REGISTERED NUMBER: 08436329 (England and Wales)

ICKLE BUBBA LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

I H Rowell

Mrs V Vaughan

F C Vaughan

REGISTERED OFFICE:

Atlantic House Atlantic Close

Swansea Enterprise Park

Swansea

SA7 9FJ

REGISTERED NUMBER:

08436329 (England and Wales)

AUDITORS:

Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

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

REVIEW OF BUSINESS

During the year, the company delivered resilient trading performance in a challenging consumer environment. Turnover for the year was £16.3m (2024: £16.6m), representing a modest reduction year -on-year, primarily driven by softness in the UK nursery market and continued pressure on discretionary customer spend. This was partially offset by continued growth in international markets, particularly across Europe, reflecting the increasing diversification of the company's revenue base.

Gross margin for the year was 31% (2024: 33%). The reduction compared with the prior year reflects costs pressures on FX and sea freight rates, which have since normalised.

Operating profit for the year was £0.5m (2024: £1.3m). While this represents a reduction on the prior year, the business remained profitable and cash generative at an operating level. Administrative expenses increased in line with planned investment in marketing and advertising, increasing by £0.3m over the period to support a range of new products brought to market, while the business maintained tight overall cost control following the overhead restructuring completed in the previous financial year.

Profit before tax for the year was £0.1m (2024: £0.8m), with interest cost of £0.45m, whilst the business continued to service historic debt facilities, although total debt levels reduced during the year through scheduled repayments. The company also benefited from a revaluation of its freehold property during the year, resulting in a £0.2m increase recognised through other comprehensive income, strengthening the balance sheet.

The balance sheet continued to improve during the year, with shareholders' funds increasing to £1.1m (2024: £1.0m). Net assets were supported by disciplined working capital management, including robust debtor control. Although stock levels increased to support product availability, overall liquidity remained under active management, with regular forecasting and monitoring in place.

Trading since the year end has remained stable, with the board confident that the ongoing strategy well placed to position the business well to capitalise on improving market conditions and deliver sustainable, profitable growth over the medium term.

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks are foreign exchange exposure, product safety compliance and the volatility of the businesses working capital cycle.

The company purchases goods and services in United States Dollars, Chinese Yuan, Euros and Australian Dollars and therefore the Company is exposed to movements in the Pound exchange rate against each of these currencies. The company manages these risks by selling and purchasing foreign currency by way of foreign exchange forward contracts. The company does not use derivative financial instruments for speculative purposes.

Product safety compliance is also a risk to the business given the nature of the items sold. The business mitigates this risk through use of independent third-party testing houses who thoroughly test and ensure product compliance with regulatory standards. Due to the volatility of the businesses working capital cycle, management identifies liquidity management as an area of risk. This risk is mitigated through regular cashflow review and active debtor management.

ON BEHALF OF THE BOARD:

I H Rowell - Director

29 December 2025

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

DIVIDENDS

An interim dividend of £1,000.00 per share was paid on 31 March 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 104,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

I H Rowell

Mrs V Vaughan

F C Vaughan

POLITICAL DONATIONS AND EXPENDITURE

During the year, the company made non political donations amounting to £11,323 (2024: £3,146).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make 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 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

I H Rowell - Director

29 December 2025

Opinion

We have audited the financial statements of Ickle Bubba Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2024 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

enquiring of management, including obtaining and reviewing support documentation, concerning the company's policies and procedures relating to:

-

identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

-

discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud.

-

obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

-

enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

-

assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

-

evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Michael Jones (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

29 December 2025

TURNOVER

4

16,313,670

16,577,120

Cost of sales

11,250,205

11,157,595

GROSS PROFIT

5,063,465

5,419,525

Distribution costs

33,540

28,406

Administrative expenses

4,587,727

4,157,293

4,621,267

4,185,699

442,198

1,233,826

Other operating income

5

44,360

49,379

OPERATING PROFIT

7

486,558

1,283,205

Interest payable and similar expenses

8

394,037

488,860

PROFIT BEFORE TAXATION

92,521

794,345

Tax on profit

9

49,134

(273,901

)

PROFIT FOR THE FINANCIAL YEAR

43,387

1,068,246

PROFIT FOR THE YEAR

43,387

1,068,246

OTHER COMPREHENSIVE INCOME

Revaluation of Freehold Property

230,305

-

Income tax relating to other comprehensive income

(57,576

)

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

172,729

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

216,116

1,068,246

FIXED ASSETS

Intangible assets

11

3,325

9,025

Tangible assets

12

1,876,345

1,655,717

Investments

13

100

100

1,879,770

1,664,842

CURRENT ASSETS

Stocks

14

3,358,151

2,398,330

Debtors

15

1,752,204

2,226,202

Cash at bank

378,916

462,559

5,489,271

5,087,091

CREDITORS

Amounts falling due within one year

16

4,861,169

3,918,021

NET CURRENT ASSETS

628,102

1,169,070

TOTAL ASSETS LESS CURRENT LIABILITIES

2,507,872

2,833,912

CREDITORS

Amounts falling due after more than one year

17

1,412,610

1,850,766

NET ASSETS

1,095,262

983,146

CAPITAL AND RESERVES

Called up share capital

23

104

104

Revaluation reserve

24

172,729

-

Retained earnings

24

922,429

983,042

SHAREHOLDERS' FUNDS

1,095,262

983,146

The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2025 and were signed on its behalf by:

