Company registration number 01978855 (England and Wales)
FRANCHI PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
FRANCHI PLC
COMPANY INFORMATION
Directors
Mr Marco Franchi
Mr Neil Holmes
Mr Jack Mason
Mr Mark Robinson
Secretary
Mr Jim Bellingham
Company number
01978855
Registered office
278 Holloway Road
London
N7 6NE
Auditor
Nash Harvey Group LLP
The Granary
Hermitage Lane
Maidstone
Kent
ME16 9NT
FRANCHI PLC
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 27
FRANCHI PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 September 2025.

Fair review of the business

The purpose of the Strategic Report is to demonstrate how the directors have performed in promoting the success of the Company, and to provide a fair and balanced review of the Company's business including:

- The development and performance of the business during the 12 months

- The position of the Company at the end of September

- A summary of principal risks and uncertainties facing the Company

- Future developments

Review of business

The principal business activities are split into several niche areas:

- Architectural ironmongery specification and supply, incorporating a glass division.

- Builders' hardware, tools and specialised key cutting retail/trade stores.

- Locksmith and security products supply and installation division.

- Specification, supply and install of automatic door operators.

- Reuse of ironmongery salvaged from refurbishment projects.

The results for the 12 months and the financial position at the end of September were considered by the directors to be satisfactory, considering the relatively weak trading conditions.

The Company monitors the business performance through several key performance indicators, including revenue growth, gross profit margins and profit before taxation, which are summarised as follows:

| 2025 Year |  | 2024 6 Months
| £m |  | £m
Turnover |  | 12.17 |  | 6.64
Gross profit margin |  | 46% |  | 48%
Profit/(Loss) before taxation |  | (0.26) |  | 0.11
Shareholders' funds |  | 0.12 |  | (0.40)

The results for the 12 months which are set out in the profit and loss show a loss before tax of £0.26 million, compared to a profit of £0.12 million in the 6 months of the previous year. There was a 5% drop in sales on average due to delays in a few major construction projects. The Company had received orders for these projects which were reflected in an inflated order book at the end of the year. Gross profit margin reduced from 48% to 46% mainly due to a change in sales mix. Overheads were reduced through the closure of a marketing studio in Chelsea Harbour and the introduction of a number of efficiency improvements. The position of shareholders' funds has improved despite the loss due to further investment by the parent company, Franchi Group Limited which totalled £0.76 million during the year.

FRANCHI PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -

During the year the company has invested circa £0.30 million in people and infrastructure related to its new Reuse division, an exciting new activity capitalising on demands to improve sustainable practices across the construction sector. This investment has been held on the balance sheet at 30 September 2025, as the sales and profits generated from these efforts will be realised post year end. T he Company's auditors have expressed a different view regarding the accounting treatment of expenditure incurred in developing the Group's Reuse division and, therefore, have issued an adverse audit opinion. Having carefully considered the requirements of the applicable accounting standards, together with the nature of the expenditure incurred and the supporting evidence available, the directors remain satisfied that the expenditure meets the criteria for prepayment and that the accounting treatment adopted presents a true and fair view of the Group's financial position. In addition, a value has been held on the balance sheet at 30 th September 2025 for spend on samples relating to projects. The business invests heavily in sampling projects before winning them, sometimes years before they become a live order. The decision to continue charging these costs to the P&L once a project has been lost or complete has again been carefully considered by the directors and determined satisfactory as per the criteria for prepayment.

The Company continues to monitor and manage all of its financial and statutory obligations. This is achieved through strong financial controls, specifically around cash flow and working capital, and reflected in the gross profit margin.

Principal risks and uncertainties

The directors are alert to the matter of risk and consider that they have established adequate systems to manage those limited areas of risk to which the Company might be vulnerable. The directors are confident that the Company has adequate financial resources to take advantage of any opportunities which may arise. The directors therefore consider the state of affairs of the Company to be satisfactory.

The directors continually monitor the key risks facing the Company together with assessing the control s used for managing these risks. The principal risks and uncertainties facing the Company are as follows:

Business Risk

The Company competes in a rapidly evolving and highly competitive market, and competition is expected to continue to intensify. The Company's response to these competitive pressures is to keep pace with technological advances and marketing opportunities. The C ompany will also continue to uphold the extremely high standards of quality and service that have enabled it to nurture and maintain strong relationships with clients and other stakeholders throughout the industry. The continued investment in people and other infrastructure will enable the C ompany to continue to develop new relationships of this nature which contribute to the long term growth of the business.

