815 ).

23. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

24. Reserves

Revaluation reserve: The revaluation reserve records the value of asset revaluations and fair value movements on assets recognised in the statement of comprehensive income. Profit and loss account: The profit and loss reserve represents the cumulative amount of retained earnings and accumulated losses.

25. Operating leases

As lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	713,422	685,654
Later than 1 year and not later than 5 years	2,544,999	2,494,322
Later than 5 years	3,004,750	3,617,750
	------------	------------
	6,263,171	6,797,726
	------------	------------

As lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	60,000	60,000
Later than 1 year and not later than 5 years	90,000	150,000
	---------	---------
	150,000	210,000
	---------	---------

26. Contingencies

Nimogen Limited and it's ultimate parent company, Prestons Group Limited, are subject to an inter-company guarantee in favour of the funders to Prestons Group Limited. At 31 March 2025, the company has a contingent liability under this agreement amounting to £Nil (2024: £Nil)

27. Related party transactions

At 31 March 2025 the company owed £27,398 (2024: is owed £29,016) from a company related by common ownership During the year the company purchased goods for resale of £1,039,598 from a company related by common ownership The balances owed to/by the company are interest free and there are no fixed repayment terms. No securities have been given or received. The company has taken advantage of the exemption available in Section 33 of FRS102 "Related Party Disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group. At 31 March 2025 the company owed £288,178 (2024: £1,035,348) to it's directors. No interest has been charged to the company in respect of the balance which is repayable on demand and is classified under creditors.

28. Controlling party

The company's ultimate parent company is Prestons Group Limited , a company incorporated in England and Wales. A copy of their financial statements can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.