Company registration number 01338758 (England and Wales)
WEST ONE BATHROOMS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
WEST ONE BATHROOMS GROUP LIMITED
COMPANY INFORMATION
Directors
K A S Waters
D J Waters
Secretary
Ms Susan Stanley
Company number
01338758
Registered office
Unit D Davis Road Industrial Park
Davis Road
Chessington
London
KT9 1TQ
Auditor
M J Bushell Audit LLP
Ground Floor
Kings House
101-135 Kings Road
Brentwood
Essex
CM14 4DR
WEST ONE BATHROOMS GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 31
WEST ONE BATHROOMS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

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

Review of the business

The business has continued to perform strongly and trading well throughout the year. A strategic focus on enhancing gross margin continues to improve and now sits at 40%, reflecting disciplined pricing and operational efficiency.

While the wider retail sector has faced ongoing challenges, the business has benefited from a loyal and resilient customer base. As a result, net profits have remained good, despite the economic climate and significant director-led investment to support long-term growth and sustainability.

The West One brand continues to strengthen its position within the luxury high-street sector. The core retail business has once again achieved year-on-year growth in quotation levels and order intake, reinforcing the brand’s momentum and market appeal. In addition, a strategic decision was taken to completely restructure the contracts business, whilst the external decline in the contracts arena continues. While this is expected to impact contracts turnover in the short term, it is anticipated to deliver meaningful rewards and improved performance in the medium to long term.

Capital expenditure during the year was intentionally high, reflecting a strategic programme to fully refurbish all showrooms to the highest standards. This investment not only elevates the customer experience but also provides long-term longevity and positions the business strongly for future growth.

Looking ahead, the outlook for 2026 is positive. The business is well positioned to achieve steady growth, continue increasing market share, and capitalise on the strong foundations laid through recent investments.

By order of the board

Ms Susan Stanley
Secretary
6 March 2026
WEST ONE BATHROOMS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

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

Principal activities
Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £160,000. The directors do not recommend payment of a further dividend.

Directors

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

K A S Waters
D J Waters
Auditor

M J Bushell Audit LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting

Statement of 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.

Strategic Report

The group has chosen, in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out in the group's Strategic Report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and the principal risks

and uncertainties.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

By order of the board
Ms Susan Stanley
Secretary
6 March 2026
WEST ONE BATHROOMS GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, 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 and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

WEST ONE BATHROOMS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WEST ONE BATHROOMS GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of West One Bathrooms Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows 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 group's and 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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.

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:

- T he 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.

WEST ONE BATHROOMS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WEST ONE BATHROOMS GROUP LIMITED
- 5 -
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 their 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 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.

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 group's and 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 parent 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.

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

Risks identified
Audit response
Management override of controls

Reviewing minutes of meetings of those charged with governance.

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Non compliance with laws and regulations

Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.

Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations

Reviewing minutes of meetings of those charged with governance.

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

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.

WEST ONE BATHROOMS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WEST ONE BATHROOMS GROUP LIMITED
- 6 -

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Corné von Wielligh ACA (Senior Statutory Auditor)
For and on behalf of M J Bushell Audit LLP
6 March 2026
Chartered Accountants
Statutory Auditor
Ground Floor
Kings House
101-135 Kings Road
Brentwood
Essex
CM14 4DR
WEST ONE BATHROOMS GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
24,893,349
26,903,121
Cost of sales
(14,927,757)
(16,074,864)
Gross profit
9,965,592
10,828,257
Distribution costs
(3,528,299)
(3,986,572)
Administrative expenses
(4,997,000)
(5,356,559)
Operating profit
4
1,440,293
1,485,126
Interest payable and similar expenses
7
(220,636)
(122,438)
Profit before taxation
1,219,657
1,362,688
Tax on profit
8
(456,122)
(438,144)
Profit for the financial year
763,535
924,544
Profit for the financial year is all attributable to the owners of the parent company.

