Mason Street Furniture Ltd Company accounts

COMPANY REGISTRATION NUMBER: 07704832

Mason Street Furniture Ltd

Financial Statements

31 December 2025

Mason Street Furniture Ltd

Financial Statements

Period from 1 August 2024 to 31 December 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	6

Statement of comprehensive income	10

Statement of financial position	11

Statement of changes in equity	12

Statement of cash flows	13

Notes to the financial statements	14

Mason Street Furniture Ltd

Officers and Professional Advisers

The board of directors	Mr A J Byrne (Resigned 3 April 2025)
	Mr J S Hambrook
	Mr M E Atkinson
	Mr S Stacey
	Mr P Harrison

Registered office	Unit2, Gore Ong Farm
	Airfield Road
	Podington
	Northamptonshire
	NN29 7XA

Auditor	MHA
	Chartered accountants & statutory auditor
	The Pinnacle
	150 Midsummer Boulevard
	Milton Keynes
	United Kingdom
	MK9 1LZ

Mason Street Furniture Ltd

Strategic Report

Period from 1 August 2024 to 31 December 2025

The Directors present their Strategic Report for the year ended 31 December 2025 to provide a review of the Company's business, principal risks and uncertainties and performance alongside key performance indicators. The Directors consider the state of the Company to be satisfactory. The Directors believe the key performance indicators of the business to be gross profit and operating profit (before exceptional items) as a percentage of turnover. These key performance indicators were as follows during this financial year. The gross profit is FY 31 December 2025 29% (FY 31 July 2024 - £30%) of turnover The operating profit is FY 31 December 2025 4% (FY 31 July 2024 - 3%) of turnover Revenue has increased from £36.9 million to £61.7 million an increase of 67% Gross Profit has increased from £10.9 million to £17.7 million an increase of 62% Operating profit before tax has increased from £0.8 million to £2.0 million The profit for the year, after taxation, amounted to FY 31 December 2025 £1,507,712 (FY 31 July 2024 - £567,755). Dividends provided for £170,000 in the year (2024 - £320,000). The company extended their financial year to 31st December 2025 to align with the calendar year, meaning that this was a 17 month period. The underlying performance again improved YoY with average monthly revenues increasing from £3.1m to £3.6m and this flowed through to increased profit before tax. The company expects the improvements in financial performance to continue on into the next financial year after having secured several high value contracts - with the order book strengthening YoY. Operational and cost efficiencies actioned during the second half of 2025 will lead to full year benefits in 2026.

Principal risks and uncertainties

The Company's principal financial instruments comprise bank balances, trade creditors, trade debtors and finance lease agreements. The main purpose of these instruments is to raise funds and to finance the Company's operations. Due to the nature of the financial instruments used by the Company, there is no exposure to price risk. The Company's approach to managing other risks applicable to the financial instruments concerned is shown below. a)The Company is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet payments when they arise. b)Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. c)Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. It is the policy of the Company to settle terms of payment with suppliers on a timely basis in the ordinary course of business, and to agree appropriate terms and conditions in advance with its suppliers. The Company endeavours to make payment in accordance with those terms and conditions provided that the supplier has complied with them. Suppliers and their payment terms are looked at on an individual basis and regularly reviewed. The Directors believe that the average payment period of suppliers is 45 - 60 days. A copy of the Company's standard payment practice can be obtained from the Company's premises.

This report was approved by the board of directors on 24 July 2026 and signed on behalf of the board by:

Mr S Stacey

Director

Mason Street Furniture Ltd

Directors' Report

Period from 1 August 2024 to 31 December 2025

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

Directors

The directors who served the company during the period were as follows:

Mr J S Hambrook
Mr M E Atkinson
Mr S Stacey
Mr P Harrison
Mr A J Byrne	(Resigned 3 April 2025)

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Future developments

The business anticipates continued growth in revenues and profits having secured a strong pipeline of work for the upcoming financial year.

