REGISTERED NUMBER: 00477955 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Ashley Wilde Group Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

A L Brodin

S D Brodin

C Bennett

P Thoms

R D Goldwater FCCA

SECRETARY:

A L Brodin

REGISTERED OFFICE:

Emmanuel House

Travellers Close

Welham Green

Hertfordshire

AL9 7LD

REGISTERED NUMBER:

00477955 (England and Wales)

AUDITORS:

Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

The business was formed in 1950 and has been under family ownership ever since. Today, 114 staff are employed in designing and delivering a wide range of beautiful home furnishing products to the retail trade both in the UK and overseas.

The directors believe the company's broad customer base, extensive product portfolio and its focus on design and brand exclusivity will continue to deliver long term sustainable results. This spread over so many products, markets and customers, avoids dependency on any one dominant influence and is considered a key strength to the business.

Turnover decreased by 8% overall from 2024, mainly due to high trade tariffs brought in by the US depressing demand in this market. However, growth in the UK and Middle East markets compensated for some of this which was driven by a strong product range and new products. Gross Profit Margins also improved due to the type of customer from 38.2% in 2024 to 40.7% in 2025. This resulted in Gross Profit only being down by 1.7%.

Overheads have reduced in line with turnover despite increases in the minimum wage, employers' national insurance contributions, and utilities - savings were made elsewhere. Operating Profit and Profit before tax was on par to 2024. All other key financial indicators reported satisfactory outcomes for the year.

Our employees have worked especially hard this year to help deliver customer service and productivity during the year. Their experience and commitment help us to deliver value and innovative products to our customers. We would like to thank all our staff members for their efforts.

New product development remains a key element of our business model. In-house designs as well as new and renewed licensed ranges, continue to drive demand from our customer base. Further new ranges in development for launch during 2026 are expected to further add to our leadership in the home furnishing sector.

A major event in 2025 was our purchase of a new warehouse which is now under demolition and construction as of time of writing. The new 24,000 square foot warehouse will be transformational for the business. It will provide a dedicated, purpose-built space that allows us to work more efficiently, accommodate growth, and create a professional environment that reflects the quality and ambition of our brands.

The board considers the main risks for 2026 as the impact on the war in Iran which is impacting shipping costs and driving inflation, which is threatening retail volume and margin. In response to these risks, we maintain our cautious and careful approach to credit policy which limits our exposure to substantial bad debts, and currency hedging to cushion the effect of adverse exchange rate movements.

We have reviewed the present and foreseeable challenges and uncertainties which affect us and have assessed our working capital requirements accordingly. We remain satisfied that we have sufficient resources at hand, both financial and non-financial, to contend with a downturn and to exploit growth opportunities as they arise.

The financial year 2026 commenced in line with expectations. We remain cautiously optimistic about prospects for the remainder of 2026 and longer-term, given the uncertain impact of the stated risks on consumer demand.

ON BEHALF OF THE BOARD:

A L Brodin - Director

20 July 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of designing, converting and wholesale distribution of soft furnishing fabrics.

DIVIDENDS

An interim dividend of £77.6699 per share was paid on 31 December 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 800,000 .

DIRECTORS

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

A L Brodin

S D Brodin

C Bennett

P Thoms

R D Goldwater FCCA

CHARITABLE DONATIONS

Charitable donations for the year were £34,928 (2024: £33,854).

STREAMLINED ENERGY AND CARBON REPORTING

The Companies Act 2006 (Directors Report) Regulation 2018 requires the company to disclose energy consumption and greenhouse gas emissions (GHG). This information has not been disclosed in these financial statements as it is included in the consolidated financial statements of the ultimate parent undertaking, Giltex Limited.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;

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

-	state whether applicable 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 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.

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

A L Brodin - Director

20 July 2026

Opinion

We have audited the financial statements of Ashley Wilde Group Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 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 Auditors' 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 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 Statement of Directors' Responsibilities set out on page three, 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 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.

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:

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 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;

- results of enquiries of management about 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 noncompliance;

- 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;

- the matters discussed among the audit engagement team and involving other internal specialists including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override.

We also obtained an understanding of the legal and regulatory frameworks 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 tax legislation.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management 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;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risks 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 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 noncompliance with laws and regulations throughout the audit.

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.

Ian Sluckis BA FCA (Senior Statutory Auditor)

for and on behalf of Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

20 July 2026

TURNOVER

3

48,803,660

52,883,415

Cost of sales

(28,939,828

)

(32,677,586

)

GROSS PROFIT

19,863,832

20,205,829

Distribution costs

(7,856,274

)

(8,170,241

)

Administrative expenses

(8,798,481

)

(8,770,042

)

3,209,077

3,265,546

Other operating income

-

53,792

OPERATING PROFIT

5

3,209,077

3,319,338

Provision for bad debts and

exceptional costs

6

-

3,950,500

Debt forgiven

6

-

(3,950,500

)

3,209,077

3,319,338

Interest receivable and similar income

161,863

102,717

3,370,940

3,422,055

Interest payable and similar expenses

7

(119,994

)

(132,349

)

PROFIT BEFORE TAXATION

3,250,946

3,289,706

Tax on profit

8

(711,004

)

(866,934

)

PROFIT FOR THE FINANCIAL YEAR

2,539,942

2,422,772

PROFIT FOR THE YEAR

2,539,942

2,422,772

OTHER COMPREHENSIVE INCOME

Movement on hedging reserve

(218,054

)

179,161

Income tax relating to other comprehensive income

54,514

(44,790

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(163,540

)

134,371

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,376,402

2,557,143

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

14,204,700

11,256,029

Investments

12

2

2

14,204,702

11,256,031

CURRENT ASSETS

Stocks

13

6,552,023

7,537,415

Debtors

14

9,427,122

11,227,042

Cash at bank and in hand

6,000,920

2,890,331

21,980,065

21,654,788

CREDITORS

Amounts falling due within one year

15

(6,853,066

)

