B M FASHIONS (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST JULY 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

M S Mattu

G S Mattu

SECRETARY:

N K Mattu

REGISTERED OFFICE:

11 St Georges Way

Leicester

LE1 1SH

REGISTERED NUMBER:

03863099 (England and Wales)

AUDITORS:

HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

The directors present their strategic report of the company and the group for the year ended 31st July 2025.

REVIEW OF BUSINESS

Sales were higher compared to last year due to the business increasing both product range and licenses. The gross profit margin is marginally lower than the prior year.

The Balance Sheet remains strong as a result of improved working capital management.

Staff morale and well being continue to be at the forefront of management actions.

The current year presented a number of challenges, including elevated interest rates at the start of the period, which gradually moderated, and an increase in National Insurance costs.

Despite these headwinds, the directors have ensured that the business remains well-funded and appropriately derisked, while maintaining sufficient investment in its offshore sourcing offices.

The directors have also ensured that the group's foundation is in a strong position to support future growth. This provides a solid platform for delivering the company's strategic priorities and continuing to create long-term value for stakeholders.

Key performance indicators

2025

2024

£'000

£'000

Turnover

218,027

191,982

Gross Profit

28,344

25,875

Net Assets

15,262

22,657

PRINCIPAL RISKS AND UNCERTAINTIES

The group's sourcing offices continue to work closely with local manufacturing and logistics suppliers to ensure that quality, compliance, and delivery standards are consistently maintained. These offices also oversee adherence to local government regulations and environmental standards across all supply chain operations.

Given the group's reliance on overseas production, purchases and sales are often conducted in multiple currencies. Generally, both purchases and sales are denominated in the same currency, thereby minimising exposure to exchange rate fluctuations. Where foreign currency exposure does arise, it is managed through systems and processes designed to mitigate associated risks.

The group is committed to conducting all manufacturing operations in full compliance with local labour laws and regulations in the jurisdictions in which it operates. The directors have established policies and monitoring procedures to ensure that employment practices are fair, ethical, and free from any form of unfair labour practice, including discrimination, forced labour, or unsafe working conditions. These measures are regularly reviewed to maintain high standards of employee welfare and to mitigate operational and reputational risks.

The directors recognise that the group's operations, including manufacturing and sourcing practices, can have a direct impact on brand reputation and the maintenance of license agreements. High ethical standards and regulatory compliance are central to protecting brand integrity. Policies and controls are in place to monitor suppliers and partners, ensuring that any potential risks to brand reputation or license relationships are identified and mitigated proactively.

Quality control remains a key priority, as the reliability and standard of the group's manufactured products are critical to maintaining brand reputation and fulfilling licence obligations. Robust quality assurance procedures are implemented across all manufacturing operations to minimise the risk of defects and ensure that products meet required standards.

Furthermore, the group is committed to sourcing materials ethically and sustainably, with due diligence and monitoring processes in place to ensure compliance with environmental, social, and governance standards. These measures help safeguard the integrity of the group's products and reinforce strong relationships with brand partners.

SECTION 172(1) STATEMENT

Each director of the group continues to be mindful of their statutory duty to promote the success of the company for the benefit of the members as a whole and, in so doing having regard (amongst other matters) to those factors set out in section 172(1)(a)-(f) of the Companies Act 2006:

(a) the likely consequences of any decision in the long term,

(b) the interests of the group's employees,

(c) the need to foster the group's business relationships with suppliers, customers and others,

(d) the impact of the group's operations on the community and the environment,

(e) the desirability of the group maintaining a reputation for high standards of business conduct, and

(f) the need to act fairly as between members of the group.

Long term consequences of business decisions:

The group carefully considers the long-term impacts of its business decisions. By aligning operational strategies with sustainable value creation, the Directors ensure that both the group and its owners benefit from enduring growth and resilience.

Interest of the group's employees:

The group values the contribution of its employees and is committed to supporting their well-being, development, and engagement. By fostering a positive and inclusive work environment, the group ensures that employees are empowered to contribute effectively to long-term business success.

Fostering business relationships with suppliers, customers and others:

The group actively fosters strong, mutually beneficial relationships with suppliers, customers, and other stakeholders. By maintaining trust, collaboration, and open communication, the group supports sustainable growth and long-term value creation across its business network.

Impact to the community and the environment:

The group is mindful of the impact of its operations on both the community and the environment. It seeks to conduct business responsibly, minimizing environmental footprint and contributing positively to the communities in which it operates, supporting sustainable and ethical practices.

Maintaining a reputation for high standards and business conduct:

The group is committed to maintaining the highest standards of integrity, ethics, and business conduct. Upholding these principles ensures trust with stakeholders and supports sustainable, long-term success.

