Gatton Holdings Limited

	Page
Strategic Report	1
Director's Report	2
Independent Auditor's Report	3—5
Consolidated Profit and Loss Account	6
Consolidated Statement of Comprehensive Income	7
Consolidated Balance Sheet	8—9
Company Balance Sheet	10
Consolidated Statement of Changes in Equity	11
Consolidated Statement of Cash Flows	12
Notes to the Consolidated Statement of Cash Flows	13
Notes to the Financial Statements	14—25

The director presents his strategic report for the year ended 31 March 2025.

Principal Activity

The group's principal activity continues to be that of supplying equipment to the graphic arts industry, in particular that of used printing presses and ancillary equipment. The company offers equipment to the market either as a principal, buying and selling on its own account, or as an agent for other owners of equipment, together with investment property ownership.

Review of the Business

The Director is satisfied with the current performance of the group. The 2024-25 trading year saw an increase in turnover due to the continued post covid bounce in activity, but there is uncertainty about how the market will perform in 25-26 with the current turbulence in world markets, but the group has remained very competitive and has maintained its profit margins by selecting optimum trading opportunities and conservative budget forecasting. They are confident that the group continues to be perceived in the industry, both at home and overseas, as one of the major suppliers of quality used graphic machinery.

The group had begun to explore other areas for revenue generation, but the company's joint venture activities are still strong. However, no sector is immune from being impacted and the company remains open to work in all sectors wherever it can balance risk.

The key financial performance indicators for the year ended 31 March 2025 are set out below:

	2025	2024
	£	£
Turnover	15,359,664	12,068,262
Gross Profit	1,459,804	1,439,974
EBITDA	458,831	393,531

Principal Risks and Uncertainties

The Directors have a strong emphasis on risk management which endeavours to identify and manage all business risks.

Strategic and Commercial Risk

There are risks of changes to the competitive and economic environment. This is mitigated by a robust strategy and planning process, and regular monitoring of the economic and competitive environment.

Financial Risk

There is a risk of reducing business value or earning capacity as well as risk of inadequate cash flow to meet financial obligations. This risk is mitigated by proactive management of the business plan, regular monitoring of cash flows and close relationships with importance stakeholders within the business.

Operational Risk

This is a risk of losses arising from inadequate or failed internal processes, from personnel and external events. These are mitigated by regularly monitoring the business risk register against occurring events and business continuity planning.

On behalf of the board

M Sheldrick

Director

23rd December 2025

Page 1

Page 2

Gatton Holdings Limited

Company No. 06444734

Director's Report For The Year Ended 31 March 2025

Director's Report

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

Dividends

The value of dividends paid amounted to £286,666 .

The director recommended a final dividend of £NIL .

Directors

The director who held office during the year were as follows:

M Sheldrick

Statement of Director's Responsibilities

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the director is required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. He 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.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Director's Report is approved:

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

Independent Auditors

The auditors, McKenzies, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

M Sheldrick

Director

23rd December 2025

Page 2

Page 3

Independent Auditor's Report

to the Members of

Gatton Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Gatton Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2025 and of the group's profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 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 and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The 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. 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 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 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 group and parent company and their 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 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 or 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.

Page 3

Page 4

Independent Auditor's Report (continued)

to the Members of

Gatton Holdings Limited

Responsibilities of Directors

As explained more fully in the Director's Responsibilities Statement set out on page 2, 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006, and UK Tax legislation.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use Of Our Report

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

Page 4

Page 5

Independent Auditor's Report (continued)

to the Members of

Gatton Holdings Limited

Colin McCoy BA FCA (Senior Statutory Auditor)

for and on behalf of McKenzies , Statutory Auditor

23rd December 2025

McKenzies

2 Station Road West

Oxted

Surrey

RH8 9EP

Page 5

Page 6

Gatton Holdings Limited

Consolidated Profit and Loss Account

For The Year Ended 31 March 2025

Consolidated Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	15,359,664	12,068,262
Cost of sales		(13,899,860 )	(10,628,288 )

GROSS PROFIT		1,459,804	1,439,974

Administrative expenses		(1,144,638 )	(969,443 )

OPERATING PROFIT	4	315,166	470,531
Profit on disposal of fixed assets		6,169	-
Other interest receivable and similar income	9	39,772	36,485
Interest payable and similar charges	10	(105,530 )	(53,395 )

PROFIT BEFORE TAXATION		255,577	453,621
Tax on Profit	11	(84,600 )	(130,809 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		170,977	322,812


Profit attributable to:
Owners of the parent		(59,904)	274,390
Non-controlling interest		230,881	48,422

		170,977	322,812

The notes on pages 13 to 25 form part of these financial statements.

