NR ENTERPRISE LIMITED

	Page
Balance Sheet	1
Notes to the Financial Statements	2—6

1. General Information

NR ENTERPRISE LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 11556151 . The registered office is Unit 6, Parkside Works, Parkwood Street, Keighley, BD21 4PJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The financial statements have been prepared on the going concern basis. The company returned to profit in the year, reporting a profit before tax of £412,896 (2024 restated: loss of £108,985) and net assets of £288,040 at the year end (2024 restated: net liabilities of £124,856).

The directors have prepared trading and cash flow forecasts covering a period of at least twelve months from the date of approval of these financial statements. The forecasts reflect continued growth in the subscription and retail channels and the repayment of the company's working capital facility, HMRC time to pay arrangement and shareholder loans from trading cash flows, and have been stress-tested against a significant downturn in revenue.

Trading since the year end has been in line with those forecasts. Having reviewed the forecasts, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and accordingly continue to adopt the going concern basis of accounting.

2.3. Significant judgements and estimations

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

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

The key sources of estimation uncertainty and critical judgements affecting these financial statements are as follows:

Carrying value of stock. Stock is stated at the lower of cost and net realisable value. The directors exercise judgement in assessing the allowance required against slow-moving and obsolete stock, by reference to stock ageing and expected future sales. At the balance sheet date the carrying value of stock was £262,685 (2024: £252,169).

Recoverability of the deferred tax asset. A deferred tax asset of £13,884 (2024: £nil) has been recognised in respect of trading losses carried forward. Recognition requires the directors to judge that it is probable that sufficient future taxable profits will be available against which the losses can be relieved. That judgement is based on the company's trading forecasts, which are also central to the going concern assessment in note 2.2.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.5. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible fixed assets are stated at cost less accumulated amortisation and any accumulated impairment losses. The website is amortised on a straight-line basis over its estimated useful economic life of five years.

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NR ENTERPRISE LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. 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:

Plant & Machinery	25% Reducing Balance
Motor Vehicles	25% Reducing Balance
Fixtures & Fittings	25% Reducing Balance
Computer Equipment	25% Reducing Balance

2.7. Leasing and Hire Purchase Contracts

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged to the profit and loss account on a straight-line basis over the lease term.

2.8. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.9. Pensions

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.10. Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost is determined on a first-in, first-out basis and includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.11. Taxation and Deferred Tax

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

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 company'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 in respect of all timing differences that have originated but not reversed at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the timing differences can be utilised. Deferred tax is measured at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

The tax credit for the year comprises a deferred tax credit of £13,884 (2024: £nil). No current corporation tax is payable for the year (2024: £nil), the taxable profit having been fully relieved by trading losses brought forward. A deferred tax asset of £13,884 (2024: £nil) has been recognised in respect of the £55,536 of trading losses that remain available to carry forward, measured at the main rate of 25%, the directors considering it probable that these losses will be relieved against future taxable profits.

2.12. Reclassification of Comparative figures

Certain platform and payment-gateway fees have been reclassified from cost of sales to distribution costs to present them consistently with the nature of the cost. The comparative figures for 2024 have been reclassified accordingly. The reclassification has no effect on the result for the year or on net assets.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 23 (2024: 8)

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NR ENTERPRISE LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2025	-
Additions	21,964

As at 31 December 2025	21,964

Amortisation
As at 1 January 2025	-
Provided during the period	2,622

As at 31 December 2025	2,622

Net Book Value
As at 31 December 2025	19,342

As at 1 January 2025	-

5. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2025	764	4,200	12,115	795	17,874
Additions	5,028	-	112	2,413	7,553

As at 31 December 2025	5,792	4,200	12,227	3,208	25,427

Depreciation
As at 1 January 2025	84	1,838	442	157	2,521
Provided during the period	334	590	2,921	398	4,243

As at 31 December 2025	418	2,428	3,363	555	6,764

Net Book Value
As at 31 December 2025	5,374	1,772	8,864	2,653	18,663

As at 1 January 2025	680	2,362	11,673	638	15,353

6. Stocks

	2025	2024 as restated
	£	£
Stock	262,685	252,169

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NR ENTERPRISE LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

7. Debtors

	2025	2024 as restated
	£	£
Due within one year
Trade debtors	187,445	83,126
Prepayments and accrued income	116,821	16,429
Other debtors	152,224	12,411
Deferred tax current asset	13,884	-

	470,374	111,966

8. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Trade creditors	430,267	308,470
Bank loans and overdrafts	-	3,538
Other loans	-	95,934
Other creditors	215,429	158,180
Taxation and social security	161,545	17,257

	807,241	583,379

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

	2025	2024 as restated
	£	£
Bank loans	-	1,957

10. Share Capital

	2025	2024 as restated
	£	£
Allotted, Called up and fully paid	2,219	2,219

11. Other Commitments

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

	2025	2024 as restated
	£	£
Not later than one year	87,790	28,245
Later than one year and not later than five years	305,084	42,551

	392,874	70,796

12. Pension Commitments

The company operates a defined contribution pension scheme, through Nest Pensions. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £2,250 (2024: £209) were due to the fund. They are included in Other Creditors.

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NR ENTERPRISE LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

13. Related Party Transactions

During the year a directors’ loan account balance of £7,351 owed by the company was released to the profit and loss account. At 31 December 2025 the balance was £nil (2024: £7,351).

14. Audit Information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is qualified and includes the following:

Qualified Opinion

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph of our report, the financial statements:

· give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

and

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

Basis for qualified opinion

The company held inventory of £252,169 as at 31 December 2024, which formed the opening inventory balance for the year. We were appointed as auditors of the company on 17 December 2025 and thus did not observe the counting of the physical inventories at the beginning of the year. We were unable to satisfy ourselves by alternative

means concerning inventory quantities held at 31 December 2024. Since opening inventories enter into the determination of the financial performance, we were unable to determine whether adjustments might have been necessary in respect of the profit for the year reported in the statement of comprehensive income.

In addition, in performing our procedures over opening balance in accordance with ISA (UK) 510, we have noted an overstatement of trade debtors of £11,619 and an understatement of other loans of £27,837 as at 1 January 2025. These misstatements, which were uncorrected, while material to prior year figures, their consequential effect on the current year's results are immaterial to the financial statements.

The auditor's report was signed by Michael Spink (Senior Statutory Auditor) for and on behalf of WSM Advisors Limited , Statutory Auditor.

WSM Advisors Limited

Connect House

133-137 Alexandra Road, Wimbledon

London

SW19 7JY

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		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		19,342		-
Tangible Assets	5		18,663		15,353

			38,005		15,353
CURRENT ASSETS
Stocks	6	262,685		252,169
Debtors	7	470,374		111,966
Cash at bank and in hand		338,101		80,992

		1,071,160		445,127
Creditors: Amounts Falling Due Within One Year	8	(807,241 )		(583,379 )

NET CURRENT ASSETS (LIABILITIES)			263,919		(138,252 )

TOTAL ASSETS LESS CURRENT LIABILITIES			301,924		(122,899 )

Creditors: Amounts Falling Due After More Than One Year	9		-		(1,957 )

NET ASSETS/(LIABILITIES)			301,924		(124,856 )

CAPITAL AND RESERVES
Called up share capital	10		2,219		2,219
Share premium account			384,050		384,050
Profit and Loss Account			(84,345 )		(511,125 )

SHAREHOLDERS' FUNDS			301,924		(124,856)