We Buy Books Ltd

	Page
Strategic Report	1
Directors' Report	2—3
Independent Auditor's Report	4—7
Consolidated Income Statement	8
Consolidated Statement of Comprehensive Income	9
Consolidated Statement of Financial Position	10
Company Statement of Financial Position	11—12
Consolidated Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Notes to the Consolidated Statement of Cash Flows	15
Notes to the Financial Statements	16—30

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

Review of the Business

2025 was a challenging year for the business, with a modest decline in sales and we are reporting a small consolidated loss before tax for the period. Performance was affected by difficult trading conditions, driven primarily by significant increases in both the National Living Wage and Employers’ National Insurance contributions. These changes not only increased the Group's cost base but also rendered certain lower-priced product lines uneconomic, requiring a strategic shift in focus. The transition took much of the year to implement and its effects to be reflected in trading performance. Encouragingly, by the final quarter of 2025 the business had been successfully reshaped and generated robust profits, providing a strong platform for future growth.

Principal Risks and Uncertainties

The principal risks facing the business continue to include economic and political uncertainty within the UK market. In response, the Directors have adopted a more cautious approach to investment and risk-taking while maintaining a focus on long-term strategic opportunities and operational resilience.

Future Developments

The Directors remain confident in the Group's long-term prospects. During 2026, the business intends to increase investment to support future growth, with particular emphasis on expanding export sales, growing its proprietary e-commerce platform, increasing sales through additional online marketplaces, and formally launching the used LEGO® project.

The Directors believe that these initiatives, together with the operational improvements achieved during 2025, position the Group well for sustainable growth in the years ahead.

Development and Performance

In line with its strategic objectives, the Group continued to invest significantly throughout the year, particularly in software development and automation initiatives designed to improve operational efficiency and scalability. Progress was also made on the Group's sustainable product initiative, focused on the acquisition and resale of used LEGO® products.

Ongoing efficiency improvements have enabled the business to reduce its full-time equivalent headcount from approximately 140 employees in 2024 to around 110 employees at the end of 2025. Despite this reduction, the Group remains committed to developing its workforce and has continued to invest in targeted training and development programmes.

Key Performance Indicators

Our KPIs are shown above and are commented on in the review of business.

	2025	2024
Turnover	23,685,751	24,737,935
Gross profit percentage	26.60%	28.75%
(Loss)/Profit before tax	(70,839)	740,393

On behalf of the board

Mr Michael Lane

Director

7th August 2026

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We Buy Books Ltd

Company No. 07693714

Directors' Report For The Year Ended 31 December 2025

Directors' Report

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

Principal Activity

The group's principal activity continues to be that of online purchasing and selling of used books, LEGO® and other items. The company is also involved in property investment.

Dividends

The value of dividends paid amounted to £250,000 .

The directors recommended a final dividend of £NIL .

Financial Instruments

The group uses various financial instruments, other than derivatives, which include hire purchase and other loans, cash and various items, such as, trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the group's operations. Their existence exposes the group to a number of financial risks. The significant risks arising from the group's financial instruments are interest rate risk, liquidity risk and credit risk.

The directors review and agree policies for the management of each of these risks which are noted below. These policies are consistent with those from the previous year.

Interest rate risk

The group sometimes uses hire purchase and other loans to finance its operations during peak periods. The Bank of England base rates have decreased in 2025, mitigating this risk to some degree, and are currently standing at 3.75%. The group's interest payments on its variable rate borrowings tracked to that rate have therefore decreased.

Liquidity risk

The group seeks to manage risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash and assets safely and profitably.

The group's policy throughout the year has been to achieve this objective through the day to day involvement of management in business decisions rather than through setting maximum or minimum liquidity ratios.

Credit risk

The group's principal financial assets are cash and trade debtors. The credit risk associated with the cash is minimal as the counterparts have high credit ratings assigned by international credit-rating agencies. The credit risk associated with the trade debtors is minimal as they are in respect of one large principal customer being an online platform.

Directors

The directors who held office during the year were as follows:

Mr Damian Carr

Mr Michael Lane

Post Balance Sheet Events

There are no post balance sheet events to report.