Page 6

Page 7

Gatton Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 March 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	170,977	322,812
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	170,977	322,812


Total comprehensive income attributable to:
Owners of the parent	(59,904)	274,390
Non-controlling interest	230,881	48,422

	170,977	322,812

Page 7

Page 8

Gatton Holdings Limited

Consolidated Balance Sheet

As At 31 March 2025

Consolidated Balance Sheet

Registered number: 06444734

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	12		109,561		-
Tangible Assets	13		1,728,171		1,668,011
Investment Properties	14		716,798		471,559
Investments	15		14,647		114,757

			2,569,177		2,254,327
CURRENT ASSETS
Stocks	16	2,908,072		1,880,180
Debtors	17	2,431,194		1,421,683
Cash at bank and in hand		1,062,902		1,403,252

		6,402,168		4,705,115
Creditors: Amounts Falling Due Within One Year	18	(4,788,005 )		(2,390,523 )

NET CURRENT ASSETS (LIABILITIES)			1,614,163		2,314,592

TOTAL ASSETS LESS CURRENT LIABILITIES			4,183,340		4,568,919

Creditors: Amounts Falling Due After More Than One Year	19		(488,853 )		(642,111 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	22		(105,492 )		(97,438 )

NET ASSETS			3,588,995		3,829,370

CAPITAL AND RESERVES
Called up share capital	24		1		1
Share premium account			340		340
Fair value reserve			409,617		409,617
Profit and Loss Account			3,159,590		3,506,160

Equity attributable to owners of the parent			3,569,548		3,916,118
Non-controlling interest			19,447		(86,748 )

TOTAL EQUITY			3,588,995		3,829,370

Page 8

Page 9

Gatton Holdings Limited

Consolidated Balance Sheet (continued)

As At 31 March 2025

On behalf of the board

M Sheldrick

Director

23rd December 2025

The notes on pages 13 to 25 form part of these financial statements.

Page 9

Page 10

Gatton Holdings Limited

Company Balance Sheet

As At 31 March 2025

Company Balance Sheet

Registered number: 06444734

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		1,661,917		1,661,883
Investments	15		540		540

			1,662,457		1,662,423
CURRENT ASSETS
Stocks	16	20,000		20,000
Debtors	17	431,106		371,241
Cash at bank and in hand		35,800		539,331

		486,906		930,572
Creditors: Amounts Falling Due Within One Year	18	(245,542 )		(617,343 )

NET CURRENT ASSETS (LIABILITIES)			241,364		313,229

TOTAL ASSETS LESS CURRENT LIABILITIES			1,903,821		1,975,652

NET ASSETS			1,903,821		1,975,652

CAPITAL AND RESERVES
Called up share capital	24		1		1
Share premium account			340		340
Profit and Loss Account			1,903,480		1,975,311

SHAREHOLDERS' FUNDS			1,903,821		1,975,652

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 214,835 (2024: £ 147,134 profit).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

M Sheldrick

Director

23rd December 2025

The notes on pages 13 to 25 form part of these financial statements.

