Company Registration No. 11940273 (England and Wales)
LAURELLE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
LAURELLE HOLDINGS LIMITED
COMPANY INFORMATION
Director
O McMahon
Company number
11940273
Registered office
Ground Floor
1279 London Road
Leigh-on-Sea
Essex
SS9 2AD
Auditor
Rickard Luckin Limited
Suite 8
Phoenix House
Christopher Martin Road
Basildon
Essex
SS14 3EZ
LAURELLE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's 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
LAURELLE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

The director presents the strategic report for the year ended 31 May 2025.

Review of the business

The director is very pleased with the performance of the group with turnover increasing by 20.8% when compared with the previous year. G oing forward the group has plans to consolidate its product offering in order to focus on profitability in line with the group's trajectory pre pandemic. The gross profit margin decreased in the year to 16.8% (2024 - 18.6%).

At the end of the year the group had net assets of £9,221,014 (2024 - £8,765,538).

Despite trading conditions continuing to be difficult due to fluctuating exchange rates and increased supplier costs, the group has enjoyed another successful year. Gross profit margins, as noted above, have decreased, however the group continues to concentrate on improving margins for specific product lines on the group's long standing perfume range which will help to improve profitability in future years.

Principal risks and uncertainties

The principal risk of the business is in respect to market trends and the demand for products.

Key performance indicators

T he group's key financial performance indicators during the year were as follows:

2025 2024

Turnover £23,561,403 £19,501,640

Turnover growth/(decline) 20.8% 23.5%

Gross profit margin 16.8% 18.6%

Profit before tax £621,647 £371,675

On behalf of the board

O McMahon
Director
31 March 2026
LAURELLE HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 2 -

The director presents his annual report and financial statements for the year ended 31 May 2025.

Principal activities

The principal activity of the company is that of a non-trading holding company. The principal activities of the group continued to be that of creating and manufacturing exclusive beauty brands for a variety of retailers.

Results and dividends

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

Ordinary dividends were paid amounting to £60,000. The director does not recommend payment of a further dividend.

Director

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

O McMahon
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk

The company’s 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.

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
O McMahon
Director
31 March 2026
LAURELLE HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
- 3 -

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

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

LAURELLE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAURELLE HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Laurelle Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 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 31 May 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 director's 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 director 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 director is 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 director's 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 director's report have been prepared in accordance with applicable legal requirements.

LAURELLE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAURELLE HOLDINGS 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 director's 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 director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has 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.

Capability of the audit in detecting irregularity, including fraud

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management and via inspection of the company’s regulatory and legal correspondence.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade and export legislation; d ata protection legislation; anti-bribery and anti-corruption legislation.

LAURELLE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAURELLE HOLDINGS LIMITED
- 6 -

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

- Challenging assumptions made by management in its significant accounting estimates;

- Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account;

- Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

- Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis;

- Discussions with management.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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 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.

Neil Brewer
For and on behalf of
1 April 2026
Rickard Luckin Limited
Chartered Accountants
Statutory Auditor
Suite 8
Phoenix House
Christopher Martin Road
Basildon
Essex
SS14 3EZ
LAURELLE HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
23,561,403
19,501,640
Cost of sales
(19,598,699)
(15,884,225)
Gross profit
3,962,704
3,617,415
Administrative expenses
(2,999,824)
(2,851,937)
Other operating income
158,812
-
0
Operating profit
4
1,121,692
765,478
Interest receivable and similar income
-
0
4,563
Interest payable and similar expenses
9
(332,097)
(352,540)
Fair value derivative movements
8
(167,948)
(45,826)
Profit before taxation
621,647
371,675
Tax on profit
10
(106,171)
(19,636)
Profit for the financial year
515,476
352,039
Profit for the financial year is all attributable to the owner of the parent company.
LAURELLE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
2025
2024
£
£
Profit for the year
515,476
352,039
Other comprehensive income
-
-
Total comprehensive income for the year
515,476
352,039
Total comprehensive income for the year is all attributable to the owner of the parent company.
LAURELLE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
6,612,190
6,491,996
6,612,190
6,491,996
Current assets
Stocks
16
7,087,155
6,173,327
Debtors
17
6,249,624
6,716,066
Cash at bank and in hand
1,469,707
1,102,736
14,806,486
13,992,129
Creditors: amounts falling due within one year
18
(7,315,170)
(6,002,745)
Net current assets
7,491,316
7,989,384
Total assets less current liabilities
14,103,506
14,481,380
Creditors: amounts falling due after more than one year
19
(4,480,743)
(3,983,319)
Provisions for liabilities
Provisions
21
-
0
1,448,136
Deferred tax liability
22
401,749
284,387
(401,749)
(1,732,523)
Net assets
9,221,014
8,765,538
Capital and reserves
Called up share capital
24
200
200
Profit and loss reserves
9,220,814
8,765,338
Total equity
9,221,014
8,765,538