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

WEST ONE BATHROOMS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
£
£
Profit for the year
763,535
924,544
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
763,535
924,544
Total comprehensive income for the year is all attributable to the owners of the parent company.
WEST ONE BATHROOMS GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
10
506,859
414,801
Other intangible assets
10
42,700
85,334
Total intangible assets
549,559
500,135
Tangible assets
11
1,389,301
1,433,978
1,938,860
1,934,113
Current assets
Stocks
14
10,339,277
9,421,123
Debtors
15
1,235,640
1,707,507
Cash at bank and in hand
311,513
393,968
11,886,430
11,522,598
Creditors: amounts falling due within one year
16
(10,207,375)
(9,952,094)
Net current assets
1,679,055
1,570,504
Total assets less current liabilities
3,617,915
3,504,617
Creditors: amounts falling due after more than one year
17
(1,741,698)
(431,935)
Provisions for liabilities
Deferred tax liability
20
220,000
220,000
(220,000)
(220,000)
Net assets
1,656,217
2,852,682
Capital and reserves
Called up share capital
22
48
48
Share premium account
245,902
245,902
Capital redemption reserve
52
52
Profit and loss reserves
1,410,215
2,606,680
Total equity
1,656,217
2,852,682

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

The financial statements were approved by the board of directors and authorised for issue on 6 March 2026 and are signed on its behalf by:
06 March 2026
K A S Waters
D J Waters
Director
Director
Company registration number 01338758 (England and Wales)
WEST ONE BATHROOMS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
12
1,446,303
1,446,303
Current assets
Debtors
15
330,269
2,531
Creditors: amounts falling due within one year
16
(2,722)
(1,202,722)
Net current assets/(liabilities)
327,547
(1,200,191)
Total assets less current liabilities
1,773,850
246,112
Creditors: amounts falling due after more than one year
17
(1,527,738)
-
0
Net assets
246,112
246,112
Capital and reserves
Called up share capital
22
48
48
Share premium account
245,902
245,902
Capital redemption reserve
52
52
Profit and loss reserves
110
110
Total equity
246,112
246,112

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,960,000 (2024 - £930,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 6 March 2026 and are signed on its behalf by:
06 March 2026
K A S Waters
D J Waters
Director
Director
Company Registration No. 01338758
WEST ONE BATHROOMS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2023
48
245,902
52
2,578,932
2,824,934
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
924,544
924,544
Dividends
9
-
-
-
(930,000)
(930,000)
Other movements
-
-
-
33,204
33,204
Balance at 30 June 2024
48
245,902
52
2,606,680
2,852,682
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
-
763,535
763,535
Dividends
9
-
-
-
(160,000)
(160,000)
EOT distributions
-
-
-
(1,800,000)
(1,800,000)
Balance at 30 June 2025
48
245,902
52
1,410,215
1,656,217
WEST ONE BATHROOMS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2023
48
245,902
52
110
246,112
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
-
930,000
930,000
Dividends
9
-
-
-
(930,000)
(930,000)
Balance at 30 June 2024
48
245,902
52
110
246,112
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
-
1,960,000
1,960,000
Dividends
9
-
-
-
(160,000)
(160,000)
EOT distributions
-
-
-
(1,800,000)
(1,800,000)
Balance at 30 June 2025
48
245,902
52
110
246,112
WEST ONE BATHROOMS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,211,064
1,933,632
Interest paid
(220,636)
(122,438)
Income taxes paid
(378,093)
(513,340)
Net cash inflow from operating activities
612,335
1,297,854
Investing activities
Purchase of intangible assets
-
(200,000)
Purchase of tangible fixed assets
(306,766)
(379,412)
Proceeds from disposal of tangible fixed assets
74,579
(208)
Net cash used in investing activities
(232,187)
(579,620)
Financing activities
Proceeds from asset transfer
-
33,205
Repayment of bank loans
1,322,441
(870)
Payment of finance leases obligations
(52,327)
6,344
Dividends paid to equity shareholders
(160,000)
(930,000)
EOT distibutions
(1,800,000)
-
0
Net cash used in financing activities
(689,886)
(891,321)
Net decrease in cash and cash equivalents
(309,738)
(173,087)
Cash and cash equivalents at beginning of year
190,447
363,534
Cash and cash equivalents at end of year
(119,291)
190,447
Relating to:
Cash at bank and in hand
311,513
393,968
Bank overdrafts included in creditors payable within one year
(430,804)
(203,521)
WEST ONE BATHROOMS GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(1,527,738)
200,000
Interest paid
(81,307)
-
0
Net cash (outflow)/inflow from operating activities
(1,609,045)
200,000
Investing activities
Proceeds from disposal of subsidiaries
-
0
(200,000)
Dividends received
2,041,307
930,000
Net cash generated from investing activities
2,041,307
730,000
Financing activities
Repayment of bank loans
1,527,738
-
Dividends paid to equity shareholders
(160,000)
(930,000)
EOT distributions
(1,800,000)
Net cash used in financing activities
(432,262)
(930,000)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 15 -
1
Accounting policies
Company information

