REGISTERED NUMBER: 00963271 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Molteni Group UK Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

Mr R Askew

Mr P Molteni

Mr C Molteni

REGISTERED OFFICE:

12 Fitzroy Street

Fitzrovia

London

W1T 4BL

REGISTERED NUMBER:

00963271 (England and Wales)

AUDITORS:

Nordens Audit Limited

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

BUSINESS OVERVIEW

Molteni Group UK Limited (“the Company”) experienced a year of strong recovery during 2025 following a challenging 2024 impacted by subdued activity in the mid–high-end residential market and persistently high interest rates. Turnover increased significantly to £41.1m (2024: £32.1m), reflecting improved momentum across all core divisions.

BUSINESS PERFORMANCE BY SECTOR

Commercial office sector

Estate moves within the legal and finance sector continued at a pace. The company secured a number of important projects - ensuring results we're up once again here by 10%.

Residential sector

Fewer opportunities, coupled with strong market competition continued during 2025. Despite this the company has secured a strong order book for 2026 with a number of important new client instructions. This has been most encouraging in what has otherwise been a challenging market during 25. More generally the company remains confident in being well positioned to capitalise within this sector given a return to more favourable conditions.

Retail sector

Sales were flat over the period as customers continue to take stock of a tricky period for retailers in general. The company remains positive going forward nonetheless in anticipation of new collections coming forward into 2026.

Service sector

As expected, the extraordinary performance delivered here last time could not be repeated in 2025. However, a solid result was secured from within the company's client base in line with forecasting. This particularly with a strong performance in our storage sector. 2026 promises continued encouraging progress.

2026

The new year provides much continued optimism and hope for continued growth and innovation.

FINANCIAL REVIEW

Turnover increased to £41.1m (2024: £32.1m), driving improved gross profit of £8.3m (2024: £6.7m).

Administrative expenses rose due to inflationary pressures, staff investment and project delivery costs, but the Company delivered an improved operating profit of £1.31m (2024: £0.79m).

After finance charges, profit before tax was £915,069 (2024: £383,844) with a resulting profit for the year of (2024: 599,779 £213,486).

The balance sheet remains healthy with net assets increasing to £7.56m. Cash at bank increased to £4.98m (2024: £3.45m) and long-term liabilities reduced to £6.76m (2024: £7.73m).

PRINCIPAL RISKS AND UNCERTAINTIES

The key risks impacting the business include:

Market Risk: Exposure to fluctuations in construction, residential development and corporate office markets.

Credit Risk: Managed through established credit control procedures and assessing customer creditworthiness.

Foreign Currency Risk: Limited, as operations primarily transact in GBP and EUR; the Company does not engage in hedging.

Supply Chain Risk: Mitigated through long-standing supplier relationships and group-level procurement support.

Liquidity Risk: Managed via regular cash flow forecasting and established banking arrangements.

KEY PERFORMANCE INDICATORS

The Directors monitor a range of financial and operational KPIs to assess performance and ensure the business remains aligned with its strategic objectives. The principal KPIs used during the year included:

Financial KPIs

Revenue growth – Turnover increased to £41.1m (2024: £32.1m), reflecting strong recovery across sectors.

Gross profit margin – Monitors pricing discipline and cost efficiency.

Operating profit margin – Tracks operational performance as the business scales.

Cash conversion ratio – Ensures profitability is supported by operating cash flows.

Debtor days (DSO) – Important given the company’s significant contract debtor balances.

Operational KPIs

Project delivery timeliness – % of projects completed on or ahead of schedule across commercial, residential and retail divisions.

Divisional project margins – Tracks profitability for each operating sector.

Installation rework rate – Monitors quality of execution and links to rectification reserve.

Warehouse and storage utilisation – Key metric for the growing services and storage division.

Customer & Market KPIs

Order book value – Forward pipeline continues to show strong momentum heading into 2026.

Customer satisfaction scores – Measures client service levels following installation.

