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Registered number: 03108386 BOF GROUP LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
BOF GROUP LIMITED COMPANY INFORMATION
Directors | M J Parrish
| L M Parrish
Registered number | 03108386
Registered office | Tower House
| Tower Close
| Bridgend Industrial Trading Estate
| Bridgend
| Mid Glamorgan
| CF31 3TH
Independent auditor | MHA Audit Services LLP
| MHA House
| Charter Court
| Swansea Enterprise Park
| Swansea
| United Kingdom
| SA7 9FS
BOF GROUP LIMITED CONTENTS
| Page
Strategic Report | 1 - 5
Directors' Report | 6 - 7
Independent Auditor's Report | 8 - 11
Statement of Comprehensive Income | 12
Balance Sheet | 13
Statement of Changes in Equity | 14
Statement of Cash Flows | 15
Notes to the Financial Statements | 16 - 30
BOF GROUP LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their strategic report of the Company for the year ended 31 December 2025.
Fair review of the business
Background to the business The principal activity of the Company in the year continued to be that of wholesalers and retailers of office furniture. The strategy of the business is to increase its share of the office furniture market through increasing sales via Higher Education and Public Sector Frameworks. The Company enjoys a number of competitive advantages, including strong brand recognition in its heartland trading region, where it consistently achieves a strong market share; a well-established reputation for price competitiveness; a knowledgeable and enthusiastic workforce and a strong customer focus throughout the business. The Company’s business model is driven by market demand; the flexibility and agility to adapt quickly and efficiently has meant existing Frameworks and Contracts provide opportunities for profitable collaborative engagement. The Company is an incumbent supplier on several high-profile Public-Sector Frameworks and Contracts and continues to develop productive relationships with Framework customers, further enhancing company security and growth opportunities over the mid to long term. The Company’s business model is ideally suited to its chosen marketplaces and the Directors of the Company continue to see opportunities over the medium-to-long term via their Framework and Contract incumbencies.
Financial performance and position
The financial performance for the year and the financial position of the Company as of 31 December 2025, which includes all relevant key performance indicators for the Company, is set out in the annexed financial statements. The Directors of the Company were pleased with the overall performance of the business during the year, particularly given the economic environment prevailing in the UK. In collaboration with the supply chain and client base, the company continued to apply prudent operational and fiscal management principles throughout 2025 to ensure the prevailing business model remained effective and efficient whilst maintaining exemplary service delivery levels. Page 1
BOF GROUP LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Key achievements in the financial year
Environmental Performance The Company continued to make progress against its environmental objectives during FY’25. Certified Carbon Neutral status was achieved through Carbon Neutral Britain, with 100% of residual emissions offset following the implementation of reduction initiatives. This supports the Company’s broader Net Zero strategy and aligns with client sustainability expectations. Circular Economy and End-of-Life Services The Company further expanded its circular economy operations during the year. Investment in re-upholstery and end-of-life services included increasing dedicated personnel to four and assessing opportunities for additional operational space. This resulted in a significant increase in the volume of furniture refurbished and the tonnage diverted from disposal, reinforcing the Company’s commitment to sustainable service delivery. The King's Award for Enterprise FY’25 marked a landmark year in BOF’s sustainability journey, with the Company being honoured with a King’s Award for Enterprise in Sustainable Development. This award represents one of the highest forms of recognition available to a British business and acknowledges BOF’s long-standing commitment to placing sustainability at the centre of its strategy, operations and customer offer. The award recognises BOF’s practical and scalable approach to sustainable furniture provision, including the reuse, reupholstery and donation of surplus furniture, together with the design and delivery of new and reconditioned workspaces. BOF’s sustainable services are designed to reduce waste, extend product life, support client carbon reduction objectives and encourage more responsible use of furniture across work and education spaces throughout the UK. The significance of the award extends beyond recognition alone. BOF’s public communications describe the achievement as a milestone for the whole team and evidence of the innovation, dedication and investment made in advancing the Company’s sustainability commitments. The award strengthens BOF’s reputation in a market where independently recognised sustainability credentials are increasingly important to customers, framework bodies and supply chain partners. As a recipient, BOF is entitled to use the King’s Awards Emblem for five years, providing a highly visible mark of excellence that supports future business development and reinforces customer confidence. During the year, BOF’s achievement was further celebrated through related recognition activity, including attendance at a Royal Reception at Windsor Castle and the formal presentation of the King’s Award and Grant of Appointment by the Lord-Lieutenant of Mid Glamorgan at BOF’s headquarters. Other Awards & Accreditations The Company’s wider awards history further supports this position. BOF’s internal awards record identifies a series of recent achievements and nominations, including Chambers Wales Green Business of the Year winner 2023, UKUPC Procurement Awards finalist 2023, GO Awards Wales Best Net Zero Initiative Highly Commended 2024, AUDE Supplier of the Year finalist 2025, King’s Award for Enterprise Sustainable Development winner 2025, and GO Awards Wales Supplier of the Year winner 2025. Together, these accolades evidence sustained recognition of BOF’s sustainability leadership, public sector delivery capability and commitment to circular economy principles. The Company maintained its commitment to high standards of governance, safety and operational compliance during the year. Page 2