Credit Risk

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 and there is credit insurance in place. Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Liquidity Risk

The Company's policy is to regularly monitor its liquidity requirements to ensure that it maintains sufficient reserves of cash and continued support from the major shareholder.

Funding

There are no bank loans or overdrafts, but there is an invoice discounting facility of £2 million. During the year Franchi Group Limited, invested £0.76 million in new preference shares, and £0.5 million of this investment was used to pay off a private loan. The other loans in the company are from the same private investor and are repayable after 01 September 2027, £1 million of these loans are secured on assets outside the company and the balance is unsecured.

FRANCHI PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -
Future Developments

The directors are planning to move the Company into a substantial profit position with the following key strategic initiatives:

- Acceleration of the growth of the Specifications contracts division with the introduction of additional new product ranges.

- Consolidation and expansion of the new Automatics division.

- Implementation of a new marketing strategy for the Retail division designed to onboard multiple new commercial clients.

- Expansion of the new sustainability and Reuse division which serves to generate growth in the above mentioned divisions.

Section 172 of the Companies Act 2006

The directors of the Company consider that they have acted in good faith and in the way that would be most likely to promote the success of the Company for the benefit of its members as a whole and in accordance with a set of general duties which are detailed in section 172 of the Companies Act 2006. In particular by performance of the following:

- Our business aims are designed to have a long-term beneficial impact on the Company and to contribute to its success.

- Our employees are fundamental to our business aims. We are a responsible employer in our approach to pay and benefits our employees receive.

- Our business requires strong relationships with suppliers, customers and others and we continually strive to maintain and improve th e se relationships.

- The impact of the Company's operations on the community and environment are considered and reviewed regularly.

- Our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and governance.

- Our intention is to behave responsibly toward our shareholders and treat them fairly and equally, so they too may benefit from the success of our Company.

On behalf of the board

Mr Jack Mason
Director
4 August 2026
FRANCHI PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 September 2025.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid.

Directors

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

Mr Marco Franchi
Mr Neil Holmes
Mr Jack Mason
Mr Mark Robinson
Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium companies exemption.

On behalf of the board
Mr Jack Mason
Director
4 August 2026
FRANCHI PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 5 -

The directors are responsible for preparing the annual 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 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; and

- 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.

FRANCHI PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRANCHI PLC
- 6 -

Adverse opinion on financial statements

We have audited the financial statements of Franchi PLC (the 'company') for the year ended 30 September 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion section of our report, the financial statements:

- do not give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its loss for the year then ended;

- have not 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 Adverse opinion

The company has recognised within debtors prepayments totalling £430,851, comprising £300,000 described as relating to the Reuse initiative and £130,851 in respect of samples. In our opinion these amounts do not meet the definition of an asset under FRS 102, as they do not represent expenditure expected to give rise to future economic benefits that satisfy the recognition criteria. In our opinion these costs should therefore have been recognised in profit or loss, and management's classification of them as prepayments is a misstatement of the financial statements.

Had the financial statements been adjusted to write off these amounts, prepayments and net assets would each be reduced by £430,851, such that the company would report net liabilities of £309,767 as at 30 September 2025 in place of the net assets of £121,084 currently reported. Of this amount, £350,000 relates to the current financial year, which would increase the reported loss for the year from £233,470 to £583,470. The remaining £80,851 relates to prepayments recognised in prior periods and, in our opinion, should be accounted for as a prior period adjustment, reducing reserves brought forward, with the comparative figures restated accordingly.

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 adverse 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.

FRANCHI PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRANCHI PLC (CONTINUED)
- 7 -

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 doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

Notwithstanding our adverse opinion on the financial statements, in our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, 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' r esponsibilities s tatement, 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 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.

FRANCHI PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRANCHI PLC (CONTINUED)
- 8 -
Extent to which the audit was considered capable of detecting irregularaties, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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 engagement 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 directors and other management, and from our commercial knowledge and experience of the sector,

- we focused on specific 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, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation,

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence, and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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 as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud, and

- considering the internal controls in place to mitigate 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 judgements and assumptions made in determining the accounting estimates were indicative of potential bias, and

- investigated the rationale behind significant or unusual transactions.

