Company registration number 06066095 (England and Wales)
SHOWCASE INTERIORS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Affinia
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
SHOWCASE INTERIORS LIMITED
COMPANY INFORMATION
Directors
Mr D Watkins
(Appointed 28 October 2024)
Mr K Robson
(Appointed 28 October 2024)
Mrs E Lee
(Appointed 28 October 2024)
Mr P Barker
(Appointed 28 October 2024)
Company number
06066095
Registered office
Paslow Hall Farm Estate
King Street
High Ongar
Essex
CM5 9QZ
Auditor
Affinia (Chelmsford)
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
SHOWCASE INTERIORS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of total comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 25
SHOWCASE INTERIORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

Principle Activity and Business Review

The principle activity of the company is the provision of office furniture and related services to the Commercial and Automotive retail markets.

Showcase is an award-winning independent furniture dealer, providing consultancy, procurement & installation services to all market sectors and businesses of various shapes and sizes.

We collaborate with architects, designers and corporate clients to deliver design led and inspiring workspaces that transform the way businesses work, providing the best possible solutions for our clients – it’s at the heart of what we do.

Our highly experienced team are committed to providing a bespoke service, focusing on innovation, integrity & exceptional customer service.

In October 2024, four long standing members of the senior leadership team completed the successful management buyout of Showcase Interiors marking a significant milestone in the company’s journey. It’s very much business as usual for our core activities, however there have been some changes to the structure of the group and financing arrangements. This change in Ownership means that Showcase Interiors has become a subsidiary of Showcase Group Holdings Limited who now become the group parent company and the entity for which group consolidated accounts are prepared. Turnover and profit for the year therefore appears to have dropped significantly, however the fact that other group compan ies’ figures are no longer included in this should be taken into account.

On this basis the profit for the year, after taxation, amounted to £510,45 5 (2024: £755,497)

Debt has increased due to financing activities to fund the management buyout. The business remains on target to repay the debt over the next 5 years.

KPI

The Board of Directors regularly review the company’s financial KPI’s. This year has seen positive improvements in both gross margin and debtor days. Continuing to improve these will assist in increasing overall performance, net profit and managing debt.

Gross Margin 16.4% (2024: 11.8%)

Debtor Days 41 days (2024: 85 days)

Represents the length of time the group receives payments from its debtors. Calculated by comparing how many days’ billings it takes to cover the debtor balance.

Principal risks and uncertainties

Demand for office furniture is closely linked to overall economic activity, corporate investment, and employment trends. Economic downturns, reduced office occupancy, or shifts toward remote working could negatively affect sales volumes. However general office occupancy appears to be continually increasing towards pre Covid levels and while trading conditions have been tough across the industry over the last year due to economic downturn we have seen an increase in activity in the last few months and will carry a strong order book into the next few months and next financial year.

Cybersecurity and Data Protection

The risk of cyberattacks and data breaches is a constant and growing risk. To mitigate this we have embarked on the process of gaining ISO27001 accreditation to ensure our information security management is robust while also increasing our cyber insurance levels.

SHOWCASE INTERIORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Other information and explanations

Financial management and control

Failure to maintain adequate financial and management processes and controls could lead to poor quality management decisions, resulting in the Company not achieving its financial targets, or errors in the Company’s financial reporting.

The Company has adopted the following risk management policies that seek to mitigate its exposure to financial risk:

Financial assets and liabilities that expose the Company to financial risk consists principally of trade debtor and creditors. All debtors and creditors are regularly credit checked and monitored for changes in their status, this in turn affects our treatment of their debt or indeed the companies that the Company purchases from.

The company places its cash in creditworthy institutions. The profile of trade debtors is such that the concentration of credit risk is not considered a concern. The Directors are of a view that the Company is not exposed to any significant risks.

Looking Forward

There are no planned changes to the principal activities of the group and we continue with ‘business as usual’ following the MBO. The board is looking at various strategies to increase market share as we continue to try and grow the business while maintaining our high ESG standards.

