The Puzzle Group Limited
Annual Report and Financial Statements
For the year ended 31 December 2025
Company Registration No. 10369282 (England and Wales)
The Puzzle Group Limited
Company Information
Director
Mr B Meldrum
Company number
10369282
Registered office
The Puzzle Academy
Messom Mews
Twickenham
Middlesex
England
TW1 4DP
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
The Puzzle Group Limited
Contents
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 8
Group Profit and Loss Account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
The Puzzle Group Limited
Strategic Report
For the year ended 31 December 2025
Page 1

The director presents the strategic report for the year ended 31 December 2025.

Fair review of the business

The Board is pleased to report the turnover for the year of £24.8m. The Group has maintained its strong partnerships with major retailers across the UK, Europe and North America, while also continuing to support the independent sector in the UK and the USA.

The business and results of the Group depend on the appeal of our products and our ability to meet customer expectations for delivery, quality and value. It is key that we continue to invest in and renew our product range to meet the demands of our markets. The success of our business is a testament to the skill and dedication of our teams both in the UK and USA.

Early in the year, the USA introduced a wide range of tariffs on imported goods, including our own. We mitigated the impact by working closely with our suppliers to stay competitive, while continuing to provide innovative and engaging solutions to our customers.

The uncertainty caused by these tariffs had a significant initial impact on our US customer base, resulting in delays and, in some cases, lower sales orders. We worked to identify new sales opportunities and were able to maintain a strong presence in the USA despite the challenging circumstances.

Principal risks and uncertainties

The directors conduct risk assessments and review both the Group’s short and long-term options to protect our people and ensure the ongoing viability of the business. They believe they have taken all appropriate measures to ensure the business is well placed to adapt and succeed in the changing environment in which we operate.

Credit risk - The retail environment remains challenging for our customers. The Group has a robust credit control process to manage the associated credit risk and when feasible has put in place insurance to mitigate that risk.

Liquidity and cash flow risk - The Group has maintained its sources of funding and is monitoring the changes to inflation and interest rates, while actively working to minimise any potential impact these may have on its current and future cashflows.

Exchange rate risk - The Group is exposed to the US dollar, but the currency weighting between its sales and purchase transactions provides a natural hedge in its FX dealings. This helps stabilise our cash flow, and we enter into FX forward contracts when appropriate. However, the weighting can change, and the need to take further steps to hedge our risk is continuously reviewed.

Business relationships

The Group sources its products from a select group of Chinese manufacturers. The directors are aware of the risks associated with this source of supply and have sought to balance the benefits of working closely with a few key suppliers while maintaining diversity and flexibility in its supply chain.

Employees

Employee engagement and satisfaction are closely monitored, and we regularly review the wellbeing and safety of workers at our suppliers.

Impact of Operations

As we grow, we continue to work on our environmental impact. We have focused on reducing plastic packaging by using more sustainable materials and minimising single-use plastic in our products and packaging. We aim to reduce box sizes and increase the proportion of FSC materials used.

The Puzzle Group Limited
Strategic Report (Continued)
For the year ended 31 December 2025
Page 2
Future development and performance

The directors are optimistic that the Group’s subsidiaries commitment to creativity and diversification will drive the next phase of growth in the coming years. Additionally, the Group expects to achieve sustainable organic growth in its existing markets.

Throughout the year, the Group continued its strategic review of the IT infrastructure to identify opportunities to improve operational efficiency. Towards the end of the year, investment was made in upgrading both hardware and software systems. The first phase of this programme is expected to be completed over a two-year period and is anticipated to generate operational efficiencies that will support future growth while reducing the associated cost base.

Key performance indicators

The Group uses a range of KPIs to assist in monitoring its business, some of which are:

• Turnover reduced from £25.9m to £24.8m, a decrease of 4.3%

• Gross profit margin slightly decreased from 42.0% to 41.8%

• EBITDA reduced from £2.8m to £2.4m

• Inventory days have decreased from 47.6 days to 42.2 days

Post balance sheet events

Leveraging the expertise across the Group, the directors have implemented a strategic initiative to establish specialised teams focused on serving the distinct requirements of customers within both the catalogue and custom-made divisions. This approach is expected to enhance the Group’s product offering, strengthen customer relationships, and support sustainable revenue growth.

