Company registration number 1834731 (England and Wales)
JACKSON TRADING COMPANY PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
JACKSON TRADING COMPANY PLC
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 35
JACKSON TRADING COMPANY PLC
COMPANY INFORMATION
Directors
Mr P.H.J. Jackson
Mrs A Jackson
Mr. C.P.C.H. Jackson
Miss J.A.I. Jackson
Miss J.A.C.V. Jackson
Mr D.W. Jackson
Mr H. Walters
Mrs M. Colclough
Mr J.C.W. Jackson
Secretary
Mrs A Jackson
Company number
1834731
Registered office
42-44 Norwood High Street
London
SE27 9NR
Auditor
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
JACKSON TRADING COMPANY PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Fair review of the business

The results for the year are set out on page 7 of these financial statements.

The key performance indicators of the group are as follows:

| 202 5 | 2024 | Change
Turnover | 18,053,675 | 18,909,797 | -5%
Gross profit | 7,453,149 | 8,101,733 | -8%
Operating profit | 1,618,574 | 2,423,102 | -33%
Current ratio | 280% | 260% | +20%

The group is also increasingly benefitting from the growing financial success of associate companies, which are making a material and growing impact on overall profitability.

Despite the challenging environment, the group’s current ratio has remained strong, and we will continue to monitor this closely in the future to ensure it is maintained at its current level where possible.

Principal risks and uncertainties

Competition

Competition is considered a significant risk to the group, as there are increasing numbers of competitors globally, particularly in online markets. To mitigate this risk, we continue to invest in our website as well as working with online marketplaces, with the aim that our perfumery range will be available worldwide.

Counterfeit products

Our products are sold globally, and it is an ongoing challenge to identify and remove counterfeit products when they appear in our markets. However, we are constantly evolving security and 'hard to copy' features on our packaging, determined to keep ahead of the counterfeiters.

Current economic situation

The year under review has been challenging for the company due to several factors that are out of our control: regional wars resulting in global, political and economic uncertainty, price rises from suppliers as inflation continues to have an impact, hyper-inflationary economies in certain of our overseas markets with associated currency valuation issues and embargoes on the import of non-essential luxury goods into some export markets. This creates some challenges regarding future sales and cash flows.

The group continues to closely monitor the impact of these factors on its worldwide business and liquidity, and believes, through the growing diversity of global markets and related income streams, it is well placed to see through the uncertainty.

By order of the board

Mrs A. Jackson
Secretary
20 June 2026
JACKSON TRADING COMPANY PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the group continued to be the manufacture, marketing and sale of perfumery products.

Directors

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

Mr P.H.J. Jackson
Mrs A Jackson
Mr. C.P.C.H. Jackson
Miss J.A.I. Jackson
Miss J.A.C.V. Jackson
Mr D.W. Jackson
Mr H. Walters
Mrs M. Colclough
Mr J.C.W. Jackson
Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £2,000,000 (20 24: £3,000,000).

Financial instruments
Interest rate risk

The group finances its operations through a mixture of retained profits, intercompany loans and bank loans. The group's exposure to interest rate fluctuations on its bank loans is covered by the retained earnings of the group.

Currency risk

The group has some exposure to currency risk as it makes sales in Sterling, US Dollars and Euros and has bank accounts denominated in all three currencies. However, the risk is not considered to be material.

Credit risk

The group monitors credit risk closely and considers that its current policy of credit checks meets its objective of managing exposure to credit risk.

The group has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.

Future developments

The directors anticipate that results for 2026 will exceed those for the current reporting period.

Auditor

The auditor, Bright Grahame Murray, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

JACKSON TRADING COMPANY PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have prepared the group and parent company 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 group and parent company, 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 U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Directors’ indemnities

The group has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

By order of the board
Mrs A. Jackson
Mrs A Jackson
Secretary
Director
20 June 2026
JACKSON TRADING COMPANY PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JACKSON TRADING COMPANY PLC
- 4 -
Opinion

We have audited the financial statements of Jackson Trading Company PLC (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

JACKSON TRADING COMPANY PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JACKSON TRADING COMPANY PLC
- 5 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and 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 parent company or to cease operations, or have no realistic alternative but to do so.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion., is detailed below.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

JACKSON TRADING COMPANY PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JACKSON TRADING COMPANY PLC
- 6 -

- We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation and health and safety.

- We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

- We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.

- The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition, related parties outside normal course of business and management override.

- We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

- We enquired of the directors about actual and potential litigation and claims.

- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

- In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Eade (Senior Statutory Auditor)
For and on behalf of Bright Grahame Murray
Chartered Accountants
Statutory Auditor
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
23 June 2026
JACKSON TRADING COMPANY PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
18,053,675
18,909,797
Cost of sales
(10,600,526)
(10,808,064)
Gross profit
7,453,149
8,101,733
Distribution costs
(1,692,219)
(1,539,279)
Administrative expenses
(4,187,076)
(4,305,679)
Other operating income
44,720
166,327
Operating profit
4
1,618,574
2,423,102
Income from participating interests
7
561,275
327,224
Other interest receivable and similar income
7
191,665
208,946
Interest payable and similar expenses
8
(23,821)
(22,968)
Profit before taxation
2,347,693
2,936,304
Tax on profit
10
(549,627)
(699,373)
Profit for the financial year
1,798,066
2,236,931
Profit for the financial year is attributable to:
- Owners of the parent company
1,794,657
2,235,387
- Non-controlling interests
3,409
1,544
1,798,066
2,236,931

The profit and loss account has been prepared on the basis that all operations are continuing operations.

JACKSON TRADING COMPANY PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
£
£
Profit for the year
1,798,066
2,236,931
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(111,580)
3,792
Total comprehensive income for the year
1,686,486
2,240,723
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,683,077
2,239,179
- Non-controlling interests
3,409
1,544
1,686,486
2,240,723
JACKSON TRADING COMPANY PLC
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1,001
2,436
Tangible assets
12
5,310,384
5,704,014
Investments
13
1,970,764
1,992,205
7,282,149
7,698,655
Current assets
Stocks
16
9,050,177
9,048,234
Debtors
17
8,326,326
9,037,898
Cash at bank and in hand
6,729,111
7,108,858
24,105,614
25,194,990
Creditors: amounts falling due within one year
18
(8,600,959)
(9,688,459)
Net current assets
15,504,655
15,506,531
Total assets less current liabilities
22,786,804
23,205,186
Creditors: amounts falling due after more than one year
19
(61,650)
(125,000)
Provisions for liabilities
Deferred tax liability
22
254,452
295,970
(254,452)
(295,970)
Net assets
22,470,702
22,784,216
Capital and reserves
Called up share capital
25
250,000
250,000
Share premium account
509,250
509,250
Capital redemption reserve
26
18,750
18,750
Profit and loss reserves
21,683,429
22,000,352
Equity attributable to owners of the parent company
22,461,429
22,778,352
Non-controlling interests
9,273
5,864
Total equity
22,470,702
22,784,216
JACKSON TRADING COMPANY PLC
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 20 June 2026 and are signed on its behalf by:
20 June 2026
Mr P.H.J. Jackson
Mr H. Walters
Director
Director
Company registration number 1834731 (England and Wales)
JACKSON TRADING COMPANY PLC
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
406,238
500,118
Investments
13
730,770
730,770
1,137,008
1,230,888
Current assets
Debtors falling due after more than one year
17
4,154,904
4,193,282
Debtors falling due within one year
17
10,849,587
10,889,229
Cash at bank and in hand
2,132,231
3,213,484
17,136,722
18,295,995
Creditors: amounts falling due within one year
18
(6,666,768)
(7,304,871)
Net current assets
10,469,954
10,991,124
Total assets less current liabilities
11,606,962
12,222,012
Creditors: amounts falling due after more than one year
19
(36,746)
-
0
Net assets
11,570,216
12,222,012
Capital and reserves
Called up share capital
25
250,000
250,000
Share premium account
509,250
509,250
Capital redemption reserve
26
18,750
18,750
Profit and loss reserves
10,792,216
11,444,012
Total equity
11,570,216
12,222,012

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,348,204 (2024 - £3,194,869 profit).

