Company registration number 14957907 (England and Wales)
BASELINE OFFICE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
BASELINE OFFICE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr J Hull
Mr J A Jowett
(Appointed 1 December 2025)
Mr L Burrows
(Appointed 1 December 2025)
Company number
14957907
Registered office
Elite Road
Goole
East Yorkshire
DN14 8BF
Auditor
Mitchell Charlesworth (Audit) Limited
3rd Floor
44 Peter Street
Manchester
M2 5GP
BASELINE OFFICE HOLDINGS LIMITED
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
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
BASELINE OFFICE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
- 1 -

The directors present the strategic report for the year ended 31 January 2026.

Review of the business

We aim to present a balanced and comprehensive review of the developments and performance of our businesses during the period and its position at the year end.

Our review is consistent with the size and the non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Key performance indicators

We monitor a wide range of key performance indicators, both financial and non-financial on a regular basis.

The directors believe that the key performance indicators, which communicate the financial strength of the company, are turnover, gross profit and operating profit:

- Turnover - £20,806,175 (2025 - £21,100,186)

- Gross profit - £10,146,188 (2025 - £10,437,203)

- Operating profit - £4,388,632 (2025 - £15,694,146)

The group is in a strong financial position at the year end.

On behalf of the board

Mr J Hull
Director
22 June 2026
BASELINE OFFICE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
- 2 -

The directors present their annual report and financial statements for the year ended 31 January 2026.

Principal activities

The principal activity of the company during the year was that of a holding company co-ordinating the management, administration and direction of its subsidiary companies.

The Group's principal activity is that of manufacturing office furniture.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £3,711,787. The directors do not recommend a further dividend.

Directors

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

Mr J Hull
Mr J A Jowett
(Appointed 1 December 2025)
Mr L Burrows
(Appointed 1 December 2025)
Auditor

In accordance with the company's articles, a resolution proposing that Mitchell Charlesworth (Audit) Limited be reappointed as auditor of the group will be put at a General Meeting.

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.

BASELINE OFFICE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 3 -
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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
Mr J Hull
Director
22 June 2026
BASELINE OFFICE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BASELINE OFFICE HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Baseline Office Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2026 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 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 January 2026 and of the group's 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.

BASELINE OFFICE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BASELINE OFFICE HOLDINGS LIMITED
- 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We 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.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- the company's own assessment of the risks that irregularities may occur either as a result of fraud or error;

- the results of our enquiries of management and members of the Board of Directors of their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

BASELINE OFFICE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BASELINE OFFICE HOLDINGS LIMITED
- 6 -

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the following area: t he timing of the recognition of revenue. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local taxation legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included Data Protection Regulations.

As a result of performing the above, we identified the timing of the recognition of revenue as the key audit matter related to the p otential risk of fraud.

In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a d irect effect on the f inancial s tatements;