Audit reponse to risks identified

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

- agreeing financial statement disclosures to underlying supporting documentation,

- reading the minutes of meetings of those charged with governance,

- enquiring of management as to actual and potential litigation and claims, and

- reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

FRANCHI PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRANCHI PLC (CONTINUED)
- 9 -

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.

Kate Francesca Sharp (Senior Statutory Auditor)
For and on behalf of Nash Harvey Group LLP, Statutory Auditor
Chartered Accountants
The Granary
Hermitage Lane
Maidstone
Kent
ME16 9NT
4 August 2026
FRANCHI PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 10 -
Year ended
Period ended
30 September
30 September
2025
2024
Notes
£
£
Turnover
3
12,171,901
6,638,291
Cost of sales
(6,615,612)
(3,423,647)
Gross profit
5,556,289
3,214,644
Administrative expenses
(5,600,635)
(2,946,889)
Operating (loss)/profit
4
(44,346)
267,755
Interest receivable and similar income
7
3,433
-
0
Interest payable and similar expenses
8
(219,928)
(161,479)
(Loss)/profit before taxation
(260,841)
106,276
Tax on (loss)/profit
9
27,371
(54,737)
(Loss)/profit for the financial year
(233,470)
51,539

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FRANCHI PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 11 -
Year ended
Period ended
30 September
30 September
2025
2024
£
£
(Loss)/profit for the year
(233,470)
51,539
Other comprehensive income
-
-
Total comprehensive income for the year
(233,470)
51,539
FRANCHI PLC
BALANCE SHEET
AS AT
30 SEPTEMBER 2025
30 September 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
154,489
216,285
Tangible assets
11
272,141
311,930
426,630
528,215
Current assets
Stocks
12
1,568,243
1,630,793
Debtors
13
3,367,327
2,745,783
Cash at bank and in hand
140,232
20,729
5,075,802
4,397,305
Creditors: amounts falling due within one year
14
(3,911,493)
(3,586,504)
Net current assets
1,164,309
810,801
Total assets less current liabilities
1,590,939
1,339,016
Creditors: amounts falling due after more than one year
15
(1,420,814)
(1,686,615)
Provisions for liabilities
Deferred tax liability
18
49,041
56,647
(49,041)
(56,647)
Net assets/(liabilities)
121,084
(404,246)
Capital and reserves
Called up share capital
20
1,208,800
450,000
Profit and loss reserves
(1,087,716)
(854,246)
Total equity
121,084
(404,246)

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

The financial statements were approved by the board of directors and authorised for issue on 4 August 2026 and are signed on its behalf by:
Mr Jack Mason
Director
Company registration number 01978855 (England and Wales)
FRANCHI PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2024
50,000
(905,785)
(855,785)
Period ended 30 September 2024:
Profit and total comprehensive income
-
51,539
51,539
Issue of share capital
20
400,000
-
400,000
Balance at 30 September 2024
450,000
(854,246)
(404,246)
Year ended 30 September 2025:
Loss and total comprehensive income
-
(233,470)
(233,470)
Issue of share capital
20
758,800
-
758,800
Balance at 30 September 2025
1,208,800
(1,087,716)
121,084
FRANCHI PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 14 -
1
Accounting policies
Company information

Franchi PLC is a private company limited by shares incorporated in England and Wales. The registered office is 278 Holloway Road, London, N7 6NE.

1.1
Reporting period

The financial statements for the prior period ended 30 September 2024 represent a 6 month period, due to a change in the year end and resulting shorter period. The current financial year ended 30 September 2025 (including related notes) are for a 12 month period and are therefore not entirely comparable.

1.2
Basis of preparation

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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

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

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

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

The financial statements of the company are consolidated in the financial statements of Franchi Group Limited. These consolidated financial statements are available from its registered office The Granary, Hermitage Court, Hermitage Lane, Maidstone, Kent ME16 9NT.

FRANCHI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern

The current economic conditions present increased risk for all businesses. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment.true

In response to such conditions, the directors have carefully considered these risks including an assessment of uncertainty on future trading projections for a period of at least 12 months from the date of signing these financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on this assessment the directors are optimistic about future growth. This will secure additional cashflow to meet the demands of the business and facilitate further growth. There are continuing good relationships held with external finance providers and assurances have been made that debt will not be recalled within the next 12 months.

