REGISTERED NUMBER: 08610337 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

GALT ONE LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

M L Kermabon

A Sarracino

REGISTERED OFFICE:

The Garment Building

9 Fisher’s Lane

London

W4 1RX

REGISTERED NUMBER:

08610337 (England and Wales)

AUDITORS:

Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

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

REVIEW OF BUSINESS

The results for the year and the financial position at year-end were as anticipated by the directors. The business measures itself using various key performance indicators (KPIs). At the highest level, these are as follows:

Turnover Growth

Turnover increased by 27% from £30,303,513 in 2024 to £38,352,285 in 2025.

Gross Profit Margin

The gross profit margin was 42%, compared to 48% in the previous year.

Profit for the Year

Loss after tax was £189,271, compared with a profit of £1,238,951 in 2024. The loss reflects increased administrative expenditure and higher cost of sales in the year, as the group continued to invest in growth.

Significant Expenditures

The most significant expenditures incurred by the company are royalties paid, staff costs, advertising, and property rental costs. While these costs are semi-fixed, management regularly reviews and controls them to maintain efficiency. Advertising spend was reviewed in 2025 to ensure it is appropriately balanced between supporting sales growth and maintaining profitability. Despite margin pressure in the year, the company achieved strong turnover growth, demonstrating the effectiveness of ongoing marketing activities and customer loyalty. The directors will continue to review advertising levels and cost management to restore and maintain profitability.

Cash Position

The group has £6,262,887 in cash at bank and in hand as of 2025, compared to £5,830,050 in 2024.

Net Assets

The group continues to maintain a net assets position of £7,472,319 at year-end 2025, compared to £7,661,590 in 2024. Despite the loss for the year, the group retains a healthy liquidity position with substantial cash reserves.

PRINCIPAL RISKS AND UNCERTAINTIES

Risks of competition

Though the company targets a niche market in ladies fashion, there is always a risk and uncertainty due to the competition from both new and existing fashion brands. The directors are established a practice to review the market on a continuous basis to minimise the company's exposure to competition.

Credit risk

Credit risk represents the possible eventuality that could impact the company, should they suffer by a loss from a counterparty failing to meet its obligations. As the nature of the sales does not give rise to cedit risk in both retail stores and online, the company benefits by not having credit risk.

Liquidity risk

This is the risk of the company being unable to raise sufficient funding to meet its obligations. Based on the past trends in requirements the company manages its cash requirements with sufficient fund levels in the bank that is necessary to meet the operational needs of the business.

FUTURE DEVELOPMENT

While energy costs have continued to ease in 2025, UK inflation remains above target, and the pace of economic recovery is still sluggish. This continues to affect household confidence and non-essential retail sales, particularly among lower and middle-income customers. In addition, the ongoing conflict in Iran has introduced further geopolitical uncertainty, contributing to volatility in global energy markets and supply chains. This conflict has the potential to exacerbate inflationary pressures and dampen consumer sentiment further. Directors are monitoring these risks closely and will implement appropriate measures to support sales and manage ongoing challenges.

The directors believe that the company's strong cash position and continued investment in brand development and digital channels provides resilience in the current climate. Along with proactive cost management, a focus on restoring margins, and close monitoring of geopolitical developments, the group is well positioned to navigate uncertainty and deliver long-term value to stakeholders.

ON BEHALF OF THE BOARD:

A Sarracino - Director

16 June 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the retail sale of clothing in specialised stores.

DIVIDENDS

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

DIRECTORS

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

M L Kermabon

A Sarracino

STREAMLINED ENERGY AND CARBON REPORTING

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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;

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

AUDITORS

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

ON BEHALF OF THE BOARD:

A Sarracino - Director

16 June 2026

Opinion

We have audited the financial statements of Galt One Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 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 December 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 four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws was as follows:

-We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and Company and determined that the most significant are those relating to the reporting framework (United Kingdom Generally Accepted Accounting Practice) and the relevant direct and indirect tax compliance regulations.

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations.

- We identified the laws and regulations applicable to the group and company through discussions with directors and other management, and from our commercial knowledge and experience of the company's activity.

-We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and company, including the Companies Act 2006, taxation legislation and data protection.

-We understood how Galt One Limited is complying with those frameworks by making enquiries with management to understand how the group maintains and communicates its policies and procedures to ensure compliance. We corroborated this through our review of the group's board minutes. We also reviewed correspondence with the relevant tax authorities regarding tax compliance.

-Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

- We assessed the susceptibility of the Group's and Company's financial statements to material misstatement, including how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

- understanding the potential incentives and pressures for management to manipulate the financial statements and performed procedures to understand the areas in which this would most likely arise. Based on our risk assessment procedures on this Group and Company, we identified management override of controls as our fraud risk.

- To address our fraud risk of management override of controls, we performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation.