- enquiring of management and members of the Board of Directors concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance and reviewing correspondence with relevant authorities where matters identified were significant; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Buckley (Senior Statutory Auditor)
For and on behalf of Mitchell Charlesworth (Audit) Limited, Statutory Auditor
Accountants
3rd Floor
44 Peter Street
Manchester
M2 5GP
22 June 2026
BASELINE OFFICE HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2026
- 7 -
2026
2025
as restated
Notes
£
£
Turnover
3
20,806,175
21,100,186
Cost of sales
(10,659,987)
(10,662,983)
Gross profit
10,146,188
10,437,203
Distribution costs
(565,734)
(582,668)
Administrative expenses
(5,251,499)
(5,243,680)
Other operating income
59,677
11,083,291
Operating profit
4
4,388,632
15,694,146
Interest receivable and similar income
7
2,363
115,908
Interest payable and similar expenses
8
(26,185)
-
0
Amounts written off investments
9
9
-
Profit before taxation
4,364,819
15,810,054
Tax on profit
10
(1,037,015)
(2,783,744)
Profit for the financial year
3,327,804
13,026,310
Profit for the financial year is all attributable to the owners of the parent company.
BASELINE OFFICE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2026
- 8 -
2026
2025
as restated
£
£
Profit for the year
3,327,804
13,026,310
Other comprehensive income
-
-
Total comprehensive income for the year
3,327,804
13,026,310
Total comprehensive income for the year is all attributable to the owners of the parent company.
BASELINE OFFICE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 JANUARY 2026
31 January 2026
- 9 -
2026
2025
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
11
174,330
156,874
Tangible assets
13
28,835,450
29,385,177
Investment property
14
4,304,652
3,450,000
33,314,432
32,992,051
Current assets
Stocks
17
5,766,934
5,964,957
Debtors
18
5,743,789
4,888,707
Cash at bank and in hand
5,096,251
6,940,054
16,606,974
17,793,718
Creditors: amounts falling due within one year
19
(1,553,364)
(1,954,935)
Net current assets
15,053,610
15,838,783
Total assets less current liabilities
48,368,042
48,830,834
Provisions for liabilities
Deferred tax liability
20
3,144,320
3,223,129
(3,144,320)
(3,223,129)
Net assets
45,223,722
45,607,705
Capital and reserves
Called up share capital
22
2,450
2,450
Profit and loss reserves
45,221,272
45,605,255
Total equity
45,223,722
45,607,705

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 22 June 2026 and are signed on its behalf by:
22 June 2026
Mr J Hull
Director
Company registration number 14957907 (England and Wales)
BASELINE OFFICE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2026
31 January 2026
- 10 -
2026
2025
as restated
Notes
£
£
£
£
Fixed assets
Investment property
14
854,652
-
0
Investments
15
2,450
2,450
857,102
2,450
Current assets
Debtors
18
1,822,030
-
0
Cash at bank and in hand
100
-
0
1,822,130
-
0
Creditors: amounts falling due within one year
19
(1,649,229)
-
Net current assets
172,901
-
0
Net assets
1,030,003
2,450
Capital and reserves
Called up share capital
22
2,450
2,450
Profit and loss reserves
1,027,553
-
0
Total equity
1,030,003
2,450

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 £4,143,966 (2025 - £2,795,757 profit).

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 June 2026 and are signed on its behalf by:
22 June 2026
Mr J Hull
Director
Company registration number 14957907 (England and Wales)
BASELINE OFFICE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 January 2025:
Balance at 1 February 2024
2,450
36,038,348
36,040,798
Year ended 31 January 2025:
Profit and total comprehensive income
-
13,026,310
13,026,310
Dividends
11
-
(3,459,403)
(3,459,403)
Balance at 31 January 2025
2,450
45,605,255
45,607,705
Year ended 31 January 2026:
Profit and total comprehensive income
-
3,327,804
3,327,804
Dividends
11
-
(3,711,787)
(3,711,787)
Balance at 31 January 2026
2,450
45,221,272
45,223,722
BASELINE OFFICE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 January 2025:
Balance at 1 February 2024
2,450
-
0
2,450
Year ended 31 January 2025:
Profit and total comprehensive income for the year
-
2,795,757
2,795,757
Dividends
11
-
(2,795,757)
(2,795,757)
Balance at 31 January 2025
2,450
-
0
2,450
Year ended 31 January 2026:
Profit and total comprehensive income
-
4,143,966
4,143,966
Dividends
11
-
(3,116,413)
(3,116,413)
Balance at 31 January 2026
2,450
1,027,553
1,030,003
BASELINE OFFICE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2026
- 13 -
2026
2025
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
4,215,352
5,092,793
Interest paid
(26,185)
-
0
Income taxes paid
(1,238,526)
(1,636,010)
Net cash inflow from operating activities
2,950,641
3,456,783
Investing activities
Purchase of intangible assets
(89,089)
(81,038)
Purchase of tangible fixed assets
(42,993)
(324,126)
Proceeds from disposal of tangible fixed assets
38,000
-
Purchase of investment property
(854,652)
-
Repayment of loans
(136,286)
(728,371)
Interest received
2,363
115,908
Net cash used in investing activities
(1,082,657)
(1,017,627)
Financing activities
Dividends paid to equity shareholders
(3,711,787)
(3,459,403)
Net cash used in financing activities
(3,711,787)
(3,459,403)
Net decrease in cash and cash equivalents
(1,843,803)
(1,020,247)
Cash and cash equivalents at beginning of year
6,940,054
7,960,301
Cash and cash equivalents at end of year
5,096,251
6,940,054
BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
- 14 -
1
Accounting policies
Company information

