Prestons Group Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 07328785

PRESTONS GROUP LIMITED

Financial Statements

31 March 2025

PRESTONS GROUP LIMITED

Financial Statements

Year Ended 31 March 2025

Contents	Page

Strategic report	1

Directors' report	4

Independent auditor's report to the members	7

Consolidated statement of comprehensive income	11

Consolidated statement of financial position	12

Company statement of financial position	13

Consolidated statement of changes in equity	14

Company statement of changes in equity	15

Consolidated statement of cash flows	16

Notes to the financial statements	17

PRESTONS GROUP LIMITED

Strategic Report

Year Ended 31 March 2025

The directors present the strategic report of the group 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 group 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 Norwich, 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 group. 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. At Norwich the group has continued to develop the properties adjacent to its store and a tenant relocation has provided further space for redevelopment which the group will fit out as a showroom for Rolex Certified Pre-Owned watches. In addition work has commenced to provide significant additional space for the presentation of jewellery and it is anticipated that both development projects will be finalised in 2026. 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 group made a pre-tax profit of £9,016,288 (2024: £10,687,245) for the year from a turnover of £74,883,932 (2024: £68,580,887). At 31 March 2025 the group had net assets of £30,370,216 (2024: £25,297,520).

Principal risks and uncertainties

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

Key performance indicators

The delivery of the group's strategic objectives is monitored by the directors through Key Performance Indicators and the periodic review of various aspects of the group'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 group's market position. Operating Profit The continued growth of operating profits which allows the group to continue to invest in its retail stock and facilities.

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

Under section 172 of the Companies Act 2006 the directors of the group are required to act in a way which promotes the long term success of the group and considers the interest of the group's stakeholders. The directors of the group have at all times acted in the way that they considered, in good faith, would be most likely to promote the success of the group 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 group's employees - the need to foster the group's business relationships with suppliers, customers and others - the impact of the group's operations on the community and the environment - the desirability of the group maintaining a reputation for high standards of business conduct - the need to act fairly between members of the group.

The directors of the group meet on a regular basis and make decisions that they consider promote the success of the group and are in the best interests of the members as a whole. The key stakeholders of the group are its employees, suppliers, customers and members. Our 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

PRESTONS GROUP LIMITED

Directors' Report

Year Ended 31 March 2025

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

Principal activities

The company's principal activity continued to be that of a holding company.

Directors

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

K D Massey
L C Cook

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Future developments

The directors anticipate making further investment in the group'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 group partners.

Greenhouse gas emissions and energy consumption

	Unit	2025	2024
Emissions resulting from activities for which the group is responsible	tCO2e	50	107
Emissions resulting from the purchase of electricity by the group for its own use	tCO2e	55	109
		----	----
Total emissions	tCO2e	105	216
Total energy consumption	kWh	579,333	496,481
Tonnes CO2e per property (7)		7.86	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 group 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 group'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 group and the company and the profit or loss of the group 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 group and 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 group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

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

PRESTONS GROUP LIMITED

Independent Auditor's Report to the Members of Prestons Group Limited

Year Ended 31 March 2025

Opinion

We have audited the financial statements of Prestons Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows 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 group's and of the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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 group operates in and how the group 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 members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.

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

PRESTONS GROUP LIMITED

Consolidated Statement of Comprehensive Income

Year Ended 31 March 2025

		2025	2024
Note		£	£
Turnover	4	74,883,932	68,580,887

Cost of sales	50,050,979	44,056,812
	-------------	-------------
Gross profit	24,832,953	24,524,075

Administrative expenses		16,012,579	14,541,245
Other operating income	5	211,381	791,270
		-------------	-------------
Operating profit	6	9,031,755	10,774,100

Other interest receivable and similar income	10	554	28,019
Interest payable and similar expenses	11	16,021	114,694
		-------------	-------------
Profit before taxation		9,016,288	10,687,425

Tax on profit	12	2,943,592	3,198,495
		------------	-------------
Profit for the financial year and total comprehensive income		6,072,696	7,488,930
		------------	-------------

All the activities of the group are from continuing operations.

