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Registered number: 02530017
RICHMOND DESIGNS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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RICHMOND DESIGNS LIMITED
CONTENTS
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Notes to the financial statements
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RICHMOND DESIGNS LIMITED
COMPANY INFORMATION
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N W Lunow (appointed 17 July 2026)
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M Ziadeh (appointed 17 July 2026)
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Blick Rothenberg Audit LLP
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Chartered Accountants & Statutory Auditor
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REGISTERED NUMBER:02530017
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RICHMOND DESIGNS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors due within 1 year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 14 form part of these financial statements.
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RICHMOND DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Richmond Designs Limited is a private company limited by shares incorporated in England and Wales. Its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The principal activity of the company is interior design, principally in the hospitality sector. The market has remained healthy and is showing continued signs of growth, demonstrated by the ongoing high levels of requests for bids and tenders, which has become the norm in 2025 and has continued into 2026.
The financial statements have been prepared on a going concern basis, notwithstanding the fact that the company has net liabilities of £101,956 at 31 December 2025. The company’s cash at bank decreased from £947,543 at 31 December 2024 to £624,461 at 31 December 2025.
The directors are encouraged by recent successful project tenders and are forecasting sales in 2026 to be in line with those achieved in 2025. Unaudited post year end management accounts for the six month period to 30 June 2026 show the company continuing to trade profitably, with a move from a net liability position to a net asset position, although cash at bank has decreased compared to that on 31 December 2025. As well as several successful tenders, the company has also been shortlisted for a number of additional significant projects.
The directors have prepared detailed cashflow forecasts to the best of their knowledge, taking into account the expected timing of cash receipts from trade debtors and from confirmed and anticipated new projects. These forecasts indicate that the company will have sufficient cash to meet its obligations as they fall due, provided that trade receivables are collected in line with forecasted timings.
The company is also reliant on loans from the group, which are repayable on demand. The group had previously provided funding to support the company in the short term. Whilst the loans are being repaid through monthly instalments and are expected to be fully repaid by December 2026, there remains a risk that repayment could be required at short notice.
The company’s continued ability to meet its obligations is dependent on the timely collection of outstanding trade debts. In the event of significant delays in these receipts, the company may need to secure additional funding, the availability of which cannot be guaranteed. However, a sensitivity analysis has been undertaken on the cashflow forecasts, and based on this, the directors consider the likelihood of requiring additional external funding to be low.
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RICHMOND DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Going concern (continued)
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Notwithstanding the directors’ expectation of profitable trading and positive cash generation, the directors are of the opinion that the matters described above are material uncertainties related to events or conditions that may cast significant doubt upon the company’s ability to continue as a going concern.
The financial statements do not include any adjustments that would be required if the company were unable to continue as a going concern.
The directors have a reasonable expectation that the company will continue to secure new projects and therefore will have adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements have been approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
The stage of completion of the contract is calculated with reference to costs incurred to date as a proportion of the total expected costs for that contract.
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RICHMOND DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Amounts recoverable on long term contracts, which are included in prepayments and accrued income, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Improvements to leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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RICHMOND DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, intercompany loans and intercompany working capital balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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RICHMOND DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Ordinary shares are classified as equity.
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RICHMOND DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentational currency
The company's functional and presentational currency is Sterling (£).
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.
All foreign exchange gains and losses are presented in the profit and loss account within 'administrative expenses'.
Interest income is recognised in the profit and loss account using the effective interest method.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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RICHMOND DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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RICHMOND DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Revenue recognition
The company enters into long term contracts with its customers for the provision of its services. Long-term contracts are accounted for under FRS 102. The ensuing accounting requires management judgement to determine the appropriateness of calculating the revenue and profit to be recognised. This includes estimating the total expected costs to complete each contract, the profitability of the contract and also the percentage of completion at the balance sheet date. The percentage of completion is calculated as the costs incurred in proportion to the estimated costs of the entire project. These judgements directly influence revenue and profit that can be recognised in relation to such contracts. Material changes in these estimates could affect the overall amounts recognised on individual contracts.
Carrying amount of relevant assets: £304,939 (2024: £275,556)
Carrying amount of relevant liabilities: £946,955 (2024: £855,593)
The average monthly number of employees, including directors, during the year was 33 (2024: 29).
The company has estimated tax losses of £2,708,000 (2024: £3,045,000) for carry forward against future taxable profits. No deferred tax asset has been recognised in respect of these losses due to uncertainty over the timing and amount of future taxable profits.
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RICHMOND DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Improve -ment to leasehold property
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Charge for the year on owned assets
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RICHMOND DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Payments received on account
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts of £305,226 owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.
Amounts of £75,000 owed to group undertakings have no formal terms and conditions regarding repayment of the balance however the balance is interest bearing at SONIA +2% if not repaid within 12 months, however this interest has been waived by the lender.
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Dila- pidations provision
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RICHMOND DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Shares classified as equity
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Allotted, called up and fully paid
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200,100 (2024 - 200,100) A Ordinary shares of £1.00 each
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66,700 (2024 - 66,700) B Ordinary shares of £1.00 each
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Both the 'A' Ordinary shares and the 'B' Ordinary shares have full voting, dividend and capital distribution (including on winding up) rights.
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Commitments under operating leases
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At 31 December 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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RICHMOND DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Related party transactions
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Transactions with related parties are as follows:
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Amount due (to)/from related parties
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(immediate parent company)
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(ultimate parent company)
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Pascall+Watson Limited (fellow subsidiary)
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Amounts owed to related parties are unsecured, interest free and due for repayment within one year.
The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and which the company is a member is Roots Group UK Limited whose registered office is at 16 Great Queen Street, Covent Garden, London, WC2B 5AH. Copies of these group financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
The auditor's report on the financial statements for the year ended 31 December 2025 was unqualified.
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In their report, the auditor included a material uncertainties related to going concern paragraph as described below:
Material uncertainties related to going concern
We draw attention to note 2.2 in the financial statements, which indicates that the company had net liabilities of £101,956 as at 31 December 2025. As a result, the company is dependent on cash receipts from confirmed projects being received as scheduled. Further, the company has received loan financing from the group which is repayable on demand. This is being repaid monthly and is anticipated to be fully repaid in December 2026. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that material uncertainties exist that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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The audit report was signed on 9 September 2026 by Mark Cunningham (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
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