Company registration number 06923985 (England and Wales)
TATAMI FIGHTWEAR LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
TATAMI FIGHTWEAR LIMITED
COMPANY INFORMATION
Directors
Mr L A Jones
Mr G J Dummer
Company number
06923985
Registered office
Unit 5,
Kenfig Industrial Estate,
Port Talbot
Wales
SA13 2PE
Auditor
Azets
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
Wales
CF23 8AB
TATAMI FIGHTWEAR LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 26
TATAMI FIGHTWEAR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

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

Review of the business

Tatami Fightwear designs, develops and retails the world’s widest selection of martial arts uniform, leisurewear and combat sports equipment. It operates primarily as a global ecommerce retailer, under the domain of tatamifightwear.com using 4 continent specific websites, plus an Academies website.

As well as being the leading supplier/retailer of jiu jitsu and other combat sports related products, Tatami also sponsors around 200 athletes around the world, including many world champions. We sponsor and support hundreds of MMA (Mixed Martial Arts) academies/gyms/clubs globally and also sponsor many of the major international events and tournaments, including World Championships.

Based in Margam, South Wales, Tatami Fightwear employs 33 staff and operates from a 20,000 square foot headquarters.

Directors review

With the ongoing and well documented global and economic trading challenges and ever-increasing cost pressures, Tatami Fightwear continues to grow, solidifying its position as the world's leading jiu jitsu brand.

We are pleased to report another set of positive results, despite the global difficulties which continue to pressure and impact consumer spending.

Anaysis based on Key Performance Indicators

TATAMI FIGHTWEAR LIMITED | 2025 | 2024 | Variance
£ | £ | %
Turnover | 13,826,091 | 13,599,141 | 1.7
Gross Profit | 4,702,498 | 4,538,043 | 3.6
Gross Margin | 34.0% | 33.4% | 0.6
Profit Before Tax | 1,644,867 | 1,581,960 | 4.0
Turnover split by geographical market: |  |  |
United Kingdom | 4,273,403 | 4,427,857 | -3.5
Europe | 4,572,356 | 4,747,236 | -3.7
USA | 3,843,959 | 3,538,674 | 8.6
Australia | 803,054 | 626,276 | 28.2
Asia | 256,990 | 227,168 | 13.1
ROW | 76,329 | 31,930 | 139.1
Sales Totals | 13,826,091 | 13,599,141 | 1.7

TATAMI FIGHTWEAR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
Development and performance

Profits before tax improved to £1,644,867. Currency fluctuations continue to present operational challenges but are effectively managed through our considered and balanced trading approach.

Net revenue grew to £13.8M (+1.7% versus last year) in total, with America (+8.6%).

Sales in UK/Europe remain strong after significant growth during the previous year. Other territories thrived with Australia (+28%), Asia (+13%) and Rest of the World (+139%), with the Middle East remaining a strategic growth area for the sport and ourselves.

Total revenue CAGR is +28.5%, with B2C strong at +39.4% (2021-2025).

Our B2B business which focuses on supplying martial arts academies across the world, saw 55% growth, meeting a strategic target.

We sold over 500k units to 170,000 customers across 100 countries (113 territories), maintaining excellent customer satisfaction scores. Our global outreach and performance within our sector are unmatched.

Stock holding was strategically reduced to £2.3M at year end (from £2.6M last year), after continual review of how we make our stock work even harder. Having invested into data and trials to help us establish critical product categories, we are well positioned to maximise future sales, with targeted investment to maximise the growing areas of the combat sports sector. Tatami offers the world’s widest range of martial arts products for all ages and genders.

Description of Principal Risks and Uncertainties

The trading landscape remains volatile, and we expect continued challenges regarding international trade with rising costs, we have however proven again that our strategy remains flexible and on course. Risks include:

- Currency fluctuations

- Climate related

- Logistical challenges including around global conflicts

- Energy cost increases

- Cyber security threats

- Rising employment costs

- Duties & Tax increases

- New Tariff implementation, primarily impacting USA

- De minimis removal impact

- Consumer spending & country specific GDP per head limitations

How we manage or mitigate the risk through Business strategy development

The Board and Leadership Team actively manage the global economic threats, anticipating challenges such as new tariffs, the removal of 'de minimis' agreements, and rising costs (inc. duties, taxes, employment, energy).

The Board reviews its business strategy regularly to determine how sales and profit can be maximised and business operations made more efficient. Our operational effectiveness KPI’s are market-leading, including stock/picking accuracy of 99%.