PRESTONS GROUP LIMITED

Consolidated Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	14	1,127,973	2,875,154
Tangible assets	15	8,734,315	8,263,513
		------------	-------------
		9,862,288	11,138,667

Current assets

Stocks	17	25,321,355	21,518,357
Debtors	18	547,879	1,701,954
Cash at bank and in hand		1,317,310	795,242
		-------------	-------------
		27,186,544	24,015,553

Creditors: Amounts falling due within one year	19	6,199,578		9,469,620
		-------------		-------------
Net current assets			20,986,966	14,545,933
			-------------	-------------
Total assets less current liabilities			30,849,254	25,684,600

Creditors: Amounts falling due after more than one year	20		–	30,073

Provisions

Taxation including deferred tax	22	479,038	357,007
		-------------	-------------
Net assets		30,370,216	25,297,520
		-------------	-------------

Capital and reserves

Called up share capital	25	3,700,000	3,700,000
Capital redemption reserve	26	1	1
Profit and loss account	26	26,670,215	21,597,519
		-------------	-------------
Shareholders funds		30,370,216	25,297,520
		-------------	-------------

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: 07328785

PRESTONS GROUP LIMITED

Company Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	15	2,343,074	1,925,093
Investments	16	16,617,284	14,728,934
		-------------	-------------
		18,960,358	16,654,027

Current assets

Debtors	18	52,268	73,897
Cash at bank and in hand		82,887	1,683
		---------	--------
		135,155	75,580

Creditors: Amounts falling due within one year	19	3,222,529		6,627,446
		------------		------------
Net current liabilities			3,087,374	6,551,866
			-------------	-------------
Total assets less current liabilities			15,872,984	10,102,161

Provisions

Taxation including deferred tax	22	–	6,388
		-------------	-------------
Net assets		15,872,984	10,095,773
		-------------	-------------

Capital and reserves

Called up share capital	25	3,700,000	3,700,000
Capital redemption reserve	26	1	1
Profit and loss account	26	12,172,983	6,395,772
		-------------	-------------
Shareholders funds		15,872,984	10,095,773
		-------------	-------------

The profit for the financial year of the parent company was £ 6,777,211 (2024: £ 8,079,126 ).

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: 07328785

PRESTONS GROUP LIMITED

Consolidated Statement of Changes in Equity

Year Ended 31 March 2025

		Called up share capital	Capital redemption reserve	Profit and loss account	Total
		£	£	£	£
At 1 April 2023		3,700,000	1	15,308,589	19,008,590

Profit for the year				7,488,930	7,488,930
		------------	----	-------------	-------------
Total comprehensive income for the year		–	–	7,488,930	7,488,930

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		3,700,000	1	21,597,519	25,297,520

Profit for the year				6,072,696	6,072,696
		------------	----	-------------	-------------
Total comprehensive income for the year		–	–	6,072,696	6,072,696

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

		------------	----	-------------	-------------
At 31 March 2025		3,700,000	1	26,670,215	30,370,216
		------------	----	-------------	-------------

PRESTONS GROUP LIMITED

Company Statement of Changes in Equity

Year Ended 31 March 2025

		Called up share capital	Capital redemption reserve	Profit and loss account	Total
		£	£	£	£
At 1 April 2023		3,700,000	1	( 483,354)	3,216,647

Profit for the year				8,079,126	8,079,126
		------------	----	------------	------------
Total comprehensive income for the year		–	–	8,079,126	8,079,126

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		3,700,000	1	6,395,772	10,095,773

Profit for the year				6,777,211	6,777,211
		------------	----	------------	-------------
Total comprehensive income for the year		–	–	6,777,211	6,777,211

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

		------------	----	-------------	-------------
At 31 March 2025		3,700,000	1	12,172,983	15,872,984
		------------	----	-------------	-------------

PRESTONS GROUP LIMITED

Consolidated Statement of Cash Flows

Year Ended 31 March 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	6,072,696	7,488,930

Adjustments for:
Depreciation of tangible assets	1,554,223	1,672,821
Amortisation of intangible assets	1,129,689	1,129,689
Fair value adjustment of investment property	30,000	( 336,763)
Other interest receivable and similar income	( 554)	( 28,019)
Interest payable and similar expenses	16,021	114,694
Gains on disposal of tangible assets	–	( 12,453)
Loss on disposal of intangible assets	617,492	–
Tax on profit	2,943,592	3,198,495
Accrued income	( 144,700)	( 59,643)
Loss on sale of subsidiary	1	–

Changes in:
Stocks	( 3,802,998)	( 7,111,805)
Trade and other debtors	1,154,075	( 874,711)
Trade and other creditors	( 1,653,902)	1,232,232
	------------	------------
Cash generated from operations	7,915,635	6,413,467

