REGISTERED NUMBER: 13626064 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31st March 2026

for

The Business Supplies Group Holdings Ltd

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

9

Report of the Independent Auditors

11

Consolidated Income Statement

15

Consolidated Other Comprehensive Income

16

Consolidated Statement of Financial Position

17

Company Statement of Financial Position

18

Consolidated Statement of Changes in Equity

19

Company Statement of Changes in Equity

20

Consolidated Statement of Cash Flows

21

Notes to the Consolidated Statement of Cash Flows

22

Notes to the Consolidated Financial Statements

23

DIRECTORS:

N J Weston

R Whittal

S J Clare

REGISTERED OFFICE:

107 Longmead Road

Emerald Park

Emersons Green

Bristol

BS16 7FG

REGISTERED NUMBER:

13626064 (England and Wales)

SENIOR STATUTORY AUDITOR:

Matthew S Dobbins FCA

AUDITORS:

Dunkley's,

Statutory Auditor

Chartered Certified Accountants

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

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

The group operates within the business supplies and services industry which comprises the supply of office products, office interiors, and branded products alongside the manufacturing of our customers' print and workwear requirements and the management of their in-house printer fleets. The customers range from blue chip corporate customers and large public sector organisations to SME businesses.

Our dedicated team provide a single solution for the business needs of companies and organisations nationally. With in house experts in Office Products, Interiors, Print, Workwear, Managed Print Solutions and more, we are committed to delighting our customers ethically, sustainably, and professionally

REVIEW OF BUSINESS

The group has continued to grow over the last 12 months, through a combination of strategic acquisitions and strong organic growth, particularly across specialist product categories. The group continued its strategic journey with a key acquisition in the West London area at the beginning of the financial year to enhance our ability to establish a presence in the London market, and also diversify our existing product categories further. The group also made two further smaller acquisitions that bolstered our presence in pre-existing geographic areas. Since the year-end, we are also delighted to have made a significant acquisition in the South East London area, with an additional site in the middle of the country, that will bolster our presence in those geographic markets.

The acquisitions made in the year were fully integrated into the group during the year and so as at 31 March 2026 the group operated out of 10 sites, servicing both local and national customers. The group achieved underlying sales growth of almost 18% with a turnover of £40m. Overheads increased as a result of the additional costs undertaken after the acquisitions during the year, along with continued inflationary overhead cost increases that require ongoing mitigation.

Whilst the business remains focused on achieving strong organic growth through both new business wins and growing the number of categories that its customers buy, acquisitions that fit with our future growth plans remain a key focus of our growth strategy. The Directors anticipate making additional, aligned acquisitions in support of their growth strategy.

The business continues to enjoy good relationships with its customers retaining all key customers and has also been successful in winning new tenders and increasing its customer base during the year.

The business is well funded with limited reliance on external funding. Where funding is utilised it is either at a pre-agreed flat rate of interest, or linked to the Bank of England base rate. The Directors are continuing to reduce exposure to non-fixed interest rate funding.

Management accounts are prepared on a monthly basis with the Directors reviewing these and a number of other reports to review the group's key performance indicators.

PRINCIPAL RISKS AND UNCERTAINTIES

Customer purchasing behaviour has continued to reflect the long-term shift towards hybrid and remote working models, however there has been a continued stabilisation in the number of people returning to work from offices. There has also been continued increased cost pressures for both the group and our customers which have been felt across the whole overhead cost base. This includes continued impact of National Insurance contributions increases, business rate increases, and general inflationary increases applied by suppliers. However, due to the group's dynamic procurement and distribution infrastructure we have been able to continue to adapt to evolving market conditions and identify key opportunities for growth to mitigate these.

Whilst the economic environment remains challenging the group is well placed to mitigate any risk to the business and the directors believe that there are significant opportunities for the business to continue to increase its market share.

With these risks and uncertainties we are constantly aware of the need to review our future development plans for the business and these can be subject to unforeseen future events outside of our control.

However, the directors are confident of maintaining the gross profit margins and increasing market share. They are optimistic about the long term future of the group due to the following:-

1) Large loyal customer base and increasing market share across all segments of the business.

2) Benefits from the efficiencies and economies of scale as a result of the continued growth of the group.

