Mr & Mrs Oliver Ltd - Limited company accounts 25.1

REGISTERED NUMBER: 11523394 (England and Wales)

Mr & Mrs Oliver Ltd

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 August 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

21

DIRECTORS:

G J Bosher

H H H Cary

W J Gibbs

J A Mishreki

REGISTERED OFFICE:

2 Eastbourne Terrace Floor 4

London

W2 6LG

REGISTERED NUMBER:

11523394 (England and Wales)

AUDITORS:

UHY Hacker Young (Birmingham) LLP,

Statutory Auditor

9-11 Vittoria Street

Birmingham

B1 3ND

The directors are happy to report on continued growth during the period. The group operates only in the UK, and as a subscription business benefits from predictable revenue from repeating customers. Acquisition of new customers has allowed the group to grow by 15% year over year. Continual investment in infrastructure and good relationships with suppliers allow the group to scale while maintaining our strong gross margins.

REVIEW OF BUSINESS

The group has reported a turnover of £42,519,255 (2024: £36,910,760) and a pre-tax loss of £4,439,687 (2024: £3,847,789 profit) for the year. The group has total shareholder's funds of £13,480,742 as at 31 August 2025 (2024: £15,879,849).

-

Turnover increased from 2024 by £5,608,495 (15.0%).

-

Pre-tax profit decreased from 2024 by £8,287,476 (215.4%).

-

Cash held at year end is £11,853,424 down from £14,811,125 in 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

The three risk areas that have been identified by the directors are as follows:

Recruitment of enough qualified, specialist staff for continued business growth.

Factory capacity. Although we have a large site, growing brings us closer to capacity.

Shipping and transportation. The company relies on the international supply chain, any disruption can slow production and increase costs.

STREAMLINED ENERGY AND CARBON REPORTING

The Group reports its energy consumption and greenhouse gas emissions in accordance with the Streamlined Energy and Carbon Reporting (SECR) regulations and the UK Government’s environmental reporting guidance issued by the UK Department for Environment, Food & Rural Affairs.

Energy consumption and associated greenhouse gas emissions for the year ended 31 August 2025 are set out below.

Reporting Item

2025

Total Energy Consumption (kWh)

527,194.15

Electricity

370,825.38

Gas

145,989.96

Transport (Grey Fleet/ Hire Cars)

10,378.81

Turnover

42,519,255

Turnover (in millions)

42.52

Total Gross Emissions (tCO2e)

94.87

Scope 1 (Direct: Gas & Owned Fleet)

26.71

Scope 2 (Indirect: Purchased Electricity)

65.64

Scope 3 (Business Travel: Grey Fleet)

2.52

Intensity Ratio: tCO2e per £1m Turnover

2.23

Note: This is the first year the Group is required to report under SECR; therefore, prior year comparatives are not provided.

Methodology

Greenhouse gas emissions have been calculated using the 2025 UK Government greenhouse gas conversion factors for company reporting. Energy consumption data has been obtained from utility invoices and supplier reporting. Where invoices did not align exactly with the reporting period, energy usage has been pro-rated on a daily average basis to match the 12-month period ended 31 August 2025.

Energy consumption for serviced office locations has been estimated using data provided by the landlord. Where direct utility data was not available, energy usage has been apportioned based on the Group’s occupancy (number of desks) relative to total building occupancy Grey fleet emissions were calculated using mileage expense claims where fuel consumption data was not available. For claims where vehicle engine size or fuel type was not specified, the Average Car – Unknown Fuel conversion factor was applied. We have adopted the operational control organisational boundary, reporting emissions from sources over which we have operational control.

Intensity Ratio Choice

The Group has adopted tonnes of CO2e per £1m of turnover as its intensity ratio. This metric enables the Group to measure carbon efficiency relative to the scale of its operations and to track environmental performance as the business grow.

Energy Efficiency Actions

During the year, the Group continued to monitor energy consumption across its locations and implemented measures to improve energy efficiency. These included enhanced monitoring of electricity usage, improvements to internal data collection processes to support environmental reporting, encouraging employees to switch off lights and equipment when not in use, and the ongoing review of energy suppliers and efficiency measures.

The Group also operates hybrid working arrangements, which support reduced office energy consumption. In addition, steps have been taken to manage grey fleet emissions through the introduction of a “Virtual First” policy for non-essential internal meetings, reducing the need for employee-owned vehicle travel.

