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Registered number: 07535356 HIB (LONDON) HOLDINGS LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
HIB (LONDON) HOLDINGS LTD COMPANY INFORMATION
Directors | Mr W Ginsberg
| Mrs C Ginsberg
| Mr R I Ginsberg
| Mr B S Garfield (appointed 1 February 2025)
Registered number | 07535356
Registered office | 6th Floor
| 2 London Wall Place
| London
| England
| EC25 5AU
Independent auditors | MHA
| Chartered Accountants & Statutory Auditors
| 2 London Wall Place
| London
| EC2Y 5AU
HIB (LONDON) HOLDINGS LTD CONTENTS
| Page
Group strategic report | 1 - 4
Directors' report | 5 - 7
Independent auditors' report | 8 - 11
Consolidated statement of comprehensive income | 12
Consolidated balance sheet | 13 - 14
Company balance sheet | 15
Consolidated statement of changes in equity | 16
Company statement of changes in equity | 17
Consolidated statement of cash flows | 18
Consolidated analysis of net debt | 19
Notes to the financial statements | 20 - 43
HIB (LONDON) HOLDINGS LTD GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 JUNE 2025
Introduction
On behalf of the Board of Directors, I am pleased to present the Strategic Report for HiB (London) Holdings Ltd for the Financial Year ending 30 June 2025.
Business Overview
HiB continues to build on its solid foundations as a leading provider of innovative bathroom solutions. The Group’s portfolio spans mirrors, cabinets, furniture, sanitaryware, accessories, ventilation and lighting, combining creativity with technical expertise to deliver products that meet the evolving needs of both domestic and commercial customers. HiB’s diverse customer base includes bathroom retailers, builders’ merchants, and the project and contract sectors, providing a broad and resilient market presence. The Financial Year ending 30 June 2025 was marked by wider challenges affecting the bathroom and home improvement industry. Rising costs, inflation, and economic uncertainty placed constraints on demand and tightened margins across the sector. In response, HiB remained agile, implementing efficiency measures while continuing to invest in service, product development and initiatives to support long-term growth.
Market & Principal Risks
HiB faced a range of business risks during the Financial Year ending 30 June 2025. Policies are in place to identify, assess and manage key risks, while the Directors continuously monitor all risk areas and take proactive measures to mitigate potential impacts on the business. • Market Risk: During the year, the bathroom and home improvement market remained sensitive to shifts in consumer confidence and economic conditions. Inflationary pressures and cautious discretionary spending influenced demand. HiB addressed these challenges through their diverse sales model, continuous product innovation, and maintaining a strong, well-established reputation for service and reliability, ensuring resilience despite uncertain market conditions. • Supply Risk: Global supply chains experienced disruption throughout the year, driven by material price volatility, logistics challenges, and energy costs. HiB managed these risks through long-term supplier relationships, careful procurement planning, and strategic stock management, ensuring continuity of supply for customers. • Currency Risk: Exposure to foreign exchange fluctuations were managed through prudent planning. These measures helped reduce the impact of volatility on purchasing costs and provided greater predictability for the business. • Credit Risk: Credit risk was managed through appropriate checks on potential customers. The majority of HiB’s customer base consists of established, long-standing customers, limiting exposure to non-payment. • Liquidity & Cash Flow Risk: HiB maintained a strong liquidity position, with careful monitoring of cash flow to meet operational requirements and investment commitments. Through its risk management approach, HiB has maintained financial stability and safeguarded its ability to deliver for stakeholders. Page 1
HIB (LONDON) HOLDINGS LTD GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Environmental, Social & Governance (ESG)
HiB continues to place ESG principles at the heart of its operations. The Group has improved access to historical environmental data, that will enable the setting of measurable targets to track and reduce its environmental footprint. Building on investments made in prior years, HiB has expanded the use of electric vehicles (EVs) and strengthened waste reduction initiatives, minimising environmental impact across logistics and operations. In addition, HiB works closely with suppliers, regularly auditing practices and supporting them in their ESG plans. This ensures that ESG is embedded not only within the business but across its wider supply chain.