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

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We Buy Books Ltd

Directors' Report (continued)

For The Year Ended 31 December 2025

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the group and of the profit or loss of the group for that period. In preparing the 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;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors

The auditors, Ascendis Audit Limited, who were appointed during the year, will be proposed for re-appointment under Section 485 of the Companies Act 2006.

On behalf of the board

Mr Michael Lane

Director

7th August 2026

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Independent Auditor's Report

to the Members of

We Buy Books Ltd

Independent Auditor's Report

Opinion

We have audited the financial statements of We Buy Books Ltd (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2025 which comprise the Consolidated Income Statement, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 31 December 2025 and of the group's loss 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 group and parent 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 group and parent company's ability to continue as a going concern for a period of at least 12 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. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

We Buy Books Ltd

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their 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 or 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 set out on page 4, 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 and 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.

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Independent Auditor's Report (continued)

to the Members of

We Buy Books Ltd

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

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.

Based on our understanding of the group and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but was not limited to, the Health & Safety Act 1974 and the Employment Act 2022, and we considered the extent to which non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and in fraudulent revenue recognition.

Our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• enquiring of management about actual and potential litigation and claims;

• performing sample testing of all sales categories, stock costing and cut off testing;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

• addressing the risk of fraud through management override of controls: testing the appropriateness of journal entries; assessing whether the accounting estimates, judgements and decisions made by management are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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Independent Auditor's Report (continued)

to the Members of

We Buy Books Ltd

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 that 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.

Paul Allan Byrne BA (Double Hons) FCA (Senior Statutory Auditor)

for and on behalf of Ascendis Audit Limited , Statutory Auditor

7th August 2026

Ascendis Audit Limited

First Floor East Wing, Sandfield House

Kings Court, Water Lane

Wilmslow

Cheshire

SK9 5AR

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We Buy Books Ltd

Consolidated Income Statement

For The Year Ended 31 December 2025

Consolidated Income Statement

		2025	2024
	Notes	£	£
TURNOVER	4	23,685,751	24,737,935
Cost of sales		(17,383,161 )	(17,625,368 )

GROSS PROFIT		6,302,590	7,112,567

Administrative expenses		(6,002,877 )	(6,168,047 )
Other operating income		11,800	10,817

OPERATING PROFIT	6	311,513	955,337
Income from Shares in group undertakings		-	-
Profit on disposal of fixed assets		5,961	-
Other interest receivable and similar income		-	1,091
Interest payable and similar charges	11	(388,313 )	(216,035 )

(LOSS)/PROFIT BEFORE TAXATION		(70,839 )	740,393
Tax on (Loss)/profit	12	(36,541 )	8,186

(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		(107,380 )	748,579

The notes on pages 15 to 30 form part of these financial statements.

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We Buy Books Ltd

Consolidated Statement of Comprehensive Income

For The Year Ended 31 December 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
LOSS FOR THE FINANCIAL YEAR	(107,380 )	748,579
OTHER COMPREHENSIVE INCOME:
Gain on revaluation of property, plant and equipment	207,488	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	100,108	748,579

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We Buy Books Ltd

Consolidated Statement of Financial Position

As At 31 December 2025

Consolidated Statement of Financial Position

Registered number: 07693714

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	14		681,932		638,831
Tangible Assets	15		3,419,076		3,074,705

			4,101,008		3,713,536
CURRENT ASSETS
Stocks	17	2,113,618		1,718,311
Debtors	18	1,089,955		1,399,134
Cash at bank and in hand		11,440		32,936

		3,215,013		3,150,381
Creditors: Amounts Falling Due Within One Year	19	(3,886,528 )		(3,077,456 )

NET CURRENT ASSETS (LIABILITIES)			(671,515 )		72,925

TOTAL ASSETS LESS CURRENT LIABILITIES			3,429,493		3,786,461

Creditors: Amounts Falling Due After More Than One Year	20		(1,613,764 )		(1,882,202 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	23		(195,050 )		(133,688 )

NET ASSETS			1,620,679		1,770,571

CAPITAL AND RESERVES
Called up share capital	25		200		200
Revaluation reserve	31		103,005		(104,483 )
Income Statement			1,517,474		1,874,854

SHAREHOLDERS' FUNDS			1,620,679		1,770,571

On behalf of the board

Mr Michael Lane

Director

7th August 2026

The notes on pages 15 to 30 form part of these financial statements.

