Company registration number 06019393 (England and Wales)
ASPEN CONCEPTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
ASPEN CONCEPTS LIMITED
COMPANY INFORMATION
Directors
Mr R I Smith
Mr N Arnold
Company number
06019393
Registered office
Unit 4, Callenders
Paddington Drive
Swindon
SN5 7YW
Auditor
Sumer Auditco Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
ASPEN CONCEPTS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 28
ASPEN CONCEPTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of fitting, design, prototyping and joinery manufacturing of retail interiors and shops.

Review of the business

The results for the year are set out on page 7. The directors consider the profit achieved on ordinary activities before taxation to be satisfactory.

Principal risks and uncertainties

The company does not actively use financial instruments as part of its financial risk management and during the year the company has been exposed to risk of supplier price increases, credit risk, liquidity risk and cash flow risk.

Competitive pressure is a continuing risk for the company, which could result in a loss of sales to key competitors. The company manages this risk by providing added value services to it's customers having fast response times not only in supplying products but also in handling all customer queries and by maintaining strong relationships with customers.

The directors do not consider any other risks attaching to the use of financial instruments to be material to an assessment of its financial position.

Development and performance

The company remains focused on turnover and profit before tax. The company has increased its manufacturing capabilities during the financial year and has seen a 12% increase in turnover whilst improving the gross profit percentage from 22% to 26%. The directors are committed to further improving the company's performance in the current year.

Key performance indicators

The key performance indicators below show the effect of the company's performance in 2025:

2025 2024

Turnover £38,549,868 £34,386,295

Gross Profit % 25.78% 22.18%

Debtor days 71 48

Stock days 46 40

It can be seen that both turnover and gross margin have increased. Debtor days have increased since last year. Stock days have increased slightly compared to last year, but still showing that the company does not have any stock shortages and is able to meet all of it's customers needs. The majority of the company's stock tends to have a long shelf life so there are no issues with holding a large quantity of stock at any one time.

On behalf of the board

Mr R I Smith
Director
4 August 2026
ASPEN CONCEPTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Results and dividends

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

Ordinary dividends were paid amounting to £930,737. The directors do not recommend payment of a final dividend.

Directors

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

Mr R I Smith
Mrs A Smith
(Resigned 19 November 2025)
Mr S G Oram
(Resigned 19 November 2025)
Mr D L Malcolm
(Resigned 19 November 2025)
Mr N Arnold
Auditor

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the fair review of the business, principal risks and uncertainties, development and performance and key performance indicators.

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.

On behalf of the board
Mr R I Smith
Director
4 August 2026
ASPEN CONCEPTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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.

ASPEN CONCEPTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ASPEN CONCEPTS LIMITED
- 4 -
Opinion

We have audited the financial statements of Aspen Concepts Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

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

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.

ASPEN CONCEPTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ASPEN CONCEPTS LIMITED (CONTINUED)
- 5 -
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.

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 key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, specifically in relation to stock and work in progress.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

- Review of transactions posted during the year, for evidence of management bias.

- Confirming that assets included in the financial statements are still held by the company, and are not impaired.

- Testing key income lines for evidence of management bias.

- Documenting and verifying all significant related party balances and transactions, and their related disclosures in the financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities 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.

ASPEN CONCEPTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ASPEN CONCEPTS LIMITED (CONTINUED)
- 6 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Mr Martin Bradley FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
6 August 2026
ASPEN CONCEPTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
38,549,868
34,386,295
Cost of sales
(28,611,133)
(26,758,215)
Gross profit
9,938,735
7,628,080
Distribution costs
(79,743)
(185,323)
Administrative expenses
(7,757,852)
(6,337,493)
Other operating income
108,844
101,138
Operating profit
4
2,209,984
1,206,402
Interest receivable and similar income
7
769
1,780
Interest payable and similar expenses
8
(310,307)
(345,153)
Profit before taxation
1,900,446
863,029
Tax on profit
9
(501,790)
(243,382)
Profit for the financial year
1,398,656
619,647