People & Culture
HiB recognises that its people are central to its success. The Group fosters a supportive, inclusive and engaging work environment, inspiring colleagues to innovate, promoting a culture of achievement and support, and encouraging development through learning and opportunities to progress. During the year, HiB was proud to be recognised as a Great Place to Work in 2025, having previously been listed in the Best Companies to Work For awards. The Group continues to survey employees regularly to ensure engagement levels remain high and to maintain this recognition.
People & Culture
HiB recognises that its people are central to its success. The Group fosters a supportive, inclusive and engaging work environment, inspiring colleagues to innovate, promoting a culture of achievement and support, and encouraging development through learning and opportunities to progress. During the year, HiB was proud to be recognised as a Great Place to Work in 2025, having previously been listed in the Best Companies to Work For awards. The Group continues to survey employees regularly to ensure engagement levels remain high and to maintain this recognition.
Community & Social Impact
HiB continues to invest in community and charity partnerships, actively encouraging colleagues to volunteer their time and skills. Through these initiatives, the Group supports meaningful causes while also fostering stronger employee engagement, community connections, and pride in being part of HiB.
Customers
Customer relationships remain central to HiB’s success. During the year, the Group continued to achieve good customer satisfaction levels, supported by an excellent Net Promoter Score (NPS). Regular customer surveys ensure the Group remains responsive to feedback, while investment in a new digital platform has enhanced access to product information and ordering, improving the overall customer experience. Page 2
HIB (LONDON) HOLDINGS LTD GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Financial Key Performance Indicators
HiB uses a comprehensive set of financial and non-financial KPIs to monitor and evaluate performance on a daily, weekly, and monthly basis. The results over the past three financial years are summarised below: 30/06/2025 30/06/2024 30/06/202 3 Turnover £27,740,484 £30,963,735 £35,305,001 Gross Profit % 51.5% 50.3% 48.3% Profit before taxation £3,044,391 £5,539,351 £6,600,236 Additional indicators include: • Financial Management: Debtor days and cash management were consistent with budgeted expectations, reflecting strong financial oversight. • Customer Satisfaction: Regular surveys and the launch of a new digital platform improved access and ordering, reflecting excellent customer engagement. • Product Innovation: Continued investment in R&D delivered new and improved products, reflecting a strong commitment to innovation. • Employee Engagement: The Great Place to Work award and continued employee initiatives, reflected a positive workplace culture. • Environmental Performance: Expansion of EV usage and waste reduction programmes reflected meaningful progress in environmental responsibility. • Operational Resilience: Effective supply chain management and proactive risk monitoring reflected robust operational performance.
Future Outlook
Looking ahead, HiB remains confident in its long-term strategy. The investments made during the Financial Year ending 30 June 2025 have established a solid foundation to drive growth with both existing and new customers and to position the business for future success. Despite ongoing economic challenges, HiB’s resilience is supported by its focus on innovative product design, commitment to its team and customers, and efforts to minimise its environmental impact. This strong foundation ensures the Group is well placed to seize emerging opportunities and achieve sustainable, long-term success. Page 3
HIB (LONDON) HOLDINGS LTD GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Directors’ Statement of Compliance with Section 172 of the Companies Act 2006
The Directors confirm that, in accordance with their duties under section 172 of the Companies Act 2006, they have acted in a way they consider would promote the success of the Group for the benefit of its members as a whole, while having regard to the long-term impact of their decisions and the interests of key stakeholders. In making decisions during the financial year ending 30 June 2025, the Board gave careful consideration to: • The interests of employees, including maintaining a supportive culture and ensuring opportunities for learning and development. • Relationships with customers and suppliers, ensuring the delivery of high-quality products and services and promoting sustainable supply chain practices. • The impact of operations on the environment and the local communities in which the Company operates, recognising the importance of responsible and sustainable business practices. • The need to maintain a strong financial position and to invest prudently in support of the Company’s long-term growth and resilience. The Board remains committed to high standards of governance, transparency, and integrity, ensuring that decisions are made responsibly to deliver long-term success. This report was approved by the board and signed on its behalf.