BOF GROUP LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Construction line Gold accreditation was successfully retained throughout FY’25, extending this recognised standard of compliance into 2026. This accreditation evidences adherence to requirements across quality management, environmental management, equality, modern slavery and corporate governance. The Company also achieved SSIP certification during the year through both Constructionline’s “Once for All” assessment and SafeContractor accreditation. These certifications are critical in enabling the Company to operate on client sites and to meet mandatory framework and contractual compliance obligations During the year, the Company continued to strengthen its governance, quality and sustainability credentials. The business maintained key certifications including ISO 9001 (Quality Management), ISO 14001 (Environmental Management) and ISO 45001 (Health and Safety Management), demonstrating its commitment to operational excellence and regulatory compliance. The Company also retained its status as a certified carbon neutral company and achieved Cyber Essentials certification (February 2025), reinforcing its approach to environmental responsibility and data security. Performance and industry recognition were evidenced through several accolades, including being named a finalist for the AUDE Supplier of the Year Award and winning both the King’s Award for Sustainable Development and the GO Awards Supplier of the Year. Collectively, these achievements demonstrate BOF's continued strategic progress across framework security, compliance, sustainability and service delivery during FY '25. Framework Awards During the financial year ended 2025 (“FY’25”), the Company continued to strengthen its position across key public sector procurement frameworks. The Company was successfully re-appointed to the NEUPC framework under a new four-year agreement (subject to formal confirmation at the date of approval of these financial statements). This strategically important framework continues to support the Company’s Higher Education client portfolio and underpins medium term revenue visibility. In addition, the Company secured a place on the YPO furniture framework for a four-year term, providing access to a significant UK wide public sector procurement channel and further strengthening national framework coverage. The Company was also appointed to the Welsh Government Commercial Delivery (WGCD) framework under a four year agreement, reinforcing its established presence within the Welsh public sector marketplace.
Future outlook
Whilst trading conditions are expected to remain competitive throughout FY'26, the Board considers the Company to be well positioned to manage and take on this challenge. The Company will continue to develop its profile on current frameworks in order to achieve defined objectives as regards business development and performance over the coming accounting period and to ensure relevant business opportunities are identified with compelling business cases constructed and submitted (generally in the form of quotes and tenders). There are also prevailing framework competitions that have been targeted onto which securing an incumbency will further drive business performance and provide the opportunity to build growth into financial performance. The Company is confident of achieving a key objective of securing positions on strategically and geographically important furniture supply framework agreements. The Company's commitment to continuous development and inherent flexibility to quickly adapt to changing circumstances ensures our product and service offerings remain sustainable, viable and cost effective to our client base. Page 3
BOF GROUP LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Key performance indicators
The key performance indicators (KPI's) are summarised below:
KPI's - Year ended | 31 December 2025 | 31 December 2024
Turnover | £13,184k | £14,017k
Profit for the financial year | £ 1,274k | £ 1,284k
Net current assets | £18,592k | £17,337k
The management of the business and the execution of the company’s strategy are subject to a number of risks. The key business risks affecting the company are considered to relate to competitor activity and employee retention and are summarised as follows:
Risk | Potential impact | Mitigation
Competitor activity | Loss of business to competitors | The threat of competitor activity comes mainly from our framework supplier incumbents. The company is extremely successful in direct tendering against these competitor groups. The company’s ambition to extend our access to suitable national furniture frameworks will expand supplier competition but also open up new markets for the company to exploit.
People | The business could be impacted by the loss of key individuals. | The business looks to increase staff engagement through (1) opportunities to give feedback and to influence future business developments and (2) training and progression opportunities.