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We Buy Books Ltd

Company Statement of Financial Position

As At 31 December 2025

Company Statement of Financial Position

Registered number: 07693714

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	15		2,650,000		2,408,177
Investments	16		100		100

			2,650,100		2,408,277
CURRENT ASSETS
Debtors	18	19,198		19,251
Cash at bank and in hand		239		13,241

		19,437		32,492
Creditors: Amounts Falling Due Within One Year	19	(1,306,747 )		(898,471 )

NET CURRENT ASSETS (LIABILITIES)			(1,287,310 )		(865,979 )

TOTAL ASSETS LESS CURRENT LIABILITIES			1,362,790		1,542,298

Creditors: Amounts Falling Due After More Than One Year	20		(1,072,449 )		(1,136,669 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	23		(34,335 )		-

NET ASSETS			256,006		405,629

CAPITAL AND RESERVES
Called up share capital	25		200		200
Fair value reserve	31		103,005		(104,483 )
Income Statement			152,801		509,912

SHAREHOLDERS' FUNDS			256,006		405,629

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We Buy Books Ltd

Company Statement of Financial Position (continued)

As At 31 December 2025

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 134,712 (2024: £ 645,472 profit).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.

On behalf of the board

Mr Michael Lane

Director

7th August 2026

The notes on pages 15 to 30 form part of these financial statements.

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We Buy Books Ltd

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2025

Consolidated Statement of Changes in Equity

	Share Capital	Revaluation reserve	Income Statement	Total
	£	£	£	£
As at 1 January 2024	200	(104,483 )	1,597,575	1,493,292
Profit for the year and total comprehensive income	-	-	748,579	748,579

Dividends paid	-	-	(600,000)	(600,000)
Share capital reduction	-	-	128,700	128,700

As at 31 December 2024 and 1 January 2025	200	(104,483 )	1,874,854	1,770,571


Loss for year	-	-	(107,380)	(107,380 )

Surplus on revaluation	-	207,488	-	207,488

Other comprehensive income for the year	-	207,488	-	207,488

Total comprehensive income for the year	-	207,488	(107,380 )	100,108

Dividends paid	-	-	(250,000)	(250,000)

As at 31 December 2025	200	103,005	1,517,474	1,620,679

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We Buy Books Ltd

Consolidated Statement of Cash Flows

For The Year Ended 31 December 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,045,307	1,474,718
Interest paid		(388,313 )	(216,035 )
Tax refunded/(paid)		64,021	(103,778 )

Net cash generated from operating activities		721,015	1,154,905

Cash flows from investing activities
Purchase of intangible assets		(212,464 )	(248,389 )
Purchase of tangible assets		(399,422 )	(83,804 )
Proceeds from disposal of tangible assets		19,913	-
Interest received		-	1,091
Repayment of DLA		-	146,200

Net cash used in investing activities		(591,973 )	(184,902 )

Cash flows from financing activities
Equity dividends paid		(250,000 )	(600,000 )
Repayment of bank borrowings		(71,822 )	(62,590 )
Proceeds from new other loans		63,282	-
Repayment of other loans		-	(164,364)
Repayment of finance leases		(225,508 )	(217,896 )
Amount withdrawn by directors		(4,736)	-

Net cash used in financing activities		(488,784 )	(1,044,850 )



Decrease in cash and cash equivalents		(359,742 )	(74,847 )
Cash and cash equivalents at beginning of year	2	(200,586 )	(125,739 )

Cash and cash equivalents at end of year	2	(560,328 )	(200,586 )

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We Buy Books Ltd

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 December 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of (loss)/profit for the financial year to cash generated from operations

	2025	2024
	£	£
(Loss)/profit for the financial year	(107,380 )	748,579
Adjustments for:
Tax on (loss)/profit	36,541	(8,186 )
Interest expense	388,313	216,035
Interest income	-	(1,091 )
Amortisation of intangible assets	169,363	109,065
Depreciation of tangible assets	376,872	272,843
Profit on disposal of tangible assets	(5,961)	-
Grant income	(11,800)	(10,817)
Movements in working capital:
Increase in stocks	(395,307 )	(584,842 )
Decrease in trade and other debtors	224,709	146,805
Increase in trade and other creditors	369,957	586,327