Repeat client ratio – Critical in corporate and high-end residential markets.

People KPIs

Staff turnover – Ensures skilled technicians, project managers and administrative staff are retained.

Revenue per employee – A measure of productivity and resource utilisation.

These KPIs provide management with timely operational and financial insight and help guide decision-making in resourcing, pricing strategies, customer management and investment planning.

FUTURE DEVELOPMENTS

2026 is expected to deliver continued strong sales growth supported by a robust pipeline of commercial projects, expanding service offerings and the launch of new product collections. The Company continues to priorities operational efficiency and investment in design, logistics and project management capability.

The Directors remain optimistic regarding the Company's position and opportunities for further growth.

ON BEHALF OF THE BOARD:

Mr R Askew - Director

11 May 2026

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of distribution and installation of office furniture, partitioning systems, kitchens and other home furniture.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr R Askew

Mr P Molteni

Mr C Molteni

FINANCIAL INSTRUMENTS

The company has no significant risks regarding price risk, credit risk, liquidity risk and cash flow risk arising from trading activities which are conducted mainly in Sterling and Euro. The company does not enter into any hedging transactions.

DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT

The company has chosen to include at page 2 of the financial statements a Strategic Report in accordance with Section 414C (11) of the Companies Act 2016 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr R Askew - Director

11 May 2026

Opinion

We have audited the financial statements of Molteni Group UK Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 directors are responsible for the other information. The other information comprises the information in the 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Lorraine Curtis BFP ACA FCCA (Senior Statutory Auditor)

for and on behalf of Nordens Audit Limited

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

12 May 2026

TURNOVER

41,033,719

32,095,669

Cost of sales

32,848,819

25,397,931

GROSS PROFIT

8,184,900

6,697,738

Administrative expenses

6,990,202

5,943,650

1,194,698

754,088

Interest receivable and similar income

4

111,455

37,460

1,306,153

791,548

Interest payable and similar expenses

5

391,084

407,704

PROFIT BEFORE TAXATION

6

915,069

383,844

Tax on profit

7

315,291

170,358

PROFIT FOR THE FINANCIAL YEAR

599,778

213,486

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

599,778

213,486

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

13,418,155

13,657,442

13,418,155

13,657,442

CURRENT ASSETS

Stocks

10

1,871,603

1,504,966

Debtors

11

14,736,339

14,116,843

Cash at bank and in hand

4,976,567

3,451,186

21,584,509

19,072,995

CREDITORS

Amounts falling due within one year

12

20,050,354

17,462,227

NET CURRENT ASSETS

1,534,155

1,610,768

TOTAL ASSETS LESS CURRENT LIABILITIES

14,952,310

15,268,210

CREDITORS

Amounts falling due after more than one year

13

(6,759,645

)

(7,733,240

)

PROVISIONS FOR LIABILITIES

15

(666,214

)

(608,297

)

NET ASSETS

7,526,451

6,926,673

CAPITAL AND RESERVES

Called up share capital

16

555,500

555,500

Revaluation reserve

17

1,820,000

1,820,000

Retained earnings

17

5,150,951

4,551,173

SHAREHOLDERS' FUNDS

7,526,451

6,926,673

The financial statements were approved by the Board of Directors and authorised for issue on 11 May 2026 and were signed on its behalf by:

Mr R Askew - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

555,500

4,337,687

1,820,000

6,713,187

Changes in equity

Profit for the year

-

213,486

-

213,486

Total comprehensive income

-

213,486

-

213,486

Balance at 31 December 2024

555,500

4,551,173

1,820,000

6,926,673

Changes in equity

Profit for the year

-

599,778

-

599,778

Total comprehensive income

-

599,778

-

599,778

Balance at 31 December 2025

555,500

5,150,951

1,820,000

7,526,451

1.	STATUTORY INFORMATION

Molteni Group UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of paragraph 33.7.

