Registered number: 12113737
FOR THE PERIOD ENDED 30 APRIL 2025
BLACKLADIES INVESTMENTS LIMITED
COMPANY INFORMATION
BLACKLADIES INVESTMENTS LIMITED
CONTENTS
BLACKLADIES INVESTMENTS LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2025
The directors present their report and the financial statements for the period ended 30 April 2025.
The Directors are pleased to report an excellent year in the development of the Group towards the long-term objectives.
The Confectionery business, Magna Specialist Confectioners, enjoyed a successful year, with strong investment enabling profitable growth despite the challenging economic environment.
Property investment continued, with plans to move into industrial buildings yielding strong returns established and expected to begin in the upcoming year.
The Confectionery business, Magna Specialist Confectioners, enjoyed a successful year, with strong investment enabling profitable growth despite the challenging economic environment.
Property investment continued, with plans to move into industrial buildings yielding strong returns established and expected to begin in the upcoming year.
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BLACKLADIES INVESTMENTS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
The deteriorating condition of the UK economic environment dominates assessment of risk. Inflation remains high and unlikely to reduce in the near term, placing pressure on consumers discretionary spending. Costs of employment will continue to increase as it is politically impossible to have it lag inflation.
Cocoa price remained at very high levels.
The risk lies in the effects these factors will have on demand for products and pressure on prices, though our plans take account of them.
Foreign currency risk
The Group’s transactions are entirely in sterling for customers and the majority of vendors. Any transactional currency exposures are mitigated by using forward currency contracts.
Credit risk
The Group’s exposure to credit risk arises from trade receivables. Credit risk is managed through ongoing monitoring.
Liquidity
The Group maintains sufficient cash reserves and borrowing facilities.
Interest rate risk
Exposure arises from borrowings of £25,000,000. Sensitivity analysis indicates a 1% increase would impact profit by £250,000.
Going concern
The Group is in a net assets position and has a low gearing as working capital and short-term cash flow requirements are managed through a combination of retained earnings and financial support from the directors of the business.
The financial statements have been prepared on a going concern basis. In drawing this conclusion, the directors have considered the forecasts for the foreseeable future and any likely sensitivity that could be reasonably expected to occur. In addition, they have considered the funding available to them and believe that there is sufficient headroom provided through existing cash and facilities.
Cocoa price remained at very high levels.
The risk lies in the effects these factors will have on demand for products and pressure on prices, though our plans take account of them.
Foreign currency risk
The Group’s transactions are entirely in sterling for customers and the majority of vendors. Any transactional currency exposures are mitigated by using forward currency contracts.
Credit risk
The Group’s exposure to credit risk arises from trade receivables. Credit risk is managed through ongoing monitoring.
Liquidity
The Group maintains sufficient cash reserves and borrowing facilities.
Interest rate risk
Exposure arises from borrowings of £25,000,000. Sensitivity analysis indicates a 1% increase would impact profit by £250,000.
Going concern
The Group is in a net assets position and has a low gearing as working capital and short-term cash flow requirements are managed through a combination of retained earnings and financial support from the directors of the business.
The financial statements have been prepared on a going concern basis. In drawing this conclusion, the directors have considered the forecasts for the foreseeable future and any likely sensitivity that could be reasonably expected to occur. In addition, they have considered the funding available to them and believe that there is sufficient headroom provided through existing cash and facilities.
Given the nature of business, the directors believe the only necessary KPI's that give an understanding of the
development, performance or position of the business to be: turnover (2025: £107,274,675 and 2024: £101,034), operating profit (2025: £12,884,253 and 2024: £(93,371)) and EBITA (2025: £20,537,984 and 2024: £6,125).
development, performance or position of the business to be: turnover (2025: £107,274,675 and 2024: £101,034), operating profit (2025: £12,884,253 and 2024: £(93,371)) and EBITA (2025: £20,537,984 and 2024: £6,125).
The Group's non Financial key performance indicators include customer retention and customer satisfaction.
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BLACKLADIES INVESTMENTS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
The directors have considered their duty under section 172 of the Companies Act 2006 to act in good faith to promote the success of the Group for the benefit of its shareholders. In particular, the directors have clear regard to:
• Likely consequences of any decision in the long term
• The interest of the Group’s employees.
• Fostering the Group’s business relationships with suppliers, customers, and stakeholders.
• The impact of the Group’s operations on people, the environment and the communities in which it operates.
• The Group’s strong reputation for high standards of business conduct and values
• The need to act fairly, as members of the Group.
The Group is family owned and run, which permits a long-term view and clear focus.
We focus on strategic relationships with a small number of customers which have been developed over many years. These are built on mutual integrity and trust and are dynamic and highly collaborative in nature.
