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Registered number: 03716257 CONCORD FABRICS (UK) LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
CONCORD FABRICS (UK) LIMITED COMPANY INFORMATION
Directors | D Weinstein
| S G Gallagher
Company secretary | D Weinstein
Registered number | 03716257
Registered office | Unit 14 Cordwallis Business Park
| Clivemont Road
| Maidenhead
| Berkshire
| SL6 7BU
Independent auditor | James Cowper Kreston Audit
| Chartered Accountants and Statutory Auditor
| Apex
| Forbury Road
| Reading
| Berkshire
| RG1 1AX
CONCORD FABRICS (UK) LIMITED CONTENTS
| Page
Directors' report | 1 - 2
Independent auditor's report | 3 - 5
Profit and loss account | 6
Balance sheet | 7
Statement of changes in equity | 8
Notes to the financial statements | 9 - 15
CONCORD FABRICS (UK) LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Principal activity
The principal activity of the company in the year under review was that of the sale of fabrics and crafts designed in-house.
Directors
The directors who served during the year were:
D Weinstein
S G Gallagher
Directors' responsibilities statement
The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 1
CONCORD FABRICS (UK) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.
S G Gallagher Director
Date: 30 March 2026
Page 2
CONCORD FABRICS (UK) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONCORD FABRICS (UK) LIMITED
Opinion
We have audited the financial statements of Concord Fabrics (UK) Limited (the 'Company') for the year ended 31 December 2025, which comprise the Profit and loss account, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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. Page 3
CONCORD FABRICS (UK) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONCORD FABRICS (UK) LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, 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; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 1, 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. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Page 4
CONCORD FABRICS (UK) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONCORD FABRICS (UK) LIMITED (CONTINUED) The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims; ∙Enquiry of management and those charged with governance to identify any material instances of non compliance with laws and regulations; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; ∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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. Darren O'Connor BSc(Hons) ACA FCCA (Senior Statutory Auditor) for and on behalf of James Cowper Kreston Audit Chartered Accountants and Statutory Auditor Apex Forbury Road Reading Berkshire RG1 1AX 31 March 2026 Page 5
CONCORD FABRICS (UK) LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover |  | 3,465,958 | 3,503,598
Cost of sales |  | (1,463,395) | (1,623,263)
Gross profit |  | 2,002,563 | 1,880,335
Distribution costs |  | (255,025) | (259,593)
Administrative expenses |  | (1,297,030) | (1,308,819)
Operating profit |  | 450,508 | 311,923
Interest receivable and similar income |  | 2,782 | 7,421
Interest payable and similar expenses |  | - | (195)
Profit before tax |  | 453,290 | 319,149
Tax on profit | 4 | (113,322) | (73,538)
Profit for the financial year |  | 339,968 | 245,611
There was no other comprehensive income for 2025 (2024: £NIL).
The notes on pages 9 to 15 form part of these financial statements.
Page 6
CONCORD FABRICS (UK) LIMITED REGISTERED NUMBER: 03716257 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 6 |  | 97,728 |  | 143,132
|  |  | 97,728 |  | 143,132
Current assets |  |  |  |  |
Stocks | 7 | 567,774 |  | 475,735 |
Debtors: amounts falling due within one year | 8 | 603,464 |  | 558,971 |
Cash at bank and in hand | 9 | 632,462 |  | 562,385 |
|  | 1,803,700 |  | 1,597,091 |
Creditors: amounts falling due within one year | 10 | (409,747) |  | (372,458) |
Net current assets |  |  | 1,393,953 |  | 1,224,633
Total assets less current liabilities |  |  | 1,491,681 |  | 1,367,765
Net assets |  |  | 1,491,681 |  | 1,367,765
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 1,000 |  | 1,000
Share premium account |  |  | 195,523 |  | 195,523
Profit and loss account |  |  | 1,295,158 |  | 1,171,242
|  |  | 1,491,681 |  | 1,367,765
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
S G Gallagher
Director
Date: 30 March 2026
The notes on pages 9 to 15 form part of these financial statements. Page 7
CONCORD FABRICS (UK) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2025 | 1,000 | 195,523 | 1,171,242 | 1,367,765
Profit for the year | - | - | 339,968 | 339,968
Dividends: Equity capital | - | - | (216,052) | (216,052)
At 31 December 2025 | 1,000 | 195,523 | 1,295,158 | 1,491,681
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 1,000 | 195,523 | 1,716,276 | 1,912,799
Profit for the year | - | - | 245,611 | 245,611
Dividends: Equity capital | - | - | (790,645) | (790,645)
At 31 December 2024 | 1,000 | 195,523 | 1,171,242 | 1,367,765
| The notes on pages 9 to 15 form part of these financial statements.
