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COMPANY REGISTRATION NUMBER: 11619267

BDP Imports Holdings Limited

Financial Statements

30 November 2025

BDP Imports Holdings Limited

Financial Statements

Year ended 30 November 2025

Contents | Page

Strategic report | 1

Directors' report | 3

Independent auditor's report to the members | 5

Consolidated statement of comprehensive income | 9

Consolidated statement of financial position | 10

Company statement of financial position | 11

Consolidated statement of changes in equity | 12

Company statement of changes in equity | 13

Consolidated statement of cash flows | 14

Notes to the financial statements | 15

BDP Imports Holdings Limited

Strategic Report

Year ended 30 November 2025
Business Review BDP Imports continued to strengthen its position as a leading supplier of premium outdoor furniture during the year. The company delivered a year of stable and profitable growth. Improved weather conditions, stabilised freight markets and strong demand from both trade and consumer channels contributed to a robust trading performance. The company's investment in digital capability, including enhancements to the B2B ordering portal and the B2C website, supported increased customer engagement and improved conversion rates. Further support was provided to stockists through upgraded merchandising materials and refreshed point of sale displays, reinforcing the Bramblecrest brand in-store. The company benefited from the continued positive impact of its Employee Ownership Trust structure, which has helped preserve its culture, reward employees and support long term stability Turnover increased during the year, supported by strong sell through of core ranges and the successful introduction of new product lines. Profitability improved as freight rates stabilised following the disruption caused by the Suez Canal closure in the prior year. Key Performance Indicators The directors use the following key performance indicators in monitoring the business

|  | 2025 | 2024
|  | £ | £
| Turnover (£'000) | 31,334 | 24,890
| Profit before tax & exceptionals (£'000) | 5,833 | 3,452

PRINCIPAL RISKS AND UNCERTANTIES A significant proportion of the company's purchases are made in foreign currencies. This risk is managed through a structured programme of forward currency contracts. Global shipping rates remain volatile. The company mitigates this risk through long standing relationships with multiple freight forwarders and contractual terms that allow emergency surcharges where necessary. Credit exposure is managed through credit insurance on major accounts and robust internal credit control processes. The outdoor furniture market remains competitive. Bramblecrest mitigates this through continuous investment in design, innovation, quality and service, supported by strong brand recognition. Demand for outdoor furniture is influenced by seasonal weather patterns. The company mitigates this through strong pre season ordering programmes and flexible stock planning.
This report was approved by the board of directors on 14 July 2026 and signed on behalf of the board by:

Mr M Bell
Director

Registered office:
Hanger 9
Aston Down Business Park
Aston Down
Frampton Mansell
Stroud
England
GL6 8GA

BDP Imports Holdings Limited

Directors' Report

Year ended 30 November 2025
The directors present their report and the financial statements of the group for the year ended 30 November 2025 .
Directors
The directors who served the company during the year were as follows:

Mr M Bell |
Mr H Douglas-Pennant |

Dividends
The directors do not recommend the payment of a dividend.
Disclosure of information in the strategic report
The company has chosen in accordance with section 414C(11) of the Companies Act 2006(Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 14 July 2026 and signed on behalf of the board by:

Mr M Bell
Director

Registered office:
Hanger 9
Aston Down Business Park
Aston Down
Frampton Mansell
Stroud
England
GL6 8GA

BDP Imports Holdings Limited

Independent Auditor's Report to the Members of BDP Imports Holdings Limited

Year ended 30 November 2025
Opinion
We have audited the financial statements of BDP Imports Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 group's and of the parent company's affairs as at 30 November 2025 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 group 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 group's or the parent 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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent 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: Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the company and considered the most significant are the Companies Act 2006 and UK Financial reporting Standards. We obtained an understanding of how the company complies with these regulations by discussions with management. We assessed the risk of material misstatement of the financial statements, including the risk of material missstatement due to fraud and how it might occur, by holding discussions with management. We inquired of management as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and obtaining corroborative evidence as required. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

James Harper
(Senior Statutory Auditor)