In early 2026, the USA Supreme Court ruled that certain US import tariffs had been imposed unlawfully. Subsequent announcements have indicated that affected parties may be eligible to claim refunds of tariffs previously paid.

The Group believes it may have been impacted by these tariffs and has accordingly commenced the process of submitting refund applications. While the outcome of these applications remains uncertain, the directors are cautiously optimistic about the prospects for a successful recovery.

On behalf of the board

Mr B Meldrum
Director
23 July 2026
The Puzzle Group Limited
Director's Report
For the year ended 31 December 2025
Page 3

The director presents his annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company in the year was that of a holding company. The company is the parent undertaking of a group containing company's that produce and sell games and puzzles.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £1,838,089. The director does not recommend payment of a further dividend.

Director

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

Mr B Meldrum
Auditor

Moore Kingston Smith LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr B Meldrum
Director
23 July 2026
The Puzzle Group Limited
Director's Responsibilities Statement
For the year ended 31 December 2025
Page 4

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

The Puzzle Group Limited
Independent Auditor's Report
To the Members of The Puzzle Group Limited
Page 5
Opinion

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

In our opinion the financial statements:

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.

The Puzzle Group Limited
Independent Auditor's Report (Continued)
To the Members of The Puzzle Group Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the director's 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 group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

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

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

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

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

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

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or parent company or to cease operations, or has no realistic alternative but to do so.

The Puzzle Group Limited
Independent Auditor's Report (Continued)
To the Members of The Puzzle Group Limited
Page 7
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The Puzzle Group Limited
Independent Auditor's Report (Continued)
To the Members of The Puzzle Group Limited
Page 8

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

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 objectives of our audit in respect of 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 to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

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

Joanna Cosgrove (Senior Statutory Auditor)
27 July 2026
for and on behalf of Moore Kingston Smith LLP
Chartered Accountants
Charlotte Building
17 Gresse Street
London
W1T 1QL
The Puzzle Group Limited
Group Profit and Loss Account
For the year ended 31 December 2025
Page 9
2025
2024
(Proforma)
Notes
£
£
Turnover
3
24,800,107
25,912,713
Cost of sales
(14,428,813)
(15,023,868)
Gross profit
10,371,294
10,888,845
Administrative expenses
(7,999,121)
(7,838,277)
Other operating (expenses)/income
(41,486)
3,383
Exceptional item
2
-
0
(306,049)
Operating profit
4
2,330,687
2,747,902
Interest receivable and similar income
8
18,107
510
Interest payable and similar expenses
9
(4,769)
(10,596)
Profit before taxation
2,344,025
2,737,816
Tax on profit
10
(585,796)
(672,719)
Profit for the financial year
1,758,229
2,065,097
Profit for the financial year is all attributable to the owners of the parent company.
The Puzzle Group Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2025
Page 10
2025
2024
(Proforma)
£
£
Profit for the year
1,758,229
2,065,097
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(22,866)
5,377
Total comprehensive income for the year
1,735,363
2,070,474
Total comprehensive income for the year is all attributable to the owners of the parent company.
The Puzzle Group Limited
Group Balance Sheet
As at 31 December 2025
Page 11
2025
2024
(Proforma)
Notes
£
£
£
£
Fixed assets
Goodwill
12
30,000
40,000
Tangible assets
13
103,735
116,207
133,735
156,207
Current assets
Stocks
16
1,666,936
1,959,758
Debtors
17
4,258,407
4,548,204
Cash at bank and in hand
3,252,646
3,842,019
9,177,989
10,349,981
Creditors: amounts falling due within one year
18
(2,569,664)
(3,863,503)
Net current assets
6,608,325
6,486,478
Total assets less current liabilities
6,742,060
6,642,685
Creditors: amounts falling due after more than one year
19
-
(31,250)
Provisions for liabilities
Provisions
21
(233,250)
-
0
(233,250)
-
Net assets
6,508,810
6,611,435
Capital and reserves
Called up share capital
23
202
101
Other reserves
899
899
Profit and loss reserves
6,507,709
6,610,435
Total equity
6,508,810
6,611,435