West One Bathrooms Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit D Davis Road Industrial Park, Davis Road, Chessington, Surrey, KT9 1TQ.

The group consists of West One Bathrooms Group Limited and all of its subsidiaries.

1.1
Basis of preparation

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.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company West One Bathrooms Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 June 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -
1.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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

1.6
Intangible fixed assets - goodwill

Acquired goodwill is being written off in equal annual instalments over its estimated useful economic life of 7 years.

1.7
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
20% Straight line
1.8
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:

Short leasehold property
Straight line over the life of the lease
Plant and machinery
5% - 25% Straight line
Fixtures, fittings & equipment
15% Straight Line
Computer equipment
20% Straight Line
Motor vehicles
20% Straight line

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

WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -
1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.10
Impairment of fixed assets

At each reporting period end date, the group 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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

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

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

1.11
Stocks

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

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

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

WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -
1.12
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.

1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

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 group 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.

WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 19 -
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 group 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. Amounts 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 subsequently 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 group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.16
Taxation

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

WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 20 -
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
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.

1.18
Retirement benefits

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

1.19
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 d asset are consumed.

WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 21 -
1.20
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’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

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

2025
2024
£
£
Turnover analysed by class of business
Sales of goods
24,893,349
26,903,121
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
6,086
(18,362)
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of tangible fixed assets
291,563
316,244
(Profit)/loss on disposal of tangible fixed assets
(14,699)
208
Amortisation of intangible assets
(49,424)
351,796
Operating lease charges
1,038,584
1,041,487
WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Sales and distribution
58
53
-
-
Warehouse
5
6
-
-
Administration
30
34
-
-
Total
93
93
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,138,438
4,410,559
-
0
-
0
Social security costs
517,328
535,258
-
-
Pension costs
175,230
151,541
-
0
-
0
4,830,996
5,097,358
-
0
-
0
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
247,924
189,765
Company pension contributions to defined contribution schemes
82,085
58,252
330,009
248,017
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
96,675
86,760
Company pension contributions to defined contribution schemes
41,043
29,126

The number of directors for whom benefits are accruing under defined contribution schemes amounted to 3 (2024 - 2).

WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
29,768
46,110
Interest payable to group undertakings
81,307
-
0
111,075
46,110
Other finance costs:
Interest on finance leases and hire purchase contracts
18,733
23,664
Other interest
90,828
52,664
Total finance costs
220,636
122,438
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
353,037
438,144
Adjustments in respect of prior periods
103,085
-
0
Total current tax
456,122
438,144