Interest paid	( 16,021)	( 114,694)
Interest received	554	28,019
Tax paid	( 3,540,927)	( 2,175,557)
	------------	------------
Net cash from operating activities	4,359,241	4,151,235
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 2,055,025)	( 1,363,681)
Proceeds from sale of tangible assets	–	12,750
Loss on sale of subsidiary	( 1)	–
	------------	------------
Net cash used in investing activities	( 2,055,026)	( 1,350,931)
	------------	------------

Cash flows from financing activities

Proceeds from borrowings	( 747,170)	( 2,382,467)
Payments of finance lease liabilities	( 34,977)	( 45,640)
Dividends paid	( 1,000,000)	( 1,200,000)
	------------	------------
Net cash used in financing activities	( 1,782,147)	( 3,628,107)
	------------	------------

Net increase/(decrease) in cash and cash equivalents	522,068	( 827,803)
Cash and cash equivalents at beginning of year	795,242	1,623,045
	------------	------------
Cash and cash equivalents at end of year	1,317,310	795,242
	------------	------------

PRESTONS GROUP LIMITED

Notes to the Financial Statements

Year Ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 36-38 Park Green, Macclesfield, England, SK11 7NE (Company registration number: 07328785 ).

2. Statement of compliance

These 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 as modified by the revaluation of land and buildings. The financial statements are prepared in sterling, which is the functional currency of the group.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. 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 financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.

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 15 to the financial statements, the group's investment properties are 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 property at 31 March 2025 is £2,150,000 (2024 £2,180,000). 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 £7,067,076 (2024 £5,521,353).

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over its estimated useful economic life of 6 years. Provision is made for any impairment.

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 and fittings	-	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.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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 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. 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	74,883,932	68,580,887
	-------------	-------------

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

	2025	2024
	£	£
United Kingdom	74,704,250	68,522,954
Overseas	179,682	57,933
	-------------	-------------
	74,883,932	68,580,887
	-------------	-------------

5. Other operating income

	2025	2024
	£	£
Rental income	149,416	166,459
Other operating income	61,965	624,811
	---------	---------
	211,381	791,270
	---------	---------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Amortisation of intangible assets	1,129,689	1,129,689
Depreciation of tangible assets	1,554,223	1,672,821
Gains on disposal of tangible assets	–	( 12,453)
Loss on disposal of intangible assets	617,492	–
Fair value adjustments to investment property	30,000	( 336,763)
Operating lease rentals	712,550	650,238
Loss on sale of subsidiary	1	–
	------------	------------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	80,450	81,000
	--------	--------

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

Other non-audit services	73,482	67,000
	--------	--------

8. Staff costs

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

	2025	2024
	No.	No.
Management staff	4	3
Administrative staff	8	9
Retail staff	86	82
Manufacturing staff	9	8
	----	----
	107	102
	----	----

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

	2025	2024
	£	£
Wages and salaries	6,368,849	6,024,713
Social security costs	761,031	704,934
Other pension costs	141,535	181,389
	------------	------------
	7,271,415	6,911,036
	------------	------------

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	554	28,019
	----	--------

11. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	12,408	108,202
Interest on obligations under finance leases and hire purchase contracts	3,613	6,492
	--------	---------
	16,021	114,694
	--------	---------

12. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	2,802,503	3,184,506
Adjustments in respect of prior periods	19,058	( 47,506)
	------------	------------
Total current tax	2,821,561	3,137,000
	------------	------------

Deferred tax:

Origination and reversal of timing differences	128,419	( 22,696)
Fair value adjustment	( 6,388)	84,191
	---------	--------
Total deferred tax	122,031	61,495
	------------	------------
Tax on profit	2,943,592	3,198,495
	------------	------------

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	9,016,288	10,687,425
	------------	-------------
Profit on ordinary activities by rate of tax	2,254,073	2,671,857
Adjustment to tax charge in respect of prior periods	19,058	( 47,506)
Effect of expenses not deductible for tax purposes	64,481	71,317
Effect of capital allowances and depreciation	483,949	500,384
Effect of revenue exempt from tax	–	( 84,191)
Unused tax losses	–	25,139
Movement in deferred tax	122,031	61,495
	------------	-------------
Tax on profit	2,943,592	3,198,495
	------------	-------------

13. Dividends

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

14. Intangible assets

Group	Goodwill
	£
Cost
At 1 April 2024	7,099,737
Disposals	( 1,536,416)
	------------
At 31 March 2025	5,563,321
	------------
Amortisation
At 1 April 2024	4,224,583
Charge for the year	1,129,689
Disposals	( 918,924)
	------------
At 31 March 2025	4,435,348
	------------
Carrying amount
At 31 March 2025	1,127,973
	------------
At 31 March 2024	2,875,154
	------------

The company has no intangible assets.