Acting fairly between members of the group:

The group is committed to treating all members fairly and equitably. Decisions are made transparently and with consideration for the interests of all stakeholders, ensuring alignment and trust across the ownership structure.

The group constantly liaises with suppliers, customers, and licensors to maintain close working relationships to monitor both current and future developments for the benefit of all parties.

STREAMLINED ENERGY AND CARBON REPORTING (SECR)

Reporting period

1st August 2024 to 31st July 2025

The Group's main trading entity continues to be B.M. Fashions (U.K.) Limited.

Global Licensing Ltd and Fashion UK Germany GmbH both operate from the office locations with shared energy facilities which give no facility to separate our proportion of energy consumption and carbon footprint.

At these sites, staff are encouraged to save power as much as possible and use resources of heat and light as efficiently as possible.

The table below related to B.M. Fashions (U.K.) Ltd.

Energy and Carbon calculation

Type of

2025

2024

emission

Activity

kWh

tCO2e

% of Total

kWh

tCO2e

% of Total

Natural Gas

425,382

77.83

48.31%

343,367

62.80

54.48%

Scope 1

Propane

-

-

0.00%

-

-

0.00%

Vehicle Fleet

-

-

0.00%

-

-

0.00%

Sub-total

425,382

77.83

48.31%

343,367

62.80

54.48%

Scope 2

Electricity

446,146

78.97

49.02%

234,424

48.54

42.11%

Sub-Total

446,146

78.97

49.02%

234,424

48.54

42.11%

Scope 3

Grey Fleet

17,637

4.29

2.66%

16,286

3.93

3.41%

Sub-Total

17,637

4.29

2.66%

16,286

3.93

3.41%

Total gross consumption and

889,165

161.09

100.00%

594,077

115.27

100.00%

Emission

Metric used:

Employee headcount

200

161

Intensity ratio:

Tonnes of tCO2e per employee headcount

0.81

0.72

GHG emissions and energy consumption

This is the fourth year of SECR reporting for B.M. Fashions (U.K.) Limited.

- B.M. Fashions (U.K.) Limited operate 5 company cars, none of which accrued business mileage during the data period.

- Electricity consumption increased 90% following the upgrade in August 2024 of Loughborough's supply from a relatively small non-half-hourly supply to a much larger half-hourly supply.

- Natural gas consumption increased 24% since the last reporting period at the Loughborough site, probably due to increased use of two gas powered drying machines (to cure print on garments) and five gas heaters used to heat the warehouse areas.

- The net effect of the above was to increase tCO2e per employee from 0.57 to 0.62, despite an increase in staff headcount from 202 to 258.

Intensity ratio

It was decided that the most meaningful intensity metric (i.e. one which would allow stakeholders to quantify B.M. Fashions (U.K.) Limited's environmental impact relative to a given amount of goods and/or services provided) would be one based on average employee headcount during the reporting period. The resulting intensity ratio of tCO2e per employee will best illustrate improvements in real energy efficiency over time.

Efficiency narrative

In addition to continuing to monitor its energy usage and take all necessary actions to minimise energy use and work as efficiently as possible, we have placed additional signage advising staff to turn off lights, computers etc when not in use.

Quantification and Reporting Methodology

The methodology used in this report is The GHG Protocol Corporate Accounting and Reporting Standard combined with 2013 UK Government Environmental Reporting Guidelines (updated March 2019). We have used the 2025 DESNZ (Department for Energy Security & Net Zero) GHG conversion factors for Company Reporting and Chartered Institution of Building Services Engineers ('CIBSE') 2021 conversion factors where metered energy consumption was not available.

The energy efficiency narrative methodology has been created based on energy management best practice.

Organisational boundary

We have defined the organisational boundary based upon operational control.

Third-party oversight

Based upon data and commentary provided by B.M. Fashions (U.K.) Limited staff, this report was compiled by Auditel, an independent carbon consultancy.

Research and development

The Group continues to invest in design and researching innovative ways to present products to our customers. this includes investing in new licenses for our brand portfolio.

ON BEHALF OF THE BOARD:

M S Mattu - Director

8th April 2026

The directors present their report with the financial statements of the company and the group for the year ended 31st July 2025.

PRINCIPAL ACTIVITY

The principal activities of B M Fashions (Holdings) Ltd and its subsidiary undertakings during the year continued to be the design, sourcing, manufacture and distribution of fashion apparel and related accessories. The Group focuses on delivering contemporary, high-quality products to its retail and wholesale customers across its chosen markets. There were no significant changes to the nature of the Group’s activities during the year.

DIVIDENDS

The total distribution of dividends for the year ended 31 July 2025 was £11,800,000 (2024: £4,420,809).