The Group operates from serviced office locations that utilise renewable electricity and support a range of sustainability initiatives, including zero waste to landfill, food waste recycling, and environmentally responsible cleaning practices, contributing to lower greenhouse gas emissions.

FINANCIAL KEY PERFORMANCE INDICATORS

31/08/2025

31/08/2024

£

Turnover

42,519,255

36,910,760

Gross profit margin %

78%

80%

ON BEHALF OF THE BOARD:

H H H Cary - Director

22 May 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company is the provision of services to other companies within the group.

DIVIDENDS

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

FUTURE DEVELOPMENTS

The group will continue to optimise both our factory and it's online direct to consumer systems to ensure they can continue to show healthy growth in the future.

EVENTS SINCE THE END OF THE YEAR

Subsequent to the year end, the group decided to discontinue two of its business units, AndBegin and Retail. Further details are provided in Note 23: Post Balance Sheet Events.

DIRECTORS

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

G J Bosher

H H H Cary

W J Gibbs

J A Mishreki

Other changes in directors holding office are as follows:

A Szirtes - resigned 25 March 2025

DIRECTORS' INDEMNITY INSURANCE

Directors' liability and indemnity insurance was in force throughout the period to cover the directors and officers of the company against actions brought against them in their personal capacity. Neither the insurance nor the indemnity provide cover where the individual has acted fraudulently or dishonestly.

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 he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, UHY Hacker Young (Birmingham) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

H H H Cary - Director

22 May 2026

Opinion

We have audited the financial statements of Mr & Mrs Oliver Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the Consolidated Income Statement, Consolidated Other 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 31 August 2025 and of the group's loss 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 six, 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.

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

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud

or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is

sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material

misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve

collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that

are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness

of the internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates

and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based

on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that

may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a

material uncertainty exists, we are required to draw attention in our auditor's report to the related

disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our

conclusions are based on the audit evidence obtained up to the date of our auditor's report. However,

future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events in a

manner that achieves fair presentation.

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.

Aaron Thomas , Senior Statutory Auditor

for and on behalf of UHY Hacker Young (Birmingham) LLP,

Statutory Auditor

9-11 Vittoria Street

Birmingham

B1 3ND

22 May 2026

Mr & Mrs Oliver Ltd (Registered number: 11523394)

Consolidated Income Statement

for the Year Ended 31 August 2025

2025

Continuing

Discontinued

Total

Notes

£

TURNOVER

3

41,158,924

1,360,331

42,519,255

Cost of sales

(8,720,224

)

(543,017

)

(9,263,241

)

GROSS PROFIT

32,438,700

817,314

33,256,014

Administrative expenses

(32,906,260

)

(5,153,671

)

(38,059,931

)

OPERATING LOSS

5

(467,560

)

(4,336,357

)

(4,803,917

)

Interest receivable and similar income

7

423,130

-

423,130

Interest payable and similar expenses

8

(58,900

)

-

(58,900

)

LOSS BEFORE TAXATION

(103,330

)

(4,336,357

)

(4,439,687

)

Tax on loss

9

1,736,095

-

1,736,095

PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

1,632,765

(4,336,357

)

(2,703,592

)

Profit/(loss) attributable to:

Owners of the parent

(2,703,592

)

Mr & Mrs Oliver Ltd (Registered number: 11523394)

Consolidated Income Statement

for the Year Ended 31 August 2025

2024

Continuing

Discontinued

Total

Notes

£

TURNOVER

3

36,444,280

466,480

36,910,760

Cost of sales

(7,076,371

)

(384,817

)

(7,461,188

)

GROSS PROFIT

29,367,909

81,663

29,449,572

Administrative expenses

(21,464,950

)

(4,365,091

)

(25,830,041

)

OPERATING PROFIT/(LOSS)

5

7,902,959

(4,283,428

)

3,619,531

Interest receivable and similar income

7

503,649

-

503,649

Interest payable and similar expenses

8

(275,391

)

-

(275,391

)

PROFIT/(LOSS) BEFORE TAXATION

8,131,217

(4,283,428

)

3,847,789

Tax on profit/(loss)

9

(935,802

)

-

(935,802

)

PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

7,195,415

(4,283,428

)

2,911,987

Profit/(loss) attributable to:

Owners of the parent

2,911,987

(LOSS)/PROFIT FOR THE YEAR

(2,703,592

)

2,911,987

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(2,703,592

)

2,911,987

Total comprehensive income attributable to:

Owners of the parent

(2,703,592

)