We have a strong pool of domestic and international suppliers for primary materials with whom we again strive to form strategic relationships. We provide our material suppliers with a communications portal to underpin excellent reliability and to enable the medium-term planning for global sourcing of primary materials. These strengths have been fundamental in our resilience with the challenges of global supply pressures.
We also have a strong local presence through long-standing relationships with many indirect materials, services and contracting suppliers, many of whom have grown along with the Group and share its approach to responsiveness and flexibility.
The Group's main operating subsidiary, Magna Specialist Confectioners Ltd maintains a diverse workforce with everyone recruited directly and not through intermediaries, to promote the most personal relationship they can. Many of those who work on seasonal contracts return to Magna annually which, in a local environment of low -negative unemployment, the Board of Blackladies Investments Limited views teh high rentention rate as a key indicator of the subsidiary's operational stability and reputational employer.
For those looking to make a long-term career we are a good choice, always looking to help them explore their potential and offering opportunities to develop. We are dedicated to promotion from within and are proud that a large proportion of people holding key positions joined when young, some with modest aspirations but strong personal qualities, and have grown along with the business.
The owner - managers are high profile and conspicuously active in the business. The culture is open, informal, and respectful. The Managing Director, Philip McHale updates everyone as events demand and in a direct and informative manner, whether this is to communicate business developments or to provide critical information when required. We have an employee communications portal for queries, questions, and Group updates and regularly consult via satisfaction and feedback surveys.
We also offer several enhancements including “Refer a friend scheme.” Transportation and parking facilities, access to discounts, Tech scheme and Cycle to work schemes.
Our subsidary, Magna Specialist Confectioners Ltd has been built by generations of people who share a commitment towards continuous improvement and regard sustainability in all forms as central. To optimise energy efficiency, the Group commissions regular Energy Savings Opportunity Scheme (ESOS) assessments which are carried out by a qualified assessor. The Group carefully reviews and adopts relevant recommendations provided by such reports to further reduce its energy consumption and increase efficiency.
• Likely consequences of any decision in the long term
• The interest of the Group’s employees.
• Fostering the Group’s business relationships with suppliers, customers, and stakeholders.
• The impact of the Group’s operations on people, the environment and the communities in which it operates.
• The Group’s strong reputation for high standards of business conduct and values
• The need to act fairly, as members of the Group.
The Group is family owned and run, which permits a long-term view and clear focus.
We focus on strategic relationships with a small number of customers which have been developed over many years. These are built on mutual integrity and trust and are dynamic and highly collaborative in nature.
We have a strong pool of domestic and international suppliers for primary materials with whom we again strive to form strategic relationships. We provide our material suppliers with a communications portal to underpin excellent reliability and to enable the medium-term planning for global sourcing of primary materials. These strengths have been fundamental in our resilience with the challenges of global supply pressures.
We also have a strong local presence through long-standing relationships with many indirect materials, services and contracting suppliers, many of whom have grown along with the Group and share its approach to responsiveness and flexibility.
The Group's main operating subsidiary, Magna Specialist Confectioners Ltd maintains a diverse workforce with everyone recruited directly and not through intermediaries, to promote the most personal relationship they can. Many of those who work on seasonal contracts return to Magna annually which, in a local environment of low -negative unemployment, the Board of Blackladies Investments Limited views teh high rentention rate as a key indicator of the subsidiary's operational stability and reputational employer.
For those looking to make a long-term career we are a good choice, always looking to help them explore their potential and offering opportunities to develop. We are dedicated to promotion from within and are proud that a large proportion of people holding key positions joined when young, some with modest aspirations but strong personal qualities, and have grown along with the business.
The owner - managers are high profile and conspicuously active in the business. The culture is open, informal, and respectful. The Managing Director, Philip McHale updates everyone as events demand and in a direct and informative manner, whether this is to communicate business developments or to provide critical information when required. We have an employee communications portal for queries, questions, and Group updates and regularly consult via satisfaction and feedback surveys.
We also offer several enhancements including “Refer a friend scheme.” Transportation and parking facilities, access to discounts, Tech scheme and Cycle to work schemes.
Our subsidary, Magna Specialist Confectioners Ltd has been built by generations of people who share a commitment towards continuous improvement and regard sustainability in all forms as central. To optimise energy efficiency, the Group commissions regular Energy Savings Opportunity Scheme (ESOS) assessments which are carried out by a qualified assessor. The Group carefully reviews and adopts relevant recommendations provided by such reports to further reduce its energy consumption and increase efficiency.
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BLACKLADIES INVESTMENTS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
The Group supports its local community in several ways, taking part in a range of fund-raising activities and donating quietly to schools and local causes. As a manufacturer of special confectionery, we are lucky to have products that so many find fun and valuable to raise money from, and recipients are delighted to make use of our freely offered Giant Charity Easter Eggs, which at 6kg never fail to inspire excitement and interest and enable them to raise many thousands of pounds.
