REGISTERED NUMBER: 04394314

JOYALUKKAS LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

17

DIRECTORS:

John Paul Joy Alukkas

Renjith Kalappurackal

Jojan Thomas

SECRETARY:

Jojan Thomas

REGISTERED OFFICE:

284 Green Street

Forest Gate

London

E7 8LF

REGISTERED NUMBER:

04394314

SENIOR STATUTORY AUDITOR:

Rachel Rudkin FCCA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

14 London Road

Newark

Nottinghamshire

NG24 1TW

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

REVIEW OF BUSINESS

The principal activity of the Company during the year was the retail sale of gold, diamond, precious stones, platinum, pearl and silver jewellery, together with gold bars. The Company generated revenue predominantly through its physical retail store network, supported by customer service offerings including repair, exchange, buy-back, advance booking, deposit and instalment options where applicable.

During the year, the Company operated two retail stores in London: Joyalukkas Jewellery Green Street, London and Joyalukkas Jewellery Southall, London. Both stores traded for the full financial year.

Turnover increased to £49.9 million (2025: £27.2 million). This growth was driven principally by the full-year trading contribution from the Southall store, which had operated for less than two months in the previous financial year, and by higher gold prices during the year. Jewellery turnover amounted to £33.4 million (2025: £17.5 million) and gold bar turnover amounted to £16.5 million (2025: £9.7 million). The growth in gold bar sales reflected strong customer demand for gold as a store of value in the higher gold price environment.

The Company also made a strategic decision to increase export sales during the year, which contributed to growth in turnover from customers outside the United Kingdom. Pricing for gold jewellery and gold bars remained linked to daily gold market rates, enabling the Company to respond to changes in the gold market while maintaining competitive customer pricing.

Gross profit increased to £10.1 million (2025: £3.7 million), with gross margin improving to 20.3% (2025: 13.6%). This improvement reflected the Company’s ability to realise higher gold prices through its pricing model, together with the benefit of the full-year contribution from the expanded two-store network. Profit before tax increased to £5.9 million (2025: £0.7 million). Operating cash flows remained positive during the year.

FINANCIAL KEY PERFORMANCE INDICATORS

The directors consider the following measures to be the key financial performance indicators for assessing the Company's performance:

KPI

2026

2025 (as restated)

Movement/comment

Turnover

£49.9m

£27.2m

Increase driven by full-year Southall trading, higher gold prices and export growth.

Gross profit

£10.1m

£3.7m

Improved with higher turnover and market-linked pricing.

Gross margin

20.3%

13.6%

Improved as the Company realised higher gold prices through its pricing model.

Profit before tax

£5.9m

£0.7m

Strong improvement following turnover and margin growth.

Cash generated from operations

£0.8m

£1.6m

Operating cash flows remained positive during the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors monitor the principal risks and uncertainties facing the Company on an ongoing basis. The main risks identified during the year and the related management responses are summarised below:

Principal risk

Potential impact

Management response

Gold price volatility

Movements in international gold prices can affect customer demand, margins and the value of inventory held by the Company.

The Company manages this risk through inventory monitoring, flexible purchasing and pricing decisions that reflect prevailing market conditions.

Inventory and security risk

The Company holds high-value jewellery and gold bar inventory.This creates risks relating to stock loss, valuation and physical security.

Controls include CCTV, security guards, insurance cover, periodic stock counts, access controls, safe and vault controls, POS controls and other internal controls considered necessary by management.

Competition and consumer demand

The Company operates in a competitive jewellery retail market. Changes in consumer confidence, inflation and discretionary spending may affect sales.

The Company manages this risk through the strength of the Joyalukkas brand, product range, customer service, store locations and continued focus on pricing and product availability.

Regulatory and compliance risk

The Company is required to comply with applicable legal and regulatory obligations, including AML, tax, VAT, customs/import requirements, hallmarking, consumer protection, employment law and health and safety requirements.

The Company maintains appropriate policies, management oversight, internal controls and uses professional advice where required to support ongoing compliance.

