ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 07482162

DRAGONFLY VENTURE (TRADING) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

DRAGONFLY VENTURE (TRADING) LIMITED

COMPANY INFORMATION

Director	C Maughan


Registered number	07482162


Registered office	32 Portland Terrace
	Newcastle upon Tyne
	NE2 1QP


Independent auditors	Robson Laidler Accountants Limited
	Fernwood House
	Fernwood Road
	Jesmond
	Newcastle upon Tyne
	Tyne & Wear
	NE2 1TJ

DRAGONFLY VENTURE (TRADING) LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Director's Report	3 - 4
Independent Auditors' Report	5 - 8
Statement of Income and Retained Earnings	9
Balance Sheet	10
Notes to the Financial Statements	11 - 23

DRAGONFLY VENTURE (TRADING) LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The company's principal activity continued to be that of the design and sale of footwear and outdoor accessories.

Business review

During the year the Company saw turnover and gross profit decrease. These movements were principally the result of a slowdown in trade and movements in currency exchange rates. The Company continues to develop new markets and products in an attempt to maintain its turnover and its margin going forward.

Principal risks and uncertainties

Competitive risk
The Company's core markets remain highly competitive. It is difficult to see any improvement in the Company's trading conditions in the current period. The Company continues to face price pressures from both customers and suppliers. This means that the Company is likely to continue to face competitive pressures for some time to come.
Legislative risk
The Company holds a number of licences. The Company takes care so as to ensure that it is able to meet the requirements of these licences such that it is not in breach of them. Any loss of these licences would have a significant impact upon the Company's ability to generate income.
The Company is governed by a wide range of legislation. The Company takes great care to keep up to date with all new legislation and regulations to ensure that it can maintain its position within the industry.
Financial risk
The Company's main area of financial risk is exchange risk. A weakening in sterling can have a materially negative impact on margins and competitiveness. The Company aims to mitigate the effects of this risk by holding foreign currencies and by growing non-sterling sales.
Due to a number of factors the Company continues to face a challenging trading environment at the year end, but it believes it has sufficient resources to meet these challenges.

Financial key performance indicators

The Company's key performance indicators for the year were turnover and gross profit. The Company's turnover for the year decreased by 6% to £25,709,255. The Company's gross profit for the year decreased by £225,147 to £5,329,473.

Other key performance indicators

The Company uses a number of non-financial performance indicators in order to measure performance, including the number of new products. During the current period the Company introduced more new products than during the previous period.

Page 1

DRAGONFLY VENTURE (TRADING) LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

This report was approved by the board on 23 December 2025 and signed on its behalf.

................................................

C Maughan

Director

Page 2

DRAGONFLY VENTURE (TRADING) LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The director presents his report and the financial statements for the year ended 31 March 2025.

Director

The director who served during the year was:

C Maughan

Results and dividends

The profit for the year, after taxation, amounted to £1,221,146 (2024 - £2,130,969).

The director recommends payment of a dividend of £1,221,146 (2024 - £5,143,040).

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

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

In preparing these financial statements, the director is required to:

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

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

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:

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

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

Page 3

DRAGONFLY VENTURE (TRADING) LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Auditors

The auditors, Robson Laidler Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 December 2025 and signed on its behalf.

................................................

C Maughan

Director

Page 4

DRAGONFLY VENTURE (TRADING) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DRAGONFLY VENTURE (TRADING) LIMITED

Opinion

We have audited the financial statements of Dragonfly Venture (Trading) Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Page 5

DRAGONFLY VENTURE (TRADING) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DRAGONFLY VENTURE (TRADING) LIMITED (CONTINUED)

Other information

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

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's 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 director's 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 Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Page 6

DRAGONFLY VENTURE (TRADING) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DRAGONFLY VENTURE (TRADING) LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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

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

• the engagement director ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006 and taxation legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -
• making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Page 7

DRAGONFLY VENTURE (TRADING) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DRAGONFLY VENTURE (TRADING) LIMITED (CONTINUED)

To address the risk of fraud through management bias and override of controls, we: -
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions; and
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: -
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, and the Company’s legal advisers where appropriate.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be more difficult to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Charles BSc FCA (Senior Statutory Auditor)

for and on behalf of

Robson Laidler Accountants Limited

Statutory Auditor

Fernwood House

Fernwood Road

Jesmond

Newcastle upon Tyne

Tyne & Wear

NE2 1TJ

23 December 2025

Page 8

DRAGONFLY VENTURE (TRADING) LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	4	25,709,255	27,402,955
Cost of sales		(20,379,782)	(21,848,335)
Gross profit		5,329,473	5,554,620
Distribution costs		(1,629,749)	(1,262,688)
Administrative expenses		(2,109,760)	(1,596,531)
Operating profit	5	1,589,964	2,695,401
Interest receivable and similar income	9	88,901	49,477
Interest payable and similar expenses	10	(182)	-
Profit before tax		1,678,683	2,744,878
Tax on profit	11	(457,537)	(613,909)
Profit after tax		1,221,146	2,130,969



Retained earnings at the beginning of the year	5,143,040	3,012,071
	5,143,040	3,012,071
Profit for the year	1,221,146	2,130,969
Dividends declared and paid	(5,143,040)	-
Retained earnings at the end of the year	1,221,146	5,143,040

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.

