REGISTERED NUMBER: 12210186 (England and Wales)

Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

DK UNIVERSE LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

5

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTOR:

D Kalnina

REGISTERED OFFICE:

51-53 West Street

Brighton

Brighton and Hove

BN1 2RA

REGISTERED NUMBER:

12210186 (England and Wales)

AUDITORS:

Feist Hedgethorne Limited

Statutory Auditors

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

The director presents her strategic report of the company and the group for the year ended 31 March 2025.

OUR PURPOSE

Our purpose is to meet the needs of our customers, delivering the experience, products and services that matter to them.

Our success as a business depends on delivering value to all our customers and stakeholders. We plan and anticipate what they want and develop products, services and an overall experience that meet their needs.

REVIEW OF BUSINESS

The business has made considerable investment into its infrastructure, including IT systems, specifically a new website; a larger warehouse to facilitate our growth plans; and development of our new headquarters in Brighton and for investment in the future growth of the business allowing it to keep pace with the market. The company has experienced inflationary increases in costs in the year, notably supply chain costs and payroll costs.

The business has faired well despite some macro-economic challenges in key markets by expanding its retail and wholesale distribution customers, launching new product ranges and proactively anticipating its customers' business needs. Continued inflationary pressures on costs were alleviated through efficiency gains in systems and processes, changes in its supply chain, economies of scale from expanding customer base and tight cost management.

The key financial highlights are as follows:

2025

2024

Gross profit

£19,964,522

£17,598,298

Gross profit margin

60.8%

56.2%

Profit/(loss) before tax

£1,029,614

£(1,271,398)

FUTURE DEVELOPMENTS

The director is confident that the company will continue to be profitable in the forthcoming year and has been trading well during the new financial year when considering the challenging trading conditions. The company will continue to add to its successful range of cosmetic products and the director is confident that the business will continue to grow over the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES

There are several risks and uncertainties that can impact the performance of the group, some of which are beyond the control of the group and its Board. These trends and risks are the focus of management meetings where each department's performance is assessed versus budgets, forecasts and prior year results. Key performance indicators are also used to benchmark operational performance for all departments. An annual assessment of trends and risks is an integral part of each department's annual review of its strategic plan and budget, which are submitted to the Board for consideration and approval. A combination of all of this, in what is a bottom up and top down approach, enables the Board to determine and assess the company's risk environment.

The principal risks and uncertainties facing the group are outlined below:

Key resources

The group is managed by certain key personnel, including executive directors and senior management who have significant experience within the group and who may be difficult to replace. Furthermore, the group depends on being able to recruit and retain employees of an appropriate calibre. The group has sought to mitigate this resource risk by investing in staff training programmes, competitive rewards and compensation packages.

Credit risk

The group has implemented policies that require appropriate credit checks on potential customers before sales are made.

Liquidity risk

The group has secured additional finance where needed to meet cash flow requirements. The group maintains the support of these creditors and the group retains sufficient cash in order to meet repayment dates.

Market conditions

Our products are targeted at many different sectors, which include high street retailers and salons. As a result, demand is dependent on activity levels in these respective sectors, which vary by location and are subject to the usual drivers of retail activity (i.e. general economic conditions and volatility, interest rates, business/consumer confidence levels, unemployment, population growth, etc.).

Competitive pressures

The group continually faces competition and the competitive environment is a function of several factors including the number of competitors, pricing and the availability of substitute products. While such competitive forces can impact profitability in the short-term the group looks to offset such adverse effects by:

(i) a program of continuous process improvement;

(ii) a permanent emphasis on product enhancement; and

(iii) providing a best in class service to customers by offering short delivery times and products that come with a guaranteed performance.

Information technology and business continuity

The group uses a range of information technology and decision support systems across its business for efficient processing of orders, control procedures and financial management. These systems are constantly reviewed and updated to meet the needs of the group. Business continuity and disaster recovery planning is regularly assessed and tested to ensure the group is adequately resourced and maintains an appropriately robust environment including preventative processes on cybercrime. This is further mitigated through consequential loss insurance and business continuity plans which are updated regularly.

Data protection and back-up

The group holds a significant volume of confidential data. Failure to comply with data privacy regulations and standards (GDPR) or weakness in internet security may result in a major data privacy breach causing reputational damage to the group's brands and financial loss.

Breach of IT security may cause data to be lost, corrupted or accessed by unauthorised users, impacting the group's reputation. This could give rise to legal or regulatory penalties as well as commercial costs. The group has processes and procedures in place to monitor effectiveness of customer back-up and is continually upgrading security equipment and software and making improvements to physical security processes.

GOING CONCERN

After reviewing the group's forecasts and projections, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

ON BEHALF OF THE BOARD:

D Kalnina - Director

24 December 2025

The director presents her report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the sale of cosmetic products and property rental.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

RESEARCH AND DEVELOPMENT

The group continues to invest in the development of new cosmetic products and services to ensure it is equipped to deal with continuing developments in this sector. This research and development will ensure that the company is able to evolve with the requirements of its customers.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

D Kalnina held office during the whole of the period from 1 April 2024 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

All donations were to charitable organisations.