The financial statements were approved by the board of directors and authorised for issue on 20 June 2026 and are signed on its behalf by:
20 June 2026
Mr P.H.J. Jackson
Mr H. Walters
Director
Director
Company registration number 1834731 (England and Wales)
JACKSON TRADING COMPANY PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2024
243,750
282,500
18,750
22,761,173
23,306,173
4,320
23,310,493
Year ended 31 December 2024:
Profit for the year
-
-
-
2,235,387
2,235,387
1,544
2,236,931
Other comprehensive income:
-
Currency translation differences
-
-
-
3,792
3,792
-
3,792
Total comprehensive income for the year
-
-
-
2,239,179
2,239,179
1,544
2,240,723
Issue of share capital
25
6,250
226,750
-
-
233,000
-
233,000
Dividends
9
-
-
-
(3,000,000)
(3,000,000)
-
(3,000,000)
Balance at 31 December 2024
250,000
509,250
18,750
22,000,352
22,778,352
5,864
22,784,216
Year ended 31 December 2025:
Profit for the year
-
-
-
1,794,657
1,794,657
3,409
1,798,066
Other comprehensive income:
Currency translation differences
-
-
-
(111,580)
(111,580)
-
(111,580)
Total comprehensive income for the year
-
-
-
1,683,077
1,683,077
3,409
1,686,486
Dividends
9
-
-
-
(2,000,000)
(2,000,000)
-
(2,000,000)
Balance at 31 December 2025
250,000
509,250
18,750
21,683,429
22,461,429
9,273
22,470,702
JACKSON TRADING COMPANY PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
243,750
282,500
18,750
11,249,143
11,794,143
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
3,194,869
3,194,869
Issue of share capital
25
6,250
226,750
-
-
233,000
Dividends
9
-
-
-
(3,000,000)
(3,000,000)
Balance at 31 December 2024
250,000
509,250
18,750
11,444,012
12,222,012
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
-
-
1,348,204
1,348,204
Dividends
9
-
-
-
(2,000,000)
(2,000,000)
Balance at 31 December 2025
250,000
509,250
18,750
10,792,216
11,570,216
JACKSON TRADING COMPANY PLC
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
1,898,248
5,064,618
Interest paid
(23,821)
(22,968)
Income taxes paid
(622,124)
(647,025)
Net cash inflow from operating activities
1,252,303
4,394,625
Investing activities
Purchase of tangible fixed assets
(210,819)
(139,675)
Proceeds from disposal of tangible fixed assets
211,727
-
Proceeds from disposal of investment property
43,750
-
Proceeds from disposal of associates
21,441
20
Loans made to associates
-
(75,000)
Interest received
191,665
208,946
Other income received from associates
341,179
107,128
Net cash generated from investing activities
598,943
101,419
Financing activities
Proceeds from issue of shares
-
233,000
Repayment of bank loans
(210,000)
(210,000)
Payment of finance leases obligations
20,918
(26,802)
Dividends paid to equity shareholders
(2,000,000)
(3,000,000)
Net cash used in financing activities
(2,189,082)
(3,003,802)
Net (decrease)/increase in cash and cash equivalents
(337,836)
1,492,242
Cash and cash equivalents at beginning of year
7,108,858
5,612,852
Effect of foreign exchange rates
(41,911)
3,764
Cash and cash equivalents at end of year
6,729,111
7,108,858
JACKSON TRADING COMPANY PLC
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(630,362)
(317,400)
Income taxes paid
(157,689)
(81,495)
Net cash outflow from operating activities
(788,051)
(398,895)
Investing activities
Purchase of tangible fixed assets
(128,990)
-
0
Proceeds from disposal of tangible fixed assets
211,727
-
0
Proceeds from disposal of investment property
43,750
-
0
Proceeds from disposal of joint ventures
-
0
20
Interest received
314,893
353,204
Dividends received
1,244,500
3,134,750
Net cash generated from investing activities
1,685,880
3,487,974
Financing activities
Proceeds from issue of shares
-
233,000
Payment of finance leases obligations
20,918
(26,802)
Dividends paid to equity shareholders
(2,000,000)
(3,000,000)
Net cash used in financing activities
(1,979,082)
(2,793,802)
Net (decrease)/increase in cash and cash equivalents
(1,081,253)
295,277
Cash and cash equivalents at beginning of year
3,213,484
2,918,207
Cash and cash equivalents at end of year
2,132,231
3,213,484
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
1
Accounting policies
Company information

Jackson Trading Company PLC (“the Company”) is a limited company domiciled and incorporated in England and Wales. The registered office is 42-44 Norwood High Street, London, SE27 9NR.

The Group consists of Jackson Trading Company PLC and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Jackson Trading Company PLC together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.3
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

The turnover shown in the profit and loss account represents sales of perfumery products and royalties earned in the year, exclusive of Value Added Tax.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

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

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Trademarks
25% p.a. on a straight line basis
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property and land
over the shorter of the period of the lease or 50 years
Tooling
10% - 33% on a straight line basis
Fixtures, fittings & equipment
20% on a straight line basis
Motor vehicles
20% on a straight line basis

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

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method.

Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Property stock is held at the lower of cost and estimated selling price, net of selling fees.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

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

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

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

JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 22 -
1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

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

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The financial statements of overseas subsidiary undertakings are translated at the average rate of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful lives of intangible and tangible assets

The group depreciates intangible and tangible assets over their useful economic lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management.

Stock provisions

A significant proportion of the group's activities relate to the manufacture and sale of perfumery products. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provisioning that may be required. In determining the provision, management considers the nature and condition of stock, as well as applying assumptions regarding the future usage of raw materials and future sales of finished goods.

3
Turnover and other revenue
The turnover and pre tax profit are attributable to the principal activity of the group.
The directors are of the opinion that disclosures of segmental information by geographical area is unfairly prejudicial to the group and, therefore, has been omitted.
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
103,740
(1,586)
Fees payable to the group's auditor for the audit of the group's financial statements
54,000
46,000
Depreciation of owned tangible fixed assets
395,644
364,081
Profit on disposal of tangible fixed assets
(2,922)
-
Profit on disposal of investment property
(43,750)
-
0
Amortisation of intangible assets
1,435
14,000
Operating lease charges
11,777
35,258

The amortisation of intangible assets is included within administrative expenses.

JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production
4
5
-
-
Sales
11
10
-
-
Administration
4
4
-
-
Directors
9
8
9
8
Total
28
27
9
8

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,316,828
2,561,385
1,208,728
1,420,815
Social security costs
213,086
253,366
145,565
192,553
Pension costs
58,960
66,024
31,855
35,190
2,588,874
2,880,775
1,386,148
1,648,558
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
1,119,963
1,386,965
Company pension contributions to defined contribution schemes
30,855
34,200
1,150,818
1,421,165
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2024 - 8),
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
205,185
215,425
Company pension contributions to defined contribution schemes
6,300
5,100
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
134,941
151,670
Other interest income
56,724
57,276
Total interest revenue
191,665
208,946
Income from fixed asset investments
Income from participating interests - associates
561,275
327,224
Total income
752,940
536,170
Disclosed on the profit and loss account as follows:
Income from associates
561,275
327,224
Other interest receivable and similar income
191,665
208,946

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
134,941
151,670
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
23,030
21,690
Other finance costs:
Other interest payable
791
1,278
Total finance costs
23,821
22,968
9
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
2,000,000
3,000,000
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
557,284
730,623
Adjustments in respect of prior periods
1,469
(3,994)
Double tax relief
-
0
(1,577)
Total current tax
558,753
725,052
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Taxation
2025
2024
£
£
(Continued)
- 26 -
Deferred tax
Origination and reversal of timing differences
(9,126)
(25,679)
Total tax charge
549,627
699,373

