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REGISTERED NUMBER: 05391325 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

FOR

ASHWOOD DESIGNS LIMITED

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Income Statement | 9 |

| Other Comprehensive Income | 10 |

| Balance Sheet | 11 |

| Statement of Changes in Equity | 12 |

| Cash Flow Statement | 13 |

| Notes to the Cash Flow Statement | 14 |

| Notes to the Financial Statements | 16 |

| ASHWOOD DESIGNS LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 APRIL 2025

| DIRECTORS: | R J Smart

| S Youngs

| R Patrick

| REGISTERED OFFICE: | Robertstown House

| Aberdare Business Park

| Robertstown

| Aberdare

| CF44 8ER

| REGISTERED NUMBER: | 05391325 (England and Wales)

| AUDITORS: | Baker Knoyle Audit Limited

| Chartered Certified Accountants

| Orbit Business Centre

| Rhydycar Business Park

| Merthyr Tydfil

| CF48 1DL

| BANKERS: | Barclays Bank PLC

| 12/13 Victoria Square

| Aberdare

| CF44 7HY

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their strategic report for the year ended 30 April 2025.

REVIEW OF BUSINESS

The results for the financial year are set out in the Income Statement on page 9 and the financial position of the company on 30th April 2025 is shown on page 11.

Ashwood Designs Limited is a market leader in the manufacture of high-quality furniture, handcrafted and tailored in the United Kingdom at its facility in South Wales, it thrives by combining time-honoured techniques with cutting-edge technology to deliver exceptional build quality and comfort. Operating in the home-furnishings sector, it supplies all major retailers, including leading department stores and a network of prominent independent furniture specialists across the UK and Ireland.

Overall, Ashwood Designs delivered a resilient top-line, with improved turnover up by 0.8% to £28,242,946 (£28,017,087 2024) despite a softer market backdrop. This stability reflects consistent order intake and effective sales management, underpinned by a strong product pipeline and effective commercial execution.

The business strives to continually deliver and evolve with an innovative product range backed with a solid pipeline of upcoming models manufactured to the highest quality standard as it leads the way energized with a promotional boost for sustained long term growth, as it approaches its 20th anniversary milestone.

Gross profit, however, declined by 4.0%, to £7,839,532 (£8,167,585 2024) eroding gross margin by 1.38%, due to supply-chain cost pressures, particularly raw-material inflation and elevated shipping expense.

At the operating level, disciplined overhead control represented an uplift of £133,535 to £1,529,636 (+ 9.6%), compared to (£1,396,101 2024) and preserved a 5.4% operating margin, demonstrating management's ability to maintain profitability despite external cost pressures.

Pre-tax profit for the year increased to £1,196,684 (£1,157,570 2024) representing a modest uplift of £39,114 (+3.4%). The overall improvement in pre-tax profit demonstrates resilience in core operations but highlights the growing impact of interest expense on profitability with a shift in financing costs (interest up £111k) and the reversal of a prior-year tax credit into a substantive tax charge in FY2025. This reflects a period of strategic investment and operational resilience. Looking ahead, management is committed to optimising the capital structure and reducing borrowing costs, this action will ensure that financial discipline becomes a catalyst for sustainable growth.

PRINCIPAL RISKS AND UNCERTAINTIES

Raw material costs and supply chain volatility remain key risks facing the business. Economic uncertainties have caused disruption in shipping leads times and costs from overseas territories partly driven by continuance of War in Ukraine and Israel have been of significant concern during the year impacting margins and delivery performance.

Ashwood Designs recognises the availability of skilled personnel is a key risk for the business. It is committed in its continuance in investment of upskilling, training and development of its workforce combined with sourcing of professionally skilled personnel recruitment to progress within the specialist fields of upholstery manufacture and sewing.

In FY25 the business has continued with its progression of succession planning for the business, ensuring the business has the required strategic resources and skills, with the strengthening of the management team and board.

The directors will continually monitor the principal and other risks and uncertainties for the business.