For and on behalf of
Harper Sheldon Limited
Chartered accountants & statutory auditor
Midway House
Staverton Technology Park
Herrick Way, Staverton
Cheltenham, Glos.
GL51 6TQ

14 July 2026

BDP Imports Holdings Limited

Consolidated Statement of Comprehensive Income

Year ended 30 November 2025

| 2025 | 2024
Note | £ | £
Turnover | 4 | 31,334,302 | 24,889,798

Cost of sales | 20,323,716 | 16,881,379
| ------------- | -------------
Gross profit | 11,010,586 | 8,008,419

Administrative expenses | 5,391,483 | 4,753,828
|  | ------------- | ------------
Operating profit | 5 | 5,619,103 | 3,254,591

Other interest receivable and similar income | 8 | 242,598 | 280,379
Interest payable and similar expenses | 9 | 855 | 900
| ------------- | ------------
Profit before taxation | 5,860,846 | 3,534,070

Tax on profit | 10 | 1,483,901 | 753,234
| ------------ | ------------
Profit for the financial year and total comprehensive income | 4,376,945 | 2,780,836
| ------------ | ------------

All the activities of the group are from continuing operations.

BDP Imports Holdings Limited

Consolidated Statement of Financial Position

30 November 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Tangible assets | 11 | 545,701 | 528,596

Current assets

Stocks | 13 | 5,166,027 | 4,618,503
Debtors | 14 | 2,192,807 | 2,680,359
Cash at bank and in hand | 7,764,072 | 6,988,174
| ------------- | -------------
| 15,122,906 | 14,287,036

Creditors: amounts falling due within one year | 15 | 7,574,514 | 6,651,446
| ------------- | -------------
Net current assets | 7,548,392 | 7,635,590
| ------------ | ------------
Total assets less current liabilities | 8,094,093 | 8,164,186

Provisions | 16 | 114,289 | 61,332
| ------------ | ------------
Net assets | 7,979,804 | 8,102,854
| ------------ | ------------

Capital and reserves

Called up share capital | 19 | 4,106 | 4,106
Share premium account | 20 | 167,904 | 167,904
Other reserves, including the fair value reserve | 20 | ( 2,000) | ( 2,000)
Profit and loss account | 20 | 7,809,794 | 7,932,844
| ------------ | ------------
Shareholders funds | 7,979,804 | 8,102,854
| ------------ | ------------

These financial statements were approved by the board of directors and authorised for issue on 14 July 2026 , and are signed on behalf of the board by:

Mr M Bell
Director

Company registration number: 11619267

BDP Imports Holdings Limited

Company Statement of Financial Position

30 November 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Investments | 12 | 2,000 | 2,000

Current assets

Debtors | 14 | – | 38,373
Cash at bank and in hand | 94,157 | 2,044,245
| -------- | ------------
| 94,157 | 2,082,618

Creditors: amounts falling due within one year | 15 | 7,032 | 19,797
| -------- | ------------
Net current assets | 87,125 | 2,062,821
| -------- | ------------
Total assets less current liabilities | 89,125 | 2,064,821
| -------- | ------------

Capital and reserves

Called up share capital | 19 | 2,106 | 2,106
Share premium account | 20 | 167,904 | 167,904
Profit and loss account | 20 | ( 80,885) | 1,894,811
| --------- | ------------
Shareholders funds | 89,125 | 2,064,821
| --------- | ------------

The profit for the financial year of the parent company was £ 2,524,300 (2024: £ 2,411,983 ).
These financial statements were approved by the board of directors and authorised for issue on 14 July 2026 , and are signed on behalf of the board by:

Mr M Bell
Director

Company registration number: 11619267

BDP Imports Holdings Limited

Consolidated Statement of Changes in Equity

Year ended 30 November 2025

| Called up share capital | Share premium account | Other reserves, including the fair value reserve | Profit and loss account | Total
| £ | £ | £ | £ | £
At 1 December 2023 | 4,106 | 167,904 | ( 2,000) | 10,452,002 | 10,622,012
Profit for the year |  |  |  | 2,780,836 | 2,780,836
| ------- | --------- | ------- | ------------- | -------------
Total comprehensive income for the year | – | – | – | 2,780,836 | 2,780,836
User defined investments by and distributions to owners movement 1 | – | – | – | (5,299,994) | (5,299,994)
| ------- | --------- | ------- | ------------- | -------------
Total investments by and distributions to owners | – | – | – | ( 5,299,994) | ( 5,299,994)
At 30 November 2024 | 4,106 | 167,904 | ( 2,000) | 7,932,844 | 8,102,854
Profit for the year |  |  |  | 4,376,945 | 4,376,945
| ------- | --------- | ------- | ------------- | -------------
Total comprehensive income for the year | – | – | – | 4,376,945 | 4,376,945
User defined investments by and distributions to owners movement 1 | – | – | – | (4,499,995) | (4,499,995)
| ---- | ---- | ---- | ------------ | ------------
Total investments by and distributions to owners | – | – | – | ( 4,499,995) | ( 4,499,995)
| ------- | --------- | ------- | ------------ | ------------
At 30 November 2025 | 4,106 | 167,904 | ( 2,000) | 7,809,794 | 7,979,804
| ------- | --------- | ------- | ------------ | ------------

BDP Imports Holdings Limited

Company Statement of Changes in Equity

Year ended 30 November 2025

| Called up share capital | Share premium account | Profit and loss account | Total
| £ | £ | £ | £
At 1 December 2023 | 2,106 | 167,904 | 4,782,822 | 4,952,832
Profit for the year |  |  | 2,411,983 | 2,411,983
| ------- | --------- | ------------ | ------------
Total comprehensive income for the year | – | – | 2,411,983 | 2,411,983
User defined investments by and distributions to owners movement 1 | – | – | (5,299,994) | (5,299,994)
| ------- | --------- | ------------ | ------------
Total investments by and distributions to owners | – | – | ( 5,299,994) | ( 5,299,994)
At 30 November 2024 | 2,106 | 167,904 | 1,894,811 | 2,064,821
Profit for the year |  |  | 2,524,300 | 2,524,300
| ------- | --------- | ------------ | ------------
Total comprehensive income for the year | – | – | 2,524,300 | 2,524,300
User defined investments by and distributions to owners movement 1 | – | – | (4,499,996) | (4,499,996)
| ---- | ---- | ------------ | ------------
Total investments by and distributions to owners | – | – | ( 4,499,996) | ( 4,499,996)
| ------- | --------- | ------------ | ------------
At 30 November 2025 | 2,106 | 167,904 | ( 80,885) | 89,125
| ------- | --------- | ------------ | ------------

BDP Imports Holdings Limited

Consolidated Statement of Cash Flows

Year ended 30 November 2025

| 2025 | 2024
| £ | £

Cash flows from operating activities

Profit for the financial year | 4,376,945 | 2,780,836

Adjustments for: |  |
Depreciation of tangible assets | 233,194 | 246,459
Other interest receivable and similar income | ( 242,598) | ( 280,379)
Interest payable and similar expenses | 855 | 900
Gains on disposal of tangible assets | ( 848) | ( 22,098)
Tax on profit | 1,483,901 | 753,234
Accrued expenses/(income) | 546,347 | ( 232,014)

Changes in: |  |
Stocks | ( 547,524) | ( 2,447,554)
Trade and other debtors | 487,552 | ( 869,186)
Trade and other creditors | 258,258 | 3,413,154
| ------------ | ------------
Cash generated from operations | 6,596,082 | 3,343,352

Interest paid | ( 855) | ( 900)
Interest received | 242,598 | 280,379
Tax paid | ( 1,312,481) | ( 649,975)
| ------------ | ------------
Net cash from operating activities | 5,525,344 | 2,972,856
| ------------ | ------------

Cash flows from investing activities

Purchase of tangible assets | ( 256,785) | ( 236,499)
Proceeds from sale of tangible assets | 7,334 | 22,097
| ------------ | ------------
Net cash used in investing activities | ( 249,451) | ( 214,402)
| ------------ | ------------