................................................ Mr R I Ginsberg Director
Date: 12 March 2026
Page 4
HIB (LONDON) HOLDINGS LTD DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 The directors present their report and the financial statements for the year ended 30 June 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results & Dividends
The profit for the year, after taxation, amounted to £2,324,096 (2024 - £4,198,152). Dividends of £1,589,820 (2024 - £2,324,820) were paid during the year.
Directors
The directors who served during the year were:
Mr W Ginsberg
Mrs C Ginsberg
Mr R I Ginsberg
Mr B S Garfield (appointed 1 February 2025)
Page 5
HIB (LONDON) HOLDINGS LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Future Focus
During the year, HiB made significant investments to support future revenue and profitability growth. Strategic investments in systems and talent further strengthened the business, positioning it for future growth. Rebrand to hib A significant milestone during the Financial Year was the Group’s rebrand to hib. This refreshed brand marked a bold step in aligning the Group’s identity with its vision for the future. The rebrand reflects HiB’s commitment to design excellence and customer experience, reinforcing its position as market leader. The new brand identity will support the Group’s ongoing innovation and strengthen recognition with both existing and new customers. Research & Development Activities HiB continues to invest in R&D, focusing on new and improved product ranges. This investment enhances the group’s offering, supports innovation, and strengthens its competitive position in the market.
Directors' indemnity insurance
Directors' liability and indemnity insurance was in force throughout the year to cover the directors and officers of the group against actions brought against them in their personal capacity. Neither the insurance nor the indemnity provide cover where the individual has acted fraudulently or dishonestly.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditors
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP. MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 6
HIB (LONDON) HOLDINGS LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 This report was approved by the board and signed on its behalf.
................................................ Mr R I Ginsberg Director
Date: 12 March 2026
Page 7
HIB (LONDON) HOLDINGS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIB (LONDON) HOLDINGS LTD
Opinion
We have audited the financial statements of HIB (London) Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2025, which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Balance sheets, the Consolidated Statement of cash flows, the Consolidated and Company Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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's affairs as at 30 June 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 United Kingdom, including the Financial Reporting Council'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 Group's or 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 directors with respect to going concern are described in the relevant sections of this report. Page 8
HIB (LONDON) HOLDINGS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIB (LONDON) HOLDINGS LTD (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and 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 Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company financial statements are not in agreement with the accounting records 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. Page 9
HIB (LONDON) HOLDINGS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIB (LONDON) HOLDINGS LTD (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 5, 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 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims; ∙Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations; ∙Performing audit work over the risk of management 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 bias; ∙Reviewing financial statement disclosures and testing to supporting documentation to access compliance with applicable laws and regulations. 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditors' report. Page 10
HIB (LONDON) HOLDINGS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIB (LONDON) HOLDINGS LTD (CONTINUED)
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 Auditors' 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. Neil Stern, FCA (Senior statutory auditor) for and on behalf of MHA Chartered Accountants & Statutory Auditors London Date: 13 March 2026 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). Page 11
HIB (LONDON) HOLDINGS LTD CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 27,740,484 | 30,963,735
Cost of sales |  | (13,461,083) | (15,385,027)
Gross profit |  | 14,279,401 | 15,578,708
Distribution costs |  | (929,044) | (849,734)
Administrative expenses |  | (10,684,038) | (10,519,426)
Other operating income | 5 | 378,321 | 237,491
Fair value movements | 16 | (640,000) | 700,000
Operating profit | 6 | 2,404,640 | 5,147,039
Interest receivable and similar income | 10 | 639,902 | 389,250
Interest payable and similar expenses | 11 | (151) | 3,062
Profit before taxation |  | 3,044,391 | 5,539,351
Tax on profit | 12 | (720,295) | (1,341,199)
Profit for the financial year |  | 2,324,096 | 4,198,152
Hedge movement | 18 | (437,627) | 1,223,681
Other comprehensive income for the year |  | (437,627) | 1,223,681
Total comprehensive income for the year |  | 1,886,469 | 5,421,833
Profit for the year attributable to: |  |  |
Owners of the parent Company |  | 2,324,096 | 4,198,152
|  | 2,324,096 | 4,198,152
The notes on pages 20 to 43 form part of these financial statements.