3) Continual ongoing review of the group business strategy regularly to suit changing market conditions

4) Continuing to be pro-active in assessing further complimentary business acquisitions

5) Strong and long established relationships with its customers

6) Efficient well established distribution network and logistics systems

SECTION 172(1) STATEMENT

The Directors believe that they have effectively implemented their duties under section 172 of the Companies Act 2006. The group has considered the long-term strategy of the business below and consider that this strategy will continue to deliver long term success to the business and its stakeholders.

We have continued to secure contract tenders at competitive rates and continue to gain new customers. We have also invested heavily in our supply chain and delivery network.

The group is committed to maintaining an excellent reputation and strives to achieve high standards. We are highly selective about which suppliers are used to deliver best value while maintaining an awareness of the environmental impact of the work that they do and strive to reduce their carbon footprint.

The Directors recognise the importance of wider stakeholders in delivering their strategy and achieving sustainability within the business. The main stakeholders in the group are considered to be the employees, suppliers and customers. Their importance to the business is considered below.

In ensuring that all our stakeholders are considered as part of every decision process we believe we act fairly between all members of the group.

Our highest key objective remains the preservation of our workforce. The Health Safety and Wellbeing of our workforce is paramount.

Our supply chain remains robust and we continue to nurture and maintain strong relations. We are constantly monitoring purchase prices and margins in an environment where inflation affects the prices of our products across the board.

We continue to focus on our impact to the environment and this is even more pertinent with the increase in cost for energy supply across the group. Vehicles and vans have been updated and we have continued to introduce both fully electric and hybrid vehicles into the fleet during the year.

Our business has a strong reputation in the market and we will look to protect this and build on this in tandem with our workforce who are key in achieving this objective.

Acting in a fair and reasonable way is also key when we need to protect our workforce and act fairly between all members of the group. We must aspire to be the preferred supplier in the markets in which we operate and our staff are key to us achieving and maintaining this.

COMPETITION

Competition is high and is always a threat to winning new customers. The group manages these risks by maintaining and developing very good working relationships with its clients and continuing to provide a market leading service level at a competitive price whilst maintaining margins due to its relationships with its principal suppliers and proactive purchasing policies.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Streamlined Energy & Carbon Reporting

Inventory Analysis

The Business Supplies Group's total greenhouse gas inventory for 2025-26 stands at 2,384.68 tCO2e, excluding Scope 3-1 Purchased Goods and Services. We have expanded the scope to include Scope 3 categories, Capital Goods, Fuel and Energy Related Activities, and Upstream and Downstream Transportation and Distribution, calculated for the first time.

Scope 1: Direct Emissions

Scope 1 total 1,568.68 tCO2e, and remains the largest single scope in the Group's inventory. Natural gas consumption was 301,625 kWh, partly reflecting a new site in Colchester, inclusion this year with a full year of recorded consumption. Delivery fleet diesel rose to 580,983 litres, and is the largest single contributor to the increase in Scope 1, reflecting the scale of the Group's growing delivery operation across its now ten regional sites. Delivery fleet petrol contributes a further 2.12 tCO2e. The company car scheme contributes an additional 11.82 tCO2e, calculated from mileage using DEFRA's average car factors by fuel type, split across diesel, petrol and electric vehicles within the scheme. Taken together, these sources reflect the fuel and energy directly combusted or consumed by the Group's own fleet and premises during the reporting period, spanning natural gas fired heating at seven of the Group's sites and diesel and petrol used by the delivery fleet operating out of its regional distribution network.

Scope 2: Purchased Electricity

Purchased electricity is reported on both a location based and a market based approach, consistent with dual reporting requirements. On a location based approach, consumption rose from 56.29 to 72.73 tCO2e, reflecting genuine increases in metered electricity use across the Group's estate, including at Bristol, the Group's largest single site by consumption. On a market based approach, the comparable figures are 3.45 and 15.58 tCO2e. Bristol, Colchester and Hayes are supplied under renewable tariffs this year, alongside Bournemouth, Brighton and Rowley Regis, which are supplied by Opus Energy. The market based increase reflects Portsmouth's inclusion in the boundary this year, together with increases in consumption at the Group's other sites, with Portsmouth itself, supplied by Drax, accounting for 11.54 tCO2e of this year's market based total. Across all ten sites, total electricity consumption for the year was 410,919 kWh, up from 318,026 kWh in 2024-25.