Research and development

The Company has not engaged in any activities in the field of research and development in this year, and are not anticipating any in the 2026 year.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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. Disclosure of information to auditors

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration wtih the engagement transitioning to MHA Audit Services LLP. Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: - so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and - the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 24 July 2026 and signed on behalf of the board by:

Mr S Stacey

Director

Mason Street Furniture Ltd

Independent Auditor's Report to the Members of Mason Street Furniture Ltd

Period from 1 August 2024 to 31 December 2025

Opinion

We have audited the financial statements of Mason Street Furniture Ltd (the 'company') for the period ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, Statement of Changes in Equity, the Statement of Cash Flows, and notes to the financial statements, including material accounting policies. The financial reporting framework that has been applied in the preparation of the company's financial statements 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 the Company's profit for the period then ended; * have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and * have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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. report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in 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 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 directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

* the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: * adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or * the financial statements are not in agreement with the accounting records and returns; or * certain disclosures of directors' remuneration specified by law are not made; or * we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: * Enquiry of management and those charged with governance around actual and potential litigation and claims; * Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; * Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; * Reviewing minutes of meetings of those charged with governance; * Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor's report.

Use of our report

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

Victoria Brown

(Senior Statutory Auditor)

For and on behalf of

MHA

Chartered accountants & statutory auditor

The Pinnacle

150 Midsummer Boulevard

Milton Keynes

United Kingdom

MK9 1LZ

24 July 2026

Mason Street Furniture Ltd

Statement of Comprehensive Income

Period from 1 August 2024 to 31 December 2025

		Period from
		1 Aug 24 to	Year to
		31 Dec 25	31 Jul 24
			(restated)
Note		£	£
Turnover	4	61,733,733	36,900,169

Cost of sales	44,018,344	25,997,809
	-------------	-------------
Gross profit	17,715,389	10,902,360

Administrative expenses		15,174,010	9,947,773
Other operating income		42,171	37,576
		-------------	-------------
Operating profit	5	2,583,550	992,163

Other interest receivable and similar income	9	14,183	10,388
Interest payable and similar expenses	10	561,827	183,074
		-------------	-------------
Profit before taxation		2,035,906	819,477

Tax on profit	11	528,194	251,722
		------------	---------
Profit for the financial period		1,507,712	567,755
		------------	---------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the period as set out above.

All income is generated from the principal activity of the company. There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.

Mason Street Furniture Ltd

Statement of Financial Position

31 December 2025

	31 Dec 25	31 Jul 24
		(restated)
Note	£	£

Fixed assets

Tangible assets	13	3,302,706	4,110,220

Current assets

Stocks	14	864,350	–
Debtors	15	9,824,303	11,214,358
Cash at bank and in hand		2,538,761	696,761
		-------------	-------------
		13,227,414	11,911,119

Creditors: amounts falling due within one year	16	8,282,812	7,983,490
		-------------	-------------
Net current assets		4,944,602	3,927,629
		------------	------------
Total assets less current liabilities		8,247,308	8,037,849

Creditors: amounts falling due after more than one year	17	1,305,733	2,161,929

Provisions	19	779,293	958,350
		------------	------------
Net assets		6,162,282	4,917,570
		------------	------------

Capital and reserves

Called up share capital	23	90	100
Share premium account	24	257,513	320,193
Profit and loss account	24	5,904,679	4,597,277
		------------	------------
Shareholders funds		6,162,282	4,917,570
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 24 July 2026 , and are signed on behalf of the board by:

Mr S Stacey

Director

Company registration number: 07704832

Mason Street Furniture Ltd

Statement of Changes in Equity

Period from 1 August 2024 to 31 December 2025

		Called up share capital	Share premium account	Profit and loss account	Total
		£	£	£	£
At 1 August 2023		100	320,193	4,349,522	4,669,815

Profit for the period				567,755	567,755
		----	---------	------------	------------
Total comprehensive income for the period		–	–	567,755	567,755

Dividends paid and payable	12	–	–	( 320,000)	( 320,000)
		----	---------	------------	------------
Total investments by and distributions to owners		–	–	( 320,000)	( 320,000)

At 31 July 2024		100	320,193	4,597,277	4,917,570

Profit for the period				1,507,712	1,507,712
		----	---------	------------	------------
Total comprehensive income for the period		–	–	1,507,712	1,507,712

Dividends paid and payable	12	–	–	( 170,000)	( 170,000)
Redemption of shares		( 10)	( 62,680)	( 30,310)	( 93,000)
		----	--------	---------	---------
Total investments by and distributions to owners		( 10)	( 62,680)	( 200,310)	( 263,000)

		----	---------	------------	------------
At 31 December 2025		90	257,513	5,904,679	6,162,282
		----	---------	------------	------------