DIRECTORS

The directors shown below have held office during the whole of the period from 1st August 2024 to the date of this report.

M S Mattu

G S Mattu

DISABLED EMPLOYEES AND ENGAGEMENT

Our people are at the heart of our success. The directors are dedicated to creating a workplace that is inclusive, respectful, and supportive, where everyone-regardless of age, disability, ethnicity, gender, marital status, religion, social background, or sexual orientation-can thrive and contribute their best.

We are committed to fair and equal opportunities. Applications from disabled candidates are fully considered, and interviewees are invited to request any adjustments they may need. If an employee becomes disabled during their employment, we take reasonable steps to adapt their role or environment, including retraining where appropriate, to ensure they can continue to succeed. Training, development, and promotion opportunities are available to all employees on an equitable basis.

Employee wellbeing is a core priority. We provide resources and initiatives that support mental, physical, and emotional health, while fostering a culture that encourages balance, resilience, and overall wellbeing.

Continuous learning and development are central to our people strategy. Employees can access a wide range of opportunities-from digital learning and mentoring to hands-on experience-so they can grow in their careers while contributing to the group's goals. We aim to create a culture where every individual feels empowered to develop, succeed, and make a real impact.

FINANCIAL INSTRUMENTS

The Group utilises various financial instruments including loans, cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these is to raise finance for the Group's operations. the existence of these financial instruments exposes the Group to a number of financial risks, which are described in more detail in the Strategic Report.

POLITICAL DONATIONS AND EXPENDITURE

No political donations were made during the year (2024: £nil).

MATTERS REPORTED IN THE STRATEGIC REPORT

In accordance with section 414C(11) of the Companies Act 2006, the Directors have elected to include within the Strategic Report certain information that would otherwise be required to be disclosed in the Directors’ Report. These matters include the Group’s business model, market positioning, principal risks and uncertainties, and key financial and non-financial performance indicators relevant to the Group's operations. The Directors’ Report should therefore be read alongside the Strategic Report to obtain a complete understanding of the Group’s activities, performance and future outlook.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, HW Bedford Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M S Mattu - Director

8th April 2026

Opinion

We have audited the financial statements of B M Fashions (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st July 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31st July 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page seven, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

* Identifying and assessing the controls management has in place to prevent and detect fraud;

* Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

* Challenging assumptions and judgments made by management in its significant accounting estimates and judgments pertaining to the assessment and evaluation of royalties and marketing contingencies, royalty advances and accruals, impairment of fixed asset, and provisions of stocks maintained;

* Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and

* Assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Alberto Di Lorenzo FCA (Senior Statutory Auditor)

for and on behalf of HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

8th April 2026

TURNOVER

4

218,027,015

191,982,038

Cost of sales

189,682,977

166,107,323

GROSS PROFIT

28,344,038

25,874,715

Administrative expenses

20,902,161

16,922,199

OPERATING PROFIT

6

7,441,877

8,952,516

Interest receivable and similar income

51,651

85,668

7,493,528

9,038,184

Interest payable and similar expenses

7

958,218

671,964

PROFIT BEFORE TAXATION

6,535,310

8,366,220

Tax on profit

8

2,348,697

2,961,345

PROFIT FOR THE FINANCIAL YEAR

4,186,613

5,404,875

OTHER COMPREHENSIVE INCOME

Foreign currency translation

218,440

(231,740

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

218,440

(231,740

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,405,053

5,173,135

Profit attributable to:

Owners of the parent

4,186,613

5,404,875

Total comprehensive income attributable to:

Owners of the parent

4,405,053

5,173,135

FIXED ASSETS

Intangible assets

11

487,385

48,892

Tangible assets

12

990,218

1,570,806

Investments

13

-

-

1,477,603

1,619,698

CURRENT ASSETS

Stocks

14

12,318,389

13,673,722

Debtors

15

59,882,279

48,613,218

Cash at bank and in hand

14,282,846

10,129,319

86,483,514

72,416,259

CREDITORS

Amounts falling due within one year

16

64,437,767

51,137,442

NET CURRENT ASSETS

22,045,747

21,278,817

TOTAL ASSETS LESS CURRENT LIABILITIES

23,523,350

22,898,515

CREDITORS

Amounts falling due after more than one year

17

(8,028,156

)

-

PROVISIONS FOR LIABILITIES

20

(233,058

)

(241,432

)

NET ASSETS

15,262,136

22,657,083

CAPITAL AND RESERVES

Called up share capital

21

1,000

1,000

Foreign currency translation

reserve

22

(13,300

)

(231,740

)