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

The financial statements were approved and signed by the director and authorised for issue on 31 March 2026
31 March 2026
O McMahon
Director
Company registration number 11940273 (England and Wales)
LAURELLE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2025
31 May 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
1,206,220
1,200
Current assets
Debtors
17
100
100
Creditors: amounts falling due within one year
18
(1,100)
(1,100)
Net current liabilities
(1,000)
(1,000)
Net assets
1,205,220
200
Capital and reserves
Called up share capital
24
200
200
Profit and loss reserves
1,205,020
-
0
Total equity
1,205,220
200

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 £1,265,020 (2024 - £60,000 profit).

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

The financial statements were approved and signed by the director and authorised for issue on 31 March 2026
31 March 2026
O McMahon
Director
Company registration number 11940273 (England and Wales)
LAURELLE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2023
200
8,473,299
8,473,499
Year ended 31 May 2024:
Profit and total comprehensive income
-
352,039
352,039
Dividends
11
-
(60,000)
(60,000)
Balance at 31 May 2024
200
8,765,338
8,765,538
Year ended 31 May 2025:
Profit and total comprehensive income
-
515,476
515,476
Dividends
11
-
(60,000)
(60,000)
Balance at 31 May 2025
200
9,220,814
9,221,014
LAURELLE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2023
200
-
0
200
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
60,000
60,000
Dividends
11
-
(60,000)
(60,000)
Balance at 31 May 2024
200
-
0
200
Year ended 31 May 2025:
Profit and total comprehensive income for the year
-
1,265,020
1,265,020
Dividends
11
-
(60,000)
(60,000)
Balance at 31 May 2025
200
1,205,020
1,205,220
LAURELLE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,185,848
1,171,007
Interest paid
(332,097)
(352,540)
Income taxes refunded
11,191
297,852
Net cash inflow from operating activities
864,942
1,116,319
Investing activities
Purchase of tangible fixed assets
(442,620)
(241,510)
Repayment of loans
2,094,252
-
Interest received
-
0
4,563
Net cash generated from/(used in) investing activities
1,651,632
(236,947)
Financing activities
Repayment of borrowings
(460,000)
-
Repayment of bank loans
(1,629,603)
(283,990)
Dividends paid to equity shareholders
(60,000)
(60,000)
Net cash used in financing activities
(2,149,603)
(343,990)
Net increase in cash and cash equivalents
366,971
535,382
Cash and cash equivalents at beginning of year
1,102,736
567,354
Cash and cash equivalents at end of year
1,469,707
1,102,736
LAURELLE HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Proceeds from disposal of subsidiaries
(1,205,020)
-
0
Dividends received
1,265,020
60,000
Net cash generated from investing activities
60,000
60,000
Financing activities
Dividends paid to equity shareholders
(60,000)
(60,000)
Net cash used in financing activities
(60,000)
(60,000)
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
LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 15 -
1
Accounting policies
Company information

Laurelle Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Ground Floor, 1279 London Road, Leigh-on-Sea, Essex, SS9 2AD.

The group consists of Laurelle Holdings 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 Laurelle Holdings 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 31 May 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is recognised once goods have been despatched to the customer and an invoice is raised.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
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:

Freehold land and buildings
50 year straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
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 recognised in the profit and loss account.

1.8
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.

LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 17 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

1.10
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.

LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 18 -

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.

1.11
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.

1.12
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.

LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 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.

1.13
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.

1.14
Taxation

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

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.

LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 20 -
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.

1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.16
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.

1.17
Retirement benefits

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

1.18
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 d asset are consumed.

2
Judgements and key sources of estimation uncertainty

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

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock obsolescence provision

Stock is considered to be obsolete if a single item in that stock line has not been sold in the previous 24 months. A provision for these stock lines is therefore calculated and used to reduce the overall value of stock at year end.

LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 21 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
23,561,403
19,501,640
2025
2024
£
£
Turnover analysed by geographical market
Sales - United Kingdom
22,377,890
18,939,877
Sales - European Economic Area
1,022,842
395,970
Sales - Rest of the world
160,671
165,793
23,561,403
19,501,640
2025
2024
£
£
Other revenue
Interest income
-
4,563
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
20,766
(52,534)
Research and development costs
23,524
36,808
Fees payable to the group's auditor for the audit of the group's financial statements
36,036
10,570
Depreciation of owned tangible fixed assets
322,426
253,407
Operating lease charges
105,887
50,930
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,993
9,150
Audit of the financial statements of the company's subsidiaries
25,043
26,200
36,036
35,350
LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 22 -
6
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
39
43
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,251,461
1,306,749
-
0
-
0
Social security costs
114,558
120,111
-
-
Pension costs
21,155
22,291
-
0
-
0
1,387,174
1,449,151
-
0
-
0
7
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
15,000
15,000
8
Amounts written off investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Loss on hedging instrument in a fair value hedge
(167,948)
(45,826)
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
270,647
269,201
Other interest on financial liabilities
38,783
83,339
309,430
352,540
Other finance costs:
Other interest
22,667
-
Total finance costs
332,097
352,540
LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 23 -
10
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
(11,191)
-
0
Deferred tax
Origination and reversal of timing differences
117,362
19,636
Total tax charge
106,171
19,636

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
621,647
371,675
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
155,412
92,919
Tax effect of expenses that are not deductible in determining taxable profit
50,456
3,249
Tax effect of utilisation of tax losses not previously recognised
-
0
19
Unutilised tax losses carried forward
75,233
-
0
Adjustments in respect of prior years
(11,191)
-
0
Group relief
11,957
-
0
Permanent capital allowances in excess of depreciation
(1,484)
176
Utilisation of brought forward tax losses
(162,255)
(76,727)
Taxation charge
118,128
19,636
Taxation charge in the financial statements
106,171
19,636
Reconciliation - the current year tax charge does not reconcile to the above analysis. Please review figures in the database.
11,957
-
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
60,000
60,000
LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 24 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2024
6,157,860
590,757
400,238
21,143
7,169,998
Additions
7,500
376,007
59,113
-
0
442,620
At 31 May 2025
6,165,360
966,764
459,351
21,143
7,612,618
Depreciation and impairment
At 1 June 2024
171,682
270,224
227,141
8,955
678,002
Depreciation charged in the year
93,795
174,138
51,446
3,047
322,426
At 31 May 2025
265,477
444,362
278,587
12,002
1,000,428
Carrying amount
At 31 May 2025
5,899,883
522,402
180,764
9,141
6,612,190
At 31 May 2024
5,986,178
320,533
173,097
12,188
6,491,996
The company had no tangible fixed assets at 31 May 2025 or 31 May 2024.
The total freehold land included within freehold land and buildings which is not subject to depreciation is £1,473,500 (2024: £1,473,500).
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,206,220
1,200
LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2024
1,200
Additions
1,205,020
At 31 May 2025
1,206,220
Carrying amount
At 31 May 2025
1,206,220
At 31 May 2024
1,200

During the year the company made additions to its investment in subsidiaries amounting to £1,205,020 (2024: £Nil). These additions relate to the acquisition of additional share capital subscribed in existing subsidiaries. The investments have been recorded at cost, representing the consideration paid.

14
Subsidiaries

Details of the company's subsidiaries at 31 May 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Laurelle London Limited
Ground Floor, 1279 London Road, Leigh-On-Sea, Essex, United Kingdom, SS9 2AD
Ordinary
100.00
Laurelle Property Limited
Ground Floor, 1279 London Road, Leigh-On-Sea, Essex, United Kingdom, SS9 2AD
Ordinary
100.00
Laurelle Manufacturing Limited
Ground Floor, 1279 London Road, Leigh-On-Sea, Essex, United Kingdom, SS9 2AD
Ordinary
100.00
15
Associates

Details of associates at 31 May 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Zidac Laboratories Int. Limited
Ground Floor, 1279 London Road, Leigh-On-Sea, Essex, United Kingdom, SS9 2AD
Ordinary
0
50

The carrying value brought forward and carried for the investment in Zidac Laboratories Int. Limited was £nil. The cost brought forward and carried forward for this investment was £6 and the impairment provision brought forward and carried forward was £6.

LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 26 -
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
7,087,155
6,173,327
-
0
-
0
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,573,334
2,269,787
-
0
-
0
Other debtors
2,171,178
4,387,334
100
100
Prepayments and accrued income
501,362
58,945
-
0
-
0
6,245,874
6,716,066
100
100
Amounts falling due after more than one year:
Prepayments and accrued income
3,750
-
0
-
0
-
0
Total debtors
6,249,624
6,716,066
100
100
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
114,087
102,358
-
0
-
0
Other borrowings
20
-
0
460,000
-
0
-
0
Trade creditors
4,729,669
2,922,454
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,100
1,100
Corporation tax payable
103,189
-
0
-
0
-
0
Other taxation and social security
262,685
278,856
-
-
Deferred income
305,943
28,462
-
0
-
0
Other creditors
1,681,477
2,197,349
-
0
-
0
Accruals
118,120
13,266
-
0
-
0
7,315,170
6,002,745
1,100
1,100
LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 27 -
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
3,952,541
3,983,319
-
0
-
0
Other creditors
528,202
-
0
-
0
-
0
4,480,743
3,983,319
-
-
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
3,833,599
3,833,765
-
-
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
4,066,628
4,085,677
-
0
-
0
Other loans
-
0
460,000
-
0
-
0
4,066,628
4,545,677
-
-
Payable within one year
114,087
562,358
-
0
-
0
Payable after one year
3,952,541
3,983,319
-
0
-
0