(6,840,638

)

NET CURRENT ASSETS

15,126,999

14,814,150

TOTAL ASSETS LESS CURRENT LIABILITIES

29,331,701

26,070,181

CREDITORS

Amounts falling due after more than one year

16

(3,151,860

)

(1,262,373

)

PROVISIONS FOR LIABILITIES

21

(1,438,439

)

(1,642,808

)

NET ASSETS

24,741,402

23,165,000

CAPITAL AND RESERVES

Called up share capital

22

103,000

103,000

Revaluation reserve

23

6,642,386

6,754,526

Capital redemption reserve

23

2

2

Hedging reserve

23

27,508

191,048

Retained earnings

23

17,968,506

16,116,424

SHAREHOLDERS' FUNDS

24,741,402

23,165,000

The financial statements were approved by the Board of Directors and authorised for issue on 20 July 2026 and were signed on its behalf by:

A L Brodin - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 January 2024

103,000

15,081,512

6,866,666

Changes in equity

Dividends

-

(1,500,000

)

-

Total comprehensive income

-

2,534,912

(112,140

)

Balance at 31 December 2024

103,000

16,116,424

6,754,526

Changes in equity

Dividends

-

(800,000

)

-

Total comprehensive income

-

2,652,082

(112,140

)

Balance at 31 December 2025

103,000

17,968,506

6,642,386

Capital

redemption

Hedging

Total

reserve

reserve

equity

£

£

£

Balance at 1 January 2024

2

56,677

22,107,857

Changes in equity

Dividends

-

-

(1,500,000

)

Total comprehensive income

-

134,371

2,557,143

Balance at 31 December 2024

2

191,048

23,165,000

Changes in equity

Dividends

-

-

(800,000

)

Total comprehensive income

-

(163,540

)

2,376,402

Balance at 31 December 2025

2

27,508

24,741,402

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised 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.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Tangible fixed assets

Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover

Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates and value added tax from the provision of goods and services which fall within the company's ordinary activity. The directors consider the business to comprise a single activity.

Bank and other interest is recognised in the period in which it was received.

Grant income

Grants of a revenue nature are credited to income in the period to which they relate.

Patents and licences

Patents and licences are amortised on a straight line basis over the term of the related contracts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold properties

-

1.25% on cost

Short leasehold

-

20% on cost

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Equipment

-

33% on reducing balance and 20% on reducing balance

Freehold properties are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are preformed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the assets and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amount of freehold properties is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference between the depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original cost is transfered from fair value reserve to retained earning.

Other tangible fixed assets are recorded at cost less accumulated depreciation and accumulated impairment losses.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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 differences are taken into account in arriving at the operating result.

Leasing and hire purchase commitments

Assets held under hire purchase contracts are capitalised and depreciated over their useful lives. The finance charges are allocated over the primary period of the lease in proportion to the capital element outstanding.

Amounts payable under operating leases are charged to the profit and loss account in the period in which they are incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme covering certain of its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost represents the contributions payable to the pension scheme in respect of the accounting period.

Going concern

The company's financial statements for the year ended 31 December 2025 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Financial instruments

The company uses forward currency contracts to reduce exposure to foreign exchange rates.

The company considers it qualifies for hedge accounting when certain criteria are met :

Forward foreign currency contracts

The criteria for forward currency contracts are

- the instrument must be related to expected purchases in foreign currency,

- it must involve the same currency as the hedged item, and

- it must reduce the risk of foreign currency exchange movements in the company's operations

Foreign exchange forward contracts have been recognised at fair value at the end of the year with changes in fair value recognised in other comprehensive income as qualifying cash flow hedge..

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

2025

2024

£

£

Sale of goods

48,803,660

52,883,415

48,803,660

52,883,415

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

33,810,902

32,974,483

Europe

1,865,509

1,916,053

Asia

696,222

661,329

Americas

10,138,392

15,723,220

Africa

51,749

37,519

Australasia

677,885

430,709

Europe (non-EU)

108,517

134,690

Middle East

1,454,484

1,005,412

48,803,660

52,883,415

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

5,444,149

5,664,092

Social security costs

740,481

671,216

Other pension costs

221,275

207,360

6,405,905

6,542,668

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

2025

2024

Selling and administrative

76

76

Warehouse

38

39

114

115

2025

2024

£

£

Directors' remuneration

2,158,185

2,545,710

Directors' pension contributions to money purchase schemes

127,034

121,308

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

960,994

1,312,410

Pension contributions to money purchase schemes

14,350

10,184

5.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

276,781

270,370

Depreciation - assets on hire purchase contracts

12,941

21,487

(Profit)/loss on disposal of fixed assets

(4,344

)

12,506

Auditors' remuneration

29,000

29,000

Loss on foreign currency translations

24,334

49,965

6.	EXCEPTIONAL ITEMS

2025

2024

£

£

Provision for bad debts and

exceptional costs

-

3,950,500

Debt forgiven

-

(3,950,500

)

During the previous year, the company had forgiven debt amounting to £3,950,500 in respect of amounts due from subsidiary undertaking which had previously been provided for as a bad debt.

A reversal of the bad debt provision made in the previous year amounting to £3,950,500 relates to amounts due from subsidiary undertaking not considered recoverable by the directors. The bad debt charge included in 2023 was £961,000 which is part of the 2023 exceptional item together with a provision of £435,000 for costs to be incurred under an onerous lease.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

107,166

116,223

Other charges

12,000

12,000

Hire purchase

828

4,126

119,994

132,349

8.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

860,859

881,681

Deferred tax

(149,855

)

(14,747

)

Tax on profit

711,004

866,934