2,911,987

FIXED ASSETS

Intangible assets

11

12,849

2,268

Tangible assets

12

1,813,976

1,628,777

Investments

13

-

1,826,825

1,631,045

CURRENT ASSETS

Stocks

14

1,357,241

1,825,111

Debtors

15

5,020,508

2,671,570

Cash at bank

11,853,424

14,811,125

18,231,173

19,307,806

CREDITORS

Amounts falling due within one year

16

6,577,256

5,059,002

NET CURRENT ASSETS

11,653,917

14,248,804

TOTAL ASSETS LESS CURRENT
LIABILITIES

13,480,742

15,879,849

CAPITAL AND RESERVES

Called up share capital

19

229

226

Share premium

20

18,341,930

18,287,807

Retained earnings

20

(4,861,417

)

(2,408,184

)

13,480,742

15,879,849

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2026 and were signed on its behalf by:

H H H Cary - Director

FIXED ASSETS

Intangible assets

11

12,849

2,268

Tangible assets

12

257,445

109,838

Investments

13

2

270,296

112,108

CURRENT ASSETS

Debtors

15

13,638,374

5,206,492

Cash at bank

7,046,185

7,601,211

20,684,559

12,807,703

CREDITORS

Amounts falling due within one year

16

76,357,284

44,931,541

NET CURRENT LIABILITIES

(55,672,725

)

(32,123,838

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(55,402,429

)

(32,011,730

)

CAPITAL AND RESERVES

Called up share capital

19

229

226

Share premium

20

18,341,930

18,287,807

Retained earnings

20

(73,744,588

)

(50,299,763

)

(55,402,429

)

(32,011,730

)

Company's loss for the financial year

(23,681,059

)

(17,819,780

)

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2026 and were signed on its behalf by:

H H H Cary - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

Balance at 1 September 2023

222

(5,568,692

)

18,273,155

12,704,685

Changes in equity

Issue of share capital

4

-

14,652

14,656

Total comprehensive income

-

2,911,987

-

2,911,987

Share based payment expense

-

248,521

-

248,521

Balance at 31 August 2024

226

(2,408,184

)

18,287,807

15,879,849

Changes in equity

Issue of share capital

3

-

54,123

54,126

Total comprehensive income

-

(2,703,592

)

-

(2,703,592

)

Share based payment expense

-

250,359

-

250,359

Balance at 31 August 2025

229

(4,861,417

)

18,341,930

13,480,742

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

Balance at 1 September 2023

222

(32,717,676

)

18,273,155

(14,444,299

)

Changes in equity

Issue of share capital

4

-

14,652

14,656

Total comprehensive income

-

(17,819,780

)

-

(17,819,780

)

Share based payment expense

-

237,693

-

237,693

Balance at 31 August 2024

226

(50,299,763

)

18,287,807

(32,011,730

)

Changes in equity

Issue of share capital

3

-

54,123

54,126

Total comprehensive income

-

(23,681,059

)

-

(23,681,059

)

Share based payment expense

-

236,234

-

236,234

Balance at 31 August 2025

229

(73,744,588

)

18,341,930

(55,402,429

)

Cash flows from operating activities

Cash generated from operations

1

(1,496,100

)

4,860,013

Interest paid

(58,900

)

(275,391

)

Net cash from operating activities

(1,555,000

)

4,584,622

Cash flows from investing activities

Purchase of intangible fixed assets

(14,212

)

-

Purchase of tangible fixed assets

(671,360

)

(1,044,608

)

Interest received

423,130

503,649

Net cash from investing activities

(262,442

)

(540,959

)

Cash flows from financing activities

Loan repayments in year

(1,194,385

)

(952,081

)

Share issue

54,126

14,656

Net cash from financing activities

(1,140,259

)

(937,425

)

(Decrease)/increase in cash and cash equivalents

(2,957,701

)

3,106,238

Cash and cash equivalents at beginning
of year

2

14,811,125

11,704,887

Cash and cash equivalents at end of
year

2

11,853,424

14,811,125

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

(Loss)/profit before taxation

(4,439,687

)

3,847,789

Depreciation charges

440,039

380,551

Loss on disposal of fixed assets

49,754

-

Share based payment

250,359

248,519

Finance costs

58,900

275,391

Finance income

(423,130

)

(503,649

)

(4,063,765

)

4,248,601

Decrease/(increase) in stocks

467,870

(979,375

)

(Increase)/decrease in trade and other debtors

(612,843

)