The notes on pages 11 to 23 form part of these financial statements.

Page 9

DRAGONFLY VENTURE (TRADING) LIMITED

REGISTERED NUMBER: 07482162

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	13		20,932		2,611
			20,932		2,611
Current assets
Stocks	14	993,726		816,715
Debtors: amounts falling due within one year	15	29,181,231		21,858,460
Cash at bank and in hand	16	386,958		4,037,111
		30,561,915		26,712,286
Creditors: amounts falling due within one year	17	(29,361,700)		(21,559,709)
Net current assets			1,200,215		5,152,577
Total assets less current liabilities			1,221,147		5,155,188
Provisions for liabilities
Deferred tax	19	-		(12,147)
			-		(12,147)
Net assets			1,221,147		5,143,041

Capital and reserves
Called up share capital	20	1	1
Profit and loss account	21	1,221,146	5,143,040
		1,221,147	5,143,041

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2025.

................................................

C Maughan

Director

The notes on pages 11 to 23 form part of these financial statements.

Page 10

DRAGONFLY VENTURE (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Dragonfly Venture (Trading) Limited (Company no: 07482162) is a private company limited by shares, which is incorporated and registered in England and Wales. The Company's principal place of business is 3A Holywell Hill, St Albans, Hertfordshire, AL1 1ER.

2.Accounting policies

2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

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 £.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Dragonfly Venture Group Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.

2.3

Going concern

The Company meets its working capital requirements through its own cash reserves and those of the wider group, and it has no external debt.
A review of the Company's business activities is provided within the strategic report. In addition, the strategic report also discloses the Company's principal risks and uncertainties, including exposures to competitive, legislative and financial risk.
Having regard to the above, the director believes it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Page 11

DRAGONFLY VENTURE (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

2.5

Revenue

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.6

Interest income

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

2.7

Finance costs

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

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 12

DRAGONFLY VENTURE (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

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

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

2.10

Current and deferred taxation

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

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

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

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

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

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

2.11

Tangible fixed assets

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

Page 13

DRAGONFLY VENTURE (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Plant and machinery	-	33%	straight line
				Motor vehicles	-	25%	straight line

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

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

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.13

Debtors

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

2.14

Cash and cash equivalents

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

2.15

Creditors

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

Page 14

DRAGONFLY VENTURE (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.16

Provisions for liabilities

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

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

2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.18

Dividends

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

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Stock is valued at the lower of cost or net realisable value ("NRV"). Where cost is the lower of the two, there is no estimation involved.
Where goods are expected to sell for less than cost, they are valued at NRV, which is calculated based on expected selling prices for the goods in question, less costs to sell. There is necessarily an element of judgement involved in determing expected sale prices for these goods.

Turnover

The whole of the turnover is attributable to the Company's principal activity.

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	4,275,585	3,907,321
Rest of the world	21,433,670	23,495,634
	25,709,255	27,402,955

Page 15

DRAGONFLY VENTURE (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Depreciation of tangible fixed assets	6,797	3,877
Exchange differences	90,835	14,155
Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements	18,650	18,000
Defined contribution pension costs	23,567	22,684

Auditors' remuneration

18,650

18,000

Wages and salaries	1,061,112	1,025,089
Social security costs	131,281	113,782
Cost of defined contribution scheme	33,567	22,684
	1,225,960	1,161,555

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

	2025	2024
	No.	No.

Distribution	1	1
Sales, administration and design	17	16

	18	17

Page 16

DRAGONFLY VENTURE (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8.	Director's remuneration
		2025	2024
		£	£

Company contributions to defined contribution pension schemes	10,000	-
	10,000	-

During the year retirement benefits were accruing to 1 director (2024 - NIL) in respect of defined contribution pension schemes.

9.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	88,901	49,477
		88,901	49,477

10.	Interest payable and similar expenses
		2025	2024
		£	£

	Bank interest payable	182	-
		182	-

Page 17

DRAGONFLY VENTURE (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Corporation tax
Current tax on profits for the year	469,684	635,397
	469,684	635,397

Total current tax	469,684	635,397

Deferred tax
Origination and reversal of timing differences	(12,147)	(21,488)
Total deferred tax	(12,147)	(21,488)


	Tax on profit	457,537	613,909

Profit on ordinary activities before tax

1,678,683

2,744,878

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	419,671	686,220
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	13,643	-
Capital allowances for year in excess of depreciation	(1,074)	354
Short term timing difference leading to an increase / (decrease) in taxation	16,309	(72,311)
Other timing differences leading to an increase / (decrease) in taxation	21,135	21,134
Deferred tax charge for the year	(12,147)	(21,488)
Total tax charge for the year	457,537	613,909

Factors that may affect future tax charges

Page 18

DRAGONFLY VENTURE (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.Taxation (continued)

The Company carries forward a provision for staff commission and bonuses, which is allowable for tax purposes upon payment. There are no other factors affecting future tax charges.

