Company No: 13120560 (England and Wales)

Contents

• Company Information
• Accountants' Report
• Balance Sheet
• Notes to the Financial Statements

Directors	D Gannon
	M Gannon

Secretary

M Gannon

Registered office	27 Old Gloucester Street
	London
	WC1N 3AX
	United Kingdom

Company number

13120560 (England and Wales)

Accountant	Kreston Reeves LLP
	Springfield House
	Springfield Road
	Horsham
	West Sussex
	RH12 2RG

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Image Furnishings Online Solutions Limited for the financial period ended 31 December 2025 which comprise the Balance Sheet and the related notes 1 to 9 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

This report is made solely to the Board of Directors of Image Furnishings Online Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 18 April 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Image Furnishings Online Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Image Furnishings Online Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Image Furnishings Online Solutions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Image Furnishings Online Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Image Furnishings Online Solutions Limited. You consider that Image Furnishings Online Solutions Limited is exempt from the statutory audit requirement for the financial period.

We have not been instructed to carry out an audit or a review of the financial statements of Image Furnishings Online Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kreston Reeves LLP

Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG

09 September 2026

	Note	31.12.2025		31.03.2025
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	54,184		0
		54,184		0
Current assets
Stocks		374,887		534,908
Debtors	5	348,934		163,626
Cash at bank and in hand		101,578		74,739
		825,399		773,273
Creditors: amounts falling due within one year	6	( 1,635,047)		( 1,106,685)
Net current liabilities		(809,648)		(333,412)
Total assets less current liabilities		(755,464)		(333,412)
Net liabilities		( 755,464)		( 333,412)
Capital and reserves
Called-up share capital	7	60		60
Profit and loss account		( 755,524 )		( 333,472 )
Total shareholders' deficit		( 755,464)		( 333,412)

For the financial period ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial period in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Image Furnishings Online Solutions Limited (registered number: 13120560) were approved and authorised for issue by the Board of Directors on 05 September 2026. They were signed on its behalf by:

M Gannon Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Image Furnishings Online Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 27 Old Gloucester Street, London, WC1N 3AX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £1.

The Company has transitioned from FRS 105 to FRS 102 1A due to the breach of the thresholds. There is no effect from transitioning on any adjustments made previously and there are no changes in accounting policies.

Going concern

Notwithstanding the net liabilities of £755,464 (31 March 2025: £333,412) the financial statements have been prepared on a going concern basis. This is because the directors are of the opinion that the Company has adequate working capital to cover its foreseeable requirements for the next 12 months. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount and to provide for any further liabilities that might arise.

Reporting period length

The Company is presenting the financial statements for a 9 month period. The change of the period end was made to align the financial year-end with the directors preferences. Due to this change of period the results for the current reporting period are not entirely comparable with those of prior periods.

Prior period adjustment

During the current period, a prior year adjustment was made in relation to the financial year ended 31 March 2025, to correct a supplier balance which the directors identified as being understated. The adjustment has been made retrospectively and the comparative figures for the year ended 31 March 2025 have been restated accordingly.

Further details of the adjustment, and the impact on the retained earnings, can be found in Note 2 of the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles

5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

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

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

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior period adjustment

For the financial year ended 31 March 2025, an adjustment has been made to correct a supplier balance which the directors identified as being understated. This has resulted in an increase in trade creditors of £242,407 and a decrease in retained earnings of £242,407.

		As previously reported		Adjustment		As restated
Period ended 31 March 2025		£		£		£
Trade creditors		740,958		242,407		983,365
Purchases		573,147		251,313		824,460
Foreign exchange gain		977		8,906		9,883

3. Employees

	Period from 01.04.2025 to 31.12.2025		Year ended 31.03.2025
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	2		2

4. Tangible assets

	Vehicles		Total
	£		£
Cost
At 01 April 2025	0		0
Additions	61,340		61,340
At 31 December 2025	61,340		61,340
Accumulated depreciation
At 01 April 2025	0		0
Charge for the financial period	7,156		7,156
At 31 December 2025	7,156		7,156
Net book value
At 31 December 2025	54,184		54,184
At 31 March 2025	0		0

5. Debtors

	31.12.2025		31.03.2025
	£		£
Trade debtors	285,788		150,066
Prepayments	63,086		0
Other debtors	60		13,560
	348,934		163,626

6. Creditors: amounts falling due within one year

	31.12.2025		31.03.2025
	£		£
Trade creditors	1,545,229		983,365
Amounts owed to connected companies	0		72,000
Accruals	3,740		2,249
Other taxation and social security	86,078		49,071
	1,635,047		1,106,685

7. Called-up share capital

	31.12.2025		31.03.2025
	£		£
Allotted, called-up and fully-paid
60 Ordinary shares of £ 1.00 each	60		60

8. Related party transactions

Other related party transactions

During the year the Company made the following related party transactions:
Image Furnishings Ltd
(Directors in common control)
During the period Image Furnishings Ltd repaid a loan owed to the Company. At the balance sheet date the amount owed from Image Furnishings Ltd was £Nil (31 March 2025 - £72,000).

During the period the Company sold goods to Image Furnishings Ltd totalling £98,089, and purchased goods from Image Furnishings Ltd totalling £271,526. The balance owed to Image Furnishings Ltd in relation to purchased goods at 31 December 2025 was £388,015 (31 March 2025: £315,354). The balance owed to the Company in relation to sold goods at 31 December 2025 was £89,838 (31 March 2025: £14,367).

Sofa Source Ltd
(Directors in common control)
During the period the Company purchased goods from Sofa Source Ltd totalling £765,808. The balance owed to Sofa Source Ltd in relation to purchased goods at 31 December 2025 was £1,062,106 (31 March 2025: £639,707).

9. Transition to FRS 102

The policies applied under the entity's previous framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.