283,656

Increase in trade and other creditors

2,712,638

1,307,131

Cash generated from operations

(1,496,100

)

4,860,013

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 31 August 2025

31.8.25

1.9.24

£

Cash and cash equivalents

11,853,424

14,811,125

Year ended 31 August 2024

31.8.24

1.9.23

£

Cash and cash equivalents

14,811,125

11,704,887

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.24

Cash flow

At 31.8.25

£

Net cash

Cash at bank and in hand

14,811,125

(2,957,701

)

11,853,424

14,811,125

(2,957,701

)

11,853,424

Debt

Debts falling due within 1 year

(1,194,384

)

1,194,384

-

(1,194,384

)

1,194,384

-

Total

13,616,741

(1,763,317

)

11,853,424

1.	STATUTORY INFORMATION

Mr & Mrs Oliver Ltd 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 General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements have been prepared in the functional currency, pounds sterling, rounded to the nearest £1.

The following principal accounting policies have been applied:

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. lntercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the Group has chosen no retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Critical accounting judgements and key sources of estimation uncertainty

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

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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-

the Group has transferred the significant risks and rewards of ownership to the buyer;

-

the Group retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold

-

the amount of revenue can be measured reliably;

-

it is probable that the Group will receive the consideration due under the transaction; and

-

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-

the amount of revenue can be measured reliably;

-

it is probable that the Group will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured
reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Intangible assets

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

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following basis:

Straight Line

Publishing rights

20% on cost

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Straight Line

Leasehold improvements

25% on cost

Plant and machinery

14% to 25% on cost

Office equipment

33% on cost

Computer equipment

33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the specific identification method. The cost of each item is determined based on the purchase price, including all costs necessary to bring the item to its present location and condition.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Financial instruments

The Group has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,

when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'administration expenditure'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Pension costs and other post-retirement benefits

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

3.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2025

2024

£

Product and cosmetic sales

42,519,255

36,910,760

42,519,255

36,910,760

An analysis of turnover by geographical market is given below:

2025

2024

£

United Kingdom

42,519,255

36,910,760

42,519,255

36,910,760

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

Wages and salaries

8,432,099

6,425,582

Social security costs

1,008,340

724,930

Other pension costs

139,530

107,870

9,579,969

7,258,382

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

2025

2024

Employees

151

114

The average number of employees by undertakings that were proportionately consolidated during the year was 74 (2024 - 56 ) .

2025

2024

£

Directors' remuneration

205,333

177,033

Directors' pension contributions to money purchase schemes

1,321

Information regarding the highest paid director for the year ended 31 August 2025 is as follows:

2025

£

Emoluments etc

205,333

Pension contributions to money purchase schemes

1,321

Directors' remuneration also included benefits of £21,319 (2024: £16,380) and share based payment expense of £110,396 (2024: £91,629).

The highest paid directors' remuneration represents the total directors' remuneration, as only one director received remuneration during the year.

5.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging:

2025

2024

£

Depreciation - owned assets

436,407

371,815

Loss on disposal of fixed assets

49,754

-

Intellectual property amortisation

3,631

8,736

Foreign exchange differences

10,887

14,054

Operating lease payments

878,961

415,740

6.	AUDITORS' REMUNERATION

2025

2024

£

Fees payable to the company's auditors and their associates for
the audit of the company's financial statements

28,100

27,000

Auditors' remuneration for non audit work

9,000

8,500

7.

INTEREST RECEIVABLE AND SIMILAR INCOME

2025

2024

£

Deposit account interest

423,130

503,649

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

Bank interest

58,900

275,391

9.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2025

2024

£

Deferred tax

(1,736,095

)

935,802

Tax on (loss)/profit

(1,736,095

)

935,802

Reconciliation of total tax (credit)/charge included in profit and loss

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

2025

2024

£

(Loss)/profit before tax

(4,439,687

)

3,847,789

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

(1,109,922

)

961,947

Effects of:

Expenses not deductible for tax purposes

189,305

81,799

Capital allowances in excess of depreciation

(57,881

)

(155,700

)

Utilisation of tax losses

-

(768,604

)

Share option exercise

(82,061

)

(119,442

)

Increase in taxable losses

1,060,559

-

Deferred tax movement

(1,736,095

)

935,802

Total tax (credit)/charge

(1,736,095

)