The Chief Executive Officer provides regular updates at Board meetings regarding key opportunities and progress of major initiatives. All challenges and opportunities are turned into timed action points to help mitigate any associated risks.

Our disciplined approach to sales, budgeting, stock control, investment returns and cost control ensures the Company continues to generate strong profits and cash flows.

The Board and senior management consider strategic risk factors, wider economic and industry specific trends that affect the business, the competitive position of its products and the financial structure of the Company.

This process provides a mechanism for ensuring that business profitability is maximised through efficient allocation of resources and management of costs.

TATAMI FIGHTWEAR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

Risk and uncertainty summary

New tariffs and particularly the removal of the long-standing ‘de minimis rule’ raise a particular threat to our sales growth within the United States of America. The CEO and Senior Leadership Team are already working on several solutions and testing is already underway. Sales to America may be negatively impacted but a new trading approach will be adopted accordingly to secure future profitability. Whilst we do not welcome these changes, we are confident that we can retain our market leading position within the USA and any associated negative impact, will be balanced against a greater implementation strategy to fast-track sales across other territories.

Equality, Social, Governance responsibilities

ESG credentials improved through initiatives, such as using recycled materials to develop new product lines. We have successfully produced and sold No Gi ranges (made from RPET recycled plastics/polyesters) for many years and we have started to develop other Gi products as part of an experiment with BCI cotton (a more sustainable cotton used in conjunction with our suppliers). All recycled products are supplied with appropriate certification from factories, and we complete regular audits to check their compliance to acceptable global standards.

We also continue to use more energy-efficient domestic logistics partners, with greener energy vehicles now used for more than half of all UK deliveries. Company cars are also electric.

Overall Summary

The Board of Tatami Fightwear is proud to remain widely regarded as the world’s leading jiu jitsu brand. Since 2021 when Covid lockdowns stopped, our investment into employing an accomplished CEO and Senior Leadership Team continues to pay back, as proven by the 28% sales revenue CAGR over this period.

We feel well positioned to mitigate the risks, as well as maximise the opportunities ahead of us. Combat sports participation continues to grow globally and particularly the martial art of jiu jitsu, which remains at the heart of everything we do. Our trading and operational experience, effective supply chain, social media following and customer loyalty, alongside Tatami’s strong brand identity and reputation provides confidence and we look forward to the coming year ahead with cautious optimism.

On behalf of the board

Mr L A Jones
Director
12 March 2026
TATAMI FIGHTWEAR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company continued to be that of a sport clothing retail company.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £570,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr L A Jones
Mr G J Dummer
Auditor

Azets were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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.

TATAMI FIGHTWEAR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 5 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr L A Jones
Mr G J Dummer
Director
Director
12 March 2026
TATAMI FIGHTWEAR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TATAMI FIGHTWEAR LIMITED
- 6 -
Opinion

We have audited the financial statements of Tatami Fightwear Limited (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 June 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

TATAMI FIGHTWEAR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TATAMI FIGHTWEAR LIMITED
- 7 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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, 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 directors' r esponsibilities s tatement, 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 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 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.

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TATAMI FIGHTWEAR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TATAMI FIGHTWEAR LIMITED
- 8 -

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 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.

Joelene Swart
Senior Statutory Auditor
For and on behalf of Azets
12 March 2026
Chartered Accountants
Statutory Auditor
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
Wales
CF23 8AB
TATAMI FIGHTWEAR LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
13,826,091
13,599,141
Cost of sales
(9,123,593)
(9,061,098)
Gross profit
4,702,498
4,538,043
Distribution costs
(125,700)
(147,548)
Administrative expenses
(2,962,970)
(2,810,861)
Other operating income
40,950
42,876
Operating profit
4
1,654,778
1,622,510
Interest receivable and similar income
7
2,738
1,974
Interest payable and similar expenses
8
(15,904)
(11,379)
Amounts written off investments
9
3,255
(31,145)
Profit before taxation
1,644,867
1,581,960
Tax on profit
10
(414,292)
(355,107)
Profit for the financial year
1,230,575
1,226,853
Other comprehensive income
Tax relating to other comprehensive income
-
0
(44,234)
Total comprehensive income for the year
1,230,575
1,182,619