Having considered the level of expected support the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the company’s ability to continue as a going concern. Thus, the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

1.4
Revenue

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

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

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

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

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

FRANCHI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 16 -

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

Software
20% straight line
1.6
Tangible fixed assets

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

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

Leasehold improvements
10% reducing balance
Plant and equipment
10% reducing balance
Fixtures and fittings
10% reducing balance
Computers
33% straight line
Motor vehicles
20% reducing balance

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

1.7
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

1.8
Stocks

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

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

FRANCHI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 17 -

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

1.9
Cash and cash equivalents

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

1.10
Financial instruments

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

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

FRANCHI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Classification of financial liabilities

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

Basic financial liabilities

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

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

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

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

1.12
Taxation

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

Current tax

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

FRANCHI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Deferred tax

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

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

1.13
Employee benefits

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

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

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

1.14
Retirement benefits

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

1.15
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

FRANCHI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment Review

Determine whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Where indicators exist impairment reviews are carried out on the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future performance.

Stock Valuation

Stocks are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and stock loss trends.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Intangible and Tangible Fixed Assets

Intangible and tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation are taken into account.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Ironmongery Services
12,171,901
6,638,291
2025
2024
£
£
Other revenue
Interest income
3,433
-
FRANCHI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 21 -
4
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging:
£
£
Exchange losses
11
1,074
Fees payable to the company's auditor for the audit of the company's financial statements
22,705
20,500
Depreciation of tangible fixed assets
51,511
27,382
Amortisation of intangible assets
61,796
30,898
Operating lease charges
257,023
81,155
5
Employees

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

2025
2024
Number
Number
73
75

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,441,329
1,845,842
Social security costs
400,480
202,854
Pension costs
71,480
36,203
3,913,289
2,084,899
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
248,863
128,417
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
119,583
53,000
Company pension contributions to defined contribution schemes
1,321
660
FRANCHI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 22 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
3,433
-
0
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
133,009
144,908
Interest on finance leases and hire purchase contracts
1,390
141
Other interest
85,529
16,430
219,928
161,479
9
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
(27,371)
54,737

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

2025
2024
£
£
(Loss)/profit before taxation
(260,841)
106,276
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
(65,210)
26,569
Effects of:
Expenses that are not deductible in determining taxable profit
49,041
35,229
Unutilised tax losses carried forward
19,765
(56,761)
Permanent capital allowances in excess of depreciation
(3,596)
(5,037)
Deferred tax movement
(27,371)
54,737
Taxation (credit)/charge in the financial statements
(27,371)
54,737
FRANCHI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 23 -
10
Intangible fixed assets
Software
£
Cost
At 1 October 2024 and 30 September 2025
308,979
Amortisation and impairment
At 1 October 2024
92,694
Amortisation charged for the year
61,796
At 30 September 2025
154,490
Carrying amount
At 30 September 2025
154,489
At 30 September 2024
216,285
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2024
96,049
392,261
129,866
141,706
88,892
848,774
Additions
-
0
-
0
-
0
11,725
-
0
11,725
Disposals
-
0
-
0
-
0
(950)
-
0
(950)
At 30 September 2025
96,049
392,261
129,866
152,481
88,892
859,549
Depreciation and impairment
At 1 October 2024
29,037
281,585
56,617
116,099
53,509
536,847
Depreciation charged in the year
6,701
11,068
7,325
19,340
7,077
51,511
Eliminated in respect of disposals
-
0
-
0
-
0
(950)
-
0
(950)
At 30 September 2025
35,738
292,653
63,942
134,489
60,586
587,408
Carrying amount
At 30 September 2025
60,311
99,608
65,924
17,992
28,306
272,141
At 30 September 2024
67,012
110,676
73,250
25,607
35,385
311,930
12
Stocks
2025
2024
£
£
Finished goods and goods for resale
1,568,243
1,630,793
FRANCHI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 24 -
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,140,587
1,983,315
Corporation tax recoverable
39,742
36,896
Other debtors
302,675
122,822
Prepayments and accrued income
640,242
378,434
3,123,246
2,521,467
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 18)
244,081
224,316
Total debtors
3,367,327
2,745,783
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
17
5,801
5,235
Other borrowings
16
78,000
147,157
Trade creditors
1,173,981
1,572,467
Corporation tax
39,742
36,896
Other taxation and social security
894,232
662,787
Other creditors
1,573,705
1,041,701
Accruals and deferred income
146,032
120,261
3,911,493
3,586,504

Included within other creditors are amounts due to Bibby Financial Services Limited of £1,416,043 (2024: £Nil) in respect of the company's invoice discounting facility. The facility is secured by a fixed and floating charge over substantially all of the company's assets and undertaking. During the year ended 30 September 2025, the company changed invoice discounting provider from Close Brothers Limited, to whom £951,472 was payable at 30 September 2024.