Principal risks and uncertainties
Business risks have been monitored and mitigated throughout the year and will continue to provide key indicators influencing business strategy going forward. Typical managed risks include Framework supplier competition, price pressure from clients and costs from supply chain, increasing overhead costs, greater resource demands from clients etc. Also, whilst our Business Model is substantively low risk i.e., Public Sector: Education Sector, NHS, Local Authorities etc. the geo-political environment will continue to be closely monitored to ensure appropriate mitigation strategies are implemented where necessary; case in point being the, at time of writing, uncertainty caused by USA tariffs impositions worldwide. The Company implements robust fiscal management and control policies, mandated at Board level, and managed directly by BOF Managing Director and the finance department. There is no debt finance on the books and the carefully managed Business Model means this is a low credit risk area predicated on stringent customer credit checks (on-going credit worthiness reviewed frequently) and key client profiles e.g., Public Sector: Education Sector, NHS, Local Authorities etc. The Company environmental, quality, equality and health & safety credentials remain critical to maintaining our strong position on current frameworks and crucial to securing similar incumbencies on upcoming framework opportunities. Development in these areas has seen further investment strategies achieve enhanced scores in Supply Chain Sustainability School environmental system where our benchmarked scores remain industry leading. Further contract critical credentials continue to be maintained e.g., CTC Security Clearance for numerous BOF personnel and Cyber Essentials accreditation. Page 4
BOF GROUP LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Price risk
The Company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
Credit risk
The Company is not exposed to any significant credit risk.
Liquidity risk
The Company does not utilise long-term or short-term debt finance. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
Interest rate cash flow risk
The Company has interest bearing assets which comprise only cash balances which earn interest at fixed and floating rates. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature. This report was approved by the board and signed on its behalf.
M J Parrish Director
Date: 14 July 2026
Page 5
BOF GROUP LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Principal activities
The principal activity of the Company in the year under review was that of wholesalers and retailers of office furniture.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' 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 elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £1,274,293 (2024 - £1,283,963). Dividends of £50,000 were distributed for the year ended 31 December 2025 (2024 - £50,000). The results for the year are set out on page 12.
Directors
The directors who served during the year were:
M J Parrish
L M Parrish
Page 6
BOF GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Matters covered in the Strategic Report
Included in the Company's strategic report is a review of the business and description of the principal risks and uncertainties facing the Company.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, MHA Audit Services LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
M J Parrish Director
Date: 14 July 2026
Page 7
BOF GROUP LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOF GROUP LIMITED
Opinion
We have audited the financial statements of BOF Group Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 8
BOF GROUP LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOF GROUP LIMITED (CONTINUED)
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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 9
BOF GROUP LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOF GROUP LIMITED (CONTINUED)
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: The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below : - Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud. - Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred. - Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness. - Evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. - Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud; - Discussions with management over any potential or suspected fraud. - Performing substantive tests of detail over the completeness of income within the financial system. - Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditor's Report. Page 10
BOF GROUP LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOF GROUP LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. James Dobson BSc (Hons) FCA (Senior Statutory Auditor) for and on behalf of MHA Swansea United Kingdom 14 July 2026 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542) Page 11
BOF GROUP LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 13,184,459 | 14,017,413
Cost of sales |  | (8,353,675) | (8,916,499)
Gross profit |  | 4,830,784 | 5,100,914
Administrative expenses |  | (3,786,049) | (4,029,553)
Operating profit |  | 1,044,735 | 1,071,361
Interest receivable and similar income | 7 | 758,612 | 772,514
Interest payable and similar expenses | 8 | (87,539) | (115,061)
Profit before tax |  | 1,715,808 | 1,728,814
Tax on profit | 9 | (441,515) | (444,851)
Profit for the financial year |  | 1,274,293 | 1,283,963
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | 1,274,293 | 1,283,963
The notes on pages 16 to 30 form part of these financial statements.