Cash flows from financing activities

Gifts to Employee Ownership Trust | (4,499,995) | (5,299,994)
| ------------ | ------------
Net cash used in financing activities | ( 4,499,995) | ( 5,299,994)
| ------------ | ------------

Net increase/(decrease) in cash and cash equivalents | 775,898 | ( 2,541,540)
Cash and cash equivalents at beginning of year | 6,988,174 | 9,529,714
| ------------ | ------------
Cash and cash equivalents at end of year | 7,764,072 | 6,988,174
| ------------ | ------------

BDP Imports Holdings Limited

Notes to the Financial Statements

Year ended 30 November 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hanger 9, Aston Down Business Park, Aston Down, Frampton Mansell, Stroud, GL6 8GA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of BDP Imports Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Short leasehold property | - | 25% straight line
| Plant and machinery | - | 25% straight line
| Fixtures and fittings | - | 15% reducing balance
| Motor vehicles | - | 25% straight line

Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

| 2025 | 2024
| £ | £
Sale of goods | 31,334,302 | 24,889,798
| ------------- | -------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating loss
Operating profit or loss is stated after charging/crediting:

| 2025 | 2024
| £ | £
Depreciation of tangible assets | 233,195 | 246,458
Gains on disposal of tangible assets | ( 848) | ( 22,098)
Impairment of trade debtors | 1 | 1
Foreign exchange differences | ( 423,545) | ( 377,416)
| --------- | ---------

6. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:

| 2025 | 2024
| No. | No.
Production staff | 54 | 52
Management staff | 3 | 3
| ---- | ----
| 57 | 55
| ---- | ----

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

| 2025 | 2024
| £ | £
Wages and salaries | 3,104,862 | 2,746,031
Social security costs | 378,503 | 283,245
Other pension costs | 143,495 | 160,173
| ------------ | ------------
| 3,626,860 | 3,189,449
| ------------ | ------------

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

| 2025 | 2024
| £ | £
Remuneration | 55,296 | 53,076
Company contributions to defined contribution pension plans | 100,000 | 120,000
| --------- | ---------
| 155,296 | 173,076
| --------- | ---------

8. Other interest receivable and similar income

| 2025 | 2024
| £ | £
Interest on cash and cash equivalents | 242,598 | 280,379
| --------- | ---------

9. Interest payable and similar expenses

| 2025 | 2024
| £ | £
Other interest payable and similar charges | 855 | 900
| ---- | ----

10. Tax on profit
Major components of tax expense

| 2025 | 2024
| £ | £

Current tax:

UK current tax expense | 1,434,148 | 853,858
Adjustments in respect of prior periods | ( 3,204) | ( 34,252)
| ------------ | ---------
Total current tax | 1,430,944 | 819,606
| ------------ | ---------

Deferred tax:

Origination and reversal of timing differences | 52,957 | ( 66,372)
| ------------ | ---------
Tax on profit | 1,483,901 | 753,234
| ------------ | ---------

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

| 2025 | 2024
| £ | £
Profit on ordinary activities before taxation | 5,860,846 | 3,534,070
| ------------ | ------------
Profit on ordinary activities by rate of tax | 1,465,211 | 883,517
Adjustment to tax charge in respect of prior periods | ( 3,204) | ( 34,252)
Effect of capital allowances and depreciation | 12,134 | 26,431
Research & development | (43,197) | (56,090)
Deferred tax | 52,957 | (66,372)
| ------------ | ------------
Tax on profit | 1,483,901 | 753,234
| ------------ | ------------