We believe that ‘sustainability’ encapsulates not only the circularity and long-term health of our environment, but also the continued thriving of our communities and the people within them. We partner with a number of charities and not-for-profit organisations to maximise the positive impact that we have on the communities that we work in.

We will continue to diversify our social impact to align with, and contribute to, as many of the UN’s Sustainable Development Goals (SDGs) as possible.

On behalf of the board

Mr D Watkins
Director
23 December 2025
SHOWCASE INTERIORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the Company is the provision of office furniture and related services to the Commercial and Automotive retail markets.

Results and dividends

The results for the year are set out on page 8.

Directors

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

Mrs E Boreham
(Resigned 28 October 2024)
Mr N Boreham
(Resigned 28 October 2024)
Mr D Watkins
(Appointed 28 October 2024)
Mr K Robson
(Appointed 28 October 2024)
Mrs E Lee
(Appointed 28 October 2024)
Mr P Barker
(Appointed 28 October 2024)
Financial instruments
Treasury operations and financial instruments

The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company activities.

The companies principal financial instruments include derivative financial instruments, the purpose of which is to manage currency risks and interest rate risks arising from the group’s activities, and bank overdrafts, loans and corporate bonds, the main purpose of which is to raise finance for the companies’ operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. Derivative transactions which the group enters into principally comprise forward exchange contracts. In accordance with companies’ treasury policy, derivative instruments are not entered into for speculative purposes.

Liquidity risk

The company continually monitors cash flow and manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense where possible, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. An invoice finance facility is in place and available to aid cash and working capital requirements across the company.

SHOWCASE INTERIORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Foreign currency risk

The company principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Overseas operations

The group includes a company registered in Amsterdam – Showcase Europe BV, which helps facilitate our European export sales.

Future developments

We look to continue to grow the business organically through existing and new sales strategies and investment while maintaining our high ESG standards.

The development of an online platform to provide transparency on pricing and project milestones to our corporate consultancy & procurement clients is expected to aid future business growth.

Auditor

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

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 auditor of the company 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 auditor of the company is aware of that information.

Medium-sized companies exemption

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

On behalf of the board
Mr D Watkins
Director
23 December 2025
SHOWCASE INTERIORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHOWCASE INTERIORS LIMITED
- 5 -
Opinion

We have audited the financial statements of Showcase Interiors Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

SHOWCASE INTERIORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHOWCASE INTERIORS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

- certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, incorporated the following:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the provision of furniture retail sector;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

SHOWCASE INTERIORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHOWCASE INTERIORS LIMITED (CONTINUED)
- 7 -

To address the risk of fraud through management bias and override of controls, our work included:

- Performance of analytical procedures to identify any unusual or unexpected relationships;

- Testing journal entries to identify unusual transactions. Investigated the rationale behind significant or unusual transactions;

- Observation and identification of internal controls in place, specifically around unfulfilled orders, refunds, payroll and bank transactions;

- An assessment of whether judgements and assumptions made in determining the accounting estimates around jobs in progress at year end were indicative of potential bias;

- Review of large and unusual bank transactions; and

- Enquiry with management and inspected authorisations where appropriate.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting evidence; and

- Enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Warman (Senior Statutory Auditor)
For and on behalf of Affinia (Chelmsford), Statutory Auditor
Chartered Accountants
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
23 December 2025
SHOWCASE INTERIORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
29,842,032
34,970,715
Cost of sales
(24,938,099)
(30,816,141)
Gross profit
4,903,933
4,154,574
Administrative expenses
(5,009,264)
(4,626,240)
Other operating income
456,013
468,008
Operating profit/(loss)
5
350,682
(3,658)
Interest receivable and similar income
8
217,816
703,872
Interest payable and similar expenses
9
(48,959)
-
0
Amounts written off investments
10
-
59,974
Profit before taxation
519,539
760,188
Tax on profit
11
(9,084)
(4,691)
Profit for the financial year
510,455
755,497

The notes on pages 11 to 25 form part of these financial statements.