The company's immediate and ultimate parent undertaking is Molteni S.p.A, a company incorporated in Italy. The financial statements of the company are consolidated in the group financial statements, copies of which are available from its registered office: Sede in Via San Vittore 47, 20123 (Milano) Italy.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets

Intangible assets are initially measured at cost. After the initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset.

Trademarks are being amortised evenly over their estimated useful life of 20 years.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost of valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold/Leasehold Property - No depreciation in place

Plant and Machinery - 33% on a straight line basis

Fixtures and Fittings - 10% / over the term of the lease

Motor Vehicles - 33% on a straight line basis

Goods available for resale

Goods available for resale are valued at the lower of cost and selling price less selling costs. Cost of finished goods and work in progress includes overheads appropriate to the stage of manufacture.Selling price less selling costs value is based upon the estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow moving items.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carry value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets of groups of assets.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost profit or loss in the period in which it arises.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probably that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost profit or loss in the period in which it arises.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done, less amounts received as progress payments on account. Excess payments are included in creditors as payments on account. Provision for contingencies and anticipated future losses on contracts are included in provisions for liabilities and charges.

3.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

3,386,838

2,686,373

Social security costs

436,743

332,759

Other pension costs

155,676

127,078

3,979,257

3,146,210

The average number of employees during the year was as follows:

31.12.25

31.12.24

Management

2

2

Administrative

5

5

Sales

13

13

Warehouse / Logistics

6

6

Projects

8

9

34

35

31.12.25

31.12.24

£

£

Directors' remuneration

248,810

242,741

Information regarding the highest paid director is as follows:

31.12.25

31.12.24

£

£

Emoluments etc

248,810

242,741

4.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.12.25

31.12.24

£

£

Deposit account interest

111,455

37,460

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Bank loan interest

363,288

407,704

Interest payable

27,796

-

391,084

407,704

6.	PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

31.12.25

31.12.24

£

£

Hire of plant and machinery

21,682

147,533

Depreciation - owned assets

356,126

360,579

Profit on disposal of fixed assets

(17,267

)

-

Intellectual Property Rights amortisation

-

40,515

Auditors' remuneration

24,433

6,000

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

252,884

114,323

Deferred tax

62,407

56,035

Tax on profit

315,291

170,358

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

£

£

Profit before tax

915,069

383,844

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

228,767

95,961

Effects of:

Expenses not deductible for tax purposes

24,117

105,161

Capital allowances in excess of depreciation

-

(86,799

)

Deferred tax

62,407

56,035

Total tax charge

315,291

170,358

8.	INTANGIBLE FIXED ASSETS

Intellectual

Property

Rights

£

COST

At 1 January 2025

and 31 December 2025

1,622,213

AMORTISATION

At 1 January 2025

and 31 December 2025

1,622,213

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

9.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2025

11,511,074

663,665

4,048,136

191,788

16,414,663

Additions

-

38,534

20,015

91,250

149,799

Disposals

-

-

-

(96,940

)

(96,940

)

At 31 December 2025

11,511,074

702,199

4,068,151

186,098

16,467,522

DEPRECIATION

At 1 January 2025

-

580,101

2,020,075

157,045

2,757,221

Charge for year

-

75,800

263,487

16,839

356,126

Eliminated on disposal

-

-

-

(63,980

)

(63,980

)

At 31 December 2025

-

655,901

2,283,562

109,904

3,049,367

NET BOOK VALUE

At 31 December 2025

11,511,074

46,298

1,784,589

76,194

13,418,155

At 31 December 2024

11,511,074

83,564

2,028,061

34,743

13,657,442

On 04.11. 2022, the warehouse in Upminster, Essex was valued by Lambert Smith Hampton. This valuation was an open market valuation and the Directors believe that it is still representative of the value of the building currently held and therefore, have not requested any further revaluation to be undertaken in the current year.

10.

STOCKS

31.12.25

31.12.24

£

£

Goods for resale

1,340,829

1,397,909

Work-in-progress

530,774

107,057

1,871,603

1,504,966