Greenhouse Gas Inventory

Category

2025-26

Scope 1

1,568.67

Scope 2 LB

72.73

Scope 2 MB

15.58

Scope 3-1 PG&S

1,956.47

Scope 3-2 CG

85.65

Scope 3-3 FERA

393.78

Scope 3-4 UTAD

31.46

Scope 3-5 W

1.18

Scope 3-6 BT

28.09

Scope 3-7 EC

120.70

Scope 3-8 ULA

Immaterial

Scope 3-9 DTAD

139.59

Scope 3-10 PSP

Immaterial

Scope 3-11 USP

Immaterial

Scope 3-12 ELTSP

Immaterial

Scope 3-13 DLA

Immaterial

Scope 3-14 F

Immaterial

Scope 3-15 I

Immaterial

Total

2,384.68

* Scope 3, Category 1 (Purchased Goods and Services) emissions are excluded from the total

Energy Efficiency, Emissions Management and Reduction Targets

Net Zero

The Business Supplies Group is formally targeting Net Zero by 2045. This inventory provides the updated baseline against which future progress will now be measured, bringing together, for the first time, the fuller range of Scope 3 categories alongside the Group's direct emissions. As this baseline is refined further, reported emissions may rise simply because more of the footprint is being captured, rather than because underlying performance has worsened, a natural consequence of strengthening data collection that should be read alongside any headline trend. It is important that this distinction is understood clearly by anyone reviewing the Group's progress, since a rising total figure in isolation, without reference to the widening boundary behind it, would give a misleading impression of the direction the business is actually travelling in.

Energy Efficiency Actions

Comparing the two reporting years for which energy consumption has now been calculated gives an early, if partial, picture of how the Group's energy use is developing across its regional sites and delivery fleet.

Purchased electricity consumption rose from 318,026 kWh in 2024-25 to 410,919 kWh in 2025-26, reflecting genuine increases at existing sites and the inclusion of Portsmouth within the reporting boundary for the first time this year. Natural gas consumption rose from 168,157 kWh to 301,625 kWh, an increase partly attributable to Colchester's inclusion this year with a full year of recorded consumption, alongside genuine variation in heating demand across the Group's other sites.

Delivery fleet diesel rose substantially between the two years and remains the largest single component of the Group's direct energy consumption. Part of the increase in Scope 1 reflects the company car scheme, previously recorded within business travel, now attributed to Scope 1 in line with the ownership of these vehicles. With this reclassification applied consistently, future reporting years, built on the same classification basis, will give a clearer measure of whether fleet efficiency is improving from one period to the next. This is precisely why a stable, consistently applied reporting boundary matters so much going forward, since without it, genuine gains in fleet efficiency risk being obscured by movements that are really just a matter of where an existing emission source happens to be recorded.

Going forward, continued monitoring of electricity, gas and fuel consumption across the Group's regional offices, distribution centres and delivery fleet, alongside closer attention to route planning, vehicle specification and driver behaviour, will help ensure that any future changes in activity are met with corresponding gains in efficiency rather than simply higher consumption. Particular attention should be paid to the delivery fleet given its scale within the Group's direct footprint, with route optimisation and a gradual transition towards electric and hybrid vehicles likely to offer the greatest scope for reduction over time, building on the electric van already introduced at Colchester.

The Group has heavily invested in route optimisation software, which has improved delivery planning, helping to reduce unnecessary mileage, provide more reliable deliveries and lower fuel use and emissions.

Carbon Offsetting

Working in partnership with the Carbon Footprint company to measure and offset our annual tonnage of carbon emissions by financially supporting projects around the world that help provide solutions towards climate change (i.e. decarbonising electricity grids, reducing deforestation, improving energy efficiency, sequestering carbon etc.) and supporting local communities in developing countries.

