The directors present their Strategic report for Dennis & Robinson Limited (the "company") for the year ended 31 December 2025. The Company is a wholly owned subsidiary of Ballingslöv International AB, which is part of Stena AB.

The business incurred an operating loss in 2025 of £4,331,000 (2024: loss £745,000) on sales of £24,938,000 (2024: £29,530,000). Revenue decreased in the year by 16% (2024: increase of 20%).

The year proved challenging, with turnover declining against the prior year’s strong recovery. The UK new-build housing market continued to face headwinds, including elevated mortgage rates, planning delays, and subdued consumer confidence, which weighed on order volumes across both the manufacturing/installation and project segments. While overall volume slightly increased in the year, due to the ongoing challenges in the market the business was impacted by customers downgrading spec on both kitchens and appliances affecting revenue.

Gross profit fell to £5,139,000 (2024: £7,757,000), with the gross margin contracting to 20.6% (2024: 26.3%). This decline reflects the business’s limited ability to absorb fixed overhead on a lower revenue base, together with input cost pressures on materials and energy.

Administrative expenses increased to £8,349,000 (2024: £7,188,000), driven by higher legal and professional fees, pension administration fees, along with continued investment in new channels. Distribution costs reduced to £1,132,000 (2024: £1,324,000) through operational efficiency measures.

Interest payable to the group remained significant at £1,145,000 (2024: £1,350,000), reflecting the ongoing funding provided by the parent group. The total loss before taxation for the year was £5,349,000 (2024: loss £2,093,000).

The loss for the financial year after taxation was £3,504,000 (2024: £1,470,000). Total comprehensive loss for the year was £4,419,000 (2024: loss £443,000) after an actuarial loss of £1,220,000 on the defined benefit pension schemes (2024: gain of £1,369,000).

The company continues to be supported by its parent group, Ballingslöv International AB and ultimately Stena AB, who have indicated their willingness to provide ongoing financial support for at least 12 months from the signing of these financial statements.

In 2025 the company signed a deed of release for a £3 million charge held over the property following a payment of £1 million, releasing the security previously in favour of the pension scheme.

During the year there was a £1.1m contribution towards the pension deficit (2024: £1m).

The directors consider the principal risks facing the company result from any decline in the UK housing market, the loss of a number of significant customers, competitor activity, maintaining operational efficiency, and the availability and price of raw materials and skilled labour. The company continues to take sufficient action to mitigate its exposure to such risks as far as reasonably possible through regular communications and forecasting with suppliers, customers, and employees.

For us, sustainability is both a responsibility and an opportunity. Optimum resource utilisation and re use are implemented as early as the design phase. We are clear about our environmental responsibility and the health and safety of employees and suppliers alike. Thanks to our national presence, we can take greater social responsibility. Our sharp focus on sustainability has made us aware of very many opportunities – for the environment, for our employees and for society at large. Our sustainability work is described in the Group Sustainability Report for the Ballingslöv International Group, which is submitted by Ballingslöv International AB, corporate identity number 556556 2807, registered office in Malmö. The Group Sustainability Report is published on our website.

Employee numbers have increased in the year in line with the company’s strategy. This combined with a reduction in revenue, has led to a decrease in average revenue per employee.

The business operates principally in the new-build residential supply chain, delivering and installing kitchens to customers developing new homes. Manufacturing and installation accounted for £16,181,000 of revenue and project income contributed £8,757,000. The geographic reach is national mainland UK with only minor exceptions. All turnover (£24,938,000) was generated in the United Kingdom.

A quality management system (QMS) is operated, providing a clear structure for managing the business and allowing appropriate identification of risk and how risk is addressed. The QMS is compliant with the internal expectations of Ballingslöv International AB and the Stena Group and the external requirements of ISO9001:2015, ISO140001:2015 and ISO45001:2018. Furthermore, the company supplements its own quality processes with external accreditations and holds FIRA gold certification for products and installation service, is a member of the Furniture Industry Sustainability Programme (FISP) and is certified in accordance with the requirements of the Forest Stewardship Council (FSC®).

Employee health, wellbeing and safety related processes are monitored and reviewed regularly. Where employees, or others, are exposed to risk information, instruction and training are provided. The company operates the Construction Skills Certificate Scheme (CSCS) and subscribes to the Safety Skills in Procurement (SSIP) scheme as well as conforming to ISO45001:2018.

Employees

The company strives to create an environment that encourages employees to maximise their contribution to the success of the company and their own personal development. This is achieved through a tiered approach to managing performance where corporate, team and individual objectives are aligned. Roles are defined and grading systems are used so that the relative responsibilities and accountabilities of each role are clearly understood.