Net cash generated from operations	1,045,307	1,474,718

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	11,440	32,936
Overdraft facilities repayable on demand	(571,768 )	(233,522 )

Cash and cash equivalents as stated in the Statement of Cash Flows	(560,328)	(200,586)

3. Analysis of changes in net debt

	As at 1 January 2025	Cash flows	New finance leases	As at 31 December 2025
	£	£	£	£
Cash at bank and in hand	32,936	(21,496)	-	11,440
Overdraft facilities repayable on demand	(233,522)	(338,246)	-	(571,768)

Cash and cash equivalents	(200,586 )	(359,742)	-	(560,328 )
Finance leases	(757,577)	225,508	(93,950)	(626,019)
Debts falling due within one year	(176,185 )	(160,793)	-	(336,978 )
Debts falling due after more than one year	(1,327,907)	169,333	-	(1,158,574)

	(2,462,255)	(125,694)	(93,950)	(2,681,899)

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We Buy Books Ltd

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

We Buy Books Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07693714 . The registered office is Hall Carr Mill, Fallbarn Road, Rawtenstall, Lancashire, BB4 7NX.

The financial statements are prepared in Pound Sterling (£) which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest £.

2. Statement of Compliance

The 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.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention.

3.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and its subsidiary undertaking made up to 31 December 2025.

A subsidiary is an entity controlled by the group. Subsidiaries are consolidated in the group's financial statements from acquisition until the date that control passes.

All intra-group transactions and balances between group companies are eliminated on consolidation.

3.3. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.

3.4. Significant judgements and estimations

In the application of the groups 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.

In preparing these financial statements the directors have had to make the following judgements:

Stock valuation

Stock valuation is based upon up to date trading information. Realisable value is based upon live sales price information from the main marketplace used for selling goods. The directors use their knowledge of the business, the trading environment and future projections to determine the valuation of stock provisions.

Property, plant and equipment

At each reporting date property, plant and equipment is assessed for any indication of impairment. If such an indication exists, the recoverable amount of the asset is determined based on value in use calculations which require estimates to be made of future cash flows. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

3.5. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is recognised when the risks and rewards of ownership have passed to the seller which is normally on the despatch of goods.

3.6. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are being amortised at 20% per annum on a straight line basis.

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Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

3.7. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.

The capitalised development costs are subsequently amortised at 20% per annum on a straight line basis.

Certain development costs have not been amortised as the asset has not yet been brought into use.

3.8. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% per annum on a straight line basis
Leasehold Improvements	20% - 33.33% per annum on a straight line basis
Plant & Machinery	33.33% per annum on a straight line basis
Motor Vehicles	25% per annum on a reducing balance basis
Fixtures & Fittings	33.33% per annum on a straight line basis
Computer Equipment	33.33% per annum on a straight line basis

3.9. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement as incurred.

3.10. Stocks and Work in Progress

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the income statement. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the income statement.

3.11. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

3.12. Financial Instruments

The company and group only have basic financial assets, which include trade debtors and cash balances, and basic financial liabilities, which include trade creditors, loans and other borrowings. These are all measured at transaction price.

3.13. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

3.14. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3.15. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.

3.16. Government Grant

Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.

All grants in the income statement are recognised when all conditions for receipt have been complied with.

4. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Derived from primary activity	23,681,851	24,733,062
Rental income	3,900	4,873

	23,685,751	24,737,935

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Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	18,178,646	19,930,121
Europe	2,229,322	2,180,960
North America	2,668,286	2,190,852
Rest of the world	609,497	436,002

	23,685,751	24,737,935

5. Other Operating Income

	2025	2024
	£	£
Grant income	11,800	10,817

	11,800	10,817

6. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Exchange differences	14,312	9,693
Depreciation of tangible fixed assets - owned	151,652	221,191
Depreciation of tangible fixed assets - finance leases and hire purchase contracts	225,220	51,652
Amortisation of intangible fixed assets	169,363	109,065

7. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the group and company's financial statements	15,000	31,500

8. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	2,769,983	3,101,344
Social security costs	326,145	276,173
Other pension costs	151,166	139,646

	3,247,294	3,517,163

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Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

9. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows:

