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REGISTERED NUMBER: 14641380 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

FOR

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Director | 4 |

| Report of the Independent Auditors | 5 |

| Consolidated Income Statement | 8 |

| Consolidated Other Comprehensive Income | 9 |

| Consolidated Balance Sheet | 10 |

| Company Balance Sheet | 11 |

| Consolidated Statement of Changes in Equity | 12 |

| Company Statement of Changes in Equity | 13 |

| Consolidated Cash Flow Statement | 14 |

| Notes to the Consolidated Cash Flow Statement | 15 |

| Notes to the Consolidated Financial Statements | 17 |

| DUNHAM MASSEY INVESTMENT GROUP NO3 LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 APRIL 2025

| DIRECTOR: | R Patrick

| REGISTERED OFFICE: | 85 Great Portland Street

| First Floor

| London

| W1W 7LT

| REGISTERED NUMBER: | 14641380 (England and Wales)

| AUDITORS: | Baker Knoyle Audit Limited

| Chartered Certified Accountants

| Orbit Business Centre

| Rhydycar Business Park

| Merthyr Tydfil

| CF48 1DL

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

The director presents his strategic report of the company and the group for the year ended 30 April 2025.

REVIEW OF BUSINESS

The results for the financial year are set out in the profit and loss account on page 9 and the financial position of the Group at 30th April 2025 is show on page 10

The principal activity of the group is the design and manufacture of upholstered furniture following the acquisition in June 2023 of the share capital of Hulst Limited, and by extension its subsidiary company Ashwood Designs Limited.

Overall, Ashwood Designs delivered a resilient top-line, with improved turnover up by 0.8% to £28,242,946 (2024: £28,017,087) 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.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk associated with the group is the financial performance of its investments and the potential for impairment in the result of underperformance.

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.

FINANCIAL KEY PERFORMANCE INDICATORS

The key KPIs used by the group focus on the financial performance of Ashwood Designs Limited, the major trading subsidiary in which the group is invested.

The key financial metrics of Ashwood Designs Limited are summarised below:

| 2025 |  | 2024 |  |

Turnover |  | £28,242,946 |  | £28,017,087 |  |

Gross Profit/Turnover |  | 27.77% |  | 29.15% |  |

Pre-Tax Profit/Turnover* |  | 4.23% |  | 4.13% |  |

* FY24 excludes exceptional non-recurring costs of £896,266

The Directors are satisfied with the financial performance of Ashwood Designs Limited which gives rise to no

impairment in relation the investment held in the company.

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

DEVELOPMENTS AND PERFORMANCE

The directors are heavily engaged in the strategic direction of its investment companies and will support future

developments in these businesses as required.

ON BEHALF OF THE BOARD:

R Patrick - Director

20 January 2026

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 30 APRIL 2025

The director presents his report with the financial statements of the company and the group for the year ended 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the group is in the period under review was that of the design and manufacture of upholstered furniture.

DIVIDENDS

No dividends will be distributed for the year ended 30 April 2025.

DIRECTORS

R Patrick has held office during the whole of the period from 1 May 2024 to the date of this report.

Other changes in directors holding office are as follows:

A R Howitt - resigned 11 October 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

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

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

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information.

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

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD

Opinion

We have audited the financial statements of Dunham Massey Investment Group No3 Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

- | certain disclosures of director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

- 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

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD

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

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

CONSOLIDATED

INCOME STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

| Year Ended | Period |

| 30.4.25 | 6.2.23 to 30.4.24 |

| Notes | £ | £ | £ | £ |

TURNOVER | 28,242,946 |  | 24,753,105 |  |

Cost of sales | 20,403,414 |  | 17,603,735 |  |

GROSS PROFIT | 7,839,532 |  | 7,149,370 |  |

Distribution costs | 1,700,578 |  | 1,415,098 |  |

Administrative expenses | 5,285,406 |  | 5,627,691 |  |

|  |  | 6,985,984 |  |  |  |  | 7,042,789 |  |

853,548 |  | 106,581 |  |

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

OPERATING PROFIT | 4 | 965,457 |  | 106,581 |  |

Income from shares in group undertakings | 2 |  | 3 |  |

Interest receivable and similar income | 17,131 |  | 62 |  |

|  |  | 17,133 |  |  |  |  | 65 |  |

982,590 |  | 106,646 |  |

Interest payable and similar expenses | 6 | 398,458 |  | 238,579 |  |

PROFIT/(LOSS) BEFORE TAXATION | 584,132 |  | (131,933 | ) |

Tax on profit/(loss) | 7 | 222,536 |  | (317,100 | ) |

PROFIT FOR THE FINANCIAL YEAR | 361,596 |  | 185,167 |  |

Profit attributable to:

Owners of the parent | 361,596 |  | 185,167 |  |

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

CONSOLIDATED

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2025

| Period

| 6.2.23

| Year Ended |  | to

| 30.4.25 |  | 30.4.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 361,596 |  | 185,167 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 361,596 |  | 185,167 |  |

Total comprehensive income attributable to:

Owners of the parent | 361,596 |  | 185,167 |  |

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

CONSOLIDATED BALANCE SHEET

30 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 4,776,902 |  | 5,091,681 |  |

Tangible assets | 10 | 495,181 |  | 389,177 |  |

Investments | 11 | - |  | - |  |

5,272,083 |  | 5,480,858 |  |

CURRENT ASSETS

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

Debtors | 13 | 6,421,253 |  | 4,974,239 |  |

Cash at bank and in hand | 99,957 |  | 59,668 |  |

9,062,144 |  | 7,377,561 |  |

CREDITORS

Amounts falling due within one year | 14 | 12,661,170 |  | 10,407,273 |  |

NET CURRENT LIABILITIES | (3,599,026 | ) | (3,029,712 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,673,057 |  | 2,451,146 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (1,002,846 | ) | (2,169,131 | ) |

PROVISIONS FOR LIABILITIES | 17 | (123,348 | ) | (96,748 | ) |

NET ASSETS | 546,863 |  | 185,267 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 100 |  | 100 |  |

Retained earnings | 19 | 546,763 |  | 185,167 |  |

SHAREHOLDERS' FUNDS | 546,863 |  | 185,267 |  |

The financial statements were approved by the director and authorised for issue on 20 January 2026 and were signed by:

R Patrick - Director

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

COMPANY BALANCE SHEET

30 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | - |  | - |  |

Investments | 11 | 11,081,654 |  | 10,838,000 |  |

11,081,654 |  | 10,838,000 |  |

CURRENT ASSETS

Debtors | 13 | 100 |  | 100 |  |

CREDITORS

Amounts falling due within one year | 14 | 8,543,779 |  | 8,048,350 |  |

NET CURRENT LIABILITIES | (8,543,679 | ) | (8,048,250 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,537,975 |  | 2,789,750 |  |

CREDITORS

Amounts falling due after more than one year | 15 | 866,666 |  | 2,066,666 |  |

NET ASSETS | 1,671,309 |  | 723,084 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 100 |  | 100 |  |

Retained earnings | 19 | 1,671,209 |  | 722,984 |  |

SHAREHOLDERS' FUNDS | 1,671,309 |  | 723,084 |  |

Company's profit for the financial year | 948,225 |  | 722,984 |  |

The financial statements were approved by the director and authorised for issue on 20 January 2026 and were signed by:

R Patrick - Director

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Changes in equity

Issue of share capital | 100 |  | - |  | 100 |  |

Total comprehensive income | - |  | 185,167 |  | 185,167 |  |

Balance at 30 April 2024 | 100 |  | 185,167 |  | 185,267 |  |

Changes in equity

Total comprehensive income | - |  | 361,596 |  | 361,596 |  |

Balance at 30 April 2025 | 100 |  | 546,763 |  | 546,863 |  |

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Changes in equity

Issue of share capital | 100 |  | - |  | 100 |  |

Total comprehensive income | - |  | 722,984 |  | 722,984 |  |

Balance at 30 April 2024 | 100 |  | 722,984 |  | 723,084 |  |

Changes in equity

Total comprehensive income | - |  | 948,225 |  | 948,225 |  |

Balance at 30 April 2025 | 100 |  | 1,671,209 |  | 1,671,309 |  |

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

| Period

| 6.2.23

| Year Ended |  | to

| 30.4.25 |  | 30.4.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (957,475 | ) | 2,668,602 |  |

Interest paid | (398,458 | ) | (238,579 | ) |

Tax paid | 191,557 |  | (578,761 | ) |

Net cash from operating activities | (1,164,376 | ) | 1,851,262 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (243,654 | ) | (5,584,326 | ) |