DIRECTOR INDEMNITIES

The group has not made qualifying third party indemnity payments for the benefit of the director during the year.

ENGAGEMENT WITH EMPLOYEES

The group recognises the importance of good communication and relations with staff and uses a number of methods of keeping staff informed of performance and developments in the group.

New members of staff attend an induction course which gives them an initial understanding of the group and its business and makes them aware of matters directly concerning their employment. Great importance is attached to staff training and development at all levels.

DISCLOSURE IN THE STRATEGIC REPORT

Certain matters required by regulation to be dealt with in the annual report have been dealt with in the Strategic Report rather than in the Directors' Report. These include principal risks and uncertainties and future developments.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Feist Hedgethorne Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Kalnina - Director

24 December 2025

Opinion

We have audited the financial statements of DK Universe Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 group's and 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where 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 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 director

As explained more fully in the Statement of Director's Responsibilities set out on page five, 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 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 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

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 a Report of the Auditors 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 our procedures are capable of detecting irregularities including fraud is detailed below:

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.

-

obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

-

inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

-

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, and tax compliance regulations. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence where relevant authorities, and evaluating advice received from external tax advisors.

The audit engagement team identified the risk of management override of controls as the area 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.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Chris Morey (Senior Statutory Auditor)

for and on behalf of Feist Hedgethorne Limited

Statutory Auditors

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

24 December 2025

TURNOVER

32,823,780

31,316,341

Cost of sales

(12,859,258

)

(13,718,043

)

GROSS PROFIT

19,964,522

17,598,298

Administrative expenses

(18,540,461

)

(18,642,129

)

OPERATING PROFIT/(LOSS)

5

1,424,061

(1,043,831

)

Interest receivable and similar income

4,337

(796

)

1,428,398

(1,044,627

)

Interest payable and similar expenses

7

(398,784

)

(226,771

)

PROFIT/(LOSS) BEFORE TAXATION

1,029,614

(1,271,398

)

Tax on profit/(loss)

8

(389,756

)

(396,705

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

639,858

(1,668,103

)

Profit/(loss) attributable to:

Owners of the parent

639,858

(1,668,103

)

PROFIT/(LOSS) FOR THE YEAR

639,858

(1,668,103

)

OTHER COMPREHENSIVE INCOME

Re-translation of foreign subsidiary

(23,558

)

(24,539

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(23,558

)

(24,539

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

616,300

(1,692,642

)

Total comprehensive income attributable to:

Owners of the parent

616,300

(1,692,642

)

FIXED ASSETS

Intangible assets

10

6,044,943

7,294,843

Tangible assets

11

10,799,556

9,903,690

Investments

12

-

-

Investment property

13

1,792,064

1,792,064

18,636,563

18,990,597

CURRENT ASSETS

Stocks

14

5,120,220

5,019,051

Debtors

15

4,243,479

3,205,344

Cash at bank and in hand

1,612,997

1,501,266

10,976,696

9,725,661

CREDITORS

Amounts falling due within one year

16

(3,673,084

)

(6,156,594

)

NET CURRENT ASSETS

7,303,612

3,569,067

TOTAL ASSETS LESS CURRENT LIABILITIES

25,940,175

22,559,664

CREDITORS

Amounts falling due after more than one year

17

(2,418,130

)

(61,843

)

PROVISIONS FOR LIABILITIES

22

(737,519

)

(329,595

)

NET ASSETS

22,784,526

22,168,226

CAPITAL AND RESERVES

Called up share capital

23

4

4

Revaluation reserve

24

92,204

92,204

Retained earnings

24

22,692,318

22,076,018

SHAREHOLDERS' FUNDS

22,784,526

22,168,226

The financial statements were approved by the director and authorised for issue on 24 December 2025 and were signed by:

D Kalnina - Director

FIXED ASSETS

Intangible assets

10

3,965,179

5,226,762

Tangible assets

11

9,578,326

9,367,772

Investments

12

2,066,424

2,066,424

Investment property

13

325,115

325,115

15,935,044

16,986,073

CURRENT ASSETS

Debtors

15

3,599,105

2,400,468

Cash at bank

73,321

6,757

3,672,426

2,407,225

CREDITORS

Amounts falling due within one year

16

(10,368,379

)

(9,558,939

)

NET CURRENT LIABILITIES

(6,695,953

)

(7,151,714

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,239,091

9,834,359

CREDITORS

Amounts falling due after more than one year

17

(2,418,130

)

-

PROVISIONS FOR LIABILITIES

22

(380,652

)

(201,552

)