935,802

10.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

11.	INTANGIBLE FIXED ASSETS

Group

Intellectual

property

£

COST

At 1 September 2024

43,680

Additions

14,212

At 31 August 2025

57,892

AMORTISATION

At 1 September 2024

41,412

Amortisation for year

3,631

At 31 August 2025

45,043

NET BOOK VALUE

At 31 August 2025

12,849

At 31 August 2024

2,268

Company

Intellectual

property

£

COST

At 1 September 2024

43,680

Additions

14,212

At 31 August 2025

57,892

AMORTISATION

At 1 September 2024

41,412

Amortisation for year

3,631

At 31 August 2025

45,043

NET BOOK VALUE

At 31 August 2025

12,849

At 31 August 2024

2,268

12.	TANGIBLE FIXED ASSETS

Group

Fixtures

Leasehold

Plant and

and

Computer

improvements

machinery

fittings

equipment

Totals

£

COST

At 1 September 2024

151,655

2,774,369

87,010

137,300

3,150,334

Additions

278,447

367,006

1,332

24,575

671,360

Disposals

(63,397

)

-

(63,397

)

At 31 August 2025

366,705

3,141,375

88,342

161,875

3,758,297

DEPRECIATION

At 1 September 2024

110,801

1,258,115

65,402

87,239

1,521,557

Charge for year

66,682

327,938

12,708

29,079

436,407

Eliminated on disposal

(13,643

)

-

(13,643

)

At 31 August 2025

163,840

1,586,053

78,110

116,318

1,944,321

NET BOOK VALUE

At 31 August 2025

202,865

1,555,322

10,232

45,557

1,813,976

At 31 August 2024

40,854

1,516,254

21,608

50,061

1,628,777

Company

Fixtures

Leasehold

Plant and

and

Computer

improvements

machinery

fittings

equipment

Totals

£

COST

At 1 September 2024

151,654

35,032

87,011

132,815

406,512

Additions

278,447

-

1,332

24,575

304,354

Disposals

(63,397

)

-

(63,397

)

At 31 August 2025

366,704

35,032

88,343

157,390

647,469

DEPRECIATION

At 1 September 2024

110,801

35,032

65,403

85,438

296,674

Charge for year

66,682

-

12,708

27,603

106,993

Eliminated on disposal

(13,643

)

-

(13,643

)

At 31 August 2025

163,840

35,032

78,111

113,041

390,024

NET BOOK VALUE

At 31 August 2025

202,864

-

10,232

44,349

257,445

At 31 August 2024

40,853

-

21,608

47,377

109,838

13.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 September 2024

and 31 August 2025

2

NET BOOK VALUE

At 31 August 2025

2

At 31 August 2024

2

Subsidiary undertakings

The following were subsidiary undertakings of the company which have been consolidated in these

financial statements:

Name

Registered Office

Class of Shares

Holding

Skin + Me Ltd

2 Eastbourne Terrace Floor 4, London,
England, W2 6LG

Ordinary

100%

Feel Good Pharma Ltd

Unit 5 Oakwood Business Park, Park
Royal, London, England, NW10 6EX

Ordinary

100%

14.

STOCKS

Group

2025

2024

£

Raw materials

1,131,742

1,200,665

Finished goods

225,499

624,446

1,357,241

1,825,111

15.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

Trade debtors

171,868

-

Amounts owed by group undertakings

-

9,694,889

3,104,001

Other debtors

1,211,161

1,208,390

210,522

144,959

VAT

916,060

736,215

795,748

859,157

Deferred tax asset

2,282,080

545,985

2,670,911

925,049

Prepayments

439,339

180,980

266,304

173,326

5,020,508

2,671,570

13,638,374

5,206,492

Deferred tax asset

Group

Company

2025

2024

2025

2024

£

Deferred tax

2,282,080

545,985

2,670,911

925,049

16.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

Bank loans and overdrafts (see note 17)

-

1,194,384

-

1,194,384

Trade creditors

3,317,875

1,924,634

2,425,794

954,789

Amounts owed to group undertakings

-

71,945,124

41,516,413

Social security and other taxes

276,170

266,536

179,275

181,497

Other creditors

271,810

130,825

258,845

119,772

Accruals and deferred income

2,711,401

1,542,623

1,548,246

964,686

6,577,256

5,059,002

76,357,284

44,931,541

17.

LOANS

An analysis of the maturity of loans is given below:

Group

Company

2025

2024

2025

2024

£

Amounts falling due within one year or

on demand:

Bank loans

-

1,194,384

-

1,194,384

Bank loans are secured against the assets and trademarks of the group, payable within one year.