We have engaged in three projects that support a large scope of the United Nations' Sustainability goals, including climate action, gender equality, good health and well-being, life on land, and affordable and clean energy:

Improved Cookstove Distribution in Kayonza, Bugesera and Nyamasheke

This project involves the distribution and installation of fuel-efficient improved cookstoves (ICS) to households across the Kayonza, Bugesera, and Nyamasheke Districts of Rwanda. The project is composed of three distinct Gold Standard project IDs (GS11205, GS12227, GS12228) which are managed as a single initiative. The primary goal is to reduce greenhouse gas emissions by replacing traditional, inefficient three-stone open fires with the locally produced 'Canarumwe' ceramic stove, which is built into a mud hearth in the users' kitchens. Environmental Benefits: The project directly addresses climate change by reducing the consumption of non-renewable biomass (firewood) for daily cooking. In Rwanda, where over 98% of rural households rely on wood for cooking, this leads to a significant decrease in CO2 emissions and helps to alleviate pressure on local forests, contributing to conservation efforts. Social and Community Benefits: The project delivers substantial co-benefits to the recipient communities. By burning less wood more efficiently, the stoves reduce exposure to harmful indoor air pollution, a major cause of respiratory illness, particularly for women and children. The increased efficiency also means households, and specifically women who are traditionally responsible for cooking and fuel collection, spend significantly less time and effort gathering firewood. This time can be redirected to other economic or educational activities. Furthermore, for households that purchase fuel, the project reduces household expenditure, freeing up income for other essential needs.

Northern Uganda Safe Water Project

The Borehole project is a micro project in Uganda, providing a source of clean drinking water to a local community The most basic requirement to sustain life is clean water. For many rural communities across Sub-Saharan Africa the struggle to find clean safe drinking water can take a major part of a family's resource. More often than not the burden falls to women and children to collect water often walking a great distance from home. Even then water drawn from pools or rivers is often contaminated with pollutants and potentially lethal bacteria that cause illness and infections, and so to make the water palatable and safe to drink it needs to be boiled. The project works with local communities to identify and repair the many broken boreholes in Uganda. As well as the natural health benefits it means that families no longer have to boil the water, saving firewood and thereby preventing carbon emissions from being released. The project is located primarily in the North Region of Uganda, within the Districts of Alebtong, Kole and Dokolo. Approximately 60% of the people in the Districts do not have access to clean water and rely exclusively on open wells, lakes and other unprotected sources. Many existing boreholes in the District are owned by community groups or community based organisations and have fallen into disrepair because maintenance programmes have been poorly managed, or proven too expensive. This project works with community groups in the Districts to identify broken down boreholes, renovate them and supply a maintenance programme to ensure that clean, safe water is delivered as a result.

Katingan Peatland Restoration and Conservation Project

The Katingan Restoration and Conservation Project protects and restores 149,800 hectares of peatland ecosystems, to offer local communities sustainable sources of income, and to tackle global climate change. The project lies within the districts of Katingan and Kotawaringin Timur in Central Kalimantan Province and covers one of the largest remaining intact peat swamp forests in Indonesia. Objectives of the project includes: GHG emission reductions through avoided deforestation and forest degradation, prevention of peat drainage and fires. Enhance quality of life and reduce poverty of the project-zone communities by creating sustainable livelihood options and economic opportunities. To strengthen community resilience by increasing capacity to cope with socio-ecological risks.

Employment & Skills

Hiring Locally - Supporting Communities

At BSG, we're on an ambitious growth journey. Following a series of acquisitions, we now operate from 10 locations across the South Coast- from Devon to Essex, London through to the Midlands. Each acquisition has allowed us to create and secure jobs for local people, directly supporting the UK economy.

Unlike many large suppliers, we've chosen not to centralise operations or move support functions overseas. Instead, we maintain a strong local presence, where our people support local customers by delivering vital administration and logistics services.

This approach keeps money in local economies and ensures that prosperity stays within the communities we serve. Our strategy is also backed by the LM3 (Local Multiplier 3) economic theory, which demonstrates how spending with local suppliers has a powerful ripple effect - strengthening communities and preventing money from leaking out of the region.

At BSG, hiring locally isn't just good business. It's the right thing to do.

Addressing Equality and Diversity

We are proud to be a Disability Confident- Committed employer and committed to the principle of equal opportunity in employment. Accordingly, management will ensure that recruitment, selection, training, development and promotion procedures result in no job applicant or employee receiving less favourable treatment because of a protected characteristic i.e. race, colour, nationality, ethnic or national origin, religion or belief, disability, trade union membership or non-membership, sex, sexual orientation, pregnancy and maternity, gender reassignment, marriage/civil partnership, age, or on the basis of being a part time or fixed term worker. Our objective is to ensure that individuals are selected, promoted and otherwise treated solely on the basis of their relevant aptitudes, skills and abilities.

