REGISTERED NUMBER: 03203149 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2026

for

Flame Homeware Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

M Boote

Mrs D L Boote

REGISTERED OFFICE:

Gift House

Whittle Close

Factory Road

Sandycroft

Flintshire

CH5 2QE

REGISTERED NUMBER:

03203149 (England and Wales)

AUDITORS:

J V Banks

Chartered Accountants and Statutory Auditors

Banks House

Paradise Street

Rhyl

Denbighshire

LL18 3LW

The directors present their strategic report for the year ended 31 March 2026.

REVIEW OF BUSINESS

From its base in North Wales the principal activity of the company is the design and sale of giftware and scented products which are sold through its own stores, garden centres and major retailers. It trades under the brand Gift Company and Gardenworld with a broad range of in house designed ranges covering gift, homeware and increasingly scent. The company finished the year operating from 27 stores, 2 garden centres and a growing website.

The focus of the business this year was a continued focus on a more premium product offering, growth in its average sale, improved gross margins alongside continued like for like growth and the directors are pleased that it achieved all these targets.

The aim for the next 12 months is to open upwards of 5 premium sited stores, continue to drive both like for like sales and margin growth and build on the growing momentum of its digital sales, whilst remaining debt free.

The directors are confident that these goals can be achieved.

ON BEHALF OF THE BOARD:

M Boote - Director

31 July 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of gift retailers and wholesalers.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2026 will be £ 239,500 .

DIRECTORS

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

M Boote

Mrs D L Boote

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

M Boote - Director

31 July 2026

Opinion

We have audited the financial statements of Flame Homeware Limited (the 'company') for the year ended 31 March 2026 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:

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

we identified the laws and regulations applicable to the company through discussions with the directors and other management, together with our commercial knowledge and experience of the sector;

we focused on those laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK taxation legislation, employment legislation and health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above through enquiries of management and, where applicable, inspection of correspondence with HMRC, relevant regulators and the company's legal advisers; and

we assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management regarding where they considered there to be susceptibility to fraud, their knowledge of actual, suspected or alleged fraud, and the internal controls established to mitigate the risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether the judgements and assumptions made in determining accounting estimates were indicative of potential management bias; and

investigated the business rationale for significant or unusual transactions.

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

agreeing financial statement disclosures to supporting documentation;

enquiring of management regarding actual and potential litigation and claims; and

reviewing correspondence with HMRC, relevant regulators and the company's legal advisers, where applicable.

There are inherent limitations in the audit procedures described above. The further removed laws and regulations are from the events and transactions reflected in the financial statements, the less likely it is that we would become aware of non-compliance. In addition, auditing standards limit the audit procedures required to identify non-compliance with laws and regulations to enquiries of management and the inspection of regulatory and legal correspondence, where applicable.

Material misstatements arising from fraud are harder to detect than those arising from error because fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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

Use of our report

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

C E Davies (Senior Statutory Auditor)

for and on behalf of J V Banks

Chartered Accountants and Statutory Auditors

Banks House

Paradise Street

Rhyl

Denbighshire

LL18 3LW

31 July 2026

TURNOVER

3

12,471,717

13,483,153

Cost of sales

4,667,016

6,135,417

GROSS PROFIT

7,804,701

7,347,736

Administrative expenses

7,517,313

6,130,266

287,388

1,217,470

Other operating income

105,095

1,220

OPERATING PROFIT

5

392,483

1,218,690

Profit/loss on sale of tang fa

6

114,751

-

277,732

1,218,690

Interest receivable and similar income

11,184

10,506

288,916

1,229,196

Interest payable and similar expenses

7

4,112

80,240

PROFIT BEFORE TAXATION

284,804

1,148,956

Tax on profit

8

96,531

(36,835

)

PROFIT FOR THE FINANCIAL YEAR

188,273

1,185,791

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

188,273

1,185,791

FIXED ASSETS

Tangible assets

10

1,550,317

1,856,471

CURRENT ASSETS

Stocks

11

2,313,674

2,610,815

Debtors

12

198,816

97,875

Cash at bank and in hand

1,856,468

1,482,955

4,368,958

4,191,645

CREDITORS

Amounts falling due within one year

13

1,399,055

1,417,399

NET CURRENT ASSETS

2,969,903

2,774,246

TOTAL ASSETS LESS CURRENT LIABILITIES

4,520,220

4,630,717

CREDITORS

Amounts falling due after more than one year

14

(43,920

)

(51,483

)

PROVISIONS FOR LIABILITIES

17

(158,498

)

(210,205

)

NET ASSETS

4,317,802

4,369,029

CAPITAL AND RESERVES

Called up share capital

18

100

100

Retained earnings

19

4,317,702

4,368,929

SHAREHOLDERS' FUNDS

4,317,802

4,369,029

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

M Boote - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

100

3,356,394

3,356,494

Changes in equity

Dividends

-

(173,256

)

(173,256

)

Total comprehensive income

-

1,185,791

1,185,791

Balance at 31 March 2025

100

4,368,929

4,369,029

Changes in equity

Dividends

-

(239,500

)

(239,500

)

Total comprehensive income

-

188,273

188,273

Balance at 31 March 2026

100

4,317,702

4,317,802

Cash flows from operating activities

Cash generated from operations

1

751,298

(468,331

)

Interest paid

(3,184

)

(79,371

)