Page 12
BOF GROUP LIMITED REGISTERED NUMBER: 03108386 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 2,331,820 |  | 2,442,345
|  |  | 2,331,820 |  | 2,442,345
Current assets |  |  |  |  |
Stocks | 13 | 202,995 |  | 246,505 |
Debtors: amounts falling due within one year | 14 | 681,712 |  | 525,531 |
Current asset investments | 15 | 17,348,166 |  | 13,614,087 |
Cash at bank and in hand |  | 1,662,414 |  | 4,741,868 |
|  | 19,895,287 |  | 19,127,991 |
Creditors: amounts falling due within one year | 16 | (1,303,072) |  | (1,790,812) |
Net current assets |  |  | 18,592,215 |  | 17,337,179
Total assets less current liabilities |  |  | 20,924,035 |  | 19,779,524
Creditors: amounts falling due after more than one year | 17 |  | (1,155,918) |  | (1,222,098)
Provisions for liabilities |  |  |  |  |
Deferred tax | 10 | (61,815) |  | (75,417) |
|  |  | (61,815) |  | (75,417)
Net assets |  |  | 19,706,302 |  | 18,482,009
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 2 |  | 2
Profit and loss account |  |  | 19,706,300 |  | 18,482,007
|  |  | 19,706,302 |  | 18,482,009
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M J Parrish
Director
Date: 14 July 2026
The notes on pages 16 to 30 form part of these financial statements. Page 13
BOF GROUP LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 2 | 17,248,044 | 17,248,046
Comprehensive income for the year |  |  |
Profit for the year | - | 1,283,963 | 1,283,963
Dividends paid | - | (50,000) | (50,000)
At 1 January 2025 | 2 | 18,482,007 | 18,482,009
Comprehensive income for the year |  |  |
Profit for the year | - | 1,274,293 | 1,274,293
Dividends paid | - | (50,000) | (50,000)
At 31 December 2025 | 2 | 19,706,300 | 19,706,302
| The notes on pages 16 to 30 form part of these financial statements.
Page 14
BOF GROUP LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,274,293 | 1,283,963
Adjustments for: |  |
Depreciation of tangible assets | 120,846 | 132,100
Loss on disposal of tangible assets | - | 846
Interest paid | 87,539 | 115,061
Interest received | (758,612) | (772,514)
Taxation charge | 441,515 | 444,851
Decrease/(increase) in stocks | 43,510 | (11,063)
(Increase)/decrease in debtors | (156,181) | 1,199,544
(Decrease) in creditors | (501,001) | (422,219)
Corporation tax (paid) | (441,857) | (479,196)
Net cash generated from operating activities | 110,052 | 1,491,373
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (10,320) | (62,137)
Sale of tangible fixed assets | - | 7,400
Purchase of unlisted and other investments | (3,734,079) | -
Sale of unlisted and other investments | - | 282,995
Interest received | 758,612 | 772,514
Net cash from investing activities | (2,985,787) | 1,000,772
Cash flows from financing activities |  |
Repayment of loans | (203,719) | (249,992)
Net cash used in financing activities | (203,719) | (249,992)
Net (decrease)/increase in cash and cash equivalents | (3,079,454) | 2,242,153
Cash and cash equivalents at beginning of year | 4,741,868 | 2,499,715
Cash and cash equivalents at the end of year | 1,662,414 | 4,741,868
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,662,414 | 4,741,868
| 1,662,414 | 4,741,868
Page 15
BOF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
BOF Group Limited is a private company limited by shares incorporated in England Wales. The company's registered number is 03108386. The registered office is Tower House, Tower Close, Bridgend Industrial Estate, Bridgend, United Kingdom, CF31 3TH. 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 £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Page 16
BOF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.5 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 17
BOF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - |  |
|  |  |  | Land and buildings Freehold | - | 2% | on cost
|  |  |  | Plant and machinery | - | 10% | on reducing balance
|  |  |  | Motor vehicles | - | 25% | on reducing balance
|  |  |  | Fixtures, fittings & equipment | - | 33% | on reducing balance and 10% on reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.7 | Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible 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. Recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated 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 is carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized 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. Page 18
BOF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.10 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the Page 19
BOF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Page 20
BOF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.11 | Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transactions costs. Dividends payable on equity instruments are recognized as liabilities once they are no longer at the discretion of the company. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
| 2.12 | 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 company’s liability for current tax is calculated using tax rates that been enacted or substantively enacted by the reporting end date. Deferred Tax Deferred taxation is provided in full on timing differences that result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure on taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognized to the extent that is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discontinued.
| 2.13 | Employee Benefits
The costs of short-term employee benefits are recognized as a liability and an expense, unless those costs are required to be recognized 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. Page 21
BOF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year that they are payable.
| 2.15 | Leases
Rentals payables under operating leases, including any lease incentives received, are charge to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
| 2.16 | Foreign Exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange rate differences are taken into account in arriving at the operating result.
3. | Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wholesale and retail of office furniture | 13,184,459 | 14,017,413
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 13,184,459 | 14,017,413
Page 22
BOF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,256,516 | 2,502,780
| Social security costs | 307,326 | 282,063
| Cost of defined contribution scheme | 132,817 | 140,751
|  | 2,696,659 | 2,925,594
| The total remuneration including employers national insurance and pension contributions attributable to key management personnel for the year was £676,461 (2024: £688,740).