Internal promotion & opportunity

At BSG, we believe our people are our greatest strength. That's why we invest in training and development to ensure every team member has the skills and confidence to succeed- both in delivering exceptional service to our clients and in achieving their own career goals.

Our managers take part in the Empowering Leader Programme, designed to build leadership skills, encourage collaborative teamwork, and focus on doing the right things in the right order to deliver the best results. In addition, all employees complete mandatory iAM Learning modules to support continuous professional growth.

We are committed to developing talent from within. Through our succession planning, we actively promote internal opportunities, helping our people take the next step in their careers. We also recognise that career paths aren't one-size-fits-all- so we encourage team members to explore alternative roles within the organisation, supporting personal development alongside business needs.

Alongside this, we're proud to run a successful apprenticeship programme, creating pathways for the next generation to grow and thrive with BSG.

Well-being & mental health

Employees receive private healthcare cashback for treatments plus access to rewards and discounts. Wellness initiatives include gym memberships and lifestyle programs and trained mental health first aiders support staff.

Community engagement - School in a Bag

We're proud to be partnering with School in a Bag, a remarkable charity that delivers school bags filled with essential educational resources to disadvantaged children around the world.

This organisation supports children in need regardless of race, religion, or political background by equipping them with tools that enhance their learning, inspire hope, and offer a vital pathway out of poverty. On a global scale, educating the next generation is fundamental to human progress and long-term stability.

The concept is simple yet powerful: each SchoolBag contains the basic items a child needs to learn, grow, and thrive, including pens, pencil case, exercise books, ruler, water bottle and a lunchbox with a spork, face mask, small towel, bar of soap, toothbrush, and toothpaste.

As part of our commitment, BSG is supplying all the office supplies and water bottles included in the bags and we're excited to be packing some of them right here at our Bristol head office.

Through this partnership, we're not only supporting a powerful cause, but also contributing to several key United Nations Sustainable Development Goals:-

- Zero Hunger

- Clean Water and Sanitation

- Quality Education

ON BEHALF OF THE BOARD:

R Whittal - Director

27th August 2026

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

DIVIDENDS

There were no dividends paid during the year (2025: £874,000).

The directors recommend that no final dividends be paid.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2025 to the date of this report.

N J Weston

R Whittal

S J Clare

EMPLOYEE OWNERSHIP TRUST

In the previous year, an Employee Ownership Trust (EOT) was established in Guernsey to secure the future and legacy of the Company and its Subsidiaries. On 17 October 2024, the entire share capital of the Company was transferred to the EOT.

The responsible trustee is Aquitaine Trustees Limited, PO Box 357, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 3XH.

There were no outstanding balances with the EOT at the year-end. The EOT does not operate any share-based payment arrangements for employees.

Additional disclosures have been included to ensure the financial statements present a true and fair view of the Company's ownership structure and governance.

DIVERSITY, INCLUSION & WELLBEING:

Through the application of the group's Diversity and Inclusion Policy, the group aims to ensure everyone is treated fairly and equitably. The group uses regular communication and education to continuously build an inclusive culture amongst its workforce, minimising discrimination and promoting diversity including disability.

Applications for employment by disabled persons are considered fully, bearing in mind the aptitudes of the

applicant concerned. In the event an employee becomes disabled, every effort is made to ensure that their

employment with the group continues and that appropriate adjustments are made. It is the policy of the

group that the training, career development and opportunity of disabled persons should, as far as possible,

be identical with that of other employees.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make 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 and the 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.

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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Dunkley's, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R Whittal - Director

27th August 2026

Opinion

We have audited the financial statements of The Business Supplies Group Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2026 which comprise the Consolidated Income Statement, Consolidated Other 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 Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31st March 2026 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page nine, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, bonus levels and performance targets;

- any matters we identified, having obtained and reviewed the company's documentation of their policies and procedures relating to:

o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

o the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas of management override of controls, and revenue recognition.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- enquiring of management, concerning actual and potential litigation and claims;

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

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates 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.

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.