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 23 July 2026
23 July 2026
Mr B Meldrum
Director
Company Registration No. 10369282
The Puzzle Group Limited
Company Balance Sheet
As at 31 December 2025
Page 12
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
140,749
-
0
Current assets
Debtors
17
101
101
Cash at bank and in hand
1,419
-
0
1,520
101
Net current assets
1,520
101
Net assets
142,269
101
Capital and reserves
Called up share capital
23
202
101
Profit and loss reserves
142,067
-
0
Total equity
142,269
101

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,980,156 (2024 - £0 profit).

The financial statements were approved and signed by the director and authorised for issue on 23 July 2026
23 July 2026
Mr B Meldrum
Director
Company Registration No. 10369282
The Puzzle Group Limited
Group Statement of Changes in Equity
For the year ended 31 December 2025
Page 13
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
-
0
899
5,979,602
5,980,501
Year ended 31 December 2024:
Profit for the year
-
-
2,065,097
2,065,097
Other comprehensive income:
Currency translation differences
-
-
5,377
5,377
Total comprehensive income
-
-
2,070,474
2,070,474
Issue of share capital
23
101
-
-
101
Dividends
11
-
-
(1,439,641)
(1,439,641)
Balance at 31 December 2024
101
899
6,610,435
6,611,435
Year ended 31 December 2025:
Profit for the year
-
-
1,758,229
1,758,229
Other comprehensive income:
Currency translation differences
-
-
(22,866)
(22,866)
Total comprehensive income
-
-
1,735,363
1,735,363
Issue of share capital
23
101
-
-
101
Dividends
11
-
-
(1,838,089)
(1,838,089)
Balance at 31 December 2025
202
899
6,507,709
6,508,810
The Puzzle Group Limited
Company Statement of Changes in Equity
For the year ended 31 December 2025
Page 14
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
-
0
-
0
-
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
0
Issue of share capital
23
101
-
101
Balance at 31 December 2024
101
-
0
101
Year ended 31 December 2025:
Profit and total comprehensive income
-
1,980,156
1,980,156
Issue of share capital
23
101
-
101
Dividends
11
-
(1,838,089)
(1,838,089)
Balance at 31 December 2025
202
142,067
142,269
The Puzzle Group Limited
Group Statement of Cash Flows
For the year ended 31 December 2025
Page 15
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,963,832
2,476,066
Interest paid
(4,769)
(10,596)
Income taxes paid
(556,730)
(644,610)
Net cash inflow from operating activities
1,402,333
1,820,860
Investing activities
Purchase of business
-
(120,000)
Purchase of tangible fixed assets
(21,514)
(34,701)
Proceeds from disposal of tangible fixed assets
156
-
Interest received
18,107
510
Net cash used in investing activities
(3,251)
(154,191)
Financing activities
Repayment of bank loans
(125,000)
(125,000)
Dividends paid to equity shareholders
(1,838,089)
(1,439,641)
Net cash used in financing activities
(1,963,089)
(1,564,641)
Net (decrease)/increase in cash and cash equivalents
(564,007)
102,028
Cash and cash equivalents at beginning of year
3,842,019
3,733,670
Effect of foreign exchange rates
(25,366)
6,321
Cash and cash equivalents at end of year
3,252,646
3,842,019
The Puzzle Group Limited
Notes to the Group Financial Statements
For the year ended 31 December 2025
Page 16
1
Accounting policies
Company information

The Puzzle Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Puzzle Academy, Messom Mews, Twickenham, Middlesex, England, TW1 4DP.

The group consists of The Puzzle Group Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

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

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

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

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company The Puzzle Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The Puzzle Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 17

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

The Puzzle Group Limited acquired Professor Puzzle Limited on 1 January 2025 through a share-for-share exchange. As the ultimate owners of the group remained the same, this reconstruction was accounted for using the merger accounting principles set out in FRS102 under Section 19 "Business Combinations and Goodwill". The results of the reconstructed group are therefore presented as though the group has always been in existence.

