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Registered number: 05804115 FIRMIN & SONS LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 31 MARCH 2025
FIRMIN & SONS LIMITED REGISTERED NUMBER: 05804115 BALANCE SHEET AS AT 31 MARCH 2025
|  | 31 March |  | 30 September
|  | 2025 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | - |  | 586
|  |  | - |  | 586
Current assets |  |  |  |  |
Stocks | 6 | 212,987 |  | 375,715 |
Debtors: amounts falling due within one year | 7 | 5,102,805 |  | 2,834,625 |
Cash at bank and in hand | 8 | 16 |  | 284 |
|  | 5,315,808 |  | 3,210,624 |
Creditors: amounts falling due within one year | 9 | (3,497,912) |  | (1,894,284) |
Net current assets |  |  | 1,817,896 |  | 1,316,340
Total assets less current liabilities |  |  | 1,817,896 |  | 1,316,926
Creditors: amounts falling due after more than one year | 10 |  | (11,656) |  | -
Net assets |  |  | 1,806,240 |  | 1,316,926
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | 1,806,140 |  | 1,316,826
|  |  | 1,806,240 |  | 1,316,926
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Russell Clive Kashket
Director
Date: 30 July 2026
Page 1
FIRMIN & SONS LIMITED REGISTERED NUMBER: 05804115 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The notes on pages 3 to 14 form part of these financial statements. Page 2
FIRMIN & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
1. | General information
Firmin & Sons Limited is a private company limited by shares incorporated in England and Wales in the United Kingdom. The address of the registered office is 6th Floor, 2 London Wall Place, Barbican, London, EC2Y 5AU. The address of the trading office is 82-86 New Town Row, Birmingham, B6 4HU. The nature of the company’s operations is the manufacture of badges, buttons, medals, swords, accessories and uniform accoutrements. The Company's current accounting period is for the period from 1 October 2023 to 31 March 2025. The prior year is presented for the period from 1 October 2022 to 30 September 2023. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity from a related entity, Kashket & Partners Limited, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts. Page 3
FIRMIN & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP, rounded to the nearest £1. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred. Page 4
FIRMIN & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Page 5
FIRMIN & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 4 Years
|  |  |  | Fixtures and fittings | - | 5 Years
|  |  |  | Computer equipment | - | 3 Years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 6
FIRMIN & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.14 | 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. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are Page 7
FIRMIN & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Employees
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 2025 | 2023
|  |  | No. | No.
|  | Employees | 42 | 42
Page 8
FIRMIN & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
4. | Intangible assets
|  | Development expenditure
|  | £
| Cost |
| At 1 October 2023 | 137,500
| At 31 March 2025 | 137,500
| Amortisation |
| At 1 October 2023 | 137,500
| At 31 March 2025 | 137,500
| Net book value |
| At 31 March 2025 | -
| At 30 September 2023 | -
Page 9
FIRMIN & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
5. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 October 2023 | 7,850 | 9,230 | 22,854 | 39,934
| At 31 March 2025 | 7,850 | 9,230 | 22,854 | 39,934
| Depreciation |  |  |  |
| At 1 October 2023 | 7,264 | 9,230 | 22,854 | 39,348
| Charge for the period on owned assets | 586 | - | - | 586
| At 31 March 2025 | 7,850 | 9,230 | 22,854 | 39,934
| Net book value |  |  |  |
| At 31 March 2025 | - | - | - | -
| At 30 September 2023 | 586 | - | - | 586
Page 10
FIRMIN & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
6. | Stocks
|  |  |  |  | 31 March | 30 September
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Raw materials and consumables | 167,721 | 375,715
| Work in progress (goods to be sold) | 45,266 | -
|  | 212,987 | 375,715
7. | Debtors
|  |  |  |  | 31 March | 30 September
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Trade debtors | 3,366,773 | 2,782,125
| Other debtors | 1,707,348 | 13,701
| Prepayments and accrued income | 28,684 | 38,799
|  | 5,102,805 | 2,834,625
8. | Cash and cash equivalents
|  |  |  |  | 31 March | 30 September
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 16 | 284
| Less: bank overdrafts | (106,101) | (109,791)
|  | (106,085) | (109,507)
Page 11
FIRMIN & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 31 March | 30 September
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 106,101 | 109,791
| Bank loans | 8,192 | 30,150
| Trade creditors | 506,552 | 684,053
| Amounts owed to group undertakings | 100 | 100
| Corporation tax | 20,406 | 49,997
| Other taxation and social security | 974,190 | 638,700
| Other creditors | 1,761,891 | 247,418
| Accruals and deferred income | 120,480 | 134,075
|  | 3,497,912 | 1,894,284
| The bank overdraft is secured by the company. Interest is charged on the bank loan at 6.3% p.a. The loan is due for repayment on 7 July 2027.
10. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 31 March | 30 September
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Bank loans | 11,656 | -
Page 12
FIRMIN & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
11. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 31 March | 30 September
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 8,192 | 30,150
| Amounts falling due 1-2 years |  |
| Bank loans | 8,879 | -
| Amounts falling due 2-5 years |  |
| Bank loans | 2,777 | -
|  | 19,848 | 30,150
12. | Pension commitments
The Company Operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £29,718 (2023: £19,610). Contributions totalling £2,750 (2023: £2,087) were payable to the fund at the balance sheet date and are included in other creditors.
13. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 31 March | 30 September
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | - | 488
| Later than 1 year and not later than 5 years | - | 366
|  | - | 854
Page 13
FIRMIN & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
14. | Related party transactions
| During the year, a balance was owed from Kashket & Partners Limited, a related party through common key directorship. This balance amounted to £993,400. During the year, a balance owed from Kashket Supply Limited, a related party through common key directorship. This balance amounted to £850,026. The company has taken exemption from disclosing all other related party transactions under FRS 102 Section 33.1A, as all other transactions are with the parent entity and the company is a wholly owned subsidiary, consolidated into the financial statements of Kashket Group Limited.
15. | Controlling party
The ultimate parent company is Kashket Group Limited, a company incorporated in England and Wales. Its registered office address is 6th Floor 2 London Wall Place, London, England, EC2Y 5AU.
16. | Auditors' information
The auditors' report on the financial statements for the period ended 31 March 2025 was unqualified. The audit report was signed on 31 July 2026 by Neil Stern FCA (Senior Statutory Auditor) on behalf of MHA.
Page 14