NET ASSETS

6,440,309

9,632,807

CAPITAL AND RESERVES

Called up share capital

23

4

4

Revaluation reserve

92,204

92,204

Retained earnings

6,348,101

9,540,599

SHAREHOLDERS' FUNDS

6,440,309

9,632,807

Company's loss for the financial year

(3,192,498

)

(2,394,746

)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 24 December 2025 and were signed by:

D Kalnina - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

4

23,768,660

92,204

23,860,868

Changes in equity

Total comprehensive income

-

(1,692,642

)

-

(1,692,642

)

Balance at 31 March 2024

4

22,076,018

92,204

22,168,226

Changes in equity

Total comprehensive income

-

616,300

-

616,300

Balance at 31 March 2025

4

22,692,318

92,204

22,784,526

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

4

11,935,345

92,204

12,027,553

Changes in equity

Total comprehensive income

-

(2,394,746

)

-

(2,394,746

)

Balance at 31 March 2024

4

9,540,599

92,204

9,632,807

Changes in equity

Total comprehensive income

-

(3,192,498

)

-

(3,192,498

)

Balance at 31 March 2025

4

6,348,101

92,204

6,440,309

Cash flows from operating activities

Cash generated from operations

1

3,364,793

1,980,343

Interest paid

(398,784

)

(226,711

)

Tax paid

(245,047

)

(1,045,198

)

Net cash from operating activities

2,720,962

708,434

Cash flows from investing activities

Purchase of intangible fixed assets

(313,161

)

(240,585

)

Purchase of tangible fixed assets

(1,594,911

)

(2,155,695

)

Sale of tangible fixed assets

3,586

-

Acquisition of subsidiaries (less cash)

-

(1,996,317

)

Interest received

2,009

66

Net cash from investing activities

(1,902,477

)

(4,392,531

)

Cash flows from financing activities

New loans in year

2,500,000

6,000,000

Loan repayments in year

(2,427,305

)

(3,642,105

)

Capital repayments in year

-

(13,200

)

Amount introduced by directors

3,863

-

Amount withdrawn by directors

(783,312

)

(3,684,269

)

Net cash from financing activities

(706,754

)

(1,339,574

)

Increase/(decrease) in cash and cash equivalents

111,731

(5,023,671

)

Cash and cash equivalents at beginning of year

2

1,501,266

6,524,937

Cash and cash equivalents at end of year

2

1,612,997

1,501,266

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

(Restated)

£

£

Profit/(loss) before taxation

1,029,614

(1,271,398

)

Depreciation charges

2,258,018

1,777,728

Loss on disposal of fixed assets

3,790

-

Foreign exchange difference

198,123

(113,536

)

Loan written off

-

36,173

Finance costs

398,784

226,771

Finance income

(4,337

)

796

3,883,992

656,534

(Increase)/decrease in stocks

(341,449

)

1,022,949

Increase in trade and other debtors

(265,990

)

(574,914

)

Increase in trade and other creditors

88,240

875,774

Cash generated from operations

3,364,793

1,980,343

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,612,997

1,501,266

Year ended 31 March 2024

31.3.24

1.4.23

(Restated)

£

£

Cash and cash equivalents

1,501,266

6,524,937

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

1,501,266

111,731

1,612,997

1,501,266

111,731

1,612,997

Debt

Finance leases

(48,861

)

45,602

(3,259

)

Debts falling due within 1 year

(2,344,111

)

2,299,832

(44,279

)

Debts falling due after 1 year

-

(2,418,130

)

(2,418,130

)

(2,392,972

)

(72,696

)

(2,465,668

)

Total

(891,706

)

39,035

(852,671

)

1.	STATUTORY INFORMATION

DK Universe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation

The Group financial statements consolidate the financial statements of DK Universe Limited and all of its subsidiary undertakings. Intercompany transactions and balances among Group companies are eliminated in full. The results and fair values of the assets and liabilities of undertakings acquired are consolidated from the date on which the Group gains control. Consolidation ceases from the date on which control ceases. Uniform accounting policies are followed within the group.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates and these estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The items in the financial statements where these judgements and estimates have been made include the useful economic life of tangible fixed assets, intangible assets, the depreciation and amortisation of these assets, stock obsolescence, provisions, and the recoverability of debtors.

Key sources of estimation uncertainty:

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are depreciated over the approved depreciation rates. The carrying amount of tangible fixed assets is £10,799,556 (2024: Restated £9,903,690) as noted in note 11.

The annual depreciation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are depreciated over the approved depreciation rates. The carrying amount of intangible fixed assets is £6,044,943 (2024: £7,294,843) as noted in note 10.

The value of stock for the year ended 31 March 2025 has been increased by an estimate of 20% (2024: 20%) of the closing stock value to represent shipping and import costs

The annual amortisation charge for goodwill is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are reviewed annually by the director and impairment is provided where required. The carrying amount of goodwill is £1,658,882 (2024: (£1,855,823) as noted in note 10.