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

Sale of tangible fixed assets | - |  | 2,428 |  |

Interest received | 17,131 |  | 62 |  |

Dividends received | 2 |  | 3 |  |

Profit & Loss pre acquisition adjustment | - |  | 334,803 |  |

Net cash from investing activities | (475,305 | ) | (5,360,387 | ) |

Cash flows from financing activities

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

Loan repayments in year | (55,460 | ) | (50,086 | ) |

Share issue | - |  | 100 |  |

Equity dividends paid | - |  | (20,000 | ) |

Net cash from financing activities | 165,130 |  | 80,014 |  |

Decrease in cash and cash equivalents | (1,474,551 | ) | (3,429,111 | ) |

Cash and cash equivalents at beginning of year | 2 | (3,429,111 | ) | - |  |

Cash and cash equivalents at end of year | 2 | (4,903,662 | ) | (3,429,111 | ) |

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

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

| Period

| 6.2.23

| Year Ended |  | to

| 30.4.25 |  | 30.4.24

£ | £ |

| Profit/(loss) before taxation | 584,132 |  | (131,933 | ) |

| Depreciation charges | 701,445 |  | 614,696 |  |

| Profit on disposal of fixed assets | - |  | (620 | ) |

| Finance costs | 398,458 |  | 238,579 |  |

| Finance income | (17,133 | ) | (65 | ) |

1,666,902 |  | 720,657 |  |

| Increase in stocks | (197,280 | ) | (2,343,654 | ) |

| Increase in trade and other debtors | (1,752,493 | ) | (4,668,760 | ) |

| (Decrease)/increase in trade and other creditors | (674,604 | ) | 8,960,359 |  |

| Cash generated from operations | (957,475 | ) | 2,668,602 |  |

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 |  | 59,668 |  |

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

(4,903,662 | ) | (3,429,111 | ) |

| Period ended 30 April 2024

| 30.4.24 |  | 6.2.23

£ | £ |

| Cash and cash equivalents | 59,668 |  | - |  |

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

(3,429,111 | ) | - |  |

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

NOTES TO THE CONSOLIDATED 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 | 59,668 |  | 40,289 |  | 99,957 |  |

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

(3,429,111 | ) | (1,474,551 | ) | (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 | (3,556,377 | ) | (1,541,035 | ) | (5,097,412 | ) |

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1. | STATUTORY INFORMATION

| Dunham Massey Investment Group No3 Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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.

| Turnover

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

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

| Intangible assets

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

| 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

| Stocks

| 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 items.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Hire purchase and leasing commitments

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

| Pension costs and other post-retirement benefits

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

3. | EMPLOYEES AND DIRECTORS

| Period

| 6.2.23

| Year Ended |  | to

| 30.4.25 |  | 30.4.24

£ | £ |

| Wages and salaries | 7,755,334 |  | 6,100,398 |  |

| Social security costs | 624,824 |  | 488,263 |  |

| Other pension costs | 157,556 |  | 155,733 |  |

8,537,714 |  | 6,744,394 |  |

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

| Period

| 6.2.23

| Year Ended |  | to

| 30.4.25 |  | 30.4.24

| Operational | 185 |  | 191 |  |

| Management and Administration | 38 |  | 33 |  |

| Directors | 1 |  | 2 |  |

224 |  | 226 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 224 (2024 - 226 ) .

| Period

| 6.2.23

| Year Ended |  | to

| 30.4.25 |  | 30.4.24

£ | £ |

| Directors' remuneration | - |  | - |  |

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

4. | OPERATING PROFIT

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

| Period

| 6.2.23

| Year Ended |  | to

| 30.4.25 |  | 30.4.24

£ | £ |

| Hire of plant and machinery | 130,480 |  | 76,518 |  |

| Depreciation - owned assets | 142,780 |  | 138,350 |  |

| Profit on disposal of fixed assets | - |  | (620 | ) |

| Goodwill amortisation | 558,433 |  | 492,645 |  |

| Auditors' remuneration | 3,400 |  | 3,250 |  |

| The auditing of accounts of any associate of the company | 15,920 |  | 16,265 |  |

| Foreign exchange differences | (85,823 | ) | 19,890 |  |

5. | EXCEPTIONAL ITEMS

| Period

| 6.2.23

| Year Ended |  | to

| 30.4.25 |  | 30.4.24

£ | £ |

| Exceptional items | - |  | (896,266 | ) |

| Of the amounts contained within the exceptional items £422,500 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.

| And £473,766 is in relation to a debt from Dunham Massey Investment Group Limited, a company under common ownership as Dunham Massey Investment Group No3 Ltd. The shareholders decided to write this balance off in both of the companies under their common control. This event is not expected to reoccur.