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TATAMI FIGHTWEAR LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
13
88,648
75,726
Tangible assets
14
102,116
130,167
Investment property
15
380,000
380,000
Investments
16
-
0
20
570,764
585,913
Current assets
Stocks
18
2,321,507
2,629,350
Debtors
19
620,485
1,006,102
Cash at bank and in hand
1,934,448
1,155,889
4,876,440
4,791,341
Creditors: amounts falling due within one year
20
(1,231,003)
(1,757,350)
Net current assets
3,645,437
3,033,991
Total assets less current liabilities
4,216,201
3,619,904
Creditors: amounts falling due after more than one year
21
-
0
(58,139)
Provisions for liabilities
Deferred tax liability
23
65,968
72,107
(65,968)
(72,107)
Net assets
4,150,233
3,489,658
Capital and reserves
Called up share capital
26
100
100
Revaluation reserve
137,271
137,271
Profit and loss reserves
4,012,862
3,352,287
Total equity
4,150,233
3,489,658
The financial statements were approved by the board of directors and authorised for issue on 12 March 2026 and are signed on its behalf by:
Mr L A Jones
Mr G J Dummer
Director
Director
Company Registration No. 06923985
TATAMI FIGHTWEAR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2023
100
-
0
2,540,434
2,540,534
Year ended 30 June 2024:
Profit for the year
-
-
1,226,853
1,226,853
Other comprehensive income:
Tax relating to other comprehensive income
-
(44,234)
-
0
(44,234)
Total comprehensive income for the year
-
(44,234)
1,226,853
1,182,619
Dividends
11
-
-
(415,000)
(415,000)
Other movements
-
181,505
-
181,505
Balance at 30 June 2024
100
137,271
3,352,287
3,489,658
Year ended 30 June 2025:
Profit and total comprehensive income for the year
-
-
1,230,575
1,230,575
Dividends
11
-
-
(570,000)
(570,000)
Balance at 30 June 2025
100
137,271
4,012,862
4,150,233
TATAMI FIGHTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
1
Accounting policies
Company information

Tatami Fightwear Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5,, Kenfig Industrial Estate,, Port Talbot, Wales, SA13 2PE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Gomer & Dap Holdings Limited. These consolidated financial statements are available from its registered office, Unit 5, Kenfig Industrial Estate, Port Talbot. SA13 2PE.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

TATAMI FIGHTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 13 -
1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
10% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% straight line
Fixtures and fittings
10% - 25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

TATAMI FIGHTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

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

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

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

Basic financial assets

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

TATAMI FIGHTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
Other financial assets

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 publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

TATAMI FIGHTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TATAMI FIGHTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -
1.13
Employee benefits

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

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

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

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

TATAMI FIGHTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 18 -
3
Turnover and other revenue
% Increase/(Decrease)
2025
2024
£
£
Turnover analysed by class of business
Retail sporting clothing and accessories
1.67%
13,826,091
13,599,141
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
(3.49)%
4,273,403
4,427,857
Europe
(3.68)%
4,572,356
4,747,236
America
8.63%
3,843,959
3,538,674
Australia
28.23%
803,054
626,276
Asia
13.13%
256,990
227,168
ROW
139.05%
76,329
31,930
1.67%
13,826,091
13,599,141
2025
2024
£
£
Other revenue
Interest income
2,738
1,974
Royalty income
3,872
8,396
Grants received
752
-
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(4,490)
126,227
Government grants
(752)
-
Fees payable to the company's auditor for the audit of the company's financial statements
32,000
-
0
Depreciation of owned tangible fixed assets
33,794
42,854
(Profit)/loss on disposal of tangible fixed assets
(304)
111,562
Amortisation of intangible assets
13,189
10,238
TATAMI FIGHTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Directors
2
2
Office staff
15
14
Warehouse staff
16
15
Total
33
31

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,110,521
1,036,638
Social security costs
106,981
92,130
Pension costs
20,784
20,369
1,238,286
1,149,137
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
45,404
38,683
Company pension contributions to defined contribution schemes
423
566
45,827
39,249

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
2,738
1,974
TATAMI FIGHTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 20 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
1,735
11,379
Other interest
14,169
-
0
15,904
11,379
9
Amounts written off investments
2025
2024
£
£
Amounts written back to/(written off) current loans
3,275
(31,145)
Other gains and losses
(20)
-
3,255
(31,145)
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
420,431
384,312
Deferred tax
Origination and reversal of timing differences
(6,139)
(29,205)
Total tax charge
414,292
355,107