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

FINANCIAL KEY PERFORMANCE INDICATORS

2025 2024

Turnover £28,242,946 £28,017,087

Gross Profit/Turnover 27.77% 29.15%

Pre Tax Profit/Turnover* 4.23% 4.13%

Given the known impacts upon margin during the year the directors are pleased with the results at the year-end as all key performance indicators are in line with their expectations.

DEVELOPMENTS & PERFORMANCE

The company continues to invest heavily in designing and developing new models that set the industry benchmark for innovation and quality that comprises the highest standard in functionality and motion.

The business recognises the importance it places on its workforce and is committed to the ongoing training and upskilling initiatives for its personnel in providing targeted training programs across the business with a specific focus on leadership, upholstery and sewing, "To enhance our team's artisanry".

The Directors are proud of the sustained success and robust order book; the board remains confident that the business will continue to trade profitably for the foreseeable future.

ON BEHALF OF THE BOARD:

R Patrick - Director

20 January 2026

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their report with the financial statements of the company for the year ended 30 April 2025.

DIVIDENDS

Interim dividends of £33.223 per share (30/04/2025) were issued during the period totalling £1,000,000.

The total distribution of dividends for the year ended 30th April 2025 was £1,000,000.The directors recommend that no final dividend be paid.

DIRECTORS

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

R J Smart

S Youngs

R Patrick

Other changes in directors holding office are as follows:

A R Howitt - resigned 31 August 2024

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025

AUDITORS

The auditors, Baker Knoyle Audit Limited, have expressed their willingness to be re-appointed at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R Patrick - Director

20 January 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ASHWOOD DESIGNS LIMITED

Opinion

We have audited the financial statements of Ashwood Designs Limited (the 'company') for the year ended 30 April 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 30 April 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ASHWOOD DESIGNS LIMITED

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 four, 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.

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

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards).

- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting (including related trade union legislation) and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers.

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

- We addressed the risk of fraud through management override of controls, by 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.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ASHWOOD DESIGNS LIMITED

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.

Richard Phillips FCCA (Senior Statutory Auditor)

for and on behalf of Baker Knoyle Audit Limited

Chartered Certified Accountants

Orbit Business Centre

Rhydycar Business Park

Merthyr Tydfil

CF48 1DL

23 January 2026

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

INCOME STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 28,242,946 |  | 28,017,087 |  |

Cost of sales | 20,403,414 |  | 19,849,502 |  |

GROSS PROFIT | 7,839,532 |  | 8,167,585 |  |

Distribution costs | 1,700,578 |  | 1,595,978 |  |

Administrative expenses | 4,721,227 |  | 5,175,506 |  |

|  |  | 6,421,805 |  |  |  |  | 6,771,484 |  |

1,417,727 |  | 1,396,101 |  |

Other operating income | 3 | 111,909 |  | - |  |

OPERATING PROFIT | 5 | 1,529,636 |  | 1,396,101 |  |

Interest receivable and similar income | 17,131 |  | 48 |  |

1,546,767 |  | 1,396,149 |  |

Interest payable and similar expenses | 8 | 350,083 |  | 238,579 |  |

PROFIT BEFORE TAXATION | 1,196,684 |  | 1,157,570 |  |

Tax on profit | 9 | 223,122 |  | (247,568 | ) |

PROFIT FOR THE FINANCIAL YEAR | 973,562 |  | 1,405,138 |  |

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 973,562 |  | 1,405,138 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 973,562 |  | 1,405,138 |  |

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

BALANCE SHEET

30 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 401,127 |  | 245,648 |  |

CURRENT ASSETS

Stocks | 12 | 2,540,934 |  | 2,343,654 |  |

Debtors | 13 | 13,545,937 |  | 11,159,386 |  |

Cash at bank and in hand | 99,957 |  | 58,770 |  |

16,186,828 |  | 13,561,810 |  |

CREDITORS

Amounts falling due within one year | 14 | 11,307,250 |  | 8,572,950 |  |

NET CURRENT ASSETS | 4,879,578 |  | 4,988,860 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,280,705 |  | 5,234,508 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (136,180 | ) | (102,465 | ) |

PROVISIONS FOR LIABILITIES | 18 | (100,056 | ) | (61,136 | ) |

NET ASSETS | 5,044,469 |  | 5,070,907 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 30,100 |  | 30,100 |  |