EMPLOYEES AND OTHER MATTERS

The average number of employees increased to 55 during the year (2025: 42), mainly reflecting the full-year operation of the Southall store and the increased level of business activity. The directors remain committed to promoting the health, safety and welfare of employees and maintaining appropriate workplace policies, supervision and health and safety measures. No reportable health and safety incidents were noted during the year.

FUTURE OUTLOOK

The directors remain positive but cautious regarding the outlook for the next financial year. The Company will continue to focus on growth, profitability, customer service, inventory management and disciplined cost control, while remaining mindful of gold price volatility and competition in the jewellery retail market.

Following the year end, the Company committed to a new store on Tooting High Street, London. The directors expect this to support future growth, while continuing to manage expansion carefully and in line with market conditions.

ON BEHALF OF THE BOARD:

John Paul Joy Alukkas - Director

22 June 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the retail sale of gold, diamond, precious stones, platinum, pearl and silver jewellery.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2026.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

DIRECTORS

John Paul Joy Alukkas has held office during the whole of the period from 1 April 2025 to the date of this report.

Other changes in directors holding office are as follows:

Renjith Kalappurackal - appointed 7 April 2025

Jojan Thomas - appointed 1 April 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

John Paul Joy Alukkas - Director

22 June 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Employment law and Environmental regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statements items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our report

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

Rachel Rudkin FCCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

14 London Road

Newark

Nottinghamshire

NG24 1TW

24 June 2026

TURNOVER

3

49,877,419

27,167,351

Cost of sales

39,736,933

23,466,942

GROSS PROFIT

10,140,486

3,700,409

Administrative expenses

4,130,048

2,812,617

6,010,438

887,792

Other operating income

121,781

20,092

OPERATING PROFIT

5

6,132,219

907,884

Interest payable and similar expenses

7

235,039

248,267

PROFIT BEFORE TAXATION

5,897,180

659,617

Tax on profit

8

1,517,776

186,292

PROFIT FOR THE FINANCIAL YEAR

4,379,404

473,325

PROFIT FOR THE YEAR

4,379,404

473,325

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,379,404

473,325

Note

Prior year adjustment

9

7,711

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

4,387,115

FIXED ASSETS

Tangible assets

10

7,205,721

6,796,501

CURRENT ASSETS

Stocks

11

19,257,289

19,029,741

Debtors

12

4,146,049

124,628

Cash at bank and in hand

593,156

1,157,843

23,996,494

20,312,212

CREDITORS

Amounts falling due within one year

13

20,179,763

20,310,696

NET CURRENT ASSETS

3,816,731

1,516

TOTAL ASSETS LESS CURRENT LIABILITIES

11,022,452

6,798,017

CREDITORS

Amounts falling due after more than one year

14

(3,945,657

)

(4,040,997

)

PROVISIONS FOR LIABILITIES

17

(270,741

)

(330,370

)

NET ASSETS

6,806,054

2,426,650

CAPITAL AND RESERVES

Called up share capital

18

10,000

10,000

Retained earnings

6,796,054

2,416,650

SHAREHOLDERS' FUNDS

6,806,054

2,426,650

The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2026 and were signed on its behalf by:

John Paul Joy Alukkas - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

10,000

1,943,325

1,953,325

Changes in equity

Total comprehensive income

-

465,614

465,614

Balance at 31 March 2025

10,000

2,408,939

2,418,939

Prior year adjustment

-

7,711

7,711

As restated

10,000

2,416,650

2,426,650

Changes in equity

Total comprehensive income

-

4,379,404

4,379,404

Balance at 31 March 2026

10,000

6,796,054

6,806,054

Cash flows from operating activities

Cash generated from operations

1

1,883,908

1,895,785

Interest paid

(235,039

)

(248,267

)

Tax paid

(840,000

)

-

Net cash from operating activities

808,869

1,647,518

Cash flows from investing activities

Purchase of tangible fixed assets

(1,059,165

)

(918,938

)

Sale of tangible fixed assets

10,609

-

Net cash from investing activities

(1,048,556

)