Mason Street Furniture Ltd

Statement of Cash Flows

Period from 1 August 2024 to 31 December 2025

	31 Dec 25	31 Jul 24
		(restated)
	£	£

Cash flows from operating activities

Profit for the financial period	1,507,712	567,755

Adjustments for:
Depreciation of tangible assets	1,679,783	1,216,923
Other interest receivable and similar income	( 14,183)	( 10,388)
Interest payable and similar expenses	561,827	183,074
Gains on disposal of tangible assets	( 177,185)	( 17,210)
Tax on profit	528,194	251,722
Accrued expenses	271,808	825,993

Changes in:
Stocks	( 864,350)	–
Trade and other debtors	784,824	( 3,603,344)
Trade and other creditors	( 50,009)	1,878,687
	------------	------------
Cash generated from operations	4,228,421	1,293,212

Tax (paid)/received	( 92,694)	52,758
	------------	------------
Net cash from operating activities	4,135,727	1,345,970
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 1,421,691)	( 226,177)
Proceeds from sale of tangible assets	726,607	201,287
Interest received	14,183	10,388
	------------	------------
Net cash used in investing activities	( 680,901)	( 14,502)
	------------	------------

Cash flows from financing activities

Purchase of own shares	( 93,000)	–
Payments of finance lease liabilities	( 788,000)	( 1,366,226)
Interest paid	( 561,826)	( 183,075)
Dividends paid	( 170,000)	( 166,400)
	------------	------------
Net cash used in financing activities	( 1,612,826)	( 1,715,701)
	------------	------------

Net increase/(decrease) in cash and cash equivalents	1,842,000	( 384,233)
Cash and cash equivalents at beginning of period	696,761	1,080,994
	------------	------------
Cash and cash equivalents at end of period	2,538,761	696,761
	------------	------------

Mason Street Furniture Ltd

Notes to the Financial Statements

Period from 1 August 2024 to 31 December 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, Gore Ong Farm, Airfield Road, Podington, Northamptonshire, NN29 7XA. The company's functional and presentational currency is GBP. The financial statements are presented to the nearest £1.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have the most significant potential impact upon the carrying values of assets and liabilities within the next financial year are as follows: i) Revenue recognition on long term contracts Recognition of revenue and profit is based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimates in relation to the costs and value of work performed to date and to be performed in bringing contracts to completion, including satisfaction of maintenance responsibilities. The Company has appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorisation. ii) Impairment of trade and other receivables The value of specific trade and other receivables of doubtful recoverability is reduced by an allowance in order to recognise the asset at its recoverable amount. iii) Useful economic lives of tangible fixed assets The useful economic lives used by the Company in respect of tangible fixed assets are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue for the sales of goods and services are recognised in the year to include long term contracts and contracts ongoing at the year end. In respect of long-term contracts and contracts for on-going services, revenue represents the value of work done in the year, including estimates of amounts not invoiced. Revenue in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments. A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	Period from
	1 Aug 24 to	Year to
	31 Dec 25	31 Jul 24
		(restated)
	£	£
Construction contracts	61,733,733	36,900,169
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	Period from
	1 Aug 24 to	Year to
	31 Dec 25	31 Jul 24
		(restated)
	£	£
Depreciation of tangible assets	1,679,783	1,216,923
Gains on disposal of tangible assets	( 177,185)	( 17,210)
Impairment of trade debtors	(238,735)	(1,616)
Operating lease costs expensed	–	160,344
	------------	------------

6. Auditor's remuneration

	Period from
	1 Aug 24 to	Year to
	31 Dec 25	31 Jul 24
		(restated)
	£	£
Fees payable for the audit of the financial statements	38,500	33,000
	--------	--------

7. Staff costs

The average number of persons employed by the company during the period, including the directors, amounted to:

	31 Dec 25	31 Jul 24
	No.	No.
Production staff	129	144
Administrative staff	64	66
Management staff	6	7
	----	----
	199	217
	----	----

The aggregate payroll costs incurred during the period, relating to the above, were:

	Period from
	1 Aug 24 to	Year to
	31 Dec 25	31 Jul 24
		(restated)
	£	£
Wages and salaries	15,163,790	10,867,960
Social security costs	1,974,258	1,201,001
Other pension costs	974,836	234,526
	-------------	-------------
	18,112,884	12,303,487
	-------------	-------------

Key management personnel are the Directors only.

