REGISTERED NUMBER: 10467347 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

METRO GOLD LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

Consolidated Statement of Financial Position

10

Company Statement of Financial Position

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Consolidated Statement of Cash Flows

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Mr T P Eastwood

Mr P T Murray

Mr M J Murray

Mrs K J Murray

Mrs G L Robertson

Mrs C Eastwood

SECRETARY:

Mrs T Phillips

REGISTERED OFFICE:

Wide Lane

Southampton

Hampshire

SO18 2FA

REGISTERED NUMBER:

10467347 (England and Wales)

AUDITORS:

Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandler's Ford

Hampshire

SO53 2DR

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

REVIEW OF BUSINESS

The principal activity of the group continued to be that of a provider of solutions in the distribution of brands of health, beauty and nursery products to the retail, wholesale and online channels. Sales are made predominantly in the United Kingdom and Ireland.

In the year, the group achieved sales of £32,934,016 (2024: £25,938,717), representing strong growth of 27%. Total sales including agency sales increased to £35,306,545 (2024: £28,176,773). The group achieved good growth by focusing on expanding the brand offering and working with partners to offer more premium goods.

The group has continued to strengthen its relationships with major retailers and online platforms, including entering into several new contracts to fulfil Direct to Consumer (DTC) orders via customers' websites. The directors expect this channel to be a key driver of growth in 2026 and beyond.

Profit before tax increased to £1,993,949 (2024: £1,330,175), reflecting the benefit of increased sales volumes, partially offset by a reduction in gross margin from 33.4% to 31.0% due to changes in product and customer mix.

The business has continued to perform strongly despite ongoing economic pressures, supported by its diversified customer base and continued investment in operational infrastructure.

Financial position at year end - The group remained in a strong financial position at the year end. Net assets stood at £8,866,332 (2024: £7,895,303), supported by increased profitability and continued investment in the business.

Cash flow and funding - The group maintains appropriate banking facilities to support operations and future growth. The directors are satisfied that the company is well positioned to meet its financial obligations as they fall due.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors continue to actively review the group's brand portfolio and customer base to ensure the business remains well positioned to capitalise on market opportunities and withstand external economic pressures.

Key risks include changes in consumer demand, margin pressure from supplier pricing and customer terms, and ongoing economic uncertainty. The directors mitigate these risks through regular review of pricing, supplier diversification and close management of customer relationships.

The establishment of Murrays Health and Beauty Europe Limited, a wholly owned Irish subsidiary of Paul Murray plc, has strengthened the company's ability to service customers in Ireland and has significantly mitigated the impact of Brexit on both the company and its customers.

SECTION 172(1) STATEMENT

The directors of the group, as those of all UK companies, must act in accordance with a set of general duties. These duties are set out in section 172 of the Companies Act 2006 and can be summarised as follows:

A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

- The likely consequences of any decision in the long term

- The interests of the company's employees

- The need to foster the company's business relationships with suppliers, customers and others

- The impact of the company's operations on the community and the environment

- The desirability of the company maintaining a reputation for high standards of business conduct, and

- The need to act fairly as between members of the company.

A new director is briefed on their duties and can access professional advice on these - either through the company or, if they deem it appropriate, through professional advisers.

The group and its components are committed to be responsible businesses, and our behaviour is aligned with the expectations of our stakeholders, which include our employees, customers, suppliers, local community and our shareholders. In addition to monthly board meetings, the directors attend off site days annually or whenever the business need arises to discuss the business and its future considering the needs of all its stakeholders.

The directors are committed to supply chain security, and Paul Murray PLC holds Authorised Economic Operator (AEO) status with HMRC. This has clear benefits for our employees, suppliers and customers in demonstrating that the company operates a safe working environment with full traceability of all goods.

The company's premises are situated near to some local housing, and the directors take seriously its responsibility to the local community, including a Design Out Crime agreement with Hampshire Constabulary covering site security and build design. The company has a Lorry Routing Management Plan to reduce congestion and its impact on the local road system. In view of its location near to Southampton Airport, it has a Bird Hazard Management Plan agreed with the Civil Aviation Authority to preserve public health and public safety.

The company and its employees have continued to support the Trinity Winchester charity for the care of the homeless.

KEY PERFORMANCE INDICATORS

The key financial highlights of the group's activities are:

2025

2024

£

£

Turnover reported in the financial statements

32,934,016

25,938,717

Turnover including agency sales

35,306,545

28,176,773

Gross profit margin

31.1%

33.5%

Profit before tax

1,993,949

1,330,175

OTHER PERFORMANCE INDICATORS

The group's strategy is to focus on the distribution of larger, well-established brands across major retail customers, independent retailers and online platforms, including the direct-to-consumer channel. This approach is designed to increase market share across all key channels.

The group remains committed to maintaining strong gross margins while providing a positive and supportive working environment for its employees. Based on current trading and planned initiatives, the directors expect continued growth in 2026.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The group's principal financial instruments comprise bank balances, bank financing, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for, and finance, the company's operations.