Page 12
HIB (LONDON) HOLDINGS LTD REGISTERED NUMBER: 07535356 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 587,500 |  | 793,530
Investment property | 16 |  | 5,260,000 |  | 5,900,000
|  |  | 5,847,500 |  | 6,693,530
Current assets |  |  |  |  |
Stocks | 17 | 4,194,940 |  | 3,425,043 |
Debtors: amounts falling due within one year | 18 | 4,924,571 |  | 5,127,170 |
Cash at bank and in hand | 19 | 14,839,224 |  | 15,294,255 |
|  | 23,958,735 |  | 23,846,468 |
Creditors: amounts falling due within one year | 20 | (6,163,277) |  | (7,033,689) |
Net current assets |  |  | 17,795,458 |  | 16,812,779
Total assets less current liabilities |  |  | 23,642,958 |  | 23,506,309
Provisions for liabilities |  |  |  |  |
Deferred taxation | 21 | (429,298) |  | (589,298) |
|  |  | (429,298) |  | (589,298)
Net assets |  |  | 23,213,660 |  | 22,917,011
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 100,000 |  | 100,000
Revaluation reserve | 23 |  | 1,834,411 |  | 2,314,411
Foreign exchange reserve | 23 |  | (345,797) |  | 91,830
Other reserves | 23 |  | 41,042 |  | 41,829
Profit and loss account | 23 |  | 21,584,004 |  | 20,368,941
|  |  | 23,213,660 |  | 22,917,011
Page 13
HIB (LONDON) HOLDINGS LTD REGISTERED NUMBER: 07535356 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Mr R I Ginsberg
Director
Date: 12 March 2026
The notes on pages 20 to 43 form part of these financial statements. Page 14
HIB (LONDON) HOLDINGS LTD REGISTERED NUMBER: 07535356 COMPANY BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 15 |  | 91,142 |  | 91,929
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 18 | 49,884 |  | 49,854 |
Cash at bank and in hand | 19 | 116 |  | 146 |
|  | 50,000 |  | 50,000 |
Creditors: amounts falling due within one year | 20 | (100) |  | (100) |
Net current assets |  |  | 49,900 |  | 49,900
Net assets |  |  | 141,042 |  | 141,829
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 100,000 |  | 100,000
Other reserves | 23 |  | 41,042 |  | 41,829
Profit for the year |  | 1,589,820 |  | 2,324,820 |
Dividends paid | 13 | (1,589,820) |  | (2,324,820) |
|  |  | 141,042 |  | 141,829
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Mr R I Ginsberg
Director
Date: 12 March 2026
The notes on pages 20 to 43 form part of these financial statements. Page 15

|  | HIB (LONDON) HOLDINGS LTD |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
|  | Called up share capital | Revaluation reserve | Foreign exchange reserve | Other reserves | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £ | £
| At 1 July 2023 | 100,000 | 1,789,411 | (1,131,851) | 41,829 | 19,020,609 | 19,819,998
| Comprehensive income for the year |  |  |  |  |  |
| Profit for the year | - | - | - | - | 4,198,152 | 4,198,152
| Cash flow hedge movement (note 20) | - | - | 1,223,681 | - | - | 1,223,681
| Dividends: Equity capital | - | - | - | - | (2,324,820) | (2,324,820)
| Transfer between reserves - movement on fair value revaluation and associated deferred tax | - | 525,000 | - | - | (525,000) | -
| At 1 July 2024 | 100,000 | 2,314,411 | 91,830 | 41,829 | 20,368,941 | 22,917,011
| Comprehensive income for the year |  |  |  |  |  |
| Profit for the year | - | - | - | - | 2,324,096 | 2,324,096
| Cash flow hedge movement (note 20) | - | - | (437,627) | - | - | (437,627)
| Dividends: Equity capital | - | - | - | - | (1,589,820) | (1,589,820)
| Transfer between reserves - movement on fair value revaluation and associated deferred tax | - | (480,000) | - | - | 480,000 | -
| Forfeited share options (note 15 & 24) | - | - | - | (787) | 787 | -
| At 30 June 2025 | 100,000 | 1,834,411 | (345,797) | 41,042 | 21,584,004 | 23,213,660
| The notes on pages 20 to 43 form part of these financial statements.