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	Period from
	1 Aug 24 to	Year to
	31 Dec 25	31 Jul 24
		(restated)
	£	£
Remuneration	654,953	702,488
Company contributions to defined contribution pension plans	54,559	75,644
	---------	---------
	709,512	778,132
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	31 Dec 25	31 Jul 24
		(restated)
	No.	No.
Defined contribution plans	4	6
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	Period from
	1 Aug 24 to	Year to
	31 Dec 25	31 Jul 24
		(restated)
	£	£
Aggregate remuneration	233,417	138,000
Company contributions to defined contribution pension plans	40,800	28,800
	---------	---------
	274,217	166,800
	---------	---------

9. Other interest receivable and similar income

	Period from
	1 Aug 24 to	Year to
	31 Dec 25	31 Jul 24
		(restated)
	£	£
Interest on cash and cash equivalents	14,183	10,388
	--------	--------

10. Interest payable and similar expenses

	Period from
	1 Aug 24 to	Year to
	31 Dec 25	31 Jul 24
		(restated)
	£	£
Interest on banks loans and overdrafts	55,028	–
Interest on obligations under finance leases and hire purchase contracts	464,616	178,734
Other interest payable and similar charges	42,183	4,340
	---------	---------
	561,827	183,074
	---------	---------

11. Tax on profit

Major components of tax expense

	Period from
	1 Aug 24 to	Year to
	31 Dec 25	31 Jul 24
		(restated)
	£	£

Current tax:

UK current tax expense	707,252	197,415

Deferred tax:

Origination and reversal of timing differences	( 179,058)	54,307
	---------	---------
Tax on profit	528,194	251,722
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the period is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	Period from
	1 Aug 24 to	Year to
	31 Dec 25	31 Jul 24
		(restated)
	£	£
Profit on ordinary activities before taxation	2,035,906	819,477
	------------	---------
Profit on ordinary activities by rate of tax	508,977	204,870
Effect of expenses not deductible for tax purposes	10,404	36,833
Effect of capital allowances and depreciation	187,871	( 33,164)
Utilisation of tax losses	–	( 11,124)
Deferred tax	( 179,058)	54,307
	------------	---------
Tax on profit	528,194	251,722
	------------	---------

On 24 May 2021, the UK Government substantively enacted the increase in Corporation Tax rate from 19% to 25% with effect from 1 April 2023.

Factors that may affect future tax expense

There were no factors that may affect future tax changes.

12. Dividends

	31 Dec 25	31 Jul 24
		(restated)
	£	£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period )	170,000	320,000
	---------	---------

13. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 August 2024 (as restated)	6,256,097	8,121	1,826,232	121,549	8,211,999
Additions	1,211,772	–	197,210	12,709	1,421,691
Disposals	( 1,122,969)	( 8,121)	( 592,870)	( 36,586)	( 1,760,546)
	------------	-------	------------	---------	------------
At 31 December 2025	6,344,900	–	1,430,572	97,672	7,873,144
	------------	-------	------------	---------	------------
Depreciation
At 1 August 2024	3,141,854	5,289	914,832	39,804	4,101,779
Charge for the period	1,320,767	1,054	330,559	27,403	1,679,783
Disposals	( 781,179)	( 6,343)	( 400,004)	( 23,598)	( 1,211,124)
	------------	-------	------------	---------	------------
At 31 December 2025	3,681,442	–	845,387	43,609	4,570,438
	------------	-------	------------	---------	------------
Carrying amount
At 31 December 2025	2,663,458	–	585,185	54,063	3,302,706
	------------	-------	------------	---------	------------
At 31 July 2024	3,114,243	2,832	911,400	81,745	4,110,220
	------------	-------	------------	---------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 December 2025	4,950,972	708,697	5,659,669
	------------	---------	------------
At 31 July 2024	2,867,166	803,594	3,670,760
	------------	---------	------------

14. Stocks

	31 Dec 25	31 Jul 24
		(restated)
	£	£
Raw materials and consumables	864,350	–
	---------	----

There is no significant difference between the replacement cost of the inventory and its carrying amount.

15. Debtors

	31 Dec 25	31 Jul 24
		(restated)
	£	£
Trade debtors	4,580,787	5,384,223
Prepayments and accrued income	3,253,305	4,192,240
Directors loan account	531,979	156,322
Other debtors	1,458,232	1,481,573
	------------	-------------
	9,824,303	11,214,358
	------------	-------------

16. Creditors: amounts falling due within one year

	31 Dec 25	31 Jul 24
		(restated)
	£	£
Trade creditors	4,576,822	4,882,123
Accruals and deferred income	435,564	768,987
Corporation tax	864,731	250,173
Social security and other taxes	278,176	174,433
Obligations under finance leases and hire purchase contracts	1,237,122	1,168,926
Other creditors	890,397	738,848
	------------	------------
	8,282,812	7,983,490
	------------	------------

Hire purchase agreements are secured over the assets to which they relate. The company's borrowing facility with Fleximise is secured by a personal guarantee provided by the director,Mr Shaun Stacey.