The group's approach to managing risks, applicable to the financial statements concerned, is shown below:

In respect of cash management, liquidity risk is managed through the use of invoice financing facilities, allowing the company to align funding with working capital requirements.

Trade debtors are managed, in respect of credit and cash flow risk, by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

POLICY ON THE PAYMENT OF CREDITORS

Payment is generally made by the company to its creditors in accordance with agreed terms of business. It is the policy of the company that most suppliers are paid within 30 days following the end of the month in which the invoices are received unless agreements are in place for extended terms. For example, the two largest suppliers in 2025 have agreements in place of 75 and 60 days to match the terms offered by our key customers for these products. The total amount of trade creditors at 31 December 2025 represents 47 days (2024: 31 days) as a proportion of the total supplier invoices for the year.

ON BEHALF OF THE BOARD:

Mr P T Murray - Director

24 June 2026

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

DIVIDENDS

During the year dividends of £491,998 (2024: £429,372) were declared by the company.

FUTURE DEVELOPMENTS

The group has a strong track record of successfully distributing branded goods and continues to expand its portfolio through carefully selected partnerships. Following careful research, the company has secured agreements for the distribution of additional brands across the health, beauty and nursery sectors, with significant success in developing brands in the UK and Ireland markets.

Growth is also being supported by the continued expansion of the group's own brands, which deliver strong margins and enhance profitability, alongside the development of own-label products in collaboration with key customers

The group has recently onboarded three new brands and is actively engaged in discussions with a number of additional partners. The directors remain confident that these initiatives, combined with continued investment in operational infrastructure, position the company well for further growth in the coming year.

DIRECTORS

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

Mr T P Eastwood

Mr P T Murray

Mr M J Murray

Mrs K J Murray

Mrs G L Robertson

Mrs C Eastwood

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with the Companies Act 2006, s414C(11), information in respect of business activities and risk

are shown within the Strategic Report.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr P T Murray - Director

24 June 2026

Opinion

We have audited the financial statements of Metro Gold Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

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

The objectives of our audit, in respect to fraud, are to identify and assess the risks of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures include the following:

-

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

-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and those laws and regulations that had a direct effect on the financial statements. The key laws considered are FRS102 and the Companies Act 2006; and

-

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

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

-

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

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income, including cash receipts, and the override of controls by management. To address the risk of fraud in these areas, we:

-

reviewed all material estimates affecting income, including recoverability of debtors and completeness and accuracy of deferred and accrued income;

-

selected a sample of transactions from material income streams and compared expected income to that recorded within the financial statements;

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries during the year and at the year-end to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

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

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing legal and professional expenditure incurred in the year.

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

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Liz Martyn (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandler's Ford

Hampshire

SO53 2DR

13 July 2026

TURNOVER

3

32,934,016

25,938,717

Cost of sales

22,702,745

17,257,230

GROSS PROFIT

10,231,271

8,681,487

Distribution costs

4,721,037

4,119,445

Administrative expenses

3,360,434

3,023,003

8,081,471

7,142,448

2,149,800

1,539,039

Other operating income

41,307

-

OPERATING PROFIT

6

2,191,107

1,539,039

Interest receivable and similar income

8

738

-

2,191,845

1,539,039

Interest payable and similar expenses

9

197,896

208,864

PROFIT BEFORE TAXATION

1,993,949

1,330,175

Tax on profit

10

539,020

373,581

PROFIT FOR THE FINANCIAL YEAR

1,454,929

956,594

OTHER COMPREHENSIVE INCOME

Currency translation differences

8,098

3,367

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

8,098

3,367

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,463,027

959,961

Profit attributable to:

Owners of the parent

1,285,952

841,951

Non-controlling interests

168,977

114,643

1,454,929

956,594

Total comprehensive income attributable to:

Owners of the parent

1,294,050

845,318

Non-controlling interests

168,977

114,643

1,463,027

959,961

FIXED ASSETS

Intangible assets

14

2,044,477

2,167,145

Tangible assets

15

684,803

826,326

Investments

16

-

-

2,729,280

2,993,471

CURRENT ASSETS

Stocks

17

7,900,460

6,499,083

Debtors

18

8,385,068

5,031,279

Cash at bank and in hand

25,970

110,389

16,311,498

11,640,751

CREDITORS

Amounts falling due within one year

19

10,034,597

6,512,691

NET CURRENT ASSETS

6,276,901

5,128,060

TOTAL ASSETS LESS CURRENT LIABILITIES

9,006,181

8,121,531

CREDITORS

Amounts falling due after more than one year

20

(36,037

)

(96,037

)

PROVISIONS FOR LIABILITIES

24

(103,812

)

(130,191

)

NET ASSETS

8,866,332

7,895,303

CAPITAL AND RESERVES

Called up share capital

25

420,000

420,000

Share premium

26

2,937,002

2,937,002

Retained earnings

26

4,758,039

3,894,090

8,115,041

7,251,092

NON-CONTROLLING INTERESTS

27

751,291

644,211

TOTAL EQUITY

8,866,332

7,895,303

The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2026 and were signed on its behalf by:

Mr P T Murray - Director

FIXED ASSETS

Intangible assets

14

-

-

Tangible assets

15

-

-

Investments

16

7,200,000

7,200,000

7,200,000

7,200,000

CURRENT ASSETS

Cash at bank and in hand

1,769

2,315

CREDITORS

Amounts falling due within one year

19

656,779

620,422

NET CURRENT LIABILITIES

(655,010

)

(618,107

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,544,990

6,581,893

CREDITORS

Amounts falling due after more than one year

20

36,037

96,037

NET ASSETS

6,508,953

6,485,856

CAPITAL AND RESERVES

Called up share capital

25

420,000

420,000

Share premium

26

2,937,002

2,937,002

Retained earnings

26

3,151,951

3,128,854

6,508,953

6,485,856

Company's profit for the financial year

515,095

633,529

The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2026 and were signed on its behalf by:

Mr P T Murray - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2024 (as restated)

420,000

3,408,361

2,937,002

Changes in equity

Profit for the year (as restated)

-

841,951

-

Other comprehensive income

-

3,367

-

Total comprehensive income

-

845,318

-

Dividends

-

(429,372

)

-

NCI Equity allocation (as restated)

-

69,783

-

Balance at 31 December 2024 (as restated)

420,000

3,894,090

2,937,002

Changes in equity

Profit for the year

-

1,285,952

-

Other comprehensive income

-

8,098

-

Total comprehensive income

-

1,294,050

-

Dividends

-

(491,998

)

-

NCI Equity allocation

-

61,897

-

Balance at 31 December 2025

420,000

4,758,039

2,937,002

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2024 (as restated)

6,765,363

599,351

7,364,714

Changes in equity

Profit for the year (as restated)

841,951

114,643

956,594

Other comprehensive income

3,367

-

3,367

Total comprehensive income

845,318

114,643

959,961

Dividends

(429,372

)

-

(429,372

)

NCI Equity allocation (as restated)

69,783

(69,783

)

-

Balance at 31 December 2024 (as restated)

7,251,092

644,211

7,895,303

Changes in equity

Profit for the year

1,285,952

168,977

1,454,929

Other comprehensive income

8,098

-

8,098

Total comprehensive income

1,294,050

168,977

1,463,027

Dividends

(491,998

)

-

(491,998

)

NCI Equity allocation

61,897

(61,897

)

-

Balance at 31 December 2025

8,115,041

751,291

8,866,332

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2024

420,000

2,924,697

2,937,002

6,281,699

Changes in equity

Profit for the year

-

633,529

-

633,529

Total comprehensive income

-

633,529

-

633,529

Dividends

-

(429,372

)

-

(429,372

)

Balance at 31 December 2024

420,000

3,128,854

2,937,002

6,485,856

Changes in equity

Profit for the year

-

515,095

-

515,095

Total comprehensive income

-

515,095

-

515,095

Dividends

-

(491,998

)

-

(491,998

)

Balance at 31 December 2025

420,000

3,151,951

2,937,002

6,508,953

Cash flows from operating activities

Cash generated from operations

1

(138,424

)

1,116,747

Interest paid

(197,896

)

(208,864

)

Tax paid

(474,682

)

(358,181

)

Net cash from operating activities

(811,002

)

549,702

Cash flows from investing activities

Purchase of tangible fixed assets

(56,496

)

(155,475

)

Sale of tangible fixed assets

1,279

-

Net cash from investing activities

(55,217

)

(155,475

)

Cash flows from financing activities

Loan repayments in year

(60,000

)

(245,000

)

Equity dividends paid

(491,998

)

(429,372

)

Net cash from financing activities

(551,998

)

(674,372

)

Decrease in cash and cash equivalents

(1,418,217

)

(280,145

)

Cash and cash equivalents at beginning of year

2

(2,141,506

)

(1,861,361

)

Cash and cash equivalents at end of year

2

(3,559,723

)

(2,141,506

)

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

1,993,949

1,330,175

Depreciation charges

313,707

313,127

Loss on disposal of fixed assets

5,701

-

Currency translation variances

8,097

3,367

Finance costs

197,896

208,864

Finance income

(738

)

-

2,518,612

1,855,533

Increase in stocks

(1,401,377

)

(1,389,383

)

Increase in trade and other debtors

(3,353,789

)

(543,214

)

Increase in trade and other creditors

2,098,130

1,193,811

Cash generated from operations

(138,424

)

1,116,747

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

25,970

110,389

Bank overdrafts

(3,585,693

)

(2,251,895

)

(3,559,723

)

(2,141,506

)

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

110,389

179,306

Bank overdrafts

(2,251,895

)

(2,040,667

)

(2,141,506

)

(1,861,361

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

110,389

(84,419

)

25,970

Bank overdrafts

(2,251,895

)

(1,333,798

)

(3,585,693

)

(2,141,506

)

(1,418,217

)

(3,559,723

)

Debt

Debts falling due within 1 year

(500,000

)

-

(500,000

)

Debts falling due after 1 year

(96,037

)

60,000

(36,037

)

(596,037

)

60,000

(536,037

)

Total

(2,737,543

)

(1,358,217

)

(4,095,760

)