11. Tangible assets

Group | Short leasehold property | Plant and machinery | Fixtures and fittings | Motor vehicles | Total
| £ | £ | £ | £ | £
Cost |  |  |  |  |
At 1 December 2024 | 772,448 | 311,853 | 223,877 | 303,631 | 1,611,809
Additions | 186,415 | 7,110 | 38,365 | 24,895 | 256,785
Disposals | – | – | – | ( 86,371) | ( 86,371)
| --------- | --------- | --------- | --------- | ------------
At 30 November 2025 | 958,863 | 318,963 | 262,242 | 242,155 | 1,782,223
| --------- | --------- | --------- | --------- | ------------
Depreciation |  |  |  |  |
At 1 December 2024 | 583,043 | 260,117 | 126,454 | 113,599 | 1,083,213
Charge for the year | 108,498 | 40,740 | 20,333 | 63,623 | 233,194
Disposals | – | – | – | ( 79,885) | ( 79,885)
| --------- | --------- | --------- | --------- | ------------
At 30 November 2025 | 691,541 | 300,857 | 146,787 | 97,337 | 1,236,522
| --------- | --------- | --------- | --------- | ------------
Carrying amount |  |  |  |  |
At 30 November 2025 | 267,322 | 18,106 | 115,455 | 144,818 | 545,701
| --------- | --------- | --------- | --------- | ------------
At 30 November 2024 | 189,405 | 51,736 | 97,423 | 190,032 | 528,596
| --------- | --------- | --------- | --------- | ------------

The company has no tangible assets.
12. Investments
The group has no investments.

Company | Shares in group undertakings
| £
Cost |
At 1 December 2024 and 30 November 2025 | 2,000
| -------
Impairment |
At 1 December 2024 and 30 November 2025 | –
| -------

Carrying amount |
At 1 December 2024 and 30 November 2025 | 2,000
| -------
At 30 November 2024 | 2,000
| -------

Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:

| Class of share | Percentage of shares held
Subsidiary undertakings |  |
BDP Imports Limited | Ordinary | 100

13. Stocks

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Finished goods and goods for resale | 5,166,027 | 4,618,503 | – | –
| ------------ | ------------ | ---- | ----

14. Debtors

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Trade debtors | 1,726,860 | 2,203,987 | – | –
Prepayments and accrued income | 330,059 | 425,499 | – | –
Other debtors | 135,888 | 50,873 | – | 38,373
| ------------ | ------------ | ---- | --------
| 2,192,807 | 2,680,359 | – | 38,373
| ------------ | ------------ | ---- | --------

15. Creditors: amounts falling due within one year

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Trade creditors | 3,190,110 | 3,397,973 | – | –
Accruals and deferred income | 773,071 | 226,724 | – | –
Corporation tax | 622,320 | 503,857 | 7,032 | 19,797
Social security and other taxes | 65,683 | 137,506 | – | –
Other creditors | 2,923,330 | 2,385,386 | – | –
| ------------ | ------------ | ------- | --------
| 7,574,514 | 6,651,446 | 7,032 | 19,797
| ------------ | ------------ | ------- | --------

16. Provisions

Group | Deferred tax (note 17)
| £
At 1 December 2024 | 61,332
Additions | 52,957
| ---------
At 30 November 2025 | 114,289
| ---------

The company does not have any provisions.
17. Deferred tax
The deferred tax included in the statement of financial position is as follows:

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Included in provisions (note 16) | 114,289 | 61,332 | – | –
| --------- | -------- | ---- | ----

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

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Accelerated capital allowances | 114,289 | 61,332 | – | –
| --------- | -------- | ---- | ----

18. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 43,495 (2024: £ 40,173 ).
19. Called up share capital
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
Ordinary A shares shares of £ 1 each | 998 | 998 | 998 | 998
Ordinary B shares shares of £ 1 each | 998 | 998 | 998 | 998
Ordinary C shares shares of £ 1 each | 2 | 2 | 2 | 2
Ordinary D shares shares of £ 1 each | 2 | 2 | 2 | 2
Ordinary shares shares of £0.001 each | 2,106,000 | 2,106 | 2,106,000 | 2,106
| ------------ | ------- | ------------ | -------
| 2,108,000 | 4,106 | 2,108,000 | 4,106
| ------------ | ------- | ------------ | -------

20. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Merger reserve - This reserve records the difference between the nominal value of shares issued and the nominal value of shares received at the date of the group restructure.
21. Analysis of changes in net debt

| At 1 Dec 2024 | Cash flows | At 30 Nov 2025
| £ | £ | £
Cash at bank and in hand | 6,988,174 | 775,898 | 7,764,072
| ------------ | --------- | ------------