This report was approved by the board on 29 April 2026 and signed on its behalf.
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BLACKLADIES INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 APRIL 2025
The directors present their report and the financial statements for the period ended 30 April 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the period, after taxation and minority interests, amounted to £9,917,323 (2024 - £273,119).
During the year, a total dividends of £1,099,688 (2024: £298,549) were declared and divided amongst the shareholders of the Company.
The directors who served during the period were:
The directors anticipate that the next financial year will present ongoing challenges. However, they remain
optimistic that the Company's and Group's proactive strategies will allow it to capitalise on any improvement in
the economy and market opportunities as they arise.
optimistic that the Company's and Group's proactive strategies will allow it to capitalise on any improvement in
the economy and market opportunities as they arise.
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BLACKLADIES INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
During the year, the policy of providing employees with information about the group has been continued through
internal media methods. Regular meetings are held between management and employees to allow a free flow of
information and ideas.
internal media methods. Regular meetings are held between management and employees to allow a free flow of
information and ideas.
The Group recognises that engaging with its stakeholders is crucial to achieving its strategic goals and fostering
responsible business practices that drive long-term sustainable growth.
The Group adheres to a strict policy for giving full and fair consideration to applications for employment that disabled people make.
responsible business practices that drive long-term sustainable growth.
The Group adheres to a strict policy for giving full and fair consideration to applications for employment that disabled people make.
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BLACKLADIES INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
The Companies Act 2006 (Strategic Report and Directors’ Report) Regulation 2018 requires the Group to disclose annual UK energy consumption and Greenhouse Gas (GHG) emissions from SECR regulated sources. Energy and GHG emissions have been independently calculated by Envantage for the period ending 30th April 2025 due to the subsidiary, Magna Specialist Confectioners Ltd being the trading company, this data only applies to this company.
Reported energy and GHG emissions data is compliant with SECR requirements and has been calculated in accordance with the GHG Protocol and SECR guidelines. Energy and GHG emissions are reported from buildings and transport where operational control is held – this includes electricity, gaseous fuels and business travel in both company-owned and grey fleet vehicles (‘transport’). The table below details the SECR-regulated energy and GHG emission sources from the date of acquisition 1 October 2024 to the financial year end of 30 April 2025 of its subsidiary. As this is the first year of reportng for this subsidiary under Group ownership, only the current year data is therefore shown.
The Company remains committed to reducing its environmental impact and contribution to climate change through increased energy management, awareness and improvements to operational procedures.
Operational emissions increased materially during the reporting period, driven by a combination of business growth and the Combined Heat and Power (CHP) engines which commenced full operation in February 2024.
The CHP installation was a strategic investment to mitigate exposure to elevated grid electricity costs in the UK market and improve long-term operational cost predictability, whilst also recovering waste heat for use in operational processes.
It is acknowledged that the transition to CHP will result in higher operational emissions in the short term. To address this impact, the Company has implemented a series of energy efficiency measures to minimise gas consumption and optimise system performance. These initiatives include: enhanced pipework insulation in the plant room to reduce thermal losses; retrofitting adiabatic cooling technology to the main chiller to lower cooling loads; refinement of energy management protocols during start-up and shutdown procedures; and the introduction of a site-wide motor replacement policy to improve electrical efficiency.
The Company will utilise Phase 4 of the Energy Savings Opportunity Scheme (ESOS), due for completion in December 2027, to identify and prioritise further energy reduction measures across its operations.
Reported energy and GHG emissions data is compliant with SECR requirements and has been calculated in accordance with the GHG Protocol and SECR guidelines. Energy and GHG emissions are reported from buildings and transport where operational control is held – this includes electricity, gaseous fuels and business travel in both company-owned and grey fleet vehicles (‘transport’). The table below details the SECR-regulated energy and GHG emission sources from the date of acquisition 1 October 2024 to the financial year end of 30 April 2025 of its subsidiary. As this is the first year of reportng for this subsidiary under Group ownership, only the current year data is therefore shown.
The Company remains committed to reducing its environmental impact and contribution to climate change through increased energy management, awareness and improvements to operational procedures.
Operational emissions increased materially during the reporting period, driven by a combination of business growth and the Combined Heat and Power (CHP) engines which commenced full operation in February 2024.
The CHP installation was a strategic investment to mitigate exposure to elevated grid electricity costs in the UK market and improve long-term operational cost predictability, whilst also recovering waste heat for use in operational processes.