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,347,693
2,936,304
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
586,923
734,076
Effects of:
Expenses that are not deductible in determining taxable profit
1,595
(3,114)
Gains not taxable
(3,045)
-
0
Overseas tax rates
-
0
(33,073)
Tax under/(over) provided in prior years
(18)
3,994
Dividend income
(311,125)
-
Losses carried back
57,520
-
0
Other differences
217,777
(2,510)
Taxation charge in the financial statements
549,627
699,373
11
Intangible fixed assets
Group
Trademarks
£
Cost
At 1 January 2025 and 31 December 2025
1,594,239
Amortisation and impairment
At 1 January 2025
1,591,803
Amortisation charged for the year
1,435
At 31 December 2025
1,593,238
Carrying amount
At 31 December 2025
1,001
At 31 December 2024
2,436
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Intangible fixed assets
(Continued)
- 27 -
12
Tangible fixed assets
Group
Freehold property and land
Tooling
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2025
5,025,315
2,277,650
729,697
85,720
8,118,382
Additions
-
0
66,192
15,637
128,990
210,819
Disposals
(150,000)
-
0
-
0
(123,125)
(273,125)
At 31 December 2025
4,875,315
2,343,842
745,334
91,585
8,056,076
Depreciation and impairment
At 1 January 2025
733,371
1,024,881
597,536
58,580
2,414,368
Depreciation charged in the year
71,045
242,353
68,181
14,065
395,644
Eliminated in respect of disposals
-
0
-
0
-
0
(64,320)
(64,320)
At 31 December 2025
804,416
1,267,234
665,717
8,325
2,745,692
Carrying amount
At 31 December 2025
4,070,899
1,076,608
79,617
83,260
5,310,384
At 31 December 2024
4,291,944
1,252,769
132,161
27,140
5,704,014
Company
Freehold property and land
Motor vehicles
Total
£
£
£
Cost
At 1 January 2025
472,978
85,720
558,698
Additions
-
0
128,990
128,990
Disposals
(150,000)
(123,125)
(273,125)
At 31 December 2025
322,978
91,585
414,563
Depreciation and impairment
At 1 January 2025
-
0
58,580
58,580
Depreciation charged in the year
-
0
14,065
14,065
Eliminated in respect of disposals
-
0
(64,320)
(64,320)
At 31 December 2025
-
0
8,325
8,325
Carrying amount
At 31 December 2025
322,978
83,260
406,238
At 31 December 2024
472,978
27,140
500,118
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
22,180
22,180
Loans to subsidiaries
14
-
0
-
0
700,000
700,000
Investments in associates
15
1,970,764
1,992,205
8,590
8,590
1,970,764
1,992,205
730,770
730,770
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 January 2025
1,992,205
Disposals
(21,441)
At 31 December 2025
1,970,764
Carrying amount
At 31 December 2025
1,970,764
At 31 December 2024
1,992,205
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
Loans to subsidiaries
Total
£
£
£
Cost or valuation
At 1 January 2025 and 31 December 2025
30,770
700,000
730,770
Carrying amount
At 31 December 2025
30,770
700,000
730,770
At 31 December 2024
30,770
700,000
730,770
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Horsmonden Storage LLP
England & Wales
Provision of cold storage facilities
Ordinary shares
99.90
-
Milton Lloyd (Trade Marks) Limited
England & Wales
Licensing of perfume brands
Ordinary shares
100.00
-
Milton Lloyd FZE
Dubai
Trading in perfumes, cosmetics and beauty products
Ordinary shares
0
100.00
Milton Lloyd Limited
England & Wales
Manufacture, marketing and sale of perfumery products
Ordinary shares
100.00
-
Taylor of London Limited
England & Wales
Licensing of perfume brands
Ordinary shares
100.00
-
Validax Limited
England & Wales
Licensing of software
Ordinary shares
80.00
-
Milton Lloyd Inc
United States of America
Trading in perfumes, cosmetics and beauty products
Ordinary shares
0
100.00
Milton-Lloyd (UK) Limited
England & Wales
Dormant
Ordinary shares
100.00
-

15
Associates

Details of associates at 31 December 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Aerosol Systems Company Limited
England & Wales
Manufacture of aerosol and liquid filling machinery
Ordinary
0
38
James Patrick Frames Limited
England & Wales
Holding company
Ordinary
25
-
Rose & Hollis Limited
England & Wales
Sale & distribution of products for picture framing
Ordinary
0
20
Finch Electrical Distribution Limited
England & Wales
Supply of electrical equipment
Ordinary
40
-
Bookham (ASC) Limited
England & Wales
Property Investment
Ordinary
40
-
Grafton Estate Agents Limited
England & Wales
Estate agent
Ordinary
40
-
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
3,894,994
3,447,073
-
-
Finished goods and goods for resale
5,155,183
5,601,161
-
0
-
0
9,050,177
9,048,234
-
-
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,019,046
3,467,054
-
0
1,981
Corporation tax recoverable
46,400
-
0
43,980
-
0
Amounts owed by group undertakings
-
0
-
0
6,337,102
4,949,644
Amounts owed by undertakings in which the company has a participating interest
-
0
-
0
178,146
178,146
Other debtors
3,916,555
5,114,310
3,750,167
5,031,767
Prepayments and accrued income
1,189,421
263,252
540,192
727,691
8,171,422
8,844,616
10,849,587
10,889,229
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
0
-
0
4,000,000
4,000,000
Other debtors
134,292
140,278
134,292
140,278
134,292
140,278
4,134,292
4,140,278
Deferred tax asset (note 22)
20,612
53,004
20,612
53,004
154,904
193,282
4,154,904
4,193,282
Total debtors
8,326,326
9,037,898
15,004,491
15,082,511
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
100,096
210,000
-
0
-
0
Obligations under finance leases
23
4,933
20,761
4,933
20,761
Trade creditors
1,586,178
1,832,274
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,262,460
1,183,121
Corporation tax payable
205,505
372,903
75,346
113,709
Other taxation and social security
265,743
115,316
213,755
61,344
Other creditors
4,120,792
5,128,388
4,120,792
5,128,388
Accruals and deferred income
2,317,712
2,008,817
989,482
797,548
8,600,959
9,688,459
6,666,768
7,304,871
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
24,904
125,000
-
0
-
0
Obligations under finance leases
23
36,746
-
0
36,746
-
0
61,650
125,000
36,746
-
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
125,000
335,000
-
0
-
0
Payable within one year
100,096
210,000
-
0
-
0
Payable after one year
24,904
125,000
-
0
-
0

The bank loans are secured by a fixed charge over machinery included in fixed assets.