Page 10

Page 11

Gatton Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 March 2025

Consolidated Statement of Changes in Equity

	Share Capital	Share Premium	Fair value reserve	Profit and Loss Account
	£	£	£	£
As at 1 April 2023	1	340	409,617	3,496,770
Profit for the year and total comprehensive income	-	-	-	274,390

Dividends paid	-	-	-	(265,000)

As at 31 March 2024 and 1 April 2024	1	340	409,617	3,506,160


Profit for the year and total comprehensive income	-	-	-	(59,904 )

Dividends paid	-	-	-	(286,666)

As at 31 March 2025	1	340	409,617	3,159,590

	Total Attributable to Parent	Non-controlling interest	Total
	£	£	£
As at 1 April 2023	3,906,728	51,409	3,958,137
Profit for the year and total comprehensive income	274,390	48,422	322,812

Dividends paid	(265,000)	(186,579 )	(451,579)

As at 31 March 2024 and 1 April 2024	3,916,118	(86,748 )	3,829,370


Profit for the year and total comprehensive income	(59,904 )	230,881	170,977

Dividends paid	(286,666)	(124,686 )	(411,352)

As at 31 March 2025	3,569,548	19,447	3,588,995

Page 11

Page 12

Gatton Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	555,302	97,832
Interest paid		(105,530 )	(53,396 )
Tax paid		(136,183 )	(188,987 )

Net cash generated from/(used in) operating activities		313,589	(144,551 )

Cash flows from investing activities
Purchase of tangible assets		(428,507 )	(501,565 )
Proceeds from disposal of tangible assets		27,167	3,000
Proceeds from disposal of other fixed asset investments		3,453	32,000
Interest received		39,772	36,485

Net cash used in investing activities		(358,115 )	(430,080 )

Cash flows from financing activities
Equity dividends paid		(411,352 )	(451,579 )
Proceeds from new bank borrowings		61,337	-
Repayment of bank borrowings		-	(232,889 )
Repayment of finance leases		47,079	-
Amount introduced by directors		161,000	77,610
Amount withdrawn by directors		(153,888)	-

Net cash used in financing activities		(295,824 )	(606,858 )



Decrease in cash and cash equivalents		(340,350 )	(1,181,489 )
Cash and cash equivalents at beginning of year	2	1,403,252	2,584,741

Cash and cash equivalents at end of year	2	1,062,902	1,403,252

Page 12

Page 13

Gatton Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	170,977	322,812
Adjustments for:
Tax on profit	84,600	130,809
Interest expense	105,530	53,395
Interest income	(39,772 )	(36,485 )
Amortisation of intangible assets	54,780	-
Depreciation of tangible assets	42,944	38,178
Profit on disposal of tangible assets	(6,169)	-
Movements in working capital:
(Increase)/decrease in stocks	(1,027,892 )	554,139
(Increase)/decrease in trade and other debtors	(1,006,992 )	414,873
Increase/(decrease) in trade and other creditors	2,177,296	(1,379,889 )

Net cash generated from operations	555,302	97,832

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	1,062,902	1,403,252

3. Analysis of changes in net funds/(debt)

	As at 1 April 2024	Cash flows	Acquisition and disposal of subsidiaries	As at 31 March 2025
	£	£	£	£
Cash at bank and in hand	1,403,252	(363,482)	23,132	1,062,902
Finance leases	-	(47,079)	-	(47,079)
Debts falling due within one year	(493,889 )	(249,904)	-	(743,793 )
Debts falling due after more than one year	(642,111)	188,567	-	(453,544)

	267,252	(471,898)	23,132	(181,514)

Page 13

Page 14

Gatton Holdings Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Gatton Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06444734 . The registered office is 6 Churchill Court, Hortons Way, Westerham, TN16 1BT.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

Page 14

Page 15

Gatton Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.4. Turnover

Turnover represents amounts receivable for goods and services net of Value Added Tax and trade discounts. Turnover is recognised when the risks and rewards of goods and services are passed to the customer, generally being on delivery.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rental income

Is recognised in line with the terms of the lease for the building.

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be three years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% on cost
Plant & Machinery	25% on cost
Motor Vehicles	25% on a reducing balance
Fixtures & Fittings	15% on cost
Computer Equipment	33% on cost

2.7. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.8. Investments

Other investments are unlisted an recognised at cost.

2.9. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

Page 15

Page 16

Gatton Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.10. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.11. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.12. Financial Instruments

i) Financial assets

Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third partywithout imposing additional restrictions.

ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow Group companies are classified as debt, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2.13. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Page 16

Page 17

Gatton Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.14. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.15. Provisions and Contingencies

Provisions

Provisions are recognised when the group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

Contingencies

Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the group’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

2.16. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Turnover

Turnover is wholly attributable to the principal activity of the company.

The analysis of turnover by class of business and geographical location has not been provided as, in the opinion of the directors, such disclosure would seriously prejudicial to the interests of the company.

Page 17

Page 18

Gatton Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	(1,692)	(80)
Depreciation of tangible fixed assets	42,944	38,178
Amortisation of intangible fixed assets	54,780	-

5. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	10,000	10,000

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Wages and salaries	515,675	381,211	53,096	21,826
Social security costs	63,398	54,653	2,635	2,222
Other pension costs	66,048	66,949	-	3,000

	645,121	502,813	55,731	27,048

7. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	3	2
Sales, marketing and distribution	9	7

	12	9

Company

Average number of employees, including directors, during the year was: 1 (2024: 1)

8. Director's remuneration

	2025	2024
	£	£
Emoluments	20,000	20,000
Company contributions to money purchase pension schemes	60,000	61,680

	80,000	81,680

Page 18

Page 19

Gatton Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Deposit account Interest	39,772	36,485

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	86,345	53,195
Finance charges payable under finance leases and hire purchase contracts	18,857	-
Other finance charges	328	200

	105,530	53,395

11. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	83,667	133,768
Deferred Tax
Deferred taxation			933	(2,959 )


Total tax charge for the period			84,600	130,809


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			255,577	453,621

Tax on profit at 25% (UK standard rate)			63,894	113,405
Goodwill/depreciation not allowed for tax			(7,131 )	6,701
Expenses not deductible for tax purposes			26,904	13,662
Short term timing differences			933	(2,959 )

Total tax charge for the period			84,600	130,809

Page 19

Page 20

Gatton Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

12. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 April 2024	-
Additions	164,341

As at 31 March 2025	164,341

Amortisation
As at 1 April 2024	-
Provided during the period	54,780

As at 31 March 2025	54,780

Net Book Value
As at 31 March 2025	109,561

As at 1 April 2024	-

Company

The company had no intangible fixed assets as at 31 March 2025 or 31 March 2024.

13. Tangible Assets

Group

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 April 2024	1,702,553	49,462	14,193	155,315
Additions	20,370	-	156,811	5,493
Disposals	-	-	(74,300 )	-
Transfers	-	-	(59,166 )	-

As at 31 March 2025	1,722,923	49,462	37,538	160,808

Depreciation
As at 1 April 2024	40,670	49,462	7,096	154,607
Provided during the period	20,335	-	20,862	214
Disposals	-	-	(53,302 )	-

As at 31 March 2025	61,005	49,462	(25,344 )	154,821

Net Book Value
As at 31 March 2025	1,661,918	-	62,882	5,987

As at 1 April 2024	1,661,883	-	7,097	708

Page 20

Page 21

Gatton Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025


	Computer Equipment	Total
	£	£
Cost
As at 1 April 2024	35,399	1,956,922
Additions	594	183,268
Disposals	-	(74,300 )
Transfers	-	(59,166 )

As at 31 March 2025	35,993	2,006,724

Depreciation
As at 1 April 2024	37,076	288,911
Provided during the period	1,533	42,944
Disposals	-	(53,302 )

As at 31 March 2025	38,609	278,553

Net Book Value
As at 31 March 2025	(2,616 )	1,728,171

As at 1 April 2024	(1,677 )	1,668,011

Company

	Land & Property
	Freehold
	£
Cost
As at 1 April 2024	1,702,553
Additions	20,370

As at 31 March 2025	1,722,923

Depreciation
As at 1 April 2024	40,670
Provided during the period	20,336

As at 31 March 2025	61,006

Net Book Value
As at 31 March 2025	1,661,917

As at 1 April 2024	1,661,883

Page 21

Page 22

Gatton Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

14. Investment Property

Group

	2025
	£
Fair Value
As at 1 April 2024	471,559
Additions	245,239

As at 31 March 2025	716,798

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2025	2024
	£	£
Cost	716,798	471,559

The director re-assessed the values of the investment properties as at 31 March 2025 and concluded that no adjustments are required at 31 March 2025

Company

The company had no investment property as at 31 March 2025 or 31 March 2024.