Interest element of hire purchase payments paid

(928

)

(869

)

Tax paid

(71,254

)

-

Net cash from operating activities

675,932

(548,571

)

Cash flows from investing activities

Purchase of tangible fixed assets

(184,826

)

(136,183

)

Sale of intangible fixed assets

-

1,188,700

Sale of tangible fixed assets

121,923

2,317,878

Interest received

11,184

10,506

Net cash from investing activities

(51,719

)

3,380,901

Cash flows from financing activities

Loan repayments in year

-

(1,554,537

)

Capital repayments in year

(4,757

)

11,100

Amount withdrawn by directors

(6,443

)

(31,575

)

Equity dividends paid

(239,500

)

(173,256

)

Net cash from financing activities

(250,700

)

(1,748,268

)

Increase in cash and cash equivalents

373,513

1,084,062

Cash and cash equivalents at beginning of year

2

1,482,955

398,893

Cash and cash equivalents at end of year

2

1,856,468

1,482,955

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

31.3.26

31.3.25

£

£

Profit before taxation

284,804

1,148,956

Depreciation charges

224,313

282,894

Loss/(profit) on disposal of fixed assets

144,744

(1,562,793

)

Finance costs

4,112

80,240

Finance income

(11,184

)

(10,506

)

646,789

(61,209

)

Decrease/(increase) in stocks

297,141

(33,856

)

(Increase)/decrease in trade and other debtors

(100,941

)

36,167

Decrease in trade and other creditors

(91,691

)

(409,433

)

Cash generated from operations

751,298

(468,331

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

1,856,468

1,482,955

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,482,955

398,893

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank and in hand

1,482,955

373,513

1,856,468

1,482,955

373,513

1,856,468

Debt

Finance leases

(11,100

)

4,757

(6,343

)

(11,100

)

4,757

(6,343

)

Total

1,471,855

378,270

1,850,125

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

2% on cost

Short leasehold

-

in accordance with the property

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.3.26

31.3.25

£

£

United Kingdom

12,471,717

13,483,153

12,471,717

13,483,153

4.	EMPLOYEES AND DIRECTORS

31.3.26

31.3.25

£

£

Wages and salaries

3,693,601

3,781,784

Social security costs

350,518

238,488

Other pension costs

57,715

360,412

4,101,834

4,380,684

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

31.3.26

31.3.25

Directors

2

2

Sales and administration

12

11

Warehouse and delivery

17

18

Stores

212

188

243

219

31.3.26

31.3.25

£

£

Directors' remuneration

27,321

26,744

Directors' pension contributions to money purchase schemes

380

-

5.	OPERATING PROFIT

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

31.3.26

31.3.25

£

£

Hire of plant and machinery

4,822

27,852

Other operating leases

989,061

932,530

Depreciation - owned assets

224,313

281,176

Depreciation - assets on hire purchase contracts

-

1,718

Loss/(profit) on disposal of fixed assets

144,744

(1,562,793

)

Auditors' remuneration

5,600

5,500

Taxation compliance services

1,500

1,400

Other non- audit services

18,588

16,195

6.	EXCEPTIONAL ITEMS

During the year, the company completed a comprehensive review of its tangible fixed asset register. Assets that were no longer in existence or available for use were identified and written off. The resulting write-off of the net book value of those assets amounted to £114,751 and has been presented as an exceptional item due to its size and one-off nature.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.26

31.3.25

£

£

Bank interest

257

6,513

Bank loan interest

-

72,858

Interest on overdue taxation

2,927

-

Hire purchase

928

869

4,112

80,240

8.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

31.3.26

31.3.25

£

£

Current tax:

UK corporation tax

148,238

71,254

Deferred tax

(51,707

)

(108,089

)

Tax on profit

96,531

(36,835

)

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.26

31.3.25

£

£

Profit before tax

284,804

1,148,956

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

71,201

287,239

Effects of:

Expenses not deductible for tax purposes

804

-

Income not taxable for tax purposes

(305

)

(305

)

Capital allowances in excess of depreciation

-

(306,870

)

Depreciation in excess of capital allowances

76,538

-

Utilisation of tax losses

-

(213,493

)

Capital gains

-

304,683

Deferred tax

(51,707

)

(108,089

)

Total tax charge/(credit)

96,531

(36,835

)

9.

DIVIDENDS

31.3.26

31.3.25

£

£

Final

239,500

173,256

10.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Short

and

Motor

property

leasehold

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2025

1,374,168

169,088

3,385,074

212,162

5,140,492

Additions

-

-

184,826

-

184,826

Disposals

(369

)

(44,716

)

(1,394,400

)

-

(1,439,485

)

Reclassification/transfer

(95,231

)

95,231

-

-

-

At 31 March 2026

1,278,568

219,603

2,175,500

212,162

3,885,833

DEPRECIATION

At 1 April 2025

418,082

109,522

2,579,287

177,130

3,284,021

Charge for year

26,272

3,382

185,900

8,759

224,313

Eliminated on disposal

24,587

-

(1,197,405

)

-

(1,172,818

)

Reclassification/transfer

(39,071

)

39,071

-

-

-

At 31 March 2026

429,870

151,975

1,567,782

185,889

2,335,516

NET BOOK VALUE

At 31 March 2026

848,698

67,628

607,718

26,273

1,550,317

At 31 March 2025

956,086

59,566

805,787

35,032

1,856,471