15. Tangible assets

Group	Freehold property	Long leasehold property	Leasehold property improvements	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£	£
Cost or valuation
At 1 Apr 2024	5,050,500	750,000	4,195,380	3,467,261	321,725	13,784,866
Additions	465,250	–	257,585	1,332,190	–	2,055,025
Disposals	–	–	–	–	( 8,500)	( 8,500)
Revaluations	( 30,000)	–	–	–	–	( 30,000)
	------------	---------	------------	------------	---------	-------------
At 31 Mar 2025	5,485,750	750,000	4,452,965	4,799,451	313,225	15,801,391
	------------	---------	------------	------------	---------	-------------
Depreciation
At 1 Apr 2024	151,386	–	2,957,974	2,212,649	199,344	5,521,353
Charge for the year	79,389	–	677,824	731,645	65,365	1,554,223
Disposals	–	–	–	–	( 8,500)	( 8,500)
	------------	---------	------------	------------	---------	-------------
At 31 Mar 2025	230,775	–	3,635,798	2,944,294	256,209	7,067,076
	------------	---------	------------	------------	---------	-------------
Carrying amount
At 31 Mar 2025	5,254,975	750,000	817,167	1,855,157	57,016	8,734,315
	------------	---------	------------	------------	---------	-------------
At 31 Mar 2024	4,899,114	750,000	1,237,406	1,254,612	122,381	8,263,513
	------------	---------	------------	------------	---------	-------------

Company	Freehold property
	£
Cost or valuation
At 1 April 2024	1,944,500
Additions	465,250
Revaluations	( 30,000)
	------------
At 31 March 2025	2,379,750
	------------
Depreciation
At 1 April 2024	19,407
Charge for the year	17,269
	------------
At 31 March 2025	36,676
	------------
Carrying amount
At 31 March 2025	2,343,074
	------------
At 31 March 2024	1,925,093
	------------

Included within the above is investment property as follows:

	Group	Company
	£	£
At 1 April 2024	2,180,000	1,430,000
Fair value adjustments	( 30,000)	( 30,000)
	------------	------------
At 31 March 2025	2,150,000	1,400,000
	------------	------------

Investment property held in Macclesfield 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. Investment properties held in Norwich were valued based on open market conditions at 31 March 2025 by Arnolds Keys LLP, an independent RICS registered valuer with experience in the location and asset type. During the year, £149,416 income was received from the investment properties.

Tangible assets held at valuation

In respect of tangible assets held at valuation, 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:

Group	Freehold property	Long leasehold property	Total
	£	£	£
At 31 March 2025
Aggregate cost	1,459,500	664,519	2,124,019
Aggregate depreciation	(84,243)	(243,438)	(327,681)
	------------	---------	------------
Carrying value	1,375,257	421,081	1,796,338
	------------	---------	------------

At 31 March 2024
Aggregate cost	1,459,500	664,519	2,124,019
Aggregate depreciation	(55,053)	(230,148)	(285,201)
	------------	---------	------------
Carrying value	1,404,447	434,371	1,838,818
	------------	---------	------------

Company	Freehold property
	£
At 31 March 2025
Aggregate cost	1,459,500
Aggregate depreciation	(84,243)
	------------
Carrying value	1,375,257
	------------

At 31 March 2024
Aggregate cost	1,459,500
Aggregate depreciation	(55,053)
	------------
Carrying value	1,404,447
	------------

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:

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

The company has no tangible assets held under finance lease or hire purchase agreements.

16. Investments

The group has no investments.

Company	Shares in group companies
	£
Cost
At 1 April 2024	14,728,934
Additions	5,588,350
Disposals	( 3,700,000)
	-------------
At 31 March 2025	16,617,284
	-------------
Impairment
At 1 April 2024 and 31 March 2025	–
	-------------

Carrying amount
At 31 March 2025	16,617,284
	-------------
At 31 March 2024	14,728,934
	-------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Nimogen Limited	Ordinary	100
Winsor Bishop Limited	Ordinary	100
Winsor Bishop (Norwich) Limited	Ordinary	100

Each subsidiary undertaking is registered at 36-38, Park Green, Macclesfield, England, SK11 7NE.

17. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Finished goods and goods for resale	25,321,355	21,518,357	–	–
	-------------	-------------	----	----

18. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	215,816	962,209	5,646	24,667
Prepayments and accrued income	274,613	252,535	6,000	7,920
Other debtors	57,450	487,210	40,622	41,310
	---------	------------	--------	--------
	547,879	1,701,954	52,268	73,897
	---------	------------	--------	--------

19. Creditors: Amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	4,632,350	5,345,471	1,429	12,944
Amounts owed to group undertakings	–	–	3,198,750	5,973,650
Accruals and deferred income	402,160	546,860	13,907	16,087
Corporation tax	242,077	961,443	2,970	–
Social security and other taxes	486,582	814,940	708	–
Obligations under finance leases and hire purchase contracts	30,073	34,977	–	–
Director loan accounts	288,178	1,035,348	–	–
Other creditors	118,158	730,581	4,765	624,765
	------------	------------	------------	------------
	6,199,578	9,469,620	3,222,529	6,627,446
	------------	------------	------------	------------

The bank loans and overdrafts are secured by a debenture over all present and future assets of the company including fixed charges over its freehold and leasehold properties. They are further secured by a cross guarantee from the company's group and related companies.

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).

20. Creditors: Amounts falling due after more than one year

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

The bank loans and overdrafts are secured by a debenture over all present and future assets of the company including fixed charges over its freehold and leasehold properties. They are further secured by a cross guarantee from the company's group and related companies.

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).

21. Finance leases and hire purchase contracts

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

	Group		Company
	2025	2024	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	–	–
	--------	--------	----	----

22. Provisions

Group	Deferred tax (note 23)
	£
At 1 April 2024	357,007
Additions	128,419
Charge against provision	( 6,388)
	---------
At 31 March 2025	479,038
	---------

Company	Deferred tax (note 23)
	£
At 1 April 2024	6,388
Charge against provision	( 6,388)
	-------
At 31 March 2025	–
	-------

23. Deferred tax

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 22)	479,038	357,007	–	6,388
	---------	---------	----	-------

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	401,235	272,816	–	–
Revaluation of tangible assets	77,803	84,191	–	6,388
	---------	---------	----	-------
	479,038	357,007	–	6,388
	---------	---------	----	-------

24. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 123,614 (2024: £ 173,631 ).

25. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	3,700,000	3,700,000	3,700,000	3,700,000
	------------	------------	------------	------------

Ordinary shares carry no right to fixed income, each carry the right to one vote at general meetings of the company.

26. Reserves

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

27. Operating leases

As lessee

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	764,222	736,454	–	–
Later than 1 year and not later than 5 years	2,748,199	2,697,522	–	–
Later than 5 years	3,024,131	3,763,800	–	–
	------------	------------	----	----
	6,536,552	7,197,776	–	–
	------------	------------	----	----

As lessor

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	152,250	122,916	92,250	62,916
Later than 1 year and not later than 5 years	330,397	301,250	240,397	151,250
Later than 5 years	107,503	–	107,503	–
	---------	---------	---------	---------
	590,150	424,166	440,150	214,166
	---------	---------	---------	---------

28. Related party transactions

Group

At 31 March 2025 the group owed £27,398 (2024: £140,984) to a company related by common ownership. At 31 March 2025 the group owed £Nil (2024: £450,000) to a company related by common ownership. The balances owed to/by the group are interest free and there are no fixed repayment terms. No securities have been given or received. During the year the group purchased goods for resale of £1,291,774 (2024: £884,027) from a company related by common ownership At 31 March 2025 the group owed £288,178 (2024: £1,035,348) to its directors. No interest has been charged to the company in respect of the balance which is repayable on demand and is classified under creditors.

Company

At 31 March 2025 the company owed £Nil (2024: £170,000) to a company related by common ownership At 31 March 2025 the company owed £Nil (2024: £450,000) to a company related by common ownership The balances owed by the company are interest free and there are no fixed repayment terms. No securities have been given or received.

29. Controlling party

The company and the group were under the control of Mr K D Massey throughout the current and previous year