I H Rowell - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

104

(85,204

)

-

(85,100

)

Changes in equity

Total comprehensive income

-

1,068,246

-

1,068,246

Balance at 31 March 2024

104

983,042

-

983,146

Changes in equity

Dividends

-

(104,000

)

-

(104,000

)

Total comprehensive income

-

43,387

172,729

216,116

Balance at 31 March 2025

104

922,429

172,729

1,095,262

Cash flows from operating activities

Cash generated from operations

1

589,431

1,005,212

Finance costs paid

(183,519

)

(208,135

)

Net cash from operating activities

405,912

797,077

Cash flows from investing activities

Purchase of tangible fixed assets

(46,397

)

(13,658

)

Net cash from investing activities

(46,397

)

(13,658

)

Cash flows from financing activities

New loans in year

400,000

161,000

Loan repayments in year

(525,355

)

(510,203

)

Loan interest repayments in year

(210,608

)

(280,725

)

Amount introduced by directors

(946

)

50,232

Amount withdrawn by directors

946

(58,234

)

Equity dividends paid

(104,000

)

-

Net cash from financing activities

(439,963

)

(637,930

)

(Decrease)/increase in cash and cash equivalents

(80,448

)

145,489

Cash and cash equivalents at beginning of year

2

459,364

313,875

Cash and cash equivalents at end of year

2

378,916

459,364

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

92,521

794,345

Depreciation charges

58,068

51,135

Loss on disposal of fixed assets

3,707

-

Finance costs

394,037

488,860

548,333

1,334,340

(Increase)/decrease in stocks

(959,821

)

769,165

Decrease/(increase) in trade and other debtors

367,288

(422,500

)

Increase/(decrease) in trade and other creditors

633,631

(675,793

)

Cash generated from operations

589,431

1,005,212

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

378,916

462,559

Bank overdrafts

-

(3,195

)

378,916

459,364

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

462,559

340,858

Bank overdrafts

(3,195

)

(26,983

)

459,364

313,875

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

462,559

(83,643

)

378,916

Bank overdrafts

(3,195

)

3,195

-

459,364

(80,448

)

378,916

Debt

Debts falling due within 1 year

(422,116

)

(312,712

)

(734,828

)

Debts falling due after 1 year

(1,850,766

)

438,156

(1,412,610

)

(2,272,882

)

125,444

(2,147,438

)

Total

(1,813,518

)

44,996

(1,768,522

)

1.	STATUTORY INFORMATION

Ickle Bubba 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 Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going Concern

On the basis of their assessment of the company's financial position, the company's directors have a reasonable expectation that the company will be able to continue in operational existence for 12 months from when the financial statements are authorised for issue.

The company's financial forecasts show that company is expected to remain profitable and generate positive cash flows giving the company the ability to continue to operate for the foreseeable future and meet any liabilities as they fall due.

Preparation of consolidated financial statements

The financial statements contain information about Ickle Bubba Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 402 and 405(2) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:

-

The amount of revenue can be reliably measured;

-

it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

For sale of goods, revenue is recognised when control of the goods has transferred to the customer, which is typically at the point of delivery.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

25% on cost and 2% on cost

Plant and Machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Freehold land and buildings, all of which are located in the UK, are measured using the revaluation model. These assets are stated at fair value on the date of the latest revaluation less subsequent accumulated depreciation and any impairment losses, where applicable. Valuations are made on annual basis so that the carrying amount of these asset does not differ materially from its fair value.

At the date of revaluation, the freehold buildings accumulated depreciation is eliminated against the gross carrying amount of the asset and the carrying amount is then restated to the revalued amount of the asset.

Increases in carrying amount as a result of revaluation are recognised in other comprehensive income and accumulated in equity in the revaluation reserve, except to the extent that they reverse a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is recognised in profit or loss.

Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of the assets. Freehold land is not depreciated. The estimated useful life for freehold buildings is 50 years.

The directors consider the current use of the property to represent its highest and best use.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Goods in transit are recognised when risks and rewards of ownership are passed to the company.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled

Derivatives

Derivative financial instruments are initially recognised at cost and are thereafter stated at fair value.

Hedging

The company employs derivative financial instruments (principally forward foreign exchange contracts) to manage the effect of currency fluctuations and to realise the desired currency profile of borrowings.

Taxation

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Website development costs are capitalised as intangible assets on the basis that the benefit will be recognised over several years and on the basis that there is a direct economic benefit arising from the website, which is both a shop front and a sales tool.

Foreign currencies

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Trade, amounts recoverable on contract and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings arc classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are as follows:

Stock provisioning

The company has a significant amount of stock and as a result it is necessary to consider recoverability of the cost of the stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of stock.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Baby equipment & product

16,313,670

16,577,120

16,313,670

16,577,120

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

14,867,561

15,593,548

Europe

1,367,954

917,037

Rest of world

78,155

66,535

16,313,670

16,577,120

5.	OTHER OPERATING INCOME

2025

2024

£

£

Sundry receipts

44,360

49,379