12.	Dividends
		2025	2024
		£	£

	Dividend paid	5,143,040	-
		5,143,040	-

13.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost or valuation
At 1 April 2024	9,399	35,750	45,149
Additions	-	25,118	25,118
Disposals	-	(17,500)	(17,500)
At 31 March 2025	9,399	43,368	52,767
Depreciation
At 1 April 2024	6,788	35,750	42,538
Charge for the year on owned assets	2,611	4,186	6,797
Disposals	-	(17,500)	(17,500)
At 31 March 2025	9,399	22,436	31,835
Net book value
At 31 March 2025	-	20,932	20,932
At 31 March 2024	2,611	-	2,611

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DRAGONFLY VENTURE (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.	Stocks
		2025	2024
		£	£

Finished goods and goods for resale	993,726	816,715
	993,726	816,715

15.

Debtors

					2025	2024
					£	£


Trade debtors	2,169,197	4,745,848
Amounts owed by group undertakings	26,339,880	15,967,241
Other debtors	660,559	1,134,119
Prepayments and accrued income	11,595	11,252
	29,181,231	21,858,460

16.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	386,958	4,037,111
Less: bank overdrafts	-	(7,447)
	386,958	4,029,664

Page 20

DRAGONFLY VENTURE (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	-	7,447
Trade creditors	127,796	87,466
Amounts owed to group undertakings	27,864,163	19,393,173
Other taxation and social security	135,866	130,224
Accruals and deferred income	1,233,875	1,941,399
	29,361,700	21,559,709

The Company's bank facilities are secured by an unlimited multilateral guarantee given by the Company, Dragonfly Venture Group Limited, W.I.P. (Work in Progress) Limited, W.I.P. (Workwear) Limited and Dragonfly Venture (UK) Limited dated 10 August 2012.

18.	Financial instruments
		2025	2024
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	386,958	4,037,111
Financial assets measured at amortised cost	28,568,038	20,949,642
	28,954,996	24,986,753

	Financial liabilities
	Financial liabilities measured at amortised cost	(29,215,833)	(21,429,486)

	Financial assets measured at fair value through profit or loss comprise cash and cash equivalents including those held in foreign currencies, and forward foreign exchange contracts where they represent an asset at the year end.
	Financial liabilities measured at amortised cost comprise bank overdrafts, trade creditors, accruals, deferred income and amounts owed to group undertakings due in less than one year.

Page 21

DRAGONFLY VENTURE (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

19.	Deferred taxation

		2025
		£

	At beginning of year	(12,147)
	Charged to profit or loss	12,147
	At end of year	-

The deferred taxation balance is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	-	8,987
Other timing differences	-	(21,134)
	-	(12,147)

There is a potential deferred tax asset of £199,609, which is not recognised in the financial statements as it does not meet recognition criteria.

20.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1 Ordinary share of £1.00	1	1

21.

Reserves

Profit and loss account

This reserve represents retained profits / (losses) of current and prior periods. Movement is detailed in the Statement of Income and Retained Earnings.

22.	Contingent liabilities

The Company has made an unlimited multilateral guarantee along with other companies within the group headed by Dragonfly Venture Group Limited. No amounts are owed under this guarantee at present and the Company has not been called on to make any payments as a result of this in the past.

Page 22

DRAGONFLY VENTURE (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

23.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £23,567 (2024 - £22,684). Contributions totalling £3,448 (2024 - £3,360) were payable to the fund at the balance sheet date and are included in accruals and deferred income.

24.

Related party transactions

The Company has taken advantage of the provisions within FRS 102 not to disclose transactions entered into between two or more members of a group where a subsidiary party to such transactions is a wholly owned subsidiary.
Included within other debtors is an amount due from Dragonfly Sourcing Company (HK) Limited of £NIL (2024 - £215,250). During the year £331,826 (2024 - £336,611) was debited to the profit and loss account in relation to sourcing and other services provided to the company by Dragonfly Sourcing Company (HK) Limited, and £215,250 (2024 - £Nil) was recognised as an expense in respect of bad debts.
Dragonfly Sourcing Company (HK) Limited is a company incorporated in Hong Kong and owned by C Maughan.
During the year the Company was charged rent and service charges of £21,444 (2024 - £21,444) by Golden Dragon Properties Limited, a company controlled by C Maughan.
Key management personnel
The Company has elected to take advantage of key management personnel compensation exemption under FRS 102 paragraph 1.12(e) and 33.7.

25.	Controlling party

The ultimate controlling party of the Company is C Maughan through his control of the Company's ultimate parent undertaking Dragonfly Venture Group Limited, a company incorporated in England and Wales, which has its registered office at 32 Portland Terrace, Newcastle upon Tyne, NE2 1QP. Dragonfly Venture Group Limited prepares group financial statements and copies can be obtained from Companies House.

Page 23