The company’s employee survey takes place each year taking the temperature of employee engagement. This is done with the help of a leading organisation specialising in workplace culture called the “Great Place to Work” institute. The company benchmarks employee sentiment against industry norms and uses the data to drive improvement programs. In 2025 the company achieved accreditation as a ‘Great Place To Work’ with a score of 67% (2024 66%).

Average number of employees in the year by gender and seniority are as follows:

2025 2024    

Male Female Male Female

Total employees     170        45     137     46

Of which senior managers     4        2     5     1

Of which directors     1        1     1     1

Human Rights

Policy statements regarding human rights, modern slavery and bribery and corruption are incorporated into the Ballingslöv International AB Code of Conduct which is available on the company’s website.

Section 172 of the Companies Act 2006 requires that the Directors act in a way that they consider to be in good faith, would be most likely to promote the success of the Company for the for the benefit of its shareholders and in doing so have regard to:

• The likely consequences of any decision in the long term;

• The interests of the company’s employees;

• The need to foster the company’s business relationships with suppliers, customers and others;

• The impact of the company’s operations on the community and the environment;

• The desire of the company to maintain a reputation for high standards of business conduct;

• The need to act fairly between members of the company.

The Directors have complied with these requirements.

A regular strategic board meeting is held with all key decisions taken with a view to the long term health of the Company. Dennis & Robinson Ltd regards the satisfaction and retention of staff, clients and suppliers as a key factor in the continued success of the Company, with decisions being taken that consider the views of all of these stakeholders.

Stakeholder engagement

Shareholders

The Company aims to build supportive working relationships with Shareholders (who are also lenders) and communicates progress and strategy via update presentation and other meetings as required.

Client and Suppliers

Managing close relationships with customers and network of vendors and contractors is core to the achievement of our business objectives.

Regulators

The company complies with all reporting and keeps up to date with changes in regulatory requirements relating to the operation of the business.

On behalf of the board

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

The principal activity of the company continued to be that of manufacturing and installation of kitchens and bathrooms for the new housing market.

The results for the year are set out on page 11.

The loss for the year, after taxation, amounted to £3,504,000 (2024 - £1,470,000).

The net assets in the business totalled £997,000 at 31 December 2025, (2024: £5,416,000).

No dividends will be distributed for the year ended 31 December 2025 (2024: £Nil).

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company's operations expose it to a variety of financial risks that include the effects of changes in foreign exchange, credit risk and liquidity and interest rate risk. The company's overall risk management programme focuses on the unpredictability of the financial markets and seeks to minimise potential adverse effects on the company's financial performance.

The company maintains a short term debt as part of group financing facility that is designed to ensure the company has sufficient available funds for operations and planned expansion. Interest rate risk exposure is managed by group treasury.

The company is exposed to foreign exchange risk primarily with the Euro. Direct foreign exchange risks arise through the purchase of inventory in Euros, whilst sales in the company key market of the UK are denominated in Sterling. Fluctuations are monitored and no hedging Instruments are currently used.

Indirect exposure to foreign exchange risks may arise through the purchase of inventory in Sterling but suppliers have a secondary exposure purchasing in Euros. The company works actively with such suppliers to offset this exposure but where such risks are unavoidable the company may choose to adjust customer pricing to compensate.

The company has policies in place that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual customer is subject to a limit, which is periodically reviewed.

The business continues to be highly focused on increasing market share in the new housing market while launching new revenue streams via retail and bedrooms.

The business continues its journey in delivering its company strategy of being ‘best in class for service’, developing

the brand and elevating its overall position in the market.

Investment in the business’s continuous improvement programme with a clear directive of enhancing and improving our customer journey continues.

Employees

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the company continues and the appropriate training support is arranged. It is the policy of the company that the opportunities for training, career development and promotion of a disabled person with a disability should, as far as practicable, be identical to that of a person who does not suffer from a disability.

Consultation with elected employee representatives takes place on a monthly basis with the aim of ensuring that their ideas to improve the working environment are heard.

Communication with all employees continues through weekly team briefings by managers and regular companywide meetings given by the Exec team. The company operates a permanent Company Forum for consultation and joint problem solving. All relevant employees are signed up to the Group Code of Conduct and this is a condition of employment for all new employees.

Going concern

The company's financial statements have been prepared on a going concern basis. The company made a loss in the year mainly due to operating at a volume level below break even. The intermediate parent company, Ballingslöv International AB, have indicated their ongoing willingness to provide financial support to the company. On this basis, the Directors of the company are confident that the company will have adequate resources to continue in operational existence for the foreseeable future.

In accordance with the company's articles, a resolution proposing that HJS Accountants Limited be reappointed as auditor of the company will be put at a General Meeting.