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

2025
2024
£
£
Profit before taxation
1,219,657
1,362,688
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
304,914
340,672
Tax effect of expenses that are not deductible in determining taxable profit
60,032
9,328
Adjustments in respect of prior years
103,394
-
0
Permanent capital allowances in excess of depreciation
20,500
16,827
Change in tax rate in deferred tax provision
-
0
(530)
Other tax adjustments
(9,703)
(1,854)
Consolidation adjustments
(23,015)
73,701
Taxation charge
456,122
438,144
9
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
160,000
930,000
WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
10
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 July 2024 and 30 June 2025
1,474,005
213,169
1,687,174
Amortisation and impairment
At 1 July 2024
1,059,204
127,835
1,187,039
Amortisation charged for the year
(92,058)
42,634
(49,424)
At 30 June 2025
967,146
170,469
1,137,615
Carrying amount
At 30 June 2025
506,859
42,700
549,559
At 30 June 2024
414,801
85,334
500,135
The company had no intangible fixed assets at 30 June 2025 or 30 June 2024.
11
Tangible fixed assets
Group
Short leasehold property
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2024
707,453
2,433,324
6,078
31,369
609,718
3,787,942
Additions
-
0
162,766
-
0
-
0
144,000
306,766
Disposals
-
0
-
0
-
0
-
0
(210,194)
(210,194)
At 30 June 2025
707,453
2,596,090
6,078
31,369
543,524
3,884,514
Depreciation and impairment
At 1 July 2024
524,791
1,544,626
4,429
31,369
248,749
2,353,964
Depreciation charged in the year
34,494
130,739
1,406
-
0
124,924
291,563
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(150,314)
(150,314)
At 30 June 2025
559,285
1,675,365
5,835
31,369
223,359
2,495,213
Carrying amount
At 30 June 2025
148,168
920,725
243
-
0
320,165
1,389,301
At 30 June 2024
182,662
888,698
1,649
-
0
360,969
1,433,978
The company had no tangible fixed assets at 30 June 2025 or 30 June 2024.
WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
11
Tangible fixed assets
(Continued)
- 25 -

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
320,165
360,969
-
0
-
0
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,446,303
1,446,303
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2024 and 30 June 2025
1,446,303
Carrying amount
At 30 June 2025
1,446,303
At 30 June 2024
1,446,303
13
Subsidiaries

These financial statements are separate company financial statements for West One Bathrooms Group Limited.

Details of the company's subsidiaries at 30 June 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Queenstown Bathrooms Limited
England and Wales
Ordinary
100.00
West Four Bathrooms Limited
England and Wales
Ordinary
100.00
West One Bathrooms Limited
England and Wales
Ordinary
100.00
West Three Bathrooms Limited
England and Wales
Ordinary
100.00
West Two Bathrooms Limited
England and Wales
Ordinary
100.00
West One Bathrooms Online Limited
England and Wales
Ordinary
100.00
WOB Solutions limited
England and Wales
Ordinary
100.00
WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
13
Subsidiaries
(Continued)
- 26 -

In the opinion of the directors, the aggregate value of the company's investment in subsidiary undertakings is not less than the amount included in the balance sheet.

West One Bathrooms Group Limited has provided a parent guarantee in accordance with section 479A - 479C of the Companies Act 2006 to exempt West One Bathrooms Online Limited from audit.

14
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
10,339,277
9,421,123
-
0
-
0
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
451,249
1,085,912
-
0
-
0
Amounts owed by group undertakings
-
-
330,269
2,531
Other debtors
101,304
105,888
-
0
-
0
Prepayments and accrued income
683,087
515,707
-
0
-
0
1,235,640
1,707,507
330,269
2,531
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
622,197
406,551
-
0
-
0
Obligations under finance leases
19
112,857
140,869
-
0
-
0
Payments received on account
4,406,934
3,873,484
-
0
-
0
Trade creditors
3,289,902
3,733,471
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,722
1,202,722
Corporation tax payable
386,907
308,878
-
0
-
0
Other taxation and social security
658,704
547,069
-
-
Other creditors
626,741
866,871
-
0
-
0
Accruals and deferred income
103,133
74,901
-
0
-
0
10,207,375
9,952,094
2,722
1,202,722
WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 27 -
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
1,561,360
227,282
1,527,738
-
0
Obligations under finance leases
19
180,338
204,653
-
0
-
0
1,741,698
431,935
1,527,738
-

Obligations under finance leases are secured by fixed charges on the assets concerned.