	2025	2024
Management	14	15
Administration	12	15
Production	108	121

	134	151

Company

Average number of employees, including directors, during the year was: 2 (2024: 2)

10. Directors' remuneration

	2025	2024
	£	£
Emoluments	49,279	16,328
Company contributions to money purchase pension schemes	41,576	72,000

	90,855	88,328

The number of directors to whom retirement benefits were accruing was as follows:

	2025		2024
Money purchase pension schemes	2		2

11. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	116,358	124,449
Finance charges payable under finance leases and hire purchase contracts	70,855	53,514
Late payment tax charges	2,872	-
Other finance charges	198,228	38,072

	388,313	216,035

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Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

12. Tax on Profit

The tax charge/(credit) on the (loss)/profit for the year was as follows:

	Tax Rate		2025	2024
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	-	41,725
Prior period adjustment			9,514	(108,006 )

			9,514	(66,281 )
Deferred Tax
Deferred taxation			27,027	144,279
Changes in tax rates			-	(86,184 )

			27,027	58,095


Total tax charge for the period			36,541	(8,186 )

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

	2025	2024
	£	£
Profit before tax	(70,839)	740,393

Tax on profit at 25% (UK standard rate)	(17,710 )	185,098
Goodwill/depreciation not allowed for tax	135,069	43,208
Expenses not deductible for tax purposes	4,331	8,352
Tax losses utilised	30,358	-
Capital allowances	(128,431 )	-
Short term timing differences	1,800	-
Research and Development tax credit	-	(43,276 )
Prior period adjustment	9,514	(108,006 )
Difference in tax rates	-	(1,279 )
Tax losses unutilised carried forward	31,981	-
Deferred tax from unrecognised tax loss or credit	27,027	(6,099 )
Current tax from unrecognised tax loss or credit	(57,398 )	-
Deferred tax from unrecognised timing difference from a prior period	-	(86,184 )

Total tax charge for the period	36,541	(8,186)

13. Prior Period Adjustment

In February 2024 the subsidiary company, Revival Books Limited, extinguished 99p of the £1 capital of each of the 130,000 preference shares in issue at that date. The consolidated financial statements for the year ended 31 December 2024 were not adjusted for this transaction. A prior period adjustment is therefore necessary to reflect this reduction and correct this fundamental error. The financial effect is to reduce creditors due within one year by £128,700 and increase the profit and loss reserve by the same amount. This adjustment has no tax effect.

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Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

14. Intangible Assets

Group

	Other	Development Costs	Total
	£	£	£
Cost
As at 1 January 2025	664,053	140,250	804,303
Additions	111,550	100,914	212,464
Transfers	(8,857 )	8,857	-

As at 31 December 2025	766,746	250,021	1,016,767

Amortisation
As at 1 January 2025	165,472	-	165,472
Provided during the period	141,313	28,050	169,363

As at 31 December 2025	306,785	28,050	334,835

Net Book Value
As at 31 December 2025	459,961	221,971	681,932

As at 1 January 2025	498,581	140,250	638,831

Included within other intangible fixed assets are capitalised costs for WeBuySoon which is a stock management system. At the reporting date this asset had a net book value of £395,784 (2024: £401,341).

The net book value of development costs includes £112,200 (2024: £140,250) of assets held under finance lease or hire purchase contracts.

Company

The company had no intangible fixed assets as at 31 December 2025 or 31 December 2024.

15. Tangible Assets

Group

	Land & Property
	Freehold	Leasehold Improvements	Plant & Machinery	Motor Vehicles
	£	£	£	£
Cost or Valuation
As at 1 January 2025	2,408,177	305,515	711,856	44,370
Additions	-	17,130	417,519	-
Disposals	-	-	-	(44,370 )
Revaluation	241,823	-	-	-

As at 31 December 2025	2,650,000	322,645	1,129,375	-

Depreciation
As at 1 January 2025	-	210,415	344,842	28,425
Provided during the period	-	54,002	186,906	1,993
Disposals	-	-	-	(30,418 )

As at 31 December 2025	-	264,417	531,748	-

...CONTINUED

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Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Net Book Value
As at 31 December 2025	2,650,000	58,228	597,627	-