It is acknowledged that the transition to CHP will result in higher operational emissions in the short term. To address this impact, the Company has implemented a series of energy efficiency measures to minimise gas consumption and optimise system performance. These initiatives include: enhanced pipework insulation in the plant room to reduce thermal losses; retrofitting adiabatic cooling technology to the main chiller to lower cooling loads; refinement of energy management protocols during start-up and shutdown procedures; and the introduction of a site-wide motor replacement policy to improve electrical efficiency.
The Company will utilise Phase 4 of the Energy Savings Opportunity Scheme (ESOS), due for completion in December 2027, to identify and prioritise further energy reduction measures across its operations.
Methodology
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BLACKLADIES INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
Activity data has been converted into energy and equivalent GHG emissions using the 2024 UK Government GHG Conversion Factors for Company Reporting. Gross calorific value factors were adopted for all activities excluding transport, where mileage data has been converted using net calorific value factors.
Natural gas and electricity disclosures have been calculated based on primary energy data taken from supplier invoices. Scope 2 emissions associated with purchased electricity have been reported using the location-based method. The market-based method considers emissions from specific energy contracts and instruments and has been disclosed for comparison only.
Transport disclosures have been calculated based on business travel expense claim records. Where vehicle information such as engine size and fuel type was not captured, an emissions factor for a vehicle of average size and unknown fuel type was applied.
Natural gas and electricity disclosures have been calculated based on primary energy data taken from supplier invoices. Scope 2 emissions associated with purchased electricity have been reported using the location-based method. The market-based method considers emissions from specific energy contracts and instruments and has been disclosed for comparison only.
Transport disclosures have been calculated based on business travel expense claim records. Where vehicle information such as engine size and fuel type was not captured, an emissions factor for a vehicle of average size and unknown fuel type was applied.
There have been no significant events affecting the Group since the year end.
The auditors, Fraser Russell Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 29 April 2026 and signed on its behalf.
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BLACKLADIES INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACKLADIES INVESTMENTS LIMITED
We have audited the financial statements of Blackladies Investments Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 April 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
The corresponding figures for the year ended 31 July 2024 were not subject to an audit. Our opinion on the financial statements for the year ended 30 April 2025 is not modified in respect of this matter.
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 or 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.
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BLACKLADIES INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACKLADIES INVESTMENTS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group 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 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 Directors' Report.
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BLACKLADIES INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACKLADIES INVESTMENTS LIMITED (CONTINUED)
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BLACKLADIES INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACKLADIES INVESTMENTS LIMITED (CONTINUED)
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 Auditors' 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 Group 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:
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; through communications with other group auditors, through communications with legal counsel, and via inspection of the company’s regulatory and legal correspondence.
We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations to our team and remained alert to any indicators of noncompliance 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 noncompliance 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: operating licences; employment legislation; health and safety legislation; trade and export legislation; legislation relevant to the commercial/domestic property rental environment; the regulatory requirements; GDPR; anti-bribery and corruption legislation.
International Auditing Standards (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 in particular;
• Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account
combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management;
• Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;
• Ensuring that testing undertaken on both the Statement of Comprehensive Income including Profit or Loss Account and the Balance Sheet includes a number of items selected on a random basis;
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material
We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations to our team and remained alert to any indicators of noncompliance 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 noncompliance 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: operating licences; employment legislation; health and safety legislation; trade and export legislation; legislation relevant to the commercial/domestic property rental environment; the regulatory requirements; GDPR; anti-bribery and corruption legislation.
International Auditing Standards (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 in particular;
• Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account
combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management;
• Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;
• Ensuring that testing undertaken on both the Statement of Comprehensive Income including Profit or Loss Account and the Balance Sheet includes a number of items selected on a random basis;
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material
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BLACKLADIES INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACKLADIES INVESTMENTS LIMITED (CONTINUED)
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 International Auditing Standards UK). For example, the further removed noncompliance 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 noncompliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.
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 International Auditing Standards UK). For example, the further removed noncompliance 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 noncompliance 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 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 Auditors' 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 Auditors' 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.
for and on behalf of
77 Francis Road
Edgbaston
B16 8SP
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BLACKLADIES INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2025
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BLACKLADIES INVESTMENTS LIMITED
REGISTERED NUMBER: 12113737
CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2025
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BLACKLADIES INVESTMENTS LIMITED
REGISTERED NUMBER: 12113737
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 April 2026.
The notes on pages 26 to 51 form part of these financial statements.
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BLACKLADIES INVESTMENTS LIMITED
REGISTERED NUMBER: 12113737
COMPANY BALANCE SHEET
AS AT 30 APRIL 2025
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BLACKLADIES INVESTMENTS LIMITED
REGISTERED NUMBER: 12113737
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 April 2026 .
The notes on pages 26 to 51 form part of these financial statements.
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