15. Investments

Group

	Associates	Other	Total
	£	£	£
Cost or Valuation
As at 1 April 2024	100	114,657	114,757
Disposals	-	(3,453 )	(3,453 )
Transfers	-	(96,657 )	(96,657 )

As at 31 March 2025	100	14,547	14,647

Provision
As at 1 April 2024	-	-	-

As at 31 March 2025	-	-	-

Net Book Value
As at 31 March 2025	100	14,547	14,647

As at 1 April 2024	100	114,657	114,757

Company

	Subsidiaries	Associates	Total
	£	£	£
Cost or Valuation
As at 1 April 2024	440	100	540

As at 31 March 2025	440	100	540

Provision
As at 1 April 2024	-	-	-

As at 31 March 2025	-	-	-

...CONTINUED

Page 22

Page 23

Gatton Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Net Book Value
As at 31 March 2025	440	100	540

As at 1 April 2024	440	100	540

Subsidiaries

Details of the group's subsidiaries as at 31 March 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Direct Press Marketing Ltd	6 Churchill Court, Hortons Way, Westerham, Kent, TN16 1BT	Ordinary	85.00%	-
Gatton Properties Ltd	6 Churchill Court, Hortons Way, Westerham, Kent, TN16 1BT	Ordinary	100.00%	-
DMD Graphic Services Ltd	2 Station Road West, Oxted, Surrey, RH8 9EP	Ordinary	-	100.00%

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
Direct Press Marketing Ltd	1,817,301	69,259
Gatton Properties Ltd	2,304	1,460
DMD Graphic Services Ltd	108,185	15,868

In September 2025, Direct Press Marketing Ltd purchased the remaining 66.66% of the shares in DMD Graphic Services Ltd for £160,000. The results for DMD Graphic Services Ltd have been consolidated from the 1 April 2025.

16. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Stock	261,260	208,574	20,000	20,000
Machines	2,646,812	1,671,606	-	-

	2,908,072	1,880,180	20,000	20,000

17. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	1,639,023	627,057	-	-
Amounts owed by group undertakings	-	-	376,322	321,241
Other debtors	792,171	707,974	54,784	50,000

	2,431,194	1,335,031	431,106	371,241
Due after more than one year
Other debtors	-	86,652	-	-

	2,431,194	1,421,683	431,106	371,241

Page 23

Page 24

Gatton Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

18. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	11,770	-	-	-
Trade creditors	800,087	(66,522 )	1,202	25,993
Bank loans and overdrafts	743,793	493,889	105,000	105,000
Amounts owed to group undertakings	-	-	81,010	425,000
Other creditors	866,407	754,822	413	453
Corporation tax	83,771	133,768	47,526	56,199
Taxation and social security	69,295	17,833	6,231	2,638
Accruals and deferred income	2,212,882	1,056,733	4,160	2,060

	4,788,005	2,390,523	245,542	617,343

19. Creditors: Amounts Falling Due After More Than One Year

	Group
	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	35,309	-
Bank loans	453,544	642,111

	488,853	642,111

20. Loans

An analysis of the maturity of loans is given below:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due within one year or on demand:
Bank loans	743,793	493,889	105,000	105,000

	Group
	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	453,544	642,111

Secured Debts

The bank has a first fixed charge over all the assets of the company.

Page 24

Page 25

Gatton Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

21. Obligations Under Finance Leases and Hire Purchase

	Group
	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	11,770	-
Later than five years	35,309	-

	47,079	-

	47,079	-

22. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	105,492	97,438

23. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 April 2024	97,438	97,438
Additions	8,054	8,054

Balance at 31 March 2025	105,492	105,492

24. Share Capital

	2025	2024
Allotted, called up but not fully paid	£	£
1 Ordinary Shares of £ 1.00 each	1	1

25. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £66,048 (2024: £66,949).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

26. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	286,666	265,000

27. Controlling Parties

The company's ultimate controlling party is Mark Sheldrick by virtue of their interest in the share capital of the company.

Page 25