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

Since our foundation Schoolblazer has been at the forefront of developments in school uniform and school sportswear. We recognised from the start that independent school parents valued convenience and service and were not receiving this from traditional shops. We pioneered online retailing with free name-taping on all garments to save parents time and money. Our significant investment in IT systems, both front end and back end has enabled us to deliver exceptional customer service, with intelligent sizing, and a fully integrated system which enables us to ship our orders in 24 hours, with sewn in nametapes.

We have been at the forefront of the move to more gender-inclusive styles, pioneering a choice of trouser and culotte options for girls and ensuring that the “one school” concept works consistently across body forms and ages. We have brought innovation in fabrics, from machine-washable wool-mix blazers through to our innovative “performance cotton” which ensures cotton fibres are always next to the skin for comfort, whilst retaining a core strand of polyester in the fibre to maintain durability and easy care.

Sustainability and ethical trading are at the heart of our operation, to ensure we minimise our impact on the planet. This year we continued to make progress towards our goals. We are now full members of the Ethical Trading Initiative and continue to ensure that all of our factories centre the rights of workings to operate in an environment which is safe, free from discrimination and rewarding.

We are carbon neutral, reducing our emissions where we can and offsetting all our remaining emissions, including those used in the creation of our fabrics. Where we can, we spend our offset investing in low energy schemes in producer countries; to ensure that future garments are made using more sustainable energy. We have removed 75% of single use plastics from our supply chain, retaining only those which are vital to the protection of our product. The cotton used in our Limitless or Schoolblazer branded items is now overwhelmingly sourced as “Better Cotton”; this means that we work with farmers to ensure that their land management and processes are as sustainable as possible. Over 80% of the polyester used in our garments is recycled.

The Limitless sportswear brand is focussed on driving participation across the schools with fabrics and styles designed for young bodies to ensure that everyone, irrespective of ability, feels confident being active.

Schoolblazer is now the leading supplier to the independent school community. We supply over 250 schools accounting for more than 30% of all independent school pupils and over 1/3rd of the largest 500 institutions.

We are now part of a Global Group “Schoolblazer Group Pty Ltd” (previously Global Uniform Solutions PTY Ltd) which is based in Sydney, Australia. This gives us the opportunity to benefit from increased global sourcing scale, which will ultimately benefit our customers with access to improved designs and prices. It also allows us to develop the Schoolblazer business internationally.

We have considered the risks and uncertainties facing the business and put in place plans to mitigate these. The principal general risk for any business is a failure to adapt to changing market conditions. We are close to our customers and focussed on their needs. The decision in 2024 to introduce VAT on private school fees continues to represent a risk, as this has put additional pricing pressures on our customers and caused a decline in our market. Despite this, we believe that parents continue to value school uniforms, particularly in the independent sector and our principles of high quality, ethically produced garments, conveniently supplied will continue to have strong resonance.

Other risks are principally concerned with a failure of IT or infrastructure. We have detailed contingency plans in place internally and with all of our suppliers of both garments and systems to mitigate against a catastrophic failure. Should this situation arise we are confident that these plans, and the goodwill of our customers would allow the business to continue to move forward.

Price risk, credit risk, liquidity risk and cash flow risk

The business’ principal financial instruments comprise of bank balances, bank overdrafts, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business’ operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of borrowings at fixed rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by polices concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limited.

Trade creditors’ liquidity risk is managed by ensuring sufficient funds ae available to meet amounts due.

Loans compromise of loans from financial institutions. The monthly repayments to loans from financial institutes are fixed. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the repayments.

The company's key financial and other performance indicators during the period were as follows:

On behalf of the board

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

The principal activity of the company continued to be that of retail clothing sales.

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

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

Details of financial instruments are provided in the strategic report.

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 company’s auditor 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 company’s auditor is aware of that information.

The directors are responsible for preparing the annual 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 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 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 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 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 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.

We have audited the financial statements of Schoolblazer Limited (the 'company') for the year ended 30 September 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the 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 company's affairs as at 30 September 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report 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.

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 strategic report or the directors' report.

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

• adequate accounting records have not been kept, 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.

As explained more fully in the directors' responsibilities statement, 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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

• 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, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

• We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

• We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

• We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

• We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

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 auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all 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.

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.

Schoolblazer Limited is a private company limited by shares incorporated in England and Wales. The registered office is Nene House, Nene Valley Business Park, Oundle, Peterborough, PE8 4HN.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value.

The Company has early adopted the amendments to FRS 102 issued in September 2024, which are effective for accounting periods beginning on or after 1 January 2026. All amendments relevant to the Company have been applied in preparing these financial statements, and the accounting policies set out below reflect the requirements of FRS 102 (September 2024 edition).

The amendments have been applied in accordance with the transitional provisions of FRS 102. Where required, comparative information has been restated to ensure consistency with the revised requirements, or appropriate disclosures have been made where restatement was not required or practicable.

The Directors have assessed the impact of the early adoption of the September 2024 amendments to FRS 102 and concluded that the adoption has had a material impact on the Company’s financial position, as set out in Note 1.16 (Leases).

The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents the fair value of the consideration to which the Company expects to be entitled in exchange for the transfer of goods or services to customers in the ordinary course of business. Turnover is stated net of value added tax (VAT) and other sales-related taxes, and after deducting trade discounts, settlement discounts and volume rebates.