18.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group

Non-cancellable

operating leases

2025

2024

£

Within one year

1,040,985

329,435

Between one and five years

1,054,353

838,000

In more than five years

-

34,917

2,095,338

1,202,352

Company

Non-cancellable

operating leases

2025

2024

£

Within one year

1,040,985

329,435

Between one and five years

1,054,353

838,000

In more than five years

-

34,917

2,095,338

1,202,352

19.	CALLED UP SHARE CAPITAL

2025

2024

Allotted, called up and fully paid

£

7,809,063 (2024 - 7,471,253) Ordinary Shares shares of £0.00001 each

78

75

2,348,000 (2024 - 2,348,000) Ordinary A shares shares of £0.00001 each

23

6,684,560 (2024 - 6,684,560) Ordinary B Shares shares of £0.00001 each

67

1,310,615 (2024 - 1,310,615) Ordinary C Shares shares of £0.00001 each

13

4,808,279 (2024 - 4,808,279) Deferred Shares shares of £0.00001 each

48

229

226

The share capital of the company consists of fully paid ordinary shares of £0.00001 under five share classes, Ordinary shares, Ordinary A, Ordinary B, Ordinary C and deferred shares.

During the year, the company issued 337,810 Ordinary shares at £0.00001 at par.

The shares issued during the year have full rights regarding voting, payment of dividends and distributions.

20.

RESERVES

Group

Retained

Share

earnings

premium

Totals

£

At 1 September 2024

(2,408,184

)

18,287,807

15,879,623

Deficit for the year

(2,703,592

)

-

(2,703,592

)

Issue of share capital

-

54,123

Share based payment expense

250,359

-

250,359

At 31 August 2025

(4,861,417

)

18,341,930

13,480,513

Company

Retained

Share

earnings

premium

Totals

£

At 1 September 2024

(50,299,763

)

18,287,807

(32,011,956

)

Deficit for the year

(23,681,059

)

-

(23,681,059

)

Issue of share capital

-

54,123

Share based payment expense

236,234

-

236,234

At 31 August 2025

(73,744,588

)

18,341,930

(55,402,658

)

21.	PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £139,530 (2024: £107,870). Contributions totalling £28,950 (2024: £26,402) were payable to the fund at the balance sheet date.

22.	RELATED PARTY DISCLOSURES

There were no related party transactions through the year requiring disclosure in these financial statements.

23.	POST BALANCE SHEET EVENTS

The group have recently decided to discontinue two of their business units. AndBegin was stopped as hyper personalisation was found to not be a key requirement from customers. Retail was stopped as, although it provided an opportunity to target currently unserved customers, following the success of the + Me brand, the business has the opportunity to invest more into the other high performing business units.

24.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

25.	SHARE-BASED PAYMENT TRANSACTIONS - GROUP

Group

The company operates an equity settled share-based payment scheme for directors, employees and select consultants.

Share-based payments are calculated in accordance with FRS 102 section 26. The company uses the Guideline Public Company method to value the options.

The fair value determined is expensed on a straight-line basis over the requisite service period for each separately vesting portion. The charge for the period is allocated to the relevant income statement categories where the employment costs of the employee who is granted the equity options are charged.

31 August

2025

2024

Weighted

Average

Exercise

Price (pence

)

Number

Price (pence

)

Number

Enterprise Management Scheme

72.68

2,089,581

64.80

2,517,441

31 August

2025

2024

Number

Brought forward

2,517,441

2,909,952

Granted in the period

47,021

263,544

Exercised in the period

(337,810

)

(448,368

)

Forfeited in the period

(137,071

)

(207,687

)

Carried forward

2,089,581

2,517,441

Exercisable quantity (vested)

1,380,196

1,282,273

The total charge for the year recognised as administrative expenses was £250,358 (2024: £248,520).

26.	SHARE-BASED PAYMENT TRANSACTIONS - COMPANY

Company

31 August

2025

2024

Weighted

Average

Exercise

Price (pence

)

Number

Price (pence

)

Number

Enterprise Management Scheme

75.00

1,913,979

67.25

2,296,388

31 August

2025

2024

Number

Brought forward

2,296,388

2,718,418

Granted in the period

40,153

224,011

Exercised in the period

(300,764

)

(445,629

)

Forfeited in the period

(121,798

)

(200,412

)

Carried forward

1,913,979

2,296,388

Exercisable quantity (vested)

1,244,883

1,171,357

The total charge for the year recognised as administrative expenses was £236,234 (2024: £237,692).