17. Creditors: amounts falling due after more than one year

	31 Dec 25	31 Jul 24
		(restated)
	£	£
Obligations under finance leases and hire purchase contracts	1,305,733	2,161,929
	------------	------------

Hire purchase agreements are secured over the assets to which they relate.

18. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	31 Dec 25	31 Jul 24
		(restated)
	£	£
Not later than 1 year	1,237,122	1,168,926
Later than 1 year and not later than 5 years	1,305,733	2,161,929
	------------	------------
	2,542,855	3,330,855
	------------	------------

19. Provisions

	Deferred tax (note 20)
	£
At 1 August 2024 (as restated)	958,350
Additions	( 179,057)
	---------
At 31 December 2025	779,293
	---------

20. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	31 Dec 25	31 Jul 24
		(restated)
	£	£
Included in provisions (note 19)	779,293	958,350
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	31 Dec 25	31 Jul 24
		(restated)
	£	£
Accelerated capital allowances	779,293	958,350
	---------	---------

21. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 974,836 (2024: £ 234,526 ).

The amount due to the pension scheme at the year end was £39,084 (2024: £31,595). This amount is showing in other creditors.

22. Prior period adjustments

Restatement of comparative information,during the current year, the Company reviewed the presentation of plant hire costs and concluded that these costs are directly attributable to customer contracts and are therefore more appropriately classified within cost of sales rather than administrative expenses. Accordingly, the comparative figures have been restated to reclassify £726,624 from administrative expenses (hire costs – non-operating leases) to cost of sales. As a result of this reclassification, comparative cost of sales increased from £25,271,185 to £25,997,809, and comparative administrative expenses decreased from £10,674,397 to £9,947,773. This reclassification affects presentation only and has no impact on operating profit, profit before taxation, profit for the financial year, net assets, cash flows or shareholders' funds.

23. Called up share capital

Issued, called up and fully paid

	31 Dec 25		31 Jul 24
			(restated)
	No.	£	No.	£
Ordinary shares of £ 0.01 each	9,000	90	10,000	100
	-------	----	--------	----

Share movements

	No.	£

Ordinary

At 1 August 2024	10,000	100
Shares cancelled	(1,000)	(10)
	--------	----
At 31 December 2025	9,000	90
	--------	----

The company purchased back, and cancelled 1000 ordinary shares of £0.01 on 3rd April 2025.

24. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares issued, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.

25. Analysis of changes in net debt

	At 1 Aug 2024	Cash flows	At 31 Dec 2025
	£	£	£
Cash at bank and in hand	696,761	1,842,000	2,538,761
Debt due within one year	(1,168,926)	(68,196)	(1,237,122)
Debt due after one year	(2,161,929)	856,196	(1,305,733)
	------------	------------	------------
	( 2,634,094)	2,630,000	( 4,094)
	------------	------------	------------

26. Capital commitments

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	31 Dec 25	31 Jul 24
	£	£
Tangible assets	–	800,278
	----	---------

27. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	31 Dec 25	31 Jul 24
		(restated)
	£	£
Not later than 1 year	98,120	160,344
Later than 1 year and not later than 5 years	284,733	–
	---------	---------
	382,853	160,344
	---------	---------

Mason Street Furniture Ltd

Notes to the Financial Statements (continued)

Period from 1 August 2024 to 31 December 2025

27. Operating leases (continued)

The operating leases paid for the depots in the year were £382,853 (2024 - £160,344).

28. Directors' advances, credits and guarantees

During the period the directors entered into the following advances and credits with the company:

	31 Dec 25
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr S Stacey	156,322	545,657	( 170,000)	531,979
	---------	---------	---------	---------

	31 Jul 24
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr S Stacey	11,687	335,035	( 190,400)	156,322
	--------	---------	---------	---------

29. Related party transactions

At the year end the director Mr S Stacey owed the company £531,979 (2024 - £156,322). The loan is interest free and there are no timescales for repayment. During the year Mr S Stacey rented a property he owns to the company for £25,000 per annum. This transaction is at arms length. A dividend of £170,000 was declared during the year.

30. Controlling party

The company is controlled by Mr S Stacey who owns 52% of the voting share capital.