Baseline Office Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Elite Road, Goole, East Yorkshire, United Kingdom, DN14 8BF.

The group consists of Baseline Office Holdings Limited and all of its subsidiaries.

1.1
Basis of preparation

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

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.

BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Baseline Office Holdings Limited 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 January 2026. 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.

1.4
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.

1.5
Revenue

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.

1.6
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.

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.

1.7
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.

BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 16 -

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:

Software
33.3 reducing balance
1.8
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.

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 land and buildings
Not depreciated
Leasehold land and buildings
20% reducing balance
Plant and equipment
20% reducing balance
Fixtures and fittings
33.3% reducing balance
Motor vehicles
25% reducing balance

Assets in the course of construction are not depreciated.

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.

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

Property rented to a group entity is accounted for as tangible fixed assets.

1.10
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.

1.11
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.

BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 17 -

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.

1.12
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.

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.

1.13
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.

1.14
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.

BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 18 -
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.

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.

BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 19 -
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.

1.15
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.

1.16
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
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.

BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 20 -
1.18
Retirement benefits

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

1.19
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.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Freehold and investment properties are valued at fair value, with any necessary adjustments for impairment. The revaluation process involves the expertise of a professional valuer, who considers various factors, including the current market conditions, location, condition of the properties, and comparable market transactions. Where necessary, provisions for potential impairments are made to reflect any downturns in value or changes in market conditions. This requires the exercise of significant judgment, including assessments of forecast market demand, economic conditions, and potential risks, such as changes in regulatory frameworks or shifts in investor sentiment.

3
Turnover and other revenue
2026
2025
£
£
Turnover analysed by class of business
Manufacture and sale of office furniture
20,382,396
20,791,777
Rental income
423,779
308,409
20,806,175
21,100,186
2026
2025
£
£
Other revenue
Interest income
2,363
115,908
BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 21 -
4
Operating profit
2026
2025
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
128,870
127,882
Depreciation of owned tangible fixed assets
518,796
569,892
Loss/(profit) on disposal of tangible fixed assets
35,924
(13,000)
Amortisation of intangible assets
71,633
45,816
5
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,000
-
Audit of the financial statements of the company's subsidiaries
24,000
23,950
25,000
23,950
For other services
Taxation compliance services
1,725
1,440
All other non-audit services
4,750
3,175
6,475
4,615
6
Employees

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

Group
Company
2026
2025
2026
2025
Number
Number
Number
Number
Production
84
84
1
1
Sales
10
10
-
-
Administration
38
38
-
-
Total
132
132
1
1
BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
2025
£
£
£
£
Wages and salaries
4,990,798
4,852,744
-
0
-
0
Social security costs
118,815
112,292
-
-
Pension costs
339,533
300,484
-
0
-
0
5,449,146
5,265,520
-
0
-
0
7
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
1,601
115,908
Other interest income
762
-
Total income
2,363
115,908
8
Interest payable and similar expenses
2026
2025
£
£
Other interest
26,185
-
9
Amounts written off investments
2026
2025
£
£
Other gains and losses
9
-
10
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
1,189,633
1,245,630
Adjustments in respect of prior periods
(72,438)
(15)
Total current tax
1,117,195
1,245,615
BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
10
Taxation
2026
2025
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
(80,180)
1,538,129
Total tax charge
1,037,015
2,783,744