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

ASPEN CONCEPTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
£
£
Profit for the year
1,398,656
619,647
Other comprehensive income
-
-
Total comprehensive income for the year
1,398,656
619,647
ASPEN CONCEPTS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
28,041
25,411
Tangible assets
12
1,041,175
679,730
1,069,216
705,141
Current assets
Stocks
13
3,584,051
2,906,862
Debtors
14
8,054,595
6,183,774
Cash at bank and in hand
1,310,607
122,954
12,949,253
9,213,590
Creditors: amounts falling due within one year
15
(11,663,676)
(7,992,741)
Net current assets
1,285,577
1,220,849
Total assets less current liabilities
2,354,793
1,925,990
Creditors: amounts falling due after more than one year
16
(105,357)
(181,876)
Provisions for liabilities
Deferred tax liability
19
207,336
169,933
(207,336)
(169,933)
Net assets
2,042,100
1,574,181
Capital and reserves
Called up share capital
21
18,600
18,600
Capital redemption reserve
1,400
1,400
Profit and loss reserves
2,022,100
1,554,181
Total equity
2,042,100
1,574,181

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 R I Smith
Director
Company registration number 06019393 (England and Wales)
ASPEN CONCEPTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
18,600
1,400
1,057,138
1,077,138
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
619,647
619,647
Dividends
10
-
-
(122,604)
(122,604)
Balance at 31 December 2024
18,600
1,400
1,554,181
1,574,181
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
1,398,656
1,398,656
Dividends
10
-
-
(930,737)
(930,737)
Balance at 31 December 2025
18,600
1,400
2,022,100
2,042,100
ASPEN CONCEPTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
3,589,150
609,602
Interest paid
(310,307)
(345,153)
Income taxes paid
(528,450)
(10,784)
Net cash inflow from operating activities
2,750,393
253,665
Investing activities
Purchase of intangible assets
(5,538)
(26,690)
Purchase of tangible fixed assets
(667,794)
(245,771)
Proceeds from disposal of tangible fixed assets
63,784
19,700
Interest received
769
1,780
Net cash used in investing activities
(608,779)
(250,981)
Financing activities
Repayment of bank loans
(106,937)
(97,145)
Payment of finance leases obligations
83,713
(66,076)
Dividends paid
(930,737)
(122,604)
Net cash used in financing activities
(953,961)
(285,825)
Net increase/(decrease) in cash and cash equivalents
1,187,653
(283,141)
Cash and cash equivalents at beginning of year
122,954
406,095
Cash and cash equivalents at end of year
1,310,607
122,954
ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Aspen Concepts Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Callenders, Paddington Drive, Swindon, SN5 7YW.

1.1
Basis of preparation

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

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of plant and machinery, 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 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 Gwen Holdings Limited. These consolidated financial statements are available from its registered office, Unit 4 Paddington Drive, Swindon, SN5 7YW.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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 company recognises revenue from the following major sources:

- bespoke joinery & manufacturing

- shop fitting & installation

- design & project management

ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -

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.

1.4
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.

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:

Leases
5 years straight line and 10 years straight line
1.5
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:

Plant and equipment
20% Reducing balance
Fixtures and fittings
5 years straight line
Computers
3 years straight line
Motor vehicles
33.33% Reducing balance, 25% reducing balance and 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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss es are recognised in profit or loss.

ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -

During the year the directors reviewed the depreciation policies applied to Fixtures and Fitting and Computers. Following this review the depreciation methods were changed from 20% reducing balance to 5 years straight line and from 33.33% reducing balance to 3 years straight line, respectively, as the directors consider that the revised methods more appropriately reflect the pattern in which the assets' future economic benefits are expected to be consumed.

The change has been accounted for prospectively as a change in accounting estimate in accordance with section 10 of FRS 102.

There was no change to the depreciation expense for the year.

1.6
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.

1.7
Stocks

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

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

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

1.8
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.

ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.9
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.

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.

ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
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.

1.10
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.

1.11
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.

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.

ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -

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.

1.12
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.

1.13
Retirement benefits

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

1.14
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.

As lessor

When the company acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the company allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.15
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
Foreign exchange

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

2
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.

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.

Stock and work in progress valuation

Stock and work in progress are shown in the financial statements based on level of completions less a provision for slow moving stock items.