Included within l ong term bank loans are amounts totaling £233,029 (2024: £251,912) relat ing to the Coronavirus Business Interruption Loan Scheme, the term of these loans are 36 to 60 months, with interest rates ranging from 8.9% to 11.6%

Also included within l ong term bank loans are amounts totaling £3,833,599 (2024: £3,833,765) secured on the freehold property. The loan term is 25 years with a fixed interest rate of 6.99% for 5 years, followed by a variable interest charge of the base rate plus 4.74%, with the base rate having a minimum of 0.75%, for a period for 20 years.

Other loans relate d to amounts due to MOM Ltd, a company under common control. Th i s balance was repa id during the year.

21
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
HMRC provision
-
1,448,136
-
-
LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
21
Provisions for liabilities
(Continued)
- 28 -
Movements on provisions:
Group
£
Utilisation of provision
(1,448,136)

During the year HMRC accepted the settlement opportunity relating to the historic use of a Remuneration Trust by the company, which had been proposed by the Director in a prior period. As a result, this provision has crystalised into a liability and has been included within Other Creditors due within one year £727,602 and due after one year £528,202 at the year end.

22
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
486,411
527,663
Tax losses
(85,079)
(243,276)
Retirement benefit obligations
417
-
401,749
284,387
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 June 2024
284,387
-
Charge to profit or loss
117,362
-
Liability at 31 May 2025
401,749
-

T he deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

The amount of unused tax losses carried forward amounted to £340,655 (2024: £967,584), there is no expiry date of unused tax losses.

LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 29 -
23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,155
22,291

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.

24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
200
200
200
200
25
Operating lease commitments
Lessee

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 one year
91,737
195,812
-
-
Between two and five years
180,914
248,356
-
-
272,651
444,168
-
-
LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 30 -
26
Related party transactions

Company related party transactions:

Companies under common control

At the reporting end date the company owed £1,100 (2024: £1,100) to companies under common control.

Group related party transactions

Companies under common control

During the year the group made sales of £309,557 (202 4: £279,429) to companies under common control.

At the reporting end date the group was owed £611,190 (2024: £408,655) from companies under common control and owed £666,117 (2024: £616,747) to companies under common control.

Associated company

During the year the group made sales of £nil (202 4: £2,569) to and purchases of £3,255,559 (2024: £2,167,026) from associated compan ies.

At the reporting end date, the group was owed £562,317 (2024: £1,094,341) from associated companies.

27
Directors' transactions

Dividends totalling £60,000 (2024 - £60,000) were paid in the year in respect of shares held by the company's directors.

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

Advances
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
-
789,446
1,524,494
(2,008,192)
305,748
789,446
1,524,494
(2,008,192)
305,748
28
Controlling party

The ultimate controlling party is Oliver McMahon by virtue of his 100% ownership of the share capital.

LAURELLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 31 -
29
Cash generated from group operations
2025
2024
£
£
Profit after taxation
515,476
352,039
Adjustments for:
Taxation charged
106,171
19,636
Finance costs
332,097
352,540
Investment income
-
0
(4,563)
Depreciation and impairment of tangible fixed assets
322,426
253,407
Other gains and losses
167,948
45,826
Decrease in provisions
(1,448,136)
-
Movements in working capital:
Increase in stocks
(913,828)
(781,283)
(Increase)/decrease in debtors
(1,627,711)
1,096,869
Increase in creditors
3,449,779
255,057
Increase/(decrease) in deferred income
277,481
(418,521)
Cash generated from operations
1,181,703
1,171,007
30
Cash absorbed by operations - company
2025
2024
£
£
Profit for the year after tax
1,265,020
60,000
Adjustments for:
Investment income
(1,265,020)
(60,000)
Cash absorbed by operations
-
-
31
Analysis of changes in net debt - group
1 June 2024
Cash flows
31 May 2025
£
£
£
Cash at bank and in hand
1,102,736
366,971
1,469,707
Borrowings excluding overdrafts
(4,545,677)
479,049
(4,066,628)
(3,442,941)
846,020
(2,596,921)

T he company does not have any funds or debt.

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