Page 8
CONCORD FABRICS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Concord Fabrics (UK) Limited is a limited liability company incorporated in England and Wales. Its registered office and principal place of business is Unit 14 Cordwallis Business Park, Clivemont Road, Maidenhead, Berkshire, SL6 7BU. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Sales are recognised when goods are delivered to customers.
| 2.3 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20% straight line
|  |  |  | Motor vehicles | - | 20% - 30% straight line
|  |  |  | Fixtures and fittings | - | 10% straight line
|  |  |  | Computer equipment | - | 20% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 9
CONCORD FABRICS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.5 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.6 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.7 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.8 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 10
CONCORD FABRICS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. | Employees
| The average monthly number of employees, including directors, during the year was 10 (2024 - 15).
Page 11
CONCORD FABRICS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 120,843 | 74,898
|  | 120,843 | 74,898
| Total current tax | 120,843 | 74,898
| Deferred tax |  |
| Origination and reversal of timing differences | (7,521) | (1,360)
| Total deferred tax | (7,521) | (1,360)
| Tax on profit | 113,322 | 73,538
5. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid on equity capital | 216,052 | 790,645
Page 12
CONCORD FABRICS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2025 | 1,780 | 188,705 | 31,036 | 43,497 | 265,018
| Additions | 262 | - | - | 617 | 879
| Disposals | - | - | (10,531) | (19,384) | (29,915)
| At 31 December 2025 | 2,042 | 188,705 | 20,505 | 24,730 | 235,982
| Depreciation |  |  |  |  |
| At 1 January 2025 | 482 | 79,339 | 15,689 | 26,376 | 121,886
| Charge for the year | 305 | 36,087 | 5,192 | 4,699 | 46,283
| Disposals | - | - | (10,531) | (19,384) | (29,915)
| At 31 December 2025 | 787 | 115,426 | 10,350 | 11,691 | 138,254
| Net book value |  |  |  |  |
| At 31 December 2025 | 1,255 | 73,279 | 10,155 | 13,039 | 97,728
| At 31 December 2024 | 1,298 | 109,366 | 15,347 | 17,121 | 143,132
7. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 567,774 | 475,735
8. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 508,283 | 470,666
| Prepayments and accrued income | 61,929 | 62,574
| Deferred taxation | 33,252 | 25,731
|  | 603,464 | 558,971
Page 13
CONCORD FABRICS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 632,462 | 562,385
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 2,963 | 9,573
| Corporation tax | 120,828 | 74,898
| Other taxation and social security | 35,454 | 40,646
| Accruals and deferred income | 250,502 | 247,341
|  | 409,747 | 372,458
11. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 25,731 | 24,371
| Credited / (charged) to profit and loss account | 7,521 | 1,360
| At end of year | 33,252 | 25,731
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | 32,874 | 25,344
| Short term timing differences | 378 | 387
|  | 33,252 | 25,731
12. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2024 - 1,000) Ordinary shares of £1 each | 1,000 | 1,000
Page 14
CONCORD FABRICS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 59,504 | 119,007
| Later than 1 year and not later than 5 years | - | 59,504
|  | 59,504 | 178,511
14. | Related party transactions
| Under section 33.1A of FRS 102 the company is exempt from the requirement to disclose transactions with other group undertakings on the grounds that it is a wholly owned subsidiary of Andover Fabrics Incorporated and its results are included in the consolidated financial statements of Andover Fabrics Incorporated. The consolidated financial statements are available to the public from 1384 Broadway, Suite 1500, New York City, New York 10018.
15. | Ultimate parent company
The ultimate parent company is Andover Fabrics Incorporated, a company incorporated in the United States of America.
Page 15