Retained earnings | 20 | 5,014,369 |  | 5,040,807 |  |

SHAREHOLDERS' FUNDS | 5,044,469 |  | 5,070,907 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 20 January 2026 and were signed on its behalf by:

R Patrick - Director

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 May 2023 | 30,100 |  | 4,835,669 |  | 4,865,769 |  |

Changes in equity

Dividends | - |  | (1,200,000 | ) | (1,200,000 | ) |

Total comprehensive income | - |  | 1,405,138 |  | 1,405,138 |  |

Balance at 30 April 2024 | 30,100 |  | 5,040,807 |  | 5,070,907 |  |

Changes in equity

Dividends | - |  | (1,000,000 | ) | (1,000,000 | ) |

Total comprehensive income | - |  | 973,562 |  | 973,562 |  |

Balance at 30 April 2025 | 30,100 |  | 5,014,369 |  | 5,044,469 |  |

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (253,401 | ) | (2,329,989 | ) |

Interest paid | (350,083 | ) | (238,579 | ) |

Tax paid | 196,355 |  | (479,757 | ) |

Net cash from operating activities | (407,129 | ) | (3,048,325 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (248,784 | ) | (113,357 | ) |

Sale of tangible fixed assets | - |  | (572 | ) |

Interest received | 17,131 |  | 48 |  |

Net cash from investing activities | (231,653 | ) | (113,881 | ) |

Cash flows from financing activities

New loans in year | 220,590 |  | 150,000 |  |

Loan repayments in year | (55,461 | ) | (50,086 | ) |

Equity dividends paid | (1,000,000 | ) | (1,200,000 | ) |

Net cash from financing activities | (834,871 | ) | (1,100,086 | ) |

Decrease in cash and cash equivalents | (1,473,653 | ) | (4,262,292 | ) |

Cash and cash equivalents at beginning of year | 2 | (3,430,009 | ) | 832,283 |  |

Cash and cash equivalents at end of year | 2 | (4,903,662 | ) | (3,430,009 | ) |

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,196,684 |  | 1,157,570 |  |

| Depreciation charges | 93,537 |  | 79,756 |  |

| Loss on disposal of fixed assets | - |  | 572 |  |

| Movement of balance to Group Undertaking | (961,687 | ) | (6,186,985 | ) |

| Finance costs | 350,083 |  | 238,579 |  |

| Finance income | (17,131 | ) | (48 | ) |

661,486 |  | (4,710,556 | ) |

| Increase in stocks | (197,280 | ) | (343,679 | ) |

| (Increase)/decrease in trade and other debtors | (1,752,576 | ) | 1,732,017 |  |

| Increase in trade and other creditors | 1,034,969 |  | 992,229 |  |

| Cash generated from operations | (253,401 | ) | (2,329,989 | ) |

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 30 April 2025

| 30.4.25 |  | 1.5.24

£ | £ |

| Cash and cash equivalents | 99,957 |  | 58,770 |  |

| Bank overdrafts | (5,003,619 | ) | (3,488,779 | ) |

(4,903,662 | ) | (3,430,009 | ) |

| Year ended 30 April 2024

| 30.4.24 |  | 1.5.23

£ | £ |

| Cash and cash equivalents | 58,770 |  | 832,283 |  |

| Bank overdrafts | (3,488,779 | ) | - |  |

(3,430,009 | ) | 832,283 |  |

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.5.24 | Cash flow | At 30.4.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 58,770 |  | 41,187 |  | 99,957 |  |

| Bank overdrafts | (3,488,779 | ) | (1,514,840 | ) | (5,003,619 | ) |

(3,430,009 | ) | (1,473,653 | ) | (4,903,662 | ) |

| Debt

| Debts falling due within 1 year | (24,801 | ) | (32,769 | ) | (57,570 | ) |

| Debts falling due after 1 year | (102,465 | ) | (33,715 | ) | (136,180 | ) |

(127,266 | ) | (66,484 | ) | (193,750 | ) |

| Total | (3,557,275 | ) | (1,540,137 | ) | (5,097,412 | ) |

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1. | STATUTORY INFORMATION

| Ashwood Designs 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 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.