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period

| 6.2.23

| Year Ended |  | to

| 30.4.25 |  | 30.4.24

£ | £ |

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

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

| Other interest | 48,375 |  | - |  |

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

398,458 |  | 238,579 |  |

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

7. | TAXATION

| Analysis of the tax charge/(credit)

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

| Period

| 6.2.23

| Year Ended |  | to

| 30.4.25 |  | 30.4.24

£ | £ |

| Current tax:

| UK corporation tax | 195,936 |  | (333,238 | ) |

| Deferred tax | 26,600 |  | 16,138 |  |

| Tax on profit/(loss) | 222,536 |  | (317,100 | ) |

8. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 May 2024 | 5,584,326 |  |

| Additions | 243,654 |  |

| At 30 April 2025 | 5,827,980 |  |

| AMORTISATION

| At 1 May 2024 | 492,645 |  |

| Amortisation for year | 558,433 |  |

| At 30 April 2025 | 1,051,078 |  |

| NET BOOK VALUE

| At 30 April 2025 | 4,776,902 |  |

| At 30 April 2024 | 5,091,681 |  |

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

10. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Plant and |  | and |  | Computer |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 May 2024 | 923,497 |  | 166,317 |  | 65,318 |  | 1,155,132 |  |

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

| At 30 April 2025 | 1,096,748 |  | 219,347 |  | 87,821 |  | 1,403,916 |  |

| DEPRECIATION

| At 1 May 2024 | 670,146 |  | 70,091 |  | 25,718 |  | 765,955 |  |

| Charge for year | 83,088 |  | 37,113 |  | 22,579 |  | 142,780 |  |

| At 30 April 2025 | 753,234 |  | 107,204 |  | 48,297 |  | 908,735 |  |

| NET BOOK VALUE

| At 30 April 2025 | 343,514 |  | 112,143 |  | 39,524 |  | 495,181 |  |

| At 30 April 2024 | 253,351 |  | 96,226 |  | 39,600 |  | 389,177 |  |

11. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 May 2024 | 10,838,000 |  |

| Additions | 243,654 |  |

| At 30 April 2025 | 11,081,654 |  |

| NET BOOK VALUE

| At 30 April 2025 | 11,081,654 |  |

| At 30 April 2024 | 10,838,000 |  |

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

11. | FIXED ASSET INVESTMENTS - continued

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Hulst Limited

| Registered office: Robertstown House, Aberdare Business Park, Robertstown, Aberdare, CF44 8ER

| Nature of business: Holding company

| %

| Class of shares: | holding |

| A Ordinary | 100.00 |

| B Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 245,836 |  | 247,595 |  |

| Profit for the year/period | 998,241 |  | 1,213,190 |  |

| Ashwood Designs Ltd

| Registered office:

| Nature of business: Furniture manufacturer

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 5,044,469 |  | 5,070,907 |  |

| Profit for the year/period | 973,562 |  | 1,405,138 |  |

| Registered office: Robertstown House, Aberdare Business park, Robertstown, Aberdare, CF44 8ER

12. | STOCKS

| Group |

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 |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

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

| Other debtors | 15,491 |  | 150,461 |  | 100 |  | 100 |  |

| Tax | - |  | 305,479 |  | - |  | - |  |

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

6,421,253 |  | 4,974,239 |  | 100 |  | 100 |  |

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

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

| Trade creditors | 4,343,313 |  | 3,301,884 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 7,224,473 |  | 6,211,766 |  |

| Tax | 180,892 |  | - |  | - |  | - |  |

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

| VAT | 536,272 |  | 436,026 |  | - |  | - |  |

| Other creditors | 2,392,710 |  | 3,036,548 |  | 1,319,306 |  | 1,836,584 |  |

12,661,170 |  | 10,407,273 |  | 8,543,779 |  | 8,048,350 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

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

| Other creditors | 866,666 |  | 2,066,666 |  | 866,666 |  | 2,066,666 |  |

1,002,846 |  | 2,169,131 |  | 866,666 |  | 2,066,666 |  |

16. | LOANS

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

| Group |

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 |  |

17. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 123,348 |  | 96,748 |  |

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

17. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Balance at 1 May 2024 | 96,748 |  |

| Accelerated capital allowances | 26,600 |  |

| Balance at 30 April 2025 | 123,348 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

19. | RESERVES

| Group

| Retained

| earnings

£ |

| At 1 May 2024 | 185,167 |  |

| Profit for the year | 361,596 |  |

| At 30 April 2025 | 546,763 |  |

| Company

| Retained

| earnings

£ |

| At 1 May 2024 | 722,984 |  |

| Profit for the year | 948,225 |  |

| At 30 April 2025 | 1,671,209 |  |

20. | RELATED PARTY DISCLOSURES

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

2025 | 2024 |

£ | £ |

| Purchases | 240,000 |  | - |  |

| Amount due from related party | 8,000 |  | 150,000 |  |

DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

| During the year ended 30 April 2025, the group 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 group 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 |  |