-reading the minutes of meetings of those charged with governance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Tony Castagnetti (Senior Statutory Auditor)

for and on behalf of Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

23 June 2026

TURNOVER

3

38,352,285

30,303,513

Cost of sales

(22,406,870

)

(15,891,952

)

GROSS PROFIT

15,945,415

14,411,561

Administrative expenses

(15,908,426

)

(12,859,240

)

36,989

1,552,321

Other operating income

4

54,916

42,000

OPERATING PROFIT

6

91,905

1,594,321

Interest receivable and similar income

51

33

91,956

1,594,354

Interest payable and similar expenses

7

(884

)

(600

)

PROFIT BEFORE TAXATION

91,072

1,593,754

Tax on profit

8

(280,343

)

(354,803

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(189,271

)

1,238,951

(Loss)/profit attributable to:

Owners of the parent

(189,271

)

1,238,951

(LOSS)/PROFIT FOR THE YEAR

(189,271

)

1,238,951

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(189,271

)

1,238,951

Total comprehensive income attributable to:

Owners of the parent

(189,271

)

1,238,951

FIXED ASSETS

Intangible assets

10

580,296

870,442

Tangible assets

11

558,014

492,758

Investments

12

-

-

1,138,310

1,363,200

CURRENT ASSETS

Stocks

13

2,077,802

1,888,818

Debtors

14

8,728,499

6,475,060

Cash at bank and in hand

6,262,887

5,830,050

17,069,188

14,193,928

CREDITORS

Amounts falling due within one year

15

(10,606,343

)

(7,825,290

)

NET CURRENT ASSETS

6,462,845

6,368,638

TOTAL ASSETS LESS CURRENT LIABILITIES

7,601,155

7,731,838

CREDITORS

Amounts falling due after more than one year

16

(57,437

)

(3,748

)

PROVISIONS FOR LIABILITIES

18

(71,399

)

(66,500

)

NET ASSETS

7,472,319

7,661,590

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

7,472,219

7,661,490

SHAREHOLDERS' FUNDS

7,472,319

7,661,590

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2026 and were signed on its behalf by:

A Sarracino - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

42,998

85,849

Investments

12

3,038,711

3,038,711

3,081,709

3,124,560

CURRENT ASSETS

Debtors

14

8,543,659

6,376,561

Cash at bank

113,032

488,497

8,656,691

6,865,058

CREDITORS

Amounts falling due within one year

15

(8,505,712

)

(6,192,282

)

NET CURRENT ASSETS

150,979

672,776

TOTAL ASSETS LESS CURRENT LIABILITIES

3,232,688

3,797,336

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

3,232,588

3,797,236

SHAREHOLDERS' FUNDS

3,232,688

3,797,336

Company's (loss)/profit for the financial year

(564,648

)

92,870

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2026 and were signed on its behalf by:

A Sarracino - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

100

6,664,229

6,664,329

Prior year adjustment

-

(241,690

)

(241,690

)

As restated

100

6,422,539

6,422,639

Total comprehensive income

-

1,238,951

1,238,951

Balance at 31 December 2024

100

7,661,490

7,661,590

Total comprehensive income

-

(189,271

)

(189,271

)

Balance at 31 December 2025

100

7,472,219

7,472,319

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

100

3,704,366

3,704,466

Changes in equity

Total comprehensive income

-

92,870

92,870

Balance at 31 December 2024

100

3,797,236

3,797,336

Changes in equity

Total comprehensive income

-

(564,648

)

(564,648

)

Balance at 31 December 2025

100

3,232,588

3,232,688

Cash flows from operating activities

Cash generated from operations

1

1,116,216

2,076,440

Interest paid

(884

)

(600

)

Tax paid

(389,827

)

(16,003

)

Net cash from operating activities

725,505

2,059,837

Cash flows from investing activities

Purchase of tangible fixed assets

(292,719

)

(76,695

)

Interest received

51

33

Net cash from investing activities

(292,668

)

(76,662

)

Increase in cash and cash equivalents

432,837

1,983,175

Cash and cash equivalents at beginning of year

2

5,830,050

3,846,875

Cash and cash equivalents at end of year

2

6,262,887

5,830,050

1.	RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Operating profit

91,905

1,594,321

Depreciation charges

517,608

479,017

609,513

2,073,338

Increase in stocks

(188,984

)

(66,857

)

Increase in trade and other debtors

(2,139,765

)

(1,241,448

)

Increase in trade and other creditors

2,835,452

1,311,407

Cash generated from operations

1,116,216

2,076,440

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 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

6,262,887

5,830,050

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

5,830,050

3,846,875

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

5,830,050

432,837

6,262,887

5,830,050

432,837

6,262,887

Total

5,830,050

432,837

6,262,887

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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

Basis of consolidation

In the parent company financial statements, the 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.Investments 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 financial statements incorporate those of GALT ONE LIMITED and all of its subsidiaries(ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

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 group.

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 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. In the group financial statements, associates are accounted for using the equity method.

Turnover

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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods specialising in women fashion, 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.

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.

Intangible assets

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

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

over 10 years and 3 years straight line

Fixtures and fittings

-

25% straight line

Motor vehicles

-

25% straight line

Computer equipment

-

25% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

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.

Creditors

Short term trade 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.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

38,352,285

30,303,513

38,352,285

30,303,513

4.	OTHER OPERATING INCOME

2025

2024

£

£

Other operating income

54,916

42,000

Other operating income includes rent recharged to third parties.

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,185,968

3,511,503

Social security costs

329,328

235,270

Other pension costs

36,433

31,239

4,551,729

3,778,012

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

2025

2024

Retail

99

83

Administration

9

10

108

93

2025

2024

£

£

Directors' remuneration

191,123

190,000

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

1,677,210

1,471,162

Depreciation - owned assets

227,463

188,871

Goodwill amortisation

290,146

290,146

Auditors' remuneration

32,001

24,996

Foreign exchange differences

(70,915

)

(13,161

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

884

600

8.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

282,689

363,643

Deferred tax

(2,346

)

(8,840

)

Tax on profit

280,343

354,803