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 54 | 51
6. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Remuneration for qualifying services | 120,000 | 120,000
|  | 120,000 | 120,000
7. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 758,612 | 772,514
|  | 758,612 | 772,514
Page 23
BOF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | 86,989 | 115,061
| Other interest payable | 550 | -
|  | 87,539 | 115,061
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 455,117 | 451,856
| Deferred tax | (13,602) | (7,005)
| Total current tax | 441,515 | 444,851
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,715,808 | 1,728,814
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 428,952 | 432,204
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 253 | 375
| Other tax charge (relief) on exceptional items | (364) | -
| Fixed asset differences | 12,674 | 12,272
| Total tax charge for the year | 441,515 | 444,851
Page 24
BOF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 75,417
| Charged to profit or loss | (13,602)
| At end of year | 61,815
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 61,815 | 75,417
|  | 61,815 | 75,417
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 50,000 | 50,000
|  | 50,000 | 50,000
Page 25
BOF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 2,698,001 | 267,513 | 510,026 | 420,125 | 3,895,665
| Additions | - | 7,925 | - | 2,395 | 10,320
| At 31 December 2025 | 2,698,001 | 275,438 | 510,026 | 422,520 | 3,905,985
| Depreciation |  |  |  |  |
| At 1 January 2025 | 622,818 | 162,150 | 283,124 | 385,227 | 1,453,319
| Charge for the year on owned assets | 49,359 | 11,207 | 56,725 | 3,555 | 120,846
| At 31 December 2025 | 672,177 | 173,357 | 339,849 | 388,782 | 1,574,165
| Net book value |  |  |  |  |
| At 31 December 2025 | 2,025,824 | 102,081 | 170,177 | 33,738 | 2,331,820
| At 31 December 2024 | 2,075,182 | 105,363 | 226,902 | 34,898 | 2,442,345
Page 26
BOF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 202,995 | 246,505
|  | 202,995 | 246,505
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 580,820 | 467,674
| Other debtors | 21,119 | 1,242
| Prepayments and accrued income | 79,773 | 56,615
|  | 681,712 | 525,531
Page 27
BOF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Short term deposits | 17,348,166 | 13,614,087
|  | 17,348,166 | 13,614,087
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 422,007 | 634,369
| Corporation tax | 250,385 | 237,125
| Other taxation and social security | 309,327 | 402,139
| Other creditors | 91,986 | 17,940
| Accruals and deferred income | 229,367 | 499,239
|  | 1,303,072 | 1,790,812
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loan from Director | 1,155,918 | 1,222,098
|  | 1,155,918 | 1,222,098
18. | Other borrowings
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Payable after one year | 1,155,918 | 1,222,098
|  | 1,155,918 | 1,222,098
| Other borrowings comprise a loan from the Directors of the Company. The loan is secured, interest-bearing and repayable on demand, except that 366 days' written notice is required prior to repayment being made.
Page 28
BOF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Retirement benefit scheme
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Charge of profit or loss in respect of defined contribution schemes | 132,818 | 140,751
|  | 132,818 | 140,751
| The company operates a defined contribution scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independent administered fund.
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Authorised, allotted, called up and fully paid |  |
|  | 102 (2024 - 102) Ordinary A shares of £0.01 each | 1.02 | 1.02
|  | 38 (2024 - 38) Ordinary B shares of £0.01 each | 0.38 | 0.38
|  | 20 (2024 - 20) Ordinary C shares of £0.01 each | 0.20 | 0.20
|  | 20 (2024 - 20) Ordinary D shares of £0.01 each | 0.20 | 0.20
|  | 20 (2024 - 20) Ordinary E shares of £0.01 each | 0.20 | 0.20
|  |  | 2.00 | 2.00
| All share classes have full voting rights, rights to dividends in accordance with the articles, full rights to capital and participation in distributions (including on winding up) and are non-redeemable.
21. | Analysis of net funds
|  | At 1 January 2025 | Cash flows | At 31 December 2025
|  | £ | £ | £
| Cash at bank and in hand | 4,741,868 | (3,079,454) | 1,662,414
|  | 4,741,868 | (3,079,454) | 1,662,414
Page 29
BOF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Operating lease commitments
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 3,172 | 3,172
| Later than 1 year and not later than 5 years | 1,331 | 4,503
|  | 4,503 | 7,675
23. | Ultimate controlling party
The directors consider the ultimate controlling party to be Mr M Parrish due to his significant level of shareholding.
Page 30