As at 1 January 2025	2,408,177	95,100	367,014	15,945


	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost or Valuation
As at 1 January 2025	476,791	454,090	4,400,799
Additions	26,489	32,234	493,372
Disposals	-	-	(44,370 )
Revaluation	-	-	241,823

As at 31 December 2025	503,280	486,324	5,091,624

Depreciation
As at 1 January 2025	330,696	411,716	1,326,094
Provided during the period	101,816	32,155	376,872
Disposals	-	-	(30,418 )

As at 31 December 2025	432,512	443,871	1,672,548

Net Book Value
As at 31 December 2025	70,768	42,453	3,419,076

As at 1 January 2025	146,095	42,374	3,074,705

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Plant & Machinery	459,804	317,291
Motor Vehicles	-	15,946

	459,804	333,237

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Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Cost or valuation as at 31 December 2025 represented by:

	Land & Property
	Freehold	Leasehold Improvements	Plant & Machinery	Motor Vehicles
	£	£	£	£
At cost	2,512,660	322,645	1,129,375	-
At valuation	137,340	-	-	-

	2,650,000	322,645	1,129,375	-


	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
At cost	503,280	486,324	4,954,284
At valuation	-	-	137,340

	503,280	486,324	5,091,624

The freehold land and buildings were professionally revalued by Cluttons on 27 November 2025 and have been incorporated into the accounts at this value. The valuations were carried out on a market value basis. The valuation was in accordance with the RICS Valuation Global Standards effective from 31 January 2025, incorporating the International Valuation Standards (IVS) 2024 and the RICS UK national supplement 2023.

If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:

	Land & Property
	Freehold
	£
Cost	2,508,334
Accumulated depreciation and impairment	244,745

Carrying amount	2,263,589

Company

	Investment Properties
	£
Cost or Valuation
As at 1 January 2025	2,408,177
Revaluation	241,823

As at 31 December 2025	2,650,000

Net Book Value
As at 31 December 2025	2,650,000

As at 1 January 2025	2,408,177

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Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

16. Investments

Company

	Subsidiaries
	£
Cost or Valuation
As at 1 January 2025	100

As at 31 December 2025	100

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	100

As at 1 January 2025	100

Subsidiaries

Details of the group's subsidiaries as at 31 December 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Revival Books Limited	Hall Carr Mill, Fallbarn Road, Rawtenstall, BB4 7NX	Ordinary	100.00%	-

17. Stocks

	2025	2024
	£	£
Finished goods	2,113,618	1,718,311

	2025	2024
	£	£
Balance as at 1 January	1,349,757	739,393
Provided in the year	-	610,364
Released in the year	(728,288)	-
Balance as at 31 December	621,469	1,349,757

18. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	150,721	179,977	-	-
Other debtors	939,234	1,219,157	19,198	19,251

	1,089,955	1,399,134	19,198	19,251

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Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

19. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	183,612	203,282	-	-
Trade creditors	1,349,879	1,168,674	3,521	1,850
Bank loans and overdrafts	643,589	312,945	71,821	79,423
Other loans	265,157	96,762	-	-
Amounts owed to group undertakings	-	(499 )	1,179,961	728,501
Other creditors	1,036,760	760,397	-	-
Corporation tax	52,105	67,776	33,699	67,776
Taxation and social security	68,026	71,777	12,745	12,747
Accruals and deferred income	287,400	396,342	5,000	8,174

	3,886,528	3,077,456	1,306,747	898,471

The 2024 comparative figure has been restated as described in note 13 - Prior Period Adjustment.

20. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	442,407	554,295	-	-
Bank loans	1,072,449	1,136,669	1,072,449	1,136,669
Other loans	86,125	191,238	-	-
Other creditors	12,783	-	-	-

	1,613,764	1,882,202	1,072,449	1,136,669

Of the creditors the following amounts are secured.

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	626,019	757,577	-	-
Bank loans and overdrafts	1,716,039	1,449,614	1,144,270	1,216,092
Other loans	191,238	286,700	-	-

Net obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

The bank loans and overdrafts are secured by fixed and floating charges over the assets of the group via a cross guarantee, including fixed charges over the group's freehold property.

Two other loans are secured by a debenture, comprising fixed and floating charges over the assets of the subsidiary company and by a personal guarantee from the directors. A third loan is not secured.