| Significant judgements and estimates

| Dilapidations

| Provision for dilapidations are recognised on a lease by lease basis and are based on the company's best estimate of the likely cash outflow.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

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

| Plant and machinery | - | 33% on cost, 20% on cost and 10% on cost

| Fixtures and fittings | - | 33% on cost, 20% on cost and 10% on cost

| Computer equipment | - | 33% on cost and 20% on cost

| Tangible assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

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

| Stocks

| Stock comprises of raw materials, finished goods and work in progress and is valued at the lower of cost or net realisable value, after making due allowance for obsolete and slow moving items.

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

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

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

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value at the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financial transaction, like the payment of a trade debt deferred beyond normal business terms or not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| 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.

| Foreign currencies

| 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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| 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.

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| 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.

3. | OTHER OPERATING INCOME

| 2025 |  | 2024

£ | £ |

| R&D tax credit | 111,909 |  | - |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 7,755,334 |  | 6,861,588 |  |

| Social security costs | 624,824 |  | 541,797 |  |

| Other pension costs | 157,556 |  | 166,078 |  |

8,537,714 |  | 7,569,463 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Operational | 185 |  | 191 |  |

| Management and Administration | 36 |  | 33 |  |

| Directors | 2 |  | 2 |  |

223 |  | 226 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 98,322 |  | 161,333 |  |

| Directors' pension contributions to money purchase schemes | 40,000 |  | 63,332 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 179,972 |  | 143,445 |  |

| Depreciation - owned assets | 93,305 |  | 79,756 |  |

| Loss on disposal of fixed assets | - |  | 572 |  |

| Foreign exchange differences | (85,823 | ) | 33,163 |  |

| Other operating leases | 370,504 |  | 303,416 |  |

6. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 14,420 |  | 14,350 |  |

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

7. | EXCEPTIONAL ITEMS

| 2025 |  | 2024

£ | £ |

| Exceptional items | - |  | (422,500 | ) |

| The amounts contained within the exceptional items are Professional fees and credit charges relating to the implementation of the new factoring facility, along with the exit fees relating to the old factoring facility, these events were triggered by the sale of Ashwood Designs Limited and Hulst Limited to Dunham Massey Investment Group No.3 Limited and are not expected to reoccur.

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 280,821 |  | 200,346 |  |

| Bank loan interest | 66,462 |  | 38,233 |  |

| Interest payable | 2,800 |  | - |  |

350,083 |  | 238,579 |  |

9. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 184,202 |  | (267,638 | ) |

| Deferred tax | 38,920 |  | 20,070 |  |

| Tax on profit | 223,122 |  | (247,568 | ) |

| Reconciliation of total tax charge/(credit) included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 1,196,684 |  | 1,157,570 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 299,171 |  | 289,393 |  |

| Effects of:

| Expenses not deductible for tax purposes | 641 |  | 738 |  |

| Capital allowances in excess of depreciation | (38,920 | ) | (8,461 | ) |

| Adjustments to tax charge in respect of previous periods | (76,690 | ) | (549,309 | ) |

| Deferred Tax | 38,920 |  | 20,071 |  |

| Total tax charge/(credit) | 223,122 |  | (247,568 | ) |

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

10. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | 1,000,000 |  | 1,200,000 |  |

11. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Computer |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 May 2024 | 322,309 |  | 166,317 |  | 65,318 |  | 553,944 |  |

| Additions | 173,251 |  | 53,030 |  | 22,503 |  | 248,784 |  |

| At 30 April 2025 | 495,560 |  | 219,347 |  | 87,821 |  | 802,728 |  |

| DEPRECIATION

| At 1 May 2024 | 212,487 |  | 70,091 |  | 25,718 |  | 308,296 |  |

| Charge for year | 33,613 |  | 37,113 |  | 22,579 |  | 93,305 |  |

| At 30 April 2025 | 246,100 |  | 107,204 |  | 48,297 |  | 401,601 |  |

| NET BOOK VALUE

| At 30 April 2025 | 249,460 |  | 112,143 |  | 39,524 |  | 401,127 |  |

| At 30 April 2024 | 109,822 |  | 96,226 |  | 39,600 |  | 245,648 |  |

12. | STOCKS

2025 | 2024 |

£ | £ |

| Raw materials | 1,804,671 |  | 1,793,826 |  |

| Work-in-progress | 492,363 |  | 417,120 |  |

| Finished goods | 243,900 |  | 132,708 |  |

2,540,934 |  | 2,343,654 |  |

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 6,154,787 |  | 4,403,331 |  |