Page 16

HIB (LONDON) HOLDINGS LTD COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 July 2023 | 100,000 | 41,829 | - | 141,829
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 2,324,820 | 2,324,820
Dividends: Equity capital | - | - | (2,324,820) | (2,324,820)
At 1 July 2024 | 100,000 | 41,829 | - | 141,829
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,589,820 | 1,589,820
Dividends: Equity capital | - | - | (1,589,820) | (1,589,820)
Forfeited share options (note 15 & 24) | - | (787) | - | (787)
At 30 June 2025 | 100,000 | 41,042 | - | 141,042
| The notes on pages 20 to 43 form part of these financial statements.
Page 17
HIB (LONDON) HOLDINGS LTD CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 2,324,096 | 4,198,152
Adjustments for: |  |
Depreciation of tangible assets | 272,485 | 289,806
Interest paid | 151 | (3,062)
Interest received | (639,902) | (389,250)
Taxation charge | 720,295 | 1,341,199
(Increase)/decrease in stocks | (769,897) | 760,236
Decrease/(increase) in debtors | 589,208 | (26,750)
Decrease in creditors | (1,350,283) | (2,674,615)
Net fair value losses/(gains) recognised in P&L | 640,000 | (700,000)
Corporation tax (paid) | (787,033) | (1,548,966)
Cash flow hedge | (437,627) | 1,223,681
Net cash generated from operating activities | 561,493 | 2,470,431
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (66,455) | (271,607)
Interest received | 639,902 | 389,250
Net cash from investing activities | 573,447 | 117,643
Cash flows from financing activities |  |
Dividends paid | (1,589,820) | (2,324,820)
Interest paid | (151) | 3,062
Net cash used in financing activities | (1,589,971) | (2,321,758)
Net (decrease)/increase in cash and cash equivalents | (455,031) | 266,316
Cash and cash equivalents at beginning of year | 15,294,255 | 15,027,939
Cash and cash equivalents at the end of year | 14,839,224 | 15,294,255
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 14,839,224 | 15,294,255
| 14,839,224 | 15,294,255
The notes on pages 20 to 43 form part of these financial statements.
Page 18
HIB (LONDON) HOLDINGS LTD CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 JUNE 2025
| At 1 July 2024 | Cash flows | At 30 June 2025
| £ | £ | £
Cash at bank and in hand | 15,294,255 | (455,041) | 14,839,214
| - | - | -
| 15,294,255 | (455,041) | 14,839,214
The notes on pages 20 to 43 form part of these financial statements.
Page 19
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
HIB (London) Holdings Ltd is a private company limited by shares incorporated in England and Wales. The address of the registered office is detailed on the company information page. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The presentational and functional currency is sterling and the financial statements have been rounded to the nearest £1. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2014. Page 20
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. The recognition of foreign exchange gains and losses arising on hedging instruments are set out in note 2.23. Page 21
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | Operating leases: the Group as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Page 22
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.10 | Pensions
Defined contribution pension plan The Group operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.11 | Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received. Page 23
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.12 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 24
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property (building only) | - | 7% | on cost
|  |  |  | Plant and machinery | - | 20% | on cost
|  |  |  | Motor vehicles | - | 25% | on cost
|  |  |  | Fixtures and fittings | - | 20% | on cost
|  |  |  | Computer equipment | - | 33% | on cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.14 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers or by the directors. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.15 | Investment property
Investment property is carried at fair value determined annually by external valuers or by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.16 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 25
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.17 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 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.
| 2.18 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.19 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.20 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.21 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.22 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Group's Balance sheet when the Group becomes party Page 26
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.22 | Financial instruments (continued)
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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 Group after the deduction of all its liabilities. Page 27
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.22 | Financial instruments (continued)
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled. Page 28
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.23 | Hedge accounting
The Group uses foreign currency forward contracts to manage its exposure to foreign exchange rates. These derivatives are measured at fair value at each balance sheet date. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability at fair value at each balance sheet date. The movement in the fair value is recognised in other comprehensive income and present in a separate cash flow hedge reserve. Realised gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year.