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Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

21. Loans

An analysis of the maturity of loans is given below:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due within one year or on demand:
Bank loans	71,821	79,423	71,821	79,423
Other loans	265,157	96,762	-	-

	336,978	176,185	71,821	79,423

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due between one and five years:
Bank loans	287,285	618,496	287,285	618,496
Other loans	86,125	191,238	-	-

	373,410	809,734	287,285	618,496

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due after more than five years:
Bank loans	785,164	518,173	785,164	518,173

There were three bank loans outstanding at the year end:-

1) Balance of £818,096 (2024: £870,339) which is repayable by monthly instalments until February 2036 with interest charged at 3.5% above Bank of England base rate.

2) Balance of £174,488 (2024: £184,554) which is repayable by monthly instalments until December 2036 with interest charged at 3.5% above Bank of England base rate.

3) Balance of £151,687 (2024: £161,199) which is repayable by monthly instalments until February 2036 with interest charged at 3.99% above Bank of England base rate.

There were also three other loans outstanding at the year end:-

1) Balance of £102,996 (2024: £151,687) which is repayable by monthly instalments over 6 years to October 2027. Interest is charged at 10.07% per annum.

2) Balance of £88,242 (2024: £135,013) which is repayable by monthly instalments over 6 years to August 2027. Interest is charged at 9.4% per annum.

3) Balance of £158,744 (2024: £651,771 in other creditors) which has been advanced under a Receivables Purchases and Service Agreement (RPSA) whereby the lender is assigned rights to the income deriving from Amazon until which date the debt is repaid. This loan is not secured.

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Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

22. Obligations Under Finance Leases and Hire Purchase

	Group
	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	183,612	203,282
Later than one year and not later than five years	442,407	554,295

	626,019	757,577

	626,019	757,577

23. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Other timing differences	195,050	133,688	34,335	-

24. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 January 2025	133,688	133,688
Additions	61,362	61,362

Balance at 31 December 2025	195,050	195,050

	2025	2024
	£	£
Accelerated capital allowances	162,515	135,135
Short term timing differences	(1,800)	(1,447)
Revaluation	34,335	-
	195,050	133,688

25. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
200 Ordinary Shares of £ 1.00 each	200	200

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Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

26. Contingent Liabilities

	2025	2024
	£	£
At the end of the period	571,768	233,522

The above balance represents the company's cross guarantee in place over Revival Books Limited's bank borrowings as both fully guarantee each other's bank loans.

27. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	41,434	272,424
Later than one year and not later than five years	31,759	22,702

	73,193	295,126

The 2024 disclosure has been restated from the prior year accounts (total £490,883) as it included non-operating leases.

28. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the income statement in respect of defined contribution schemes was £151,166 (2024: £139,646).

At the statement of financial position date contributions of £12,988 (2024: £13,355) were due to the fund and are included in creditors.

29. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2025
	£	£	£	£	£
Mr Damian Carr	165,696	294,925	292,507	-	168,114
Mr Michael Lane	165,697	294,925	292,507	-	168,115

The outstanding advances are interest free, repayable on demand and are unsecured. The outstanding advances are included within other debtors.

30. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	250,000	-
Final dividend paid	-	600,000

	250,000	600,000

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Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

31. Reserves

Profit and loss reserve

This reserve includes all current and prior period retained profits and losses less dividends paid.

The 2024 comparative figure has been restated as described in note 13 - Prior Period Adjustment.

Revaluation reserve

This reserve represents the cumulative surplus arising on the revaluation of land and buildings, net of any related deferred tax. Increases in valuation are recognised in other comprehensive income and accumulated in the revaluation reserve, except where they reverse a previous impairment or revaluation decrease on the same asset previously recognised in profit or loss, in which case the increase is recognised in profit or loss to the extent of the previous decrease. Decreases in valuation are recognised in other comprehensive income to the extent of any previously recognised surplus in the revaluation reserve relating to the same asset, with any excess charged to profit or loss.

32. Related Party Disclosures

The group has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

Amounts due by the company to subsidiary undertakings are shown in note 19.

Dividends payable to directors in the year amounted to £250,000 (2024: £600,000).

33. Controlling Parties

The company's ultimate controlling parties are Mr Michael Lane and Mr Damian Carr by virtue of their interest in the share capital of the company.

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