SHOWCASE INTERIORS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
42,082
26,845
Tangible assets
13
334,974
504,535
Investments
14
1,836,775
1,836,775
2,213,831
2,368,155
Current assets
Debtors
16
14,558,957
11,307,150
Cash at bank and in hand
1,288,446
3,804,686
15,847,403
15,111,836
Creditors: amounts falling due within one year
17
(10,621,877)
(11,270,798)
Net current assets
5,225,526
3,841,038
Total assets less current liabilities
7,439,357
6,209,193
Provisions for liabilities
Deferred tax liability
18
16,840
15,400
(16,840)
(15,400)
Net assets
7,422,517
6,193,793
Capital and reserves
Called up share capital
21
44,092
40,000
Share premium account
714,177
-
0
Share option reserve
-
0
40,222
Profit and loss reserves
6,664,248
6,113,571
Total equity
7,422,517
6,193,793

The notes on pages 11 to 25 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 December 2025 and are signed on its behalf by:
Mr D Watkins
Director
Company registration number 06066095 (England and Wales)
SHOWCASE INTERIORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Share premium account
Share option reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
40,000
-
0
40,222
5,358,074
5,438,296
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
755,497
755,497
Balance at 31 March 2024
40,000
-
0
40,222
6,113,571
6,193,793
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
510,455
510,455
Issue of share capital
21
4,092
714,177
-
-
718,269
Share option exercise
-
-
(40,222)
40,222
-
Balance at 31 March 2025
44,092
714,177
-
6,664,248
7,422,517

The notes on pages 11 to 25 form part of these financial statements.

SHOWCASE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Company information

Showcase Interiors Limited is a company limited by shares incorporated in England and Wales. The registered office is Paslow Hall Farm Estate, King Street, High Ongar, Essex, England, CM5 9QZ

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. 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 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Showcase Interiors Limited is a wholly owned subsidiary of Showcase Group Holdings Limited and the results of Showcase Interiors Limited are included in the consolidated financial statements of Showcase Group Holdings Limited which are available from its registered office Paslow Hall Farm Estate King Street, High Ongar, Essex, England, CM5 9QZ.

1.2
Going concern

Following the management buy-out, cash flow is assisted by an invoice financing facility. The directors forecast headroom 12 months forward on a monthly rolling basis. The forecast is sensitive to delays in significant contracts, but the diversified nature of group operations mitigates some of the sensitivity here. Whilst the group is forecast to operate within the available headroom for a period of 12 months following sign off, the directors note that other options are available to extend cash availability should they be required. These options include, but are not limited to, raising the facility limit available. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months following sign of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for bespoke furniture and design and installation 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.

SHOWCASE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -

Revenue from the sale of furniture is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (This can be on completion of design works, ordering of the furniture or on delivery of the furniture), 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
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Intangible fixed assets other than goodwill

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

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

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

Software
3 years straight line
1.6
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:

Leasehold improvements
9, 5 and 4 years straight line
Fixtures, fittings & equipment
4 years straight line
Computer equipment
3 years straight line
Motor vehicles
25% reducing balance

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.

1.7
Fixed asset investments

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

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

SHOWCASE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.8
Impairment of fixed assets

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

1.9
Cash and cash equivalents

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

1.10
Financial instruments

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

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

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

Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

SHOWCASE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Other financial liabilities

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

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

Derecognition of financial liabilities

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

1.11
Equity instruments

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

1.12
Taxation

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

SHOWCASE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
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.

1.13
Employee benefits

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

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

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

1.14
Retirement benefits

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

SHOWCASE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.15
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At each succeeding financial reporting period end and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the period.