(918,938

)

Cash flows from financing activities

Capital repayments in year

(325,000

)

(235,833

)

Net cash from financing activities

(325,000

)

(235,833

)

(Decrease)/increase in cash and cash equivalents

(564,687

)

492,747

Cash and cash equivalents at beginning of year

2

1,157,843

665,096

Cash and cash equivalents at end of year

2

593,156

1,157,843

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2026

2025

as restated

£

£

Profit for the financial year

4,379,404

473,325

Depreciation charges

639,330

298,789

Finance costs

235,039

248,267

Taxation

1,517,776

186,292

6,771,549

1,206,673

Increase in stocks

(227,548

)

(11,095,190

)

Increase in trade and other debtors

(4,021,421

)

(15,048

)

(Decrease)/increase in trade and other creditors

(638,672

)

11,799,350

Cash generated from operations

1,883,908

1,895,785

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

593,156

1,157,843

Year ended 31 March 2025

31.3.25

1.4.24

as restated

£

£

Cash and cash equivalents

1,157,843

665,096

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank and in hand

1,157,843

(564,687

)

593,156

1,157,843

(564,687

)

593,156

Debt

Finance leases

(4,131,964

)

89,961

(4,042,003

)

(4,131,964

)

89,961

(4,042,003

)

Total

(2,974,121

)

(474,726

)

(3,448,847

)

1.	STATUTORY INFORMATION

Joyalukkas Limited is a private company limited by shares and incorporated in England and Wales. The registered office is 284 Green Street, Forest Gate, London E7 8LF.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006, and including the amendments arising from the Financial Reporting Council's periodic review published in March 2025. The company has elected to early adopt these amendments, which are effective for accounting periods beginning on or after 1 January 2026.

Going concern

The company has continued to grow and trade well and the directors have reviewed the 12 month forecast. In addition the directors expect continuing support from the fellow group company. This information gives the directors a reasonable expectation that the company will continue in operational existence for the foreseeable future hence the accounts should continue to be prepared on a going concern basis.

The directors have considered the impact of adopting FRS 102 changes early, including the recognition of right-of-use assets and lease liabilities.There are no material uncertainties relating to going concern.

Changes in accounting policies

Early adoption of revised FRS 102 (2025 amendments)

The company has early adopted the 2025 amendments to FRS 102. The areas relevant to the company include revised lease accounting requirements and updated revenue recognition principles.

On early adoption, the company recognised right of use assets and lease liabilities for qualifying operating leases under the revised Section 20 requirements. The revised revenue recognition requirements did not result in any material adjustments.

The impact of adoption on the financial statements at 31 March 2026 was:

Recognition of right-of-use assets £4,517,612

Recognition of lease liabilities £4,040,997

Recognition of interest £234,033

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;

- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Property

5%

Display material

33.33%

All other assets

20%

Right-of-use assets are initially recognised as the sum of the present value of the lease payments over the term of the lease. Depreciation on right-of-use assets is then subsequently charged over the life of term of the lease on a straight line basis.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Gold and gold jewellery are measured using the weighted average cost method whereas diamond jewellery, pearl, silver and precious stones are measured by specific identification method.

Financial instruments

The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies

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

Pension costs and other post-retirement benefits

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

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

2026

2025

as restated

£

£

Jewellery

33,414,048

17,452,886

Gold bars

16,463,371

9,714,465

49,877,419

27,167,351

An analysis of turnover by geographical market is given below:

2026

2025

as restated

£

£

United Kingdom

46,035,813

26,994,836

Rest of the world

3,841,606

172,515

49,877,419

27,167,351

4.	EMPLOYEES AND DIRECTORS

2026

2025

as restated

£

£

Wages and salaries

1,990,527

1,283,887

Social security costs

256,612

125,031

Other pension costs

9,464

5,525

2,256,603

1,414,443

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

2026

2025

as restated

Sales

44

34

Purchase

2

1

Administration

3

2

Managers

6

5

55

42

2026

2025

as restated

£

£

Directors' remuneration

71,573

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