18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
1,752,753
430,312
1,527,738
-
0
Bank overdrafts
430,804
203,521
-
0
-
0
2,183,557
633,833
1,527,738
-
Payable within one year
622,197
406,551
-
0
-
0
Payable after one year
1,561,360
227,282
1,527,738
-
0

During the 2025 financial year West One Bathrooms Group Limited obtained a working capital loan repaid over a 3 year period. All loan payments have been met on time to date.

19
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
112,857
140,869
-
0
-
0
Non-current liabilities
180,338
204,653
-
0
-
0
293,195
345,522
-
-
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
112,857
140,869
-
0
-
0
In two to five years
180,338
204,653
-
0
-
0
293,195
345,522
-
-
WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
19
Finance lease obligations
(Continued)
- 28 -

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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
Group
£
£
ACAs
220,000
220,000
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.

T he deferred tax liability set out above is expected to re main constant over the next 12 months.

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
175,230
151,541

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
48
48
48
48

The company has one class of ordinary shares which carry equal voting and dividend rights, and in the event of winding up or disposal, equal rights over any surplus assets. They do not carry rights of redemption.

23
Financial commitments, guarantees and contingent liabilities

The group's bankers have given a guarantee to HMRC with recourse to the group which amounts to £5,000.

WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 29 -
24
Operating lease commitments
As lessee

Operating lease payments represent rentals payable by the group for its leasehold properties.

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
984,604
496,364
-
-
Years 2-5
2,705,100
1,684,573
-
-
After 5 years
603,091
376,841
-
-
4,292,795
2,557,778
-
-
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
422,759
435,144

26
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Advances
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
K A S Waters -
9.25
386,611
(283,435)
25,411
78,333
206,920
D J Waters -
9.25
382,719
(279,219)
24,803
74,833
203,136
769,330
(562,654)
50,214
153,166
410,056

Interest was charged on the director's loan accounts at a rate of 5% + BOE rate.

WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 30 -
27
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
763,535
924,544
Adjustments for:
Taxation charged
456,122
438,144
Finance costs
220,636
122,438
(Gain)/loss on disposal of tangible fixed assets
(14,699)
208
Amortisation and impairment of intangible assets
(49,424)
351,796
Depreciation and impairment of tangible fixed assets
291,563
316,244
Movements in working capital:
Increase in stocks
(918,154)
(260,293)
Decrease in debtors
471,867
1,012,626
Decrease in creditors
(10,382)
(972,075)
Cash generated from operations
1,211,064
1,933,632
28
Cash (absorbed by)/generated from operations - company
2025
2024
£
£
Profit after taxation
1,960,000
930,000
Adjustments for:
Finance costs
81,307
-
0
Investment income
(2,041,307)
(930,000)
Movements in working capital:
Increase in debtors
(327,738)
-
(Decrease)/increase in creditors
(1,200,000)
200,000
Cash (absorbed by)/generated from operations
(1,527,738)
200,000
29
Analysis of changes in net debt - group
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
393,968
(82,455)
311,513
Bank overdrafts
(203,521)
(227,283)
(430,804)
190,447
(309,738)
(119,291)
Borrowings excluding overdrafts
(430,312)
(1,322,441)
(1,752,753)
Obligations under finance leases
(345,522)
52,327
(293,195)
(585,387)
(1,579,852)
(2,165,239)
WEST ONE BATHROOMS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 31 -
30
Analysis of changes in net debt - company
1 July 2024
Cash flows
30 June 2025
£
£
£
Borrowings excluding overdrafts
-
(1,527,738)
(1,527,738)
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