| 2.24 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.25 | Damaged and faulty products provision
A provision is made for rectification costs in respect of damaged goods received and goods damaged in transit to customers. Page 29
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, which are described above, management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: Fixed assets Judgments have been made in relation to the lives of tangible assets in particular the valuation and the useful economic life and residual values of leasehold property and fixtures and fittings. The directors have concluded that the asset values and residual values are appropriate. Valuation of stock Stock is included at the lower of cost and net realisable value. The directors have reviewed the stock obsolescence policy and are satisfied that stock is fairly valued at the year end. Trade debtors Judgments have been made on the recoverability of trade debtors and the valuation of provisions and the directors are satisfied that debts are recoverable. Provisions Provisions for damaged and faulty products are calculated and provided for based on historic trends. The directors have considered and concluded that the valuations of provisions are appropriate. Foreign exchange hedging Judgments have been made in relation to the fair value of forward exchange contracts by reference to the spot rate at the balance sheet date. The directors have concluded that the contracts are fairly valued at the year end. Investment properties Judgements have been made in relation to the valuation of the investment property. The directors are satisfied that the investment property is fairly valued in the financial statements. Page 30
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Distribution of bathroom products | 27,740,484 | 30,963,735
|  | 27,740,484 | 30,963,735
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 25,822,025 | 28,331,333
| Rest of Europe | 1,917,867 | 2,603,774
| Rest of the world | 592 | 28,628
|  | 27,740,484 | 30,963,735
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Rental income | 345,355 | 188,201
| Sundry income | 32,966 | 49,290
|  | 378,321 | 237,491
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 272,485 | 289,806
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 24,500 | 23,500
| Exchange differences | 142,887 | 304,921
| Other operating lease rentals | 1,379,787 | 1,334,784
| Defined contribution pension cost | 136,586 | 138,286
Page 31
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 24,500 | 23,500
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 5,127,281 | 5,300,933
| Social security costs | 515,136 | 495,599
| Cost of defined contribution scheme | 136,586 | 138,286
|  | 5,779,003 | 5,934,818
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Directors | 10 | 10 | 4 | 4
|  | Warehouse | 61 | 66 | - | -
|  | Marketing and customer services | 56 | 56 | - | -
|  | Finance and administration | 12 | 10 | - | -
|  |  | 139 | 142 | 4 | 4
Page 32
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 63,128 | 92,629
| Group contributions to defined contribution pension schemes | 4,000 | 4,000
|  | 67,128 | 96,629
| During the year retirement benefits were accruing to 1 (2024 - 1) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £23,724 (2024 - £42,129).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £4,000).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 639,902 | 389,250
|  | 639,902 | 389,250
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 151 | (3,062)
|  | 151 | (3,062)
Page 33
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 880,295 | 1,166,199
|  | 880,295 | 1,166,199
| Total current tax | 880,295 | 1,166,199
| Deferred tax |  |
| Revaluation of investment property | (160,000) | 175,000
| Total deferred tax | (160,000) | 175,000
|  | 720,295 | 1,341,199
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,044,391 | 5,539,351
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 761,098 | 1,384,838
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 2,925 | 4,349
| Capital allowances for year in excess of depreciation | 42,805 | 32,125
| Non-taxable income | (182,392) | (149,070)
| Other differences leading to an increase (decrease) in the tax charge | 95,859 | 68,957
| Total tax charge for the year | 720,295 | 1,341,199
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 34
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid on equity capital | 1,589,820 | 2,324,820
|  | 1,589,820 | 2,324,820
14. | Tangible fixed assets
| Group
|  | Long-term leasehold property | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 July 2024 | 84,576 | 70,730 | 1,727,824 | 457,026 | 2,340,156
| Additions | - | - | 3,625 | 62,830 | 66,455
| At 30 June 2025 | 84,576 | 70,730 | 1,731,449 | 519,856 | 2,406,611
| Depreciation |  |  |  |  |
| At 1 July 2024 | 47,010 | 70,730 | 1,118,413 | 310,473 | 1,546,626
| Charge for the year | 5,641 | - | 170,551 | 96,293 | 272,485
| At 30 June 2025 | 52,651 | 70,730 | 1,288,964 | 406,766 | 1,819,111
| Net book value |  |  |  |  |
| At 30 June 2025 | 31,925 | - | 442,485 | 113,090 | 587,500
| At 30 June 2024 | 37,566 | - | 609,411 | 146,553 | 793,530
Page 35
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
15. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 July 2024 | 91,929
| Forfeited share options (note 24) | (787)
| At 30 June 2025 | 91,142
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Principal activity | Class of shares | Holding
| HIB Limited | Distribution of bathroom products | Ordinary | 100%
| HIB Properties Ltd | Property holding | Ordinary | 100%
| The registered office of the subsidiary companies is the same as that of HIB (London) Holdings Ltd.