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:

2026
2025
£
£
Profit before taxation
4,364,819
15,810,054
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
1,091,205
3,952,514
Tax effect of expenses that are not deductible in determining taxable profit
18,004
4,437
Tax effect of income not taxable in determining taxable profit
(2)
(2,754,465)
Adjustments in respect of prior years
(72,438)
-
0
Fixed asset differences
246
-
0
Chargeable gains/losses
-
0
1,581,258
Taxation charge
1,037,015
2,783,744
11
Dividends
2026
2025
Recognised as distributions to equity holders:
£
£
Interim paid
3,116,413
2,795,757
BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 24 -
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 February 2025
1,750,000
424,876
2,174,876
Additions
-
0
89,089
89,089
At 31 January 2026
1,750,000
513,965
2,263,965
Amortisation and impairment
At 1 February 2025
1,750,000
268,002
2,018,002
Amortisation charged for the year
-
0
71,633
71,633
At 31 January 2026
1,750,000
339,635
2,089,635
Carrying amount
At 31 January 2026
-
0
174,330
174,330
At 31 January 2025
-
0
156,874
156,874
The company had no intangible fixed assets at 31 January 2026 or 31 January 2025.
BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 25 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2025
26,610,000
45,000
6,038,152
18,902
1,083,239
33,795,293
Additions
-
0
-
0
-
0
16,843
26,150
42,993
Disposals
-
0
-
0
-
0
-
0
(219,169)
(219,169)
At 31 January 2026
26,610,000
45,000
6,038,152
35,745
890,220
33,619,117
Depreciation and impairment
At 1 February 2025
-
0
39,621
3,753,024
12,349
605,122
4,410,116
Depreciation charged in the year
-
0
982
418,005
4,122
95,687
518,796
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(145,245)
(145,245)
At 31 January 2026
-
0
40,603
4,171,029
16,471
555,564
4,783,667
Carrying amount
At 31 January 2026
26,610,000
4,397
1,867,123
19,274
334,656
28,835,450
At 31 January 2025
26,610,000
5,379
2,285,128
6,553
478,117
29,385,177
The company had no tangible fixed assets at 31 January 2026 or 31 January 2025.

The carrying value of land and buildings comprises:

Group
Company
2026
2025
2026
2025
£
£
£
£
Freehold
1,113,750
940,000
-
0
-
0

Land and buildings with a carrying amount of £16,701,047, were revalued at 30th August 2023 by Knight Frank, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on an arm's length terms for similar properties.

The Directors do not believe that the fair value of the properties has materially altered since this date.

BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 26 -
14
Investment property
Group
Company
2026
2026
£
£
Fair value
At 1 February 2025
3,450,000
-
Additions through external acquisition
854,652
854,652
At 31 January 2026
4,304,652
854,652

Investment properties with a carrying amount of £3,450,000 were revalued at 30th August 2023 by Knight Frank, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on an arm's length terms for similar properties.

The Directors do not believe that the fair value of the properties has materially altered since this date.

15
Fixed asset investments
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
2,450
2,450
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2025 and 31 January 2026
2,450
Carrying amount
At 31 January 2026
2,450
At 31 January 2025
2,450
16
Subsidiaries

Details of the company's subsidiaries at 31 January 2026 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Elite Office Furniture (UK) Limited
England & Wales
Ordinary
0
86.00
EOF Holdings Limited
England & Wales
Ordinary
86.00
-
BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
16
Subsidiaries
(Continued)
- 27 -

The alphabet shares in EOF Holdings Limited don’t give right s to equity and they do not meet the non-controlling interest definition and therefore whilst the percentage shareholding in EOF Holdings Limited by Baseline Office Holdings Limited is shown as 86% this does not give rise to a non-controlling interest of EOF Holdings Limited by other parties.