The work in progress is calculated at the level of completion at the year end date, recognising the profit based upon the final profit percentage on the particular project. Work in progress amounted to £295,647 at the year end date (2024: £303,242).

The stock provision is based upon the length of time the item has been in stock, or if that item was obsolete. The stock provision amounted to £134,659 at the year end date (2024: £73,486).

Depreciation of fixed assets

Depreciation rates are estimated by the company in order to write off fixed assets over their estimated useful lives, and amounted to £193,731 during the period (2024: £156,382).

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Fitting, design, prototyping and joinery manufacturing of retail interiors and shops
38,549,868
34,386,295
ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 19 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
38,549,868
34,386,295
2025
2024
£
£
Other revenue
Interest income
769
1,780
Grants received
22,236
5,641
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(11,707)
76,399
Government grants
(22,236)
(5,641)
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
-
0
Depreciation of tangible fixed assets
193,731
156,382
Loss on disposal of tangible fixed assets
48,834
289
Amortisation of intangible assets
2,908
1,279
Operating lease charges
883,371
815,674
5
Employees

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

2025
2024
Number
Number
Production
117
122
Administration and support
7
8
Sales, marketing and distribution
14
10
Total
138
140
ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
5
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
5,998,914
4,966,414
Social security costs
722,516
508,223
Pension costs
401,547
236,090
7,122,977
5,710,727
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
373,323
92,702
Company pension contributions to defined contribution schemes
154,000
63,500
527,323
156,202

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 5).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
148,000
26,617
Company pension contributions to defined contribution schemes
84,000
39,000
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
318
1,779
Other interest income
451
1
Total income
769
1,780
ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
14,693
25,454
Interest on invoice finance arrangements
280,465
305,328
Interest on finance leases and hire purchase contracts
14,863
13,194
Other interest
286
1,177
310,307
345,153
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
464,387
223,674
Deferred tax
Origination and reversal of timing differences
37,403
19,708
Total tax charge
501,790
243,382

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

2025
2024
£
£
Profit before taxation
1,900,446
863,029
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
475,112
215,757
Tax effect of expenses that are not deductible in determining taxable profit
38,159
13,589
Adjustments in respect of prior years
1
-
0
Permanent capital allowances in excess of depreciation
(48,885)
(5,672)
Deferred taxation
37,403
19,708
Taxation charge for the year
501,790
243,382
10
Dividends
2025
2024
£
£
Interim paid
930,737
122,604
ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
11
Intangible fixed assets
Leases
£
Cost
At 1 January 2025
26,690
Additions
5,538
At 31 December 2025
32,228
Amortisation and impairment
At 1 January 2025
1,279
Amortisation charged for the year
2,908
At 31 December 2025
4,187
Carrying amount
At 31 December 2025
28,041
At 31 December 2024
25,411
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2025
962,913
60,929
152,527
478,513
1,654,882
Additions
351,325
4,644
8,380
303,445
667,794
Disposals
(132,019)
(13,443)
(135,408)
(127,949)
(408,819)
At 31 December 2025
1,182,219
52,130
25,499
654,009
1,913,857
Depreciation and impairment
At 1 January 2025
581,704
45,985
139,896
207,567
975,152
Depreciation charged in the year
80,921
3,794
4,962
104,054
193,731
Eliminated in respect of disposals
(90,294)
(13,443)
(132,575)
(59,889)
(296,201)
At 31 December 2025
572,331
36,336
12,283
251,732
872,682
Carrying amount
At 31 December 2025
609,888
15,794
13,216
402,277
1,041,175
At 31 December 2024
381,209
14,944
12,631
270,946
679,730
ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Tangible fixed assets
(Continued)
- 23 -

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
85,500
-
0
Motor vehicles
251,124
189,242
336,624
189,242
13
Stocks
2025
2024
£
£
Work in progress
295,647
303,242
Finished goods and goods for resale
3,288,404
2,603,620
3,584,051
2,906,862
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
7,558,114
4,812,378
Amounts owed by group undertakings
-
0
1,015,234
Other debtors
77,351
49,491
Prepayments and accrued income
419,130
306,671
8,054,595
6,183,774

Trade debtors include factored debts of £7,403,339 at 31 December 2025 (31 December 2024: £4,359,259).