21
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
7,067,077
8,721,642
15,099,707
15,001,816
Carrying amount of financial liabilities
Measured at amortised cost
8,191,361
9,325,240
6,414,413
7,129,818

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
22
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
ACAs
255,015
296,634
(18,921)
(3,126)
Bonus provision
-
-
30,000
43,100
Retirement benefit obligations
(563)
(664)
533
530
Other timing differences
-
-
9,000
12,500
254,452
295,970
20,612
53,004
Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Company
£
£
£
£
ACAs
-
-
(18,921)
(3,126)
Bonus provision
-
-
30,000
43,100
Retirement benefit obligations
-
-
533
530
Other timing differences
-
-
9,000
12,500
-
-
20,612
53,004
Group
Company
2025
2025
Movements in the year:
£
£
Liability/(Asset) at 1 January 2025
242,966
(53,004)
(Credit)/charge to profit or loss
(9,126)
32,392
Liability/(Asset) at 31 December 2025
233,840
(20,612)
23
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
4,933
20,761
4,933
20,761
In two to five years
36,746
-
0
36,746
-
0
41,679
20,761
41,679
20,761
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 33 -
24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
58,960
66,024

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2025
2024
Ordinary share capital
£
£
Issued and fully paid
100,000 Ordinary shares of £2.50 each
250,000
250,000

26
Capital redemption reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At beginning and end of year
18,750
18,750
18,750
18,750
27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, considered to be the directors and certain of the senior management personnel, is as follows.

2025
2024
£
£
Aggregate compensation
1,241,603
1,609,047
Other information

The group has provided a guarantee to the bankers of Aerosol Systems Company Limited in the sum of £250,000 as security for present and future indebtedness of that company.

Included in other debtors at 31 December 2025 is an amount of £3,745,133 (2024: £3,952,287) owed by Jackson Trading (Properties) Ltd, a company in which certain directors and shareholders have a beneficial interest. This amount is unsecured and repayable on demand and incurs an interest charge of 1% p.a. Interest earned in the year amounted to £38,725 (2024: £38,665).

JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 34 -
28
Cash absorbed by operations - company
2025
2024
£
£
Profit after taxation
1,348,204
3,194,869
Adjustments for:
Taxation charged
107,738
106,338
Investment income
(1,559,393)
(3,487,954)
Gain on disposal of tangible fixed assets
(2,922)
-
Gain on disposal of investment property
(43,750)
-
0
Depreciation and impairment of tangible fixed assets
14,065
9,040
Movements in working capital:
Decrease/(increase) in debtors
89,608
(404,334)
(Decrease)/increase in creditors
(583,912)
264,641
Cash absorbed by operations
(630,362)
(317,400)
29
Analysis of changes in net funds - company
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
3,213,484
(1,081,253)
2,132,231
Payment of finance leases obligations
(20,761)
(20,918)
(41,679)
3,192,723
(1,102,171)
2,090,552
30
Directors' transactions

Dividends totalling £2,000,000 (2024 - £3,000,000) were paid in the year in respect of shares held by the parent company's directors.

31
Controlling party

The group is controlled by Mr P.H.J. Jackson.

JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 35 -
32
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
1,798,066
2,236,931
Adjustments for:
Taxation charged
549,627
699,373
Finance costs
23,821
22,968
Investment income
(752,940)
(536,170)
Gain on disposal of tangible fixed assets
(2,922)
-
Gain on disposal of investment property
(43,750)
-
0
Amortisation and impairment of intangible assets
1,435
14,000
Depreciation and impairment of tangible fixed assets
395,644
364,081
Movements in working capital:
(Increase)/decrease in stocks
(1,943)
1,851,264
Decrease/(increase) in debtors
725,580
(236,518)
(Decrease)/increase in creditors
(794,370)
648,689
Cash generated from operations
1,898,248
5,064,618
33
Analysis of changes in net funds - group
1 January 2025
Cash flows
Exchange rate movements
31 December 2025
£
£
£
£
Cash at bank and in hand
7,108,858
(337,836)
(41,911)
6,729,111
Borrowings excluding overdrafts
(335,000)
210,000
-
(125,000)
Payment of finance leases obligations
(20,761)
(20,918)
-
(41,679)
6,753,097
(148,754)
(41,911)
6,562,432
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