1.16
Leases

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

2
Judgements and key sources of estimation uncertainty

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

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

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sales
29,842,032
34,970,715
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
28,130,388
31,931,201
Europe
1,418,697
2,849,785
Rest of World
292,947
189,729
29,842,032
34,970,715
2025
2024
£
£
Other revenue
Interest income
67,816
64,869
Dividends received
150,000
639,003
Commissions received
11,200
13,438
SHOWCASE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
28,000
24,000
Audit of the financial statements of the company's subsidiaries
4,500
5,000
32,500
29,000
For other services
Other assurance services
2,950
6,000
Other taxation services
1,750
1,500
4,700
7,500
5
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
187,057
175,087
Profit on disposal of tangible fixed assets
(3,386)
-
Amortisation of intangible assets
8,096
3,915
Operating lease charges
76,796
84,124
6
Employees

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

2025
2024
Number
Number
Directors
4
2
Senior Management
-
5
Management
5
3
Sales
14
10
Admin
37
36
Total
60
56
SHOWCASE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,862,634
2,544,532
Social security costs
326,080
286,994
Pension costs
229,860
130,762
3,418,574
2,962,288
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
260,617
18,200
Company pension contributions to defined contribution schemes
177,701
60,000
438,318
78,200

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
62,500
-
Company pension contributions to defined contribution schemes
550
-

As total directors' remuneration was less than £200,000 in the prior year, no disclosure is provided for that year.

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
67,816
64,869
Income from fixed asset investments
Dividends from shares in group undertakings
150,000
639,003
Total income
217,816
703,872
SHOWCASE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Interest receivable and similar income
(Continued)
- 19 -
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
67,816
64,869
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice finance arrangements
48,959
-
0
10
Amounts written off investments
2025
2024
£
£
Gain on disposal of investments held at fair value
-
59,974
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
7,644
-
0
Other taxes
-
0
4,691
Total current tax
7,644
4,691
Deferred tax
Origination and reversal of timing differences
1,440
-
0
Total tax charge
9,084
4,691
SHOWCASE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
11
Taxation
(Continued)
- 20 -

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

2025
2024
£
£
Profit before taxation
519,539
760,188
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
129,885
190,047
Tax effect of expenses that are not deductible in determining taxable profit
71,462
56,766
Tax effect of utilisation of tax losses not previously recognised
(5,326)
18,465
Unutilised tax losses carried forward
-
0
5,326
Capital allowances
(11,449)
(106,562)
Other permanent differences
-
0
4,691
Dividend income
(37,500)
(159,751)
Pension contributions
(4,288)
(4,291)
Tax relief on employee incentive scheme exercise
(133,700)
-
0
Taxation charge for the year
9,084
4,691
12
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2024
346,054
30,760
376,814
Additions
-
0
23,333
23,333
Disposals
(346,054)
-
0
(346,054)
At 31 March 2025
-
0
54,093
54,093
Amortisation and impairment
At 1 April 2024
346,054
3,915
349,969
Amortisation charged for the year
-
0
8,096
8,096
Disposals
(346,054)
-
0
(346,054)
At 31 March 2025
-
0
12,011
12,011
Carrying amount
At 31 March 2025
-
0
42,082
42,082
At 31 March 2024
-
0
26,845
26,845
SHOWCASE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
13
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
431,964
396,567
217,334
23,123
1,068,988
Additions
-
0
1,645
16,389
-
0
18,034
Disposals
(3,924)
-
0
-
0
-
0
(3,924)
At 31 March 2025
428,040
398,212
233,723
23,123
1,083,098
Depreciation and impairment
At 1 April 2024
238,404
163,033
142,159
20,857
564,453
Depreciation charged in the year
64,924
73,114
48,452
567
187,057
Eliminated in respect of disposals
(3,386)
-
0
-
0
-
0
(3,386)
At 31 March 2025
299,942
236,147
190,611
21,424
748,124
Carrying amount
At 31 March 2025
128,098
162,065
43,112
1,699
334,974
At 31 March 2024
193,560
233,534
75,175
2,266
504,535

14
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
15
1,836,775
1,836,775
15
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Showcase Europe B.V
Netherlands
Ordinary
100.00
-
Showcase PSR Limited
United Kingdom
Ordinary
85.40
-
Portsdown Group Ltd
United Kingdom
Ordinary
0
85.40
Showcase PSR Portsdown Ltd
United Kingdom
Ordinary
0
85.40
SHOWCASE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,344,571
8,149,933
Other debtors
10,333,067
2,172,623
Prepayments and accrued income
881,319
984,594
14,558,957
11,307,150

17
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
5,642,131
7,108,888
Corporation tax
7,644
-
0
Other taxation and social security
533,609
759,907
Other creditors
2,480,043
22,320
Accruals and deferred income
1,958,450
3,379,683
10,621,877
11,270,798

Included in other creditors is a balance of £1,387,725. Being an invoice discounting facility with Bibby Financial Services Limited.