Matthew S Dobbins FCA (Senior Statutory Auditor)

for and on behalf of Dunkley's,

Statutory Auditor

Chartered Certified Accountants

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

28th August 2026

TURNOVER

40,649,191

34,537,693

Cost of sales

(24,747,338

)

(21,188,215

)

GROSS PROFIT

15,901,853

13,349,478

Distribution costs

(1,220,325

)

(1,098,442

)

Administrative expenses

(12,585,248

)

(11,336,745

)

2,096,280

914,291

Other operating income

54,179

60,849

OPERATING PROFIT

4

2,150,459

975,140

Interest payable and similar expenses

6

(189,227

)

(131,687

)

PROFIT BEFORE TAXATION

1,961,232

843,453

Tax on profit

7

(503,293

)

(395,491

)

PROFIT FOR THE FINANCIAL YEAR

1,457,939

447,962

Profit attributable to:

Owners of the parent

1,457,939

447,962

PROFIT FOR THE YEAR

1,457,939

447,962

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,457,939

447,962

Total comprehensive income attributable to:

Owners of the parent

1,457,939

447,962

FIXED ASSETS

Intangible assets

10

2,928,885

2,875,442

Tangible assets

11

1,868,877

1,892,050

Investments

12

-

-

4,797,762

4,767,492

CURRENT ASSETS

Stocks

13

1,313,901

1,209,802

Debtors

14

6,409,043

6,157,646

Cash at bank and in hand

643,064

999,275

8,366,008

8,366,723

CREDITORS

Amounts falling due within one year

15

9,956,912

9,874,084

NET CURRENT LIABILITIES

(1,590,904

)

(1,507,361

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,206,858

3,260,131

CREDITORS

Amounts falling due after more than one year

16

(1,640,591

)

(1,235,562

)

PROVISIONS FOR LIABILITIES

20

(356,277

)

(417,536

)

NET ASSETS

1,209,990

1,607,033

CAPITAL AND RESERVES

Called up share capital

21

1,068

1,068

Share premium

22

3,018

3,018

Capital redemption reserve

22

17

17

Retained earnings

22

1,205,887

1,602,930

1,209,990

1,607,033

The financial statements were approved by the Board of Directors and authorised for issue on 27th August 2026 and were signed on its behalf by:

R Whittal - Director

FIXED ASSETS

Intangible assets

10

1,555,538

1,648,366

Tangible assets

11

-

-

Investments

12

2,366,914

2,087,601

3,922,452

3,735,967

CURRENT ASSETS

Debtors

14

60

60

Cash at bank

302

92

362

152

CREDITORS

Amounts falling due within one year

15

433,999

631,000

NET CURRENT LIABILITIES

(433,637

)

(630,848

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,488,815

3,105,119

CREDITORS

Amounts falling due after more than one year

16

3,484,611

3,100,915

NET ASSETS

4,204

4,204

CAPITAL AND RESERVES

Called up share capital

21

1,068

1,068

Share premium

22

3,018

3,018

Capital redemption reserve

22

17

17

Retained earnings

22

101

101

4,204

4,204

Company's profit for the financial year

1,779,700

1,360,278

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 27th August 2026 and were signed on its behalf by:

R Whittal - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1st April 2024

1,068

2,477,152

3,018

17

2,481,255

Changes in equity

Acquisition of subsidiaries

-

38,090

-

-

38,090

EOT gift payments

-

(486,274

)

-

-

(486,274

)

Dividends

-

(874,000

)

-

-

(874,000

)

Total comprehensive income

-

447,962

-

-

447,962

Balance at 31st March 2025

1,068

1,602,930

3,018

17

1,607,033

Changes in equity

EOT gift payments

-

(1,779,700

)

-

-

(1,779,700

)

Movement in share capital - 4

-

(75,282

)

-

-

(75,282

)

Total comprehensive income

-

1,457,939

-

-

1,457,939

Balance at 31st March 2026

1,068

1,205,887

3,018

17

1,209,990

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1st April 2024

1,068

97

3,018

17

4,200

Changes in equity

Profit for the year

-

1,360,278

-

-

1,360,278

Other comprehensive income

-

(486,274

)

-

-

(486,274

)

Total comprehensive income

-

874,004

-

-

874,004

Dividends

-

(874,000

)

-

-

(874,000

)

Balance at 31st March 2025

1,068

101

3,018

17

4,204

Changes in equity

Profit for the year

-

1,779,700

-

-

1,779,700

Other comprehensive income

-

(1,779,700

)

-

-

(1,779,700

)

Balance at 31st March 2026

1,068

101

3,018

17

4,204