Revenue is recognised when the Company satisfies a performance obligation by transferring control of a promised good or service to a customer. Control is transferred when the customer has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the goods or services.

Revenue from the sale of goods is recognised at the point in time when control of the goods passes to the customer, which is generally on dispatch of the goods, unless the terms of the contract indicate that control transfers at a different point. In determining the timing of revenue recognition, the Company considers indicators including, but not limited to, the transfer of legal title, physical possession, and the customer’s acceptance of the goods.

Revenue is recognised only when:

• it is probable that the economic benefits associated with the transaction will flow to the Company;

• the amount of revenue can be measured reliably;

• the associated costs incurred or to be incurred can be measured reliably; and

• the Company has enforceable rights to payment for the goods or services provided.

Where contracts include variable consideration, such as volume rebates or discounts, revenue is recognised based on the estimated amount of consideration expected to be received, to the extent that it is highly probable that a significant reversal of recognised revenue will not occur when the uncertainty is resolved.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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:

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:

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

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

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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using a standard pricing based on average cost.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

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

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

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

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

Other financial assets, 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.

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.

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

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

Basic financial liabilities, 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 payments 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.

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 through 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.

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

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

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax 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 when the company has 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.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company 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 is 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.

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.

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

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 leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

The Company has early adopted the amendments to FRS 102 issued in September 2024, which introduce revised requirements for the recognition of leases by lessees. The amendments have been applied using the modified retrospective approach, as permitted by the standard, and accordingly comparative information has not been restated.

On the date of initial application, the Company recognised right-of-use assets and corresponding lease liabilities in respect of leases previously classified as operating leases under FRS 102 (March 2018).

Lease liabilities were measured at the present value of the remaining lease payments at the date of initial application, discounted using the Company’s incremental borrowing rate at that date.

Right-of-use assets were measured at an amount equal to the related lease liability, adjusted for lease-related balances recognised immediately prior to transition, including accrued rent, prepaid rent and provisions for dilapidations.

The cumulative effect of applying the amended lease accounting requirements was recognised as an adjustment to opening reserves at the date of initial application.

The impact of adopting the amended requirements on the Company’s statement of financial position at the date of transition is summarised below:

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.

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

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

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Included in stocks held at the year end is a provision for obsolete stock. This provision is based on judgements made by the directors using their opinion of the proportion of items that are no longer saleable at full price or that may be obsolete. The provision is based around the likelihood of the future sales of stock items that remained unsold for significant time.

The whole of turnover is attributable to one class of business.

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

Their aggregate remuneration comprised:

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:

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Assets held as security with a carrying amount of £1,683,998 (2024 - £1,793,923) have been pledged as security for bank loans and overdrafts.

Impairment of stocks

The amount of impairment loss included in profit or loss is £885,800 (2024 - £949,774).

The carrying amount of stocks pledged as security for liabilities amounted to £11,689,162 (2024 - £10,228,417).

Trade debtors are £198,609 (2024 - £267,443) and net of a bad debt provision of £37,894 (2024 - £11,965).

Hire purchase agreements are secured against the assets to which they relate.

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

The rate of deferred taxation provisions on accelerated capital allowances has been recognised at 25% (2024 - 25%) in line with government legislation on corporation tax.

The reversal of deferred taxation timing differences is not expected to be significant in the forth coming year.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Share capital

Represents the nominal value of shares that have been issued.

Profit and loss account

Includes all current and prior period retained profits and losses.

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

During the year, the Company early adopted the revised lease accounting requirements of FRS 102. Consequently leases previously classified as operating leases are now recognised on the balance sheet, with a corresponding right-of-use asset and lease liability recognised at the date of initial application. Consequently, operating lease commitments previously disclosed are no longer presented, as the obligations are now reflected within the statement of financial position.

The amount of non-cancellable operating lease payments recognised as an expense during the year was £15,000 (2024 - £870,048).

Summary of transactions with key management

Key management personnel have provided the company bankers with guarantees totalling £nil (2024 - £3,800,000) for the bank loan, trade loan and overdraft facility. At the balance sheet date the amount due to key management personnel was £nil (2024 - £nil). At the balance sheet date the amount due from key management personnel was £nil (2024 - £nil).

Other than as disclosed in note 7, there is no further key management compensation. There are no members of key management other than directors.

Summary of transactions with related parties

During the year, the company made sales to related parties of £30,717 (2024 - £5,580) and made purchases from related parties of £1,865,896 (2024 - £16,119). At the balance sheet date the amount due from related parties was £1,813,405 (2024 - £1,968).

The Company was previously controlled by T R W Horsell and T J James up to 10 October 2024.

Following the sale of the Company on 11 October 2024, control passed to Hancock & Gore Limited. As part of a group reconstruction, Global Uniform Solutions Pty Ltd became the immediate parent of the Company on 4 March 2025. The registered office of Global Uniform Solutions Pty Ltd is 46 Elizabeth Street, Wetherill Park, NSW 2164, Australia.

The ultimate parent of the Company remains Hancock & Gore Limited, which is incorporated in Australia. There is no single controlling party of Hancock & Gore Limited.

The registered office of Hancock & Gore Limited is Level 11, Suite 11.02, 68 Pitt Street, Sydney, NSW 2000, Australia. Hancock & Gore Limited is a listed public company whose shares are traded on the Australian Securities Exchange. The annual report of Hancock & Gore Limited is available on its website.