Proforma comparatives have been shown as this is the first time the group has prepared consolidated accounts.

1.3
Going concern

A t the time of approving the financial statements, t he director has a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

The group made trading profits in the year of £1,7 58,229 (2024: £2,065,097) and although the group has made a loss post year end, this is in line with the group's post year end forecast and seasonal nature of the business, with the group expecting to generate profits overall in the following period. At the year end the group had net assets of £6,508,810 (2024: £6,611,435), net current assets of £6,608,325 (2024: £6,486,478) and cash balances of £3,252,646 (2024: £3,842,019). Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Revenue

Revenue comprises sales of goods provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

The Puzzle Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 18
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

The Puzzle Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 19

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

The Puzzle Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 20
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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

The Puzzle Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 21
1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged 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 lease d asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Exceptional item
2025
2024
£
£
Expenditure
Redundancy costs
-
187,203
Legal & professional costs
-
118,846
-
306,049
The Puzzle Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
Page 22
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of games and puzzles
24,800,107
25,912,713
2025
2024
£
£
Turnover analysed by geographical market
UK
10,710,318
11,874,732
Europe
2,198,036
1,821,525
North America
10,605,129
11,390,374
Rest of the world
1,286,624
826,082
24,800,107
25,912,713
2025
2024
£
£
Other revenue
Interest income
18,107
510
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
66,788
(133,048)
Depreciation of tangible fixed assets
32,862
32,316
Loss on disposal of tangible fixed assets
635
2,706
Amortisation of intangible assets
10,000
10,000
Cost of stocks recognised as an expense
14,543,777
15,038,451
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
11,725
7,950
Audit of the financial statements of the company's subsidiaries
37,500
39,400
49,225
47,350
The Puzzle Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
5
Auditor's remuneration
(Continued)
Page 23
For other services
Taxation compliance services
6,950
5,500
All other non-audit services
8,675
5,700
15,625
11,200
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
97
91
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,474,970
4,290,190
-
0
-
0
Social security costs
532,686
440,252
-
-
Pension costs
135,799
128,974
-
0
-
0
5,143,455
4,859,416
-
0
-
0
7
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
22,280
23,717
Company pension contributions to defined contribution schemes
10,139
10,139
32,419
33,856

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

The Puzzle Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
Page 24
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
18,035
65
Other interest income
72
445
Total income
18,107
510
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
4,769
10,596
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
585,796
672,719