A fixed and floating charge with negative pledges is held over the company dated 26 November 2024 in favour of Bibby Financial Services Limited, which covers the assets of the company.

A fixed and floating charge is held over the company dated 05 December 2018 in favour of Barclays Bank PLC which covers the assets of the company.

There is also a fixed and floating charge held over the company dated 26 November 2018 in favour of Barclays Bank PLC which cover the assets of the company.

18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
16,840
15,400
SHOWCASE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
18
Deferred taxation
(Continued)
- 23 -
2025
Movements in the year:
£
Liability at 1 April 2024
15,400
Charge to profit or loss
1,440
Liability at 31 March 2025
16,840

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
229,860
130,762

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 company had liabilities of £18,787 (2024: £21,427) at the year end in respect of unpaid contributions to defined contribution schemes.

20
Share-based payment transactions
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 April 2024
4,092
4,092
175.53
35.11
Exercised
(4,092)
0
-
0
175.53
-
0
Outstanding at 31 March 2025
-
0
4,092
-
0
-
0

Showcase Interiors Limited has a share option scheme which employees participate in. The scheme is an Enterprise Management Incentive plan approved by HMRC.

During the year, 4,092 EMI share options were exercised by eligible employees at an exercise price of £175.53 per share. The total proceeds received by the company were £718,269. The shares issued upon exercise were fully paid ordinary B shares, and the company has accounted for the transaction in accordance with the relevant provisions of FRS 102. The share-based payment reserve has been adjusted accordingly.

The company recognised a transfer of £40,222 from the share-based payment reserve to retained earnings in respect of the options exercised. No income tax or National Insurance contributions were due on exercise, as the options qualified under the EMI scheme and were exercised within the relevant time limits.

SHOWCASE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
10,040
10,040
10,040
10,040
Ordinary B of £1 each
34,052
29,960
34,052
29,960
44,092
40,000
44,092
40,000

The company has 2 classes of ordinary shares which both carry full rights to vote, participate in dividends and participate in the distribution of capital in winding up the company.

On the 28th October 2024 the EMI scheme created in 2017 was exercised resulting in the issue of 4,092 Ordinary B shares at par value.

22
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
279,966
245,451
Years 2-5
339,024
404,943
618,990
650,394
23
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Income
Payments
2025
2024
2025
2024
£
£
£
£
Entities over which the entity has control, joint control or significant influence
426,009
3,217,922
37,055
3,260,822

Included within income above is management charges receivable of £231,941 (2024: £177,162) and recharged admin expenditure of £194,068 (2024: £213,907)

The company received dividends of £150,000 (2024: £639,003) from shares in group undertakings.

SHOWCASE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
23
Related party transactions
(Continued)
- 25 -
Balances with related parties

The following amounts were outstanding at the reporting end date:

Amounts owed by
Amounts owed to
related parties
related parties
2025
2024
2025
2024
£
£
£
£
Entities over which the entity has control, joint control or significant influence
508,582
1,767,970
1,062,152
-
0
Entities with control, joint control or significant influence over the company
8,882,461
-
0
-
0
-
0
Other related parties
-
0
190,603
-
0
-
0
Other information

The company has taken advantage of the disclosure exemptions available in FRS 102 section 33 in relation to balances and transactions between wholly owned members.

24
Ultimate controlling party

The company's ultimate parent company is Showcase Group Holdings Limited, the company which prepares the group’s consolidated financial statements. Copies of the consolidated financial statements can be obtained from Paslow Hall Farm Estate King Street, High Ongar, Ongar, Essex, CM5 9QZ.

25
Directors' transactions

At the balance sheet date the company owed £15,433 to the directors (2024: £166,364 was owed to the company).

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