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,644,867
1,581,960
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
411,217
395,490
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1,084
Adjustments in respect of prior years
58
-
0
Group relief
3,017
(41,467)
Taxation charge for the year
414,292
355,107
TATAMI FIGHTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
10
Taxation
(Continued)
- 21 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property
-
44,234
11
Dividends
2025
2024
£
£
Final paid
570,000
415,000
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Fixed asset investments
16
20
-
Recognised in:
Amounts written off investments
20
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

TATAMI FIGHTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
13
Intangible fixed assets
Patents & licences
£
Cost
At 1 July 2024
112,111
Additions
26,111
At 30 June 2025
138,222
Amortisation and impairment
At 1 July 2024
36,385
Amortisation charged for the year
13,189
At 30 June 2025
49,574
Carrying amount
At 30 June 2025
88,648
At 30 June 2024
75,726
14
Tangible fixed assets
Plant and equipment
Computers, fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2024
38,390
161,164
42,997
242,551
Additions
-
0
9,440
-
0
9,440
Disposals
(19,601)
(14,134)
(9,500)
(43,235)
At 30 June 2025
18,789
156,470
33,497
208,756
Depreciation and impairment
At 1 July 2024
28,181
47,912
36,291
112,384
Depreciation charged in the year
6,584
23,821
3,389
33,794
Eliminated in respect of disposals
(17,962)
(12,077)
(9,499)
(39,538)
At 30 June 2025
16,803
59,656
30,181
106,640
Carrying amount
At 30 June 2025
1,986
96,814
3,316
102,116
At 30 June 2024
10,209
113,252
6,706
130,167

TATAMI FIGHTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
15
Investment property
2025
£
Fair value
At 1 July 2024 and 30 June 2025
380,000

Investment property comprises 23 Depot Road & Unit 7 Mardon Park. The fair value of the investment property has been arrived at on the basis of a valuation carried out at by Rees Richards Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

All investment properties were valued by Rees Richards Chartered Surveyors and in the opion of Mr Lee Jones and Mr Gareth Dummer the historic valuation is not materially different to their current market values.

16
Fixed asset investments
2025
2024
£
£
Unlisted investments
-
0
20

The balance above represents a holding of 10% in the share capital of Combat Apparel Limited stated at a cost of £20 which was disposed of during the year.

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2024
20
Disposals
(20)
At 30 June 2025
-
Carrying amount
At 30 June 2025
-
At 30 June 2024
20
17
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
20
18
Stocks
2025
2024
£
£
Finished goods and goods for resale
2,321,507
2,629,350
TATAMI FIGHTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
19
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
77,458
66,931
Other debtors
474,284
810,524
Prepayments and accrued income
68,743
128,647
620,485
1,006,102
20
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
22
-
0
51,553
Trade creditors
494,498
846,094
Amounts owed to group undertakings
36,514
52,202
Corporation tax
225,776
384,312
Other taxation and social security
113,713
131,531
Government grants
24
6,270
-
0
Other creditors
242,562
225,855
Accruals and deferred income
111,670
65,803
1,231,003
1,757,350
21
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
22
-
0
58,139
22
Loans and overdrafts
2025
2024
£
£
Bank loans
-
0
109,692
Payable within one year
-
0
51,553
Payable after one year
-
0
58,139
TATAMI FIGHTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 25 -
23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
22,515
27,873
Revaluations
44,234
44,234
Other short term timing differences
(781)
-
65,968
72,107
2025
Movements in the year:
£
Liability at 1 July 2024
72,107
Credit to profit or loss
(6,139)
Liability at 30 June 2025
65,968

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

24
Government grants
2025
2024
£
£
Arising from government grants
6,270
-
25
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
20,784
20,369

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

26
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
TATAMI FIGHTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 26 -
27
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
158,928
182,804
Between two and five years
255,629
352,363
414,557
535,167
28
Events after the reporting date

The sale of Unit 7 Mardon Park (NBV: £240,000) has been agreed post year end. The sale value agreed amounts to £260,000 and it is expected that the sale will complete in February 2026.

29
Ultimate controlling party

The directors regard Gomer & Dap Holdings Limited, a company incorporated in England and Wales, as the immediate and ultimate parent company. Gomer & Dap Holdings Limited has a 100% interest in the equity capital of Tatami Fightwear Limited. The registered office of Gomer & Dap Holdings Limited is Unit 5, Kenfig Industrial Estate, Margam, Port Talbot, SA13 2PE.

The parent company of the largest and smallest group to include the Company in its consolidated financial statements is Gomer & Dap Holdings Limited. Copies of its consolidated financial statements are available from Companies House.

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