15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
17
5,814
11,615
Other borrowings
16
1,415,000
1,675,000
1,420,814
1,686,615
FRANCHI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
15
Creditors: amounts falling due after more than one year
(Continued)
- 25 -

Included within other borrowings is an amount totalling £1,415,000 (2024: £1,675,000). Of this, £500,000 (2024: £500,000) is secured by a personal guarantee from a director, supported by a charge over an asset owned by that director. A further £500,000 (2024: £500,000) is secured by a charge over a property owned by the ultimate controlling party. The remaining £415,000 (2024: £675,000) is unsecured.

16
Loans and overdrafts
2025
2024
£
£
Other loans
1,493,000
1,822,157
Payable within one year
78,000
147,157
Payable after one year
1,415,000
1,675,000
17
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
5,801
5,235
After more than one year
5,814
11,615
11,615
16,850
2025
2024
Future minimum lease payments due:
£
£
Within one year
5,801
5,235
In two to five years
5,814
11,615
11,615
16,850

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

FRANCHI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 26 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated capital allowances
49,041
56,647
-
-
Tax losses
-
-
244,081
224,316
49,041
56,647
244,081
224,316
2025
Movements in the year:
£
Asset at 1 October 2024
(167,669)
Credit to profit or loss
(27,371)
Asset at 30 September 2025
(195,040)

Deferred tax assets and liabilities are not expected to be reversed within the next 12 months and have therefore been disclosed as non-current assets and liabilities.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
71,480
36,203

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
50,000
50,000
50,000
50,000
FRANCHI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
20
Share capital
(Continued)
- 27 -
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference Shares of £1 each
1,158,800
400,000
1,158,800
400,000
Preference shares classified as equity
1,158,800
400,000
Total equity share capital
1,208,800
450,000

The company has one class of ordinary shares and one class of preference shares. The ordinary shares carry full voting rights and rank for dividends. The preference shares carry no voting rights, have no fixed redemption date, and rank ahead of the ordinary shares on a return of capital.

During the year, the company issued 758,800 (2024: 400,000) preference shares of £1 each for total consideration of £758,800 (2024: £400,000). The preference shares carry no voting rights, no entitlement to dividends or interest, and no fixed redemption date, and are therefore classified as equity.

21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

At the balance sheet date creditors includes £Nil (2024: £42,156) owed to Mr. G Franchi, former owner-director of Franchi Plc. The balance is unsecured, interest-free and repayable on demand.

During the year advances were made to the director Mr. M Franchi totaling £117,755 (2024: £109,322) which remain outstanding at the year end. Interest has been charged at HMRC official rates on beneficial loan arrangements at 2.25% for 2024 - 2025 and 3.75% for 2025 - 2026. Loans are repayable on demand.

During the period the company received services from Optimal Power Techniques Limited amounting to £51,136 (2024: £21,489). Mr. M Robinson is a director of both Franchi Plc and Optimal Power Techniques Limited. At the balance sheet date creditors includes £78,000 (2024: £105,000) owed to Optimal Power Techniques Limited. The balance is unsecured, interest-free and repayable on demand.

Rent is paid at a commercial rate to G Franchi for the use by the company of premises owned personally by Mr. G Franchi. The annual charge is £132,000 (2024: £132,000). The amount paid in the period amounted to £82,000 (2024: £Nil) as the company was granted a rent-free period.

Other information

Details of security given by the director and the ultimate controlling party in respect of the company's borrowings are set out in note 15.

22
Ultimate controlling party

The parent company and ultimate controlling party is Franchi Group Limited, a company incorporated in England and Wales, company number 16048900. The registered office is The Granary, Hermitage Court, Hermitage Lane, Maidstone, Kent ME16 9NT.

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