Company registration number 04491579 (England and Wales)
LIM GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
PAGES FOR FILING WITH REGISTRAR
LIM GROUP LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 9
LIM GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The director presents his annual report and financial statements for the year ended 30 September 2025.

Principal activities

The principal activity of the company is the sale of equine equipment.

Director

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

Mr L G Duray
Auditor

The auditor, Crouchers Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 of the profit or loss of the company 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 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. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement 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.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr L G Duray
Director
25 February 2026
LIM GROUP LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2025
30 September 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
17,753
20,315
Current assets
Stocks
591,804
477,576
Debtors
6
538,637
524,012
Cash at bank and in hand
451,625
403,990
1,582,066
1,405,578
Creditors: amounts falling due within one year
7
(401,700)
(375,436)
Net current assets
1,180,366
1,030,142
Total assets less current liabilities
1,198,119
1,050,457
Provisions for liabilities
(3,374)
(3,860)
Net assets
1,194,745
1,046,597
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss reserves
1,144,745
996,597
Total equity
1,194,745
1,046,597

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 25 February 2026
Mr L G Duray
Director
Company Registration No. 04491579
LIM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -
1
Accounting policies
Company information

LIM Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Copperhouse Court, Caldecotte Business Park, Milton Keynes, Buckinghamshire, England, MK7 8NL.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.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 LIM Group SAS. These consolidated financial statements are available from its registered office, 164 Rue, Marie-Louise Acebes, Bellevue, 24300 Nontron, France.

1.2
Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant true information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The company management continue to implement risk mitigation strategies and robust long term growth plans to improve the financial performance of the company. Forecasts have been prepared covering a period of at least 12 months from the date of approval of the financial statements, which show the company is profitable in future periods which have been reviewed and approved by its parent company LIM Group SAS.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

LIM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.3
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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.

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 machinery
33% 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
Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Stocks are recognized as an expense in the period in which the related sales takes place. Cost is determined on the First in First out (FIFO) method. Costs include the purchase price including taxes and duties and transport and handling directly attributable to bringing stock to its present location and condition. Work in progress and finished goods include labour and attributable overheads.

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

1.6
Financial instruments

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

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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

LIM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.7
Taxation
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.

1.8
Retirement benefits

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

1.9
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 director is 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.

There are no critical judgements made by management that have a significant impact on the amounts

recognised in the financial statements.

LIM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 6 -
3
Employees

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

2025
2024
Number
Number
Total
9
11
4
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
(486)
(25,223)
Write down or reversal of write down of deferred tax asset
29,083
-
0
Total deferred tax
28,597
(25,223)

The actual charge/(credit) 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
176,745
289,400
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2024: 25.00%)
33,582
72,350
Tax effect of expenses that are not deductible in determining taxable profit
691
350
Tax effect of utilisation of tax losses not previously recognised
(29,082)
-
0
Unutilised tax losses carried forward
-
0
(72,700)
Change in unrecognised deferred tax assets
-
0
(25,223)
Group relief
(5,191)
-
0
Deferred tax adjustments in respect of prior years
28,597
-
0
Taxation charge/(credit) for the year
28,597
(25,223)
LIM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2024
44,513
Additions
9,243
At 30 September 2025
53,756
Depreciation and impairment
At 1 October 2024
24,198
Depreciation charged in the year
11,805
At 30 September 2025
36,003
Carrying amount
At 30 September 2025
17,753
At 30 September 2024
20,315
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
74,156
23,266
Amounts owed by group undertakings
413,292
409,767
Other debtors
51,189
61,896
538,637
494,929
Deferred tax asset
-
0
29,083
538,637
524,012
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
62,906
37,693
Amounts owed to group undertakings
38,607
79,549
Taxation and social security
40,159
40,105
Other creditors
260,028
218,089
401,700
375,436
LIM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 8 -
8
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated capital allowances
3,374
3,860
-
-
Tax losses
-
-
-
29,083
3,374
3,860
-
29,083
2025
Movements in the year:
£
Asset at 1 October 2024
(25,223)
Charge to profit or loss
28,597
Liability at 30 September 2025
3,374

Deferred tax of £3,374 is expected to reverse in the next year as accelerated capital allowances reduce.

9
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,424
4,749

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. The pension contributions outstanding at the year end £1,081 (2024: £875).

10
Operating lease commitments

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

2025
2024
£
£
200,132
115,170
LIM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 9 -
11
Events after the reporting date

After the reporting date, the company received returns of goods sold before year-end because customers no longer required them. As this condition did not exist at the balance sheet date, it is a non-adjusting event under FRS 102. No adjustments have been made to the financial statements; the post-year-end impact is £62,134 on sales and £25,934 on inventory

12
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13
Contingent liability

The company entered into a debt waiver agreement with LIM France in respect of an outstanding liability of £877,072. Under the terms of the waiver, the lender agreed to waive the balance subject to a "return to better fortune" clause. This clause requires the company to repay all or part of the waived amount if certain future financial performance conditions are met.

The obligation to repay is therefore dependent on future events and on the company’s financial performance exceeding specified thresholds. As these conditions had not been met at the reporting date, no liability has been recognised.

The possibility of an outflow of economic benefits exists; however, it is not considered probable based on the company’s current and projected financial position. The directors will continue to monitor the company’s financial performance and reassess this position at each reporting date.

14
Parent company

The immediate and ultimate parent company is LIM Group SAS, a company registered in France. The Company's results are included in the consolidated accounts of LIM Group SAS, which are publicly available at Infogreffe or from the registered office 164 Rue, Marie-Louise Acebes, Bellevue, 24300 Nontron, France.

15
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Darren Croucher BSc (Hons) FCCA FCA
Statutory Auditor:
Crouchers Limited
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