Retained earnings

22

15,274,436

22,887,823

SHAREHOLDERS' FUNDS

15,262,136

22,657,083

The financial statements were approved by the Board of Directors and authorised for issue on 8th April 2026 and were signed on its behalf by:

M S Mattu - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

135,055

135,055

135,055

135,055

CURRENT ASSETS

Debtors

15

11,908,279

1,861,511

Cash at bank

16,532

483,209

11,924,811

2,344,720

CREDITORS

Amounts falling due within one year

16

3,997,751

961,716

NET CURRENT ASSETS

7,927,060

1,383,004

TOTAL ASSETS LESS CURRENT LIABILITIES

8,062,115

1,518,059

CREDITORS

Amounts falling due after more than one year

17

8,028,156

-

NET ASSETS

33,959

1,518,059

CAPITAL AND RESERVES

Called up share capital

21

1,000

1,000

Retained earnings

22

32,959

1,517,059

SHAREHOLDERS' FUNDS

33,959

1,518,059

Company's profit for the financial year

10,315,900

5,706,410

The financial statements were approved by the Board of Directors and authorised for issue on 8th April 2026 and were signed on its behalf by:

M S Mattu - Director

Foreign

Called up

currency

share

Retained

translation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st August 2023

1,000

21,903,757

-

21,904,757

Changes in equity

Dividends

-

(4,420,809

)

-

(4,420,809

)

Total comprehensive income

-

5,404,875

(231,740

)

5,173,135

Balance at 31st July 2024

1,000

22,887,823

(231,740

)

22,657,083

Changes in equity

Dividends

-

(11,800,000

)

-

(11,800,000

)

Total comprehensive income

-

4,186,613

218,440

4,405,053

Balance at 31st July 2025

1,000

15,274,436

(13,300

)

15,262,136

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st August 2023

-

231,458

231,458

Changes in equity

Issue of share capital

1,000

-

1,000

Dividends

-

(4,420,809

)

(4,420,809

)

Total comprehensive income

-

5,706,410

5,706,410

Balance at 31st July 2024

1,000

1,517,059

1,518,059

Changes in equity

Dividends

-

(11,800,000

)

(11,800,000

)

Total comprehensive income

-

10,315,900

10,315,900

Balance at 31st July 2025

1,000

32,959

33,959

Cash flows from operating activities

Cash generated from operations

1

3,689,191

8,589,237

Interest paid

(955,153

)

(671,964

)

Interest element of hire purchase or finance lease rental payments paid

(3,065

)

-

Tax paid

(392,323

)

(1,760,857

)

Net cash from operating activities

2,338,650

6,156,416

Cash flows from investing activities

Purchase of intangible fixed assets

(337,149

)

(54,325

)

Purchase of tangible fixed assets

(441,123

)

(464,855

)

Sale of tangible fixed assets

341,644

-

Interest received

51,651

85,668

Net cash from investing activities

(384,977

)

(433,512

)

Cash flows from financing activities

Amount introduced by directors

722,736

-

Movement in other borrowings

3,467,655

(446,085

)

Movement in bank loans

12,025,907

-

Movement in participating interests due

(2,216,444

)

-

Equity dividends paid

(11,800,000

)

(4,420,809

)

Net cash from financing activities

2,199,854

(4,866,894

)

Increase in cash and cash equivalents

4,153,527

856,010

Cash and cash equivalents at beginning of year

2

10,129,319

9,273,309

Cash and cash equivalents at end of year

2

14,282,846

10,129,319

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

6,535,310

8,366,220

Depreciation charges

586,151

544,609

(Profit)/loss on disposal of fixed assets

(303,060

)

34,307

Non-cash movement: FCTR

218,440

(231,740

)

Finance costs

958,218

671,964

Finance income

(51,651

)

(85,668

)

7,943,408

9,299,692

Decrease/(increase) in stocks

1,355,333

(1,824,432

)

Increase in trade and other debtors

(9,756,675

)

(4,792,961

)

Increase in trade and other creditors

4,147,125

5,906,938

Cash generated from operations

3,689,191

8,589,237

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st July 2025

31/7/25

1/8/24

£

£

Cash and cash equivalents

14,282,846

10,129,319

Year ended 31st July 2024

31/7/24

1/8/23

£

£

Cash and cash equivalents

10,129,319

9,273,309

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1/8/24

Cash flow

At 31/7/25

£

£

£

Net cash

Cash at bank and in hand

10,129,319

4,153,527

14,282,846

10,129,319

4,153,527

14,282,846

Debt

Debts falling due within 1 year

-

(3,997,751

)

(3,997,751

)

Debts falling due after 1 year

-

(8,028,156

)

(8,028,156

)

-

(12,025,907

)

(12,025,907

)

Total

10,129,319

(7,872,380

)

2,256,939