| Amounts owed by group undertakings | 7,125,062 |  | 6,163,374 |  |

| Other debtors | 15,113 |  | 150,000 |  |

| Tax | - |  | 327,713 |  |

| Prepayments | 250,975 |  | 114,968 |  |

13,545,937 |  | 11,159,386 |  |

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 16) | 5,061,189 |  | 3,513,580 |  |

| Trade creditors | 4,343,311 |  | 3,301,883 |  |

| Tax | 151,722 |  | - |  |

| Social security and other taxes | 146,794 |  | 119,235 |  |

| VAT | 532,623 |  | 440,085 |  |

| Other creditors & accruals | 1,071,611 |  | 1,198,167 |  |

11,307,250 |  | 8,572,950 |  |

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans (see note 16) | 136,180 |  | 102,465 |  |

16. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 5,003,619 |  | 3,488,779 |  |

| Bank loans | 57,570 |  | 24,801 |  |

5,061,189 |  | 3,513,580 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 136,180 |  | 102,465 |  |

| In June 2023 the company secured a loan of £150,000 and a new invoice discounting facility.

| These borrowings were secured via a fixed and floating charge on the assets of Ashwood Designs Ltd and Hulst Ltd

17. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 95,405 |  | 235,440 |  |

| Between one and five years | 43,332 |  | 137,133 |  |

138,737 |  | 372,573 |  |

18. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 100,056 |  | 61,136 |  |

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

18. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 May 2024 | 61,136 |  |

| Accelerated capital allowances | 38,920 |  |

| Movement in provision |

| Balance at 30 April 2025 | 100,056 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 30,100 | Ordinary | £1 | 30,100 |  | 30,100 |  |

20. | RESERVES

| Retained

| earnings

£ |

| At 1 May 2024 | 5,040,807 |  |

| Profit for the year | 973,562 |  |

| Dividends | (1,000,000 | ) |

| At 30 April 2025 | 5,014,369 |  |

21. | ULTIMATE PARENT COMPANY

| Dunham Massey Investment Group No3 Ltd is regarded by the directors as being the company's ultimate parent company.

| Ashwood Designs Ltd is controlled by Hulst Ltd which owns 100% of its share capital, on the 14 June 2023 Hulst Ltd's capital was purchased by Dunham Massey Investment Group No3 Ltd who now owns 100% of the share capital of Hulst.

22. | RELATED PARTY DISCLOSURES

| Entities with control, joint control or significant influence over the entity

2025 | 2024 |

£ | £ |

| Purchases | 240,000 |  | - |  |

| Amount due from related party | - |  | 150,000 |  |

| Amount due to related party | 8,000 |  | - |  |

| ASHWOOD DESIGNS LIMITED (REGISTERED NUMBER: 05391325) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

| During the year ended 30 April 2025, the company received a loan of £8,000 from Dunham Massey Investment Group Limited, a related party. The loan is unsecured, interest-free, and repayable on demand. No guarantees were given or received in respect of the loan. The balance outstanding at 30 April 2025 was £8,000 (2024: £nil).

| In the prior year, the company made loans totalling £150,000 to related parties. These included:

| A loan of £100,000 to Metaliform Limited

| A loan of £50,000 to Dunham Massey Investment Group Limited

| Both loans were unsecured, interest-free, and repayable on demand. These loans were fully repaid during the year ended 30 April 2025. The balances outstanding at 30 April 2025 were £nil (2024: £150,000).

| Payments for services provided were also made to related party during the year.

|  | Management charges |  | O/S at 30/04/2025 |  |

| Dunham Massey Investment Group Ltd |  | £240,000 |  | £190,000 |  |