15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
106,937
97,144
Obligations under finance leases
18
134,525
91,023
Trade creditors
3,920,586
2,827,694
Amounts owed to group undertakings
67,793
178,816
Corporation tax
159,609
223,672
Other taxation and social security
760,394
765,707
Other creditors
5,180,200
3,478,889
Accruals and deferred income
1,333,632
329,796
11,663,676
7,992,741
ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
15
Creditors: amounts falling due within one year
(Continued)
- 24 -

Other creditors includes an amount of £5,047,695 (31 December 2024: £3,425,269) relating to debt factoring advances secured by a fixed and floating charge over the undertaking and all property and assets present and future.

16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
9,259
125,989
Obligations under finance leases
18
96,098
55,887
105,357
181,876
17
Loans and overdrafts
2025
2024
£
£
Bank loans
116,196
223,133
Payable within one year
106,937
97,144
Payable after one year
9,259
125,989

Metro Bank PLC holds a registered floating charge over all property and company assets including a cross guarantee to and from other group members dated 21/06/2019.

SME Invoice Finance Limited holds a registered fixed and floating charge over all the assets of the business dated 21/03/2017.

18
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
134,525
91,023
After more than one year
96,098
55,887
230,623
146,910
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
148,634
101,726
In two to five years
106,875
61,173
255,509
162,899
Less: future finance charges
(24,886)
(15,989)
230,623
146,910
ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
18
Finance lease obligations
(Continued)
- 25 -

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.

19
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
207,336
169,933
2025
Movements in the year:
£
Liability at 1 January 2025
169,933
Charge to profit or loss
37,403
Liability at 31 December 2025
207,336

Deferred tax liabilities of £49,631 are expected to reverse within 12 months and relate to accelerated capital allowances that are expected to mature within the same period. The remaining balance is expected to reverse in future periods as capital allowances mature further.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
401,547
236,090

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.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £10 each
1,860
1,860
18,600
18,600
ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
22
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
566,781
483,683
Years 2-5
1,146,207
1,413,615
1,712,988
1,897,298
ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
23
Related party transactions
Transactions with related parties

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

Other information

The company has taken advantage of the exemption under paragraph 33.1A of FRS102 relating to subsidiaries where 100% of the voting rights are controlled within the group not to disclose transactions and balances between the company and fellow group undertakings.

24
Directors' transactions

The directors currently provide personal guarantees to cover any borrowing of the company

Dividends totalling £0 (2024 - £0) were paid in the year in respect of shares held by the company's directors.

25
Ultimate controlling party

Gwen Holdings Limited, a company incorporated in England and Wales, is the company's parent company and is regarded by the directors as being the company's ultimate parent company. The registered office address of Gwen Holdings Limited is Unit 4, Paddington Drive, Swindon, SN5 7YW.

Copies of the financial statements for Gwen Holdings L imited are available from Companies House.

At the year end the director s R Smith and A Smith were the ultimate controlling parties of Aspen Concepts Limited.

This is due to them collectively owning more than 75% of the voting shares in the ultimate parent company.

26
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,398,656
619,647
Adjustments for:
Taxation charged
501,790
243,382
Finance costs
310,307
345,153
Investment income
(769)
(1,780)
Loss on disposal of tangible fixed assets
48,834
289
Amortisation and impairment of intangible assets
2,908
1,279
Depreciation and impairment of tangible fixed assets
193,731
156,382
Movements in working capital:
Increase in stocks
(677,189)
(539,638)
(Increase)/decrease in debtors
(1,870,821)
1,246,993
Increase/(decrease) in creditors
3,681,703
(1,462,105)
Cash generated from operations
3,589,150
609,602
ASPEN CONCEPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
27
Analysis of changes in net funds/(debt)
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
122,954
1,187,653
1,310,607
Borrowings excluding overdrafts
(223,133)
106,937
(116,196)
Lease liabilities
(146,910)
(83,713)
(230,623)
(247,089)
1,210,877
963,788
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