Page 36
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
16. | Investment property
| Group
|  | Long term leasehold investment property
|  | £
| Valuation |
| At 1 July 2024 | 5,900,000
| Deficit on revaluation | (640,000)
| At 30 June 2025 | 5,260,000
| Comprising |
| Deemed cost | 2,996,291
| Annual revaluation surplus/(deficit): |
| 2019 & 2022 | 2,203,709
| 2024 | 700,000
| 2025 | (640,000)
| At 30 June 2025 | 5,260,000
The 2025 valuations were made by the directors, on an open market value for existing use basis. The long term leasehold investment property was held as a tangible fixed asset until 17 August 2018 when it was transferred at the deemed cost of £2,996,291, being the historical cost of £3,323,807 and depreciation of £327,516. The value of £2,996,291 was considered by the directors to be the deemed cost and the fair value at the date of transfer. The long term leasehold investment property had been revalued by Aitchison Raffety Limited (members of Royal Institution of Chartered Surveyors) as at 2 September 2022 at a value of £5,200,000. At 30 June 2022, £1,950,000 had been recognised as the fair value increase in the Statement of Comprehensive Income following the directors' valuation at that date. The long term leasehold investment property had been revalued by Calders Chartered Sureyors Property Consultants (members of Royal Institution of Chartered Surveyors) as at 1 July 2025 at a value of £5,260,000. At 30 June 2025, £640,000 had been recognised as the fair value decrease in the Statement of Comprehensive Income following the directors' valuation at that date.
Page 37
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
17. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Finished goods and goods for resale | 4,194,940 | 3,425,043
|  | 4,194,940 | 3,425,043
| Stock recognised in cost of sales during the year as an expense was £12,153,203 (2024 - £13,421,216).
18. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 4,165,598 | 4,437,417 | - | -
| Amounts owed by group undertakings | - | - | 49,884 | 49,854
| Other debtors | 246,700 | 58,051 | - | -
| Prepayments and accrued income | 512,273 | 539,872 | - | -
| Financial instruments (note 20) | - | 91,830 | - | -
|  | 4,924,571 | 5,127,170 | 49,884 | 49,854
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
19. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 14,839,224 | 15,294,255 | 116 | 146
|  | 14,839,224 | 15,294,255 | 116 | 146
Page 38
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
20. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 1,211,806 | 1,611,096 | - | -
| Amounts owed to group undertakings | - | - | 100 | 100
| Corporation tax | 360,626 | 267,404 | - | -
| Other taxation and social security | 252,457 | 533,733 | - | -
| Other creditors | 825,408 | 1,261,703 | - | -
| Accruals and deferred income | 3,167,183 | 3,359,753 | - | -
| Financial instruments | 345,797 | - | - | -
|  | 6,163,277 | 7,033,689 | 100 | 100
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand. The group uses foreign currency forward contracts to reduce exposure to foreign exchange rate fluctuations on highly profitable forecast transactions. These are held at amortised cost and accounted for as a cash flow hedge. These contracts are valued at fair value and included in creditors of £345,797 (2024: £91,830 debtor) with a cash flow hedge net loss of £437,627, (2024 gain of £1,223,681) included in the cash flow hedge reserve.
21. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (589,298) | (414,298)
| Charged to profit or loss | 160,000 | (175,000)
| At end of year | (429,298) | (589,298)
Page 39
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 21.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| On revalued investment property | (429,298) | (589,298)
|  | (429,298) | (589,298)
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 25,000 (2024 - 25,000) Ordinary A shares of £1.00 each | 25,000 | 25,000
|  | 900 (2024 - 900) Ordinary B shares of £1.00 each | 900 | 900
|  | 27,000 (2024 - 27,000) Ordinary C shares of £1.00 each | 27,000 | 27,000
|  | 9,000 (2024 - 9,000) Ordinary D shares of £1.00 each | 9,000 | 9,000
|  | 38,000 (2024 - 38,000) Ordinary E shares of £1.00 each | 38,000 | 38,000
|  | 100 (2024 - 100) Ordinary F shares of £1.00 each | 100 | 100
|  |  | 100,000 | 100,000
| There are differing rights and restrictions applying to the classes of shares. The voting rights, preferences and restrictions attaching to each class of shares are detailed in the articles.
Page 40
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
23. | Reserves
Revaluation reserve The revaluation reserve is the amount arising on the revaluation of investment property, being the difference between the amount of the asset determined under the historical cost convention and the amount determined by the fair value of the asset, net of relevant deferred taxation. The revaluation reserve is a non-distributable reserve. Other reserves The balance on the other reserve relates to the fair value of options granted under the Enterprise Management Incentive Scheme detailed in note 24. The balance is non-distributable. Foreign exchange reserve The balance on the foreign exchange reserve relates to gains / (losses) on foreign exchange forward agreements included in a cash flow hedging relationship in place at the balance sheet date and is non-distributable. Profit and loss account The profit and loss account is represented by retained earnings.
24. | Share-based payments
| The group has an Enterprise Management Incentive Scheme set up during a prior year for five directors of a subsidiary company. During a previous year, options were granted to one director of a subsidiary company. Options are exercisable at a pre-determined price and have vested at the year end date. The options do not include any performance conditions. The options are settled in equity once exercised. The options lapse if they remain unexercised after a period of ten years from the date of grant. Options are forfeited if the director leaves the group before the options are exercised.
|  | Weighted average exercise price (pence) 2025 | Number 2025 | Weighted average exercise price (pence) 2024 | Number 2024
| Outstanding at the beginning of the year | 4,915 | 41,829 | 4,915 | 41,829
| Forfeited during the year | (100) | (787) |  | -
| Outstanding at the end of the year | 4,815 | 41,042 | 4,915 | 41,829
Page 41
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
25. | Pension commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £136,586 (2024 - £138,286). Contributions totalling £26,716 (2024 - £24,478) were payable to the fund at the reporting date.
26. | Commitments under operating leases
| At 30 June 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 1,058,968 | 926,897
| Later than 1 year and not later than 5 years | 3,291,962 | 3,216,900
| Later than 5 years | 1,394,613 | 2,146,509
|  | 5,745,543 | 6,290,306
27.Directors' personal guarantees In respect of the bank loans, the directors Mr W Ginsberg and Mr R I Ginsberg have provided personal guarantees for a principal amount of £1,000,000 plus interest and other costs, with a legal charge over the group's leasehold property, limited to £500,000. The bank loan was fully repaid prior to the reporting date and no amounts were outstanding at the year end. However, the legal charge remained registered at the reporting date.
28. | Guarantees and other financial commitments
The group’s facilities are secured by fixed and floating charges over its assets and are supported by an omnibus guarantee and set-off agreement.
29. | Related party transactions
| Following repayments in the year of £480,380, amounts owed at the balance sheet date to Mr R I Ginsberg (a director and the ultimate controlling party) totalled £304,836 (2024: £785,216). These amounts are unsecured, interest free and repayable on demand. Following repayments in the year of £150,000, amounts owed at the balance sheet date to Mr W B Ginsberg (a director) totalled £100,000 (2024: £250,000). These amounts are unsecured, interest free and repayable on demand. During the year dividends of £1,589,820 (2024: £2,324,820) were paid to the Ginsberg family.
Page 42
HIB (LONDON) HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
30. | Controlling party
The ultimate controlling party is the director Mr R I Ginsberg (2024: Mr R I Ginsberg) by way of his majority shareholding in HIB (London) Holdings Ltd.
Page 43