17
Stocks
Group
Company
2026
2025
2026
2025
£
£
£
£
Raw materials and consumables
4,107,783
4,003,755
-
-
Work in progress
252,710
251,600
-
-
Finished goods and goods for resale
1,406,441
1,709,602
-
0
-
0
5,766,934
5,964,957
-
-
18
Debtors
Group
Company
2026
2025
2026
2025
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,135,814
2,558,282
22,335
-
0
Unpaid share capital
260
260
-
0
-
0
Other debtors
2,518,952
2,082,263
1,799,695
-
0
Prepayments and accrued income
87,392
247,902
-
0
-
0
5,742,418
4,888,707
1,822,030
-
Amounts falling due after more than one year:
Deferred tax asset (note 20)
1,371
-
0
-
0
-
0
Total debtors
5,743,789
4,888,707
1,822,030
-
BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 28 -
19
Creditors: amounts falling due within one year
Group
Company
2026
2025
2026
2025
£
£
£
£
Trade creditors
264,728
685,568
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,641,007
-
0
Corporation tax payable
446,563
567,894
8,222
-
0
Other taxation and social security
417,093
282,826
-
0
-
0
Other creditors
213,225
213,234
-
0
-
0
Accruals and deferred income
211,755
205,413
-
0
-
0
1,553,364
1,954,935
1,649,229
-
0
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2026
2025
2026
2025
Group
£
£
£
£
Accelerated capital allowances
1,251,267
1,330,075
1,371
-
Fixed asset differences
1,893,053
1,893,054
-
-
3,144,320
3,223,129
1,371
-
The company has no deferred tax assets or liabilities.
Group
Company
2026
2026
Movements in the year:
£
£
Liability at 1 February 2025
3,223,129
-
Credit to profit or loss
(80,180)
-
Liability at 31 January 2026
3,142,949
-

BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 29 -
21
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
339,533
300,484

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.

22
Share capital
Group and company
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,450
2,450
2,450
2,450
23
Cash generated from group operations
2026
2025
£
£
Profit after taxation
3,327,804
2,008,451
Adjustments for:
Taxation charged
1,037,015
2,783,744
Finance costs
26,185
-
0
Investment income
(2,363)
(115,908)
Loss/(gain) on disposal of tangible fixed assets
35,924
(13,000)
Amortisation and impairment of intangible assets
71,633
45,816
Depreciation and impairment of tangible fixed assets
518,796
569,892
Other gains and losses
(9)
-
Movements in working capital:
Decrease in stocks
198,024
37,437
(Increase)/decrease in debtors
(717,426)
234,396
Decrease in creditors
(280,231)
(458,035)
Cash generated from operations
4,215,352
5,092,793
24
Analysis of changes in net funds - group
1 February 2025
Cash flows
31 January 2026
£
£
£
Cash at bank and in hand
6,940,054
(1,843,803)
5,096,251
BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 30 -
25
Prior period adjustment
Reconciliation of changes in equity - group
1 February
31 January
2024
2025
£
£
Adjustments to prior year
Share capital
-
(5,310)
Equity as previously reported
36,040,798
45,613,015
Equity as adjusted
36,040,798
45,607,705
Analysis of the effect upon equity
Share capital
-
5,310
Reconciliation of changes in profit for the previous financial period
2025
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
13,026,310
Profit as adjusted
13,026,310
Reconciliation of changes in equity - company
1 February
31 January
2024
2025
£
£
Adjustments to prior year
Share capital
-
(5,310)
Equity as previously reported
7,760
7,760
Equity as adjusted
7,760
2,450
Analysis of the effect upon equity
Share capital
-
5,310
BASELINE OFFICE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
25
Prior period adjustment
(Continued)
- 31 -
Reconciliation of changes in profit for the previous financial period
2025
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
2,795,757
Profit as adjusted
2,795,757
Notes to reconciliation

The share-for-share investment had originally been recorded based on the full share capital of the investment, rather than their individual share. This has now been adjusted and reclassified appropriately.

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