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,344,025
2,737,816
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
586,006
684,454
Tax effect of expenses that are not deductible in determining taxable profit
(5,088)
18,429
Unutilised tax losses carried forward
920
-
0
Permanent capital allowances in excess of depreciation
-
(646)
Depreciation on assets not qualifying for tax allowances
2,887
448
Amortisation on assets not qualifying for tax allowances
2,500
2,500
Effect of overseas tax rates
(1,429)
(32,466)
Taxation charge
585,796
672,719
The Puzzle Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
Page 25
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
1,838,089
1,439,641
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
50,000
Amortisation and impairment
At 1 January 2025
10,000
Amortisation charged for the year
10,000
At 31 December 2025
20,000
Carrying amount
At 31 December 2025
30,000
At 31 December 2024
40,000
The company had no intangible fixed assets at 31 December 2025 or 31 December 2024.
The Puzzle Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
Page 26
13
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2025
8,205
216,437
272,520
497,162
Additions
-
0
2,456
19,058
21,514
Disposals
(118)
(2,835)
(75)
(3,028)
Exchange adjustments
-
0
(523)
(317)
(840)
At 31 December 2025
8,087
215,535
291,186
514,808
Depreciation and impairment
At 1 January 2025
684
183,204
197,067
380,955
Depreciation charged in the year
2,012
8,480
22,370
32,862
Eliminated in respect of disposals
-
0
(2,162)
(75)
(2,237)
Exchange adjustments
-
0
(336)
(171)
(507)
At 31 December 2025
2,696
189,186
219,191
411,073
Carrying amount
At 31 December 2025
5,391
26,349
71,995
103,735
At 31 December 2024
7,521
33,233
75,453
116,207
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
140,749
-
0
The Puzzle Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
14
Fixed asset investments
(Continued)
Page 27
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025
-
Additions
140,749
At 31 December 2025
140,749
Carrying amount
At 31 December 2025
140,749
At 31 December 2024
-
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Professor Puzzle Limited
1
Sale of Games and puzzles
Ordinary
100.00
-
Professor Puzzle USA, Inc.
2
Sale of Games and puzzles
Ordinary
100.00
-
Professor Puzzle Europe Limited
3
Sale of Games and puzzles
Ordinary
100.00
-
Ginger Fox Games Limited
1
Sale of Games and puzzles
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
The Puzzle Academy, Messom Mews, Twickenham, Middlesex, England TW1 4DP
2
4809 N Ravenswood, Suite 219, Chicago, IL 60640, USA
3
Unit 8 Robinhood Business Park, Robinhood Road, Dublin, Ireland
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
1,666,936
1,959,758
-
0
-
0
The Puzzle Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
Page 28
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,416,934
3,838,587
-
0
-
0
Unpaid share capital
101
-
0
101
101
Other debtors
38,664
95,558
-
0
-
0
Prepayments and accrued income
802,708
614,059
-
0
-
0
4,258,407
4,548,204
101
101
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
31,250
125,000
-
0
-
0
Trade creditors
747,424
1,116,006
-
0
-
0
Corporation tax payable
399,971
373,738
-
0
-
0
Other taxation and social security
332,741
395,773
-
0
-
0
Other creditors
184,535
288,365
-
0
-
0
Accruals and deferred income
873,743
1,564,621
-
0
-
0
2,569,664
3,863,503
-
0
-
0
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
-
0
31,250
-
0
-
0
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
31,250
156,250
-
0
-
0
Payable within one year
31,250
125,000
-
0
-
0
Payable after one year
-
0
31,250
-
0
-
0
The Puzzle Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
20
Loans and overdrafts
(Continued)
Page 29

At the year end there were fixed and floating charges over the assets of the group held by HSBC Bank Plc and HSBC Invoice Finance (UK) Limited.

21
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
Dilapidation provision
233,250
-
-
-
Movements on provisions:
Dilapidation provision
Group
£
Additional provisions in the year
233,250
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
135,799
128,974

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary of £1 each
152
101
152
101
Ordinary A of £1 each
50
-
50
-
202
101
202
101

The shares all rank pari passu in all respects save that each class of share shall be entitled to varying rates of dividend.

The Puzzle Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
Page 30
24
Operating lease commitments
As lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
443,557
412,960
-
-
Years 2-5
952,217
363,969
-
-
After 5 years
150,000
-
-
-
1,545,774
776,929
-
-
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
311,923
422,291
Other information

The Puzzle Group Limited has taken the exemption to disclose related party transactions under the same 100% control in accordance with FRS102 - Section 33.1A " Related Party Disclosures".

During the year dividends amounting to £1,838,089 (2024: £1,439,641) were declared to the directors of the company.

The Puzzle Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
Page 31
26
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,758,229
2,065,097
Adjustments for:
Taxation charged
585,796
672,719
Finance costs
4,769
10,596
Investment income
(18,107)
(510)
Loss on disposal of tangible fixed assets
635
2,706
Amortisation and impairment of intangible assets
10,000
10,000
Depreciation and impairment of tangible fixed assets
32,862
32,316
Amounts written off investments
-
1,335
Increase in provisions
233,250
-
Movements in working capital:
Decrease/(increase) in stocks
292,822
(300,674)
Decrease/(increase) in debtors
282,765
(1,402,447)
(Decrease)/increase in creditors
(1,219,189)
1,384,928
Cash generated from operations
1,963,832
2,476,066
27
Analysis of changes in net funds - group
1 January 2025
Cash flows
Exchange rate movements
31 December 2025
£
£
£
£
Cash at bank and in hand
3,842,019
(564,007)
(25,366)
3,252,646
Borrowings excluding overdrafts
(156,250)
125,000
-
(31,250)
3,685,769
(439,007)
(25,366)
3,221,396
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