The company's greenhouse gas emissions and energy consumption for the year are:

Data is collated using information from Energy bills and fuel card usage. UK Government GHG Conversion Factors for Company Reporting are used to determine the CO2e emission associated with our Scope 1 operations.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 of the profit or loss of the company 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Dennis & Robinson Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 company's affairs as at 31 December 2025 and of its loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the 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.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

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

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

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as Employment Law and Health & Safety regulations. We also considered the laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.

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

Audit procedures performed by the audit engagement team included:

• Discussions with senior management, including consideration of known or suspected instances of noncompliance with laws and regulations or instances of fraud;

• Identifying and testing journal entries based on risk criteria;

• Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

• Testing transactions entered into outside of the normal course of the company's business;

• Reviewing any potential litigation or claims against the entity which indicate any potential noncompliance issues.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or though collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Dennis & Robinson Limited is a private company limited by shares incorporated in England and Wales. The registered office is Paula Rosa Manhattan, Blenheim Road, Lancing Business Park, Lancing, West Sussex, England, BN15 8UH.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Stena AB as at 31 December 2023. These consolidated financial statements are available from Box 7123, 402 33 Gothenburg, Sweden.

The company's financial statements have been prepared on a going concern basis. trueThe company made a loss in the year mainly due to operating at a volume level below break even. The intermediate parent company, Ballingslöv International AB, have indicated their willingness to provide financial support to the company as required, for at least 12 months from the signing of the financial statements. On this basis and considering the ability of Ballingslöv International AB to provide this support as detailed below, the directors of the company are confident that the company will have adequate resources to continue in operational existence for the foreseeable future.

Turnover is recognised to the extent that it is probably that the economic benefits will flow to the company and the turnover can be reliably measured.

Housebuild turnover is based on when the customer confirms the goods and services are complete. Project turnover is recognised based on the costs of goods and services incurred and projected profit margins.

All turnover is shown net of Valued Added Tax.

As turnover is recognised a corresponding amount is included within debtors/released from deferred income.

The company recognises revenue from the following major sources:

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

Assets under construction (AUC) are capitalised upon incurring the expense and depreciated when the assets are first started to be used.

Assets that are subject to depreciation or amortisation are assessed at each Statement of financial position date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each Statement of financial position date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Stocks and work in progress are valued at the lower of cost and net realisable value. Cost of finished goods and work in progress includes overhead appropriate to the stage of manufacture. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow moving items.

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 current liabilities.

The company only enters into Basic financial instrument transactions.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The company has recognised provisions for impairment of trade receivables, customer rebates and income tax in its financial statements all of which requires management to make judgements. The judgements, estimates and associated assumptions to calculate these provisions are based on historical experience and other reasonable factors.

In addition in the year the directors have recognised an onerous lease provision where the company had a a lease commitment for a property they do not expect to be use in the future. Judgments have been made on the ability of the company to end this lease and if the company might find a use for the property in the future.

The company is the principal employer of a pension scheme that has obligations to pay pension benefits to certain employees and former employees. The cost of these benefits and the present value of the obligations are determined based on assumptions concerning the discount rates on corporate bonds, future salary increases, mortality rates and future pension increases. Due to the complexity of this valuation the underlying assumption and the long term nature of these plans, such estimates are subject to significant uncertainty.

The waiver of intercompany debt was from a sister company KWP Interiors Limited, registered number 03471086.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

Mr MA Hegdal and Mr B Hauber are remunerated by the ultimate parent company in Sweden for their services in Dennis & Robinson Limited and no (2024: Nil) recharge is made to the company as their services are considered incidental to their services to the rest of the group.

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

In addition to the amount credited to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

The replacement cost of inventories is considered the same as the carrying value.

The following are the major deferred tax liabilities and assets recognised by the company:

The deferred tax liability will reverse as the fixed assets come to the end of their useful lives and the pension fund deficit is eliminated.

The company operates a group personal pension plan. The company's contributions are limited to 4% of pensionable earnings for those employees who were members of the company's defined contribution scheme as long as those employees also make a a contribution of at least 3.5% of their pensionable earnings.

The company operates two defined benefit pension schemes. The schemes are both administered by Barnett Waddingham Limited. All members rights, assets and employer obligations of the pension schemes are separately identifiable. The schemes provide retirement benefits on the basis of members' final salary. The schemes are closed to new members. The notes below describe the consolidated position for both pension schemes.

Assumed life expectations on retirement at age 65:

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

The defined benefit obligations arise from plans which are wholly or partly funded.

The actual (loss)/return on plan assets was £367,000 (2024 - £239,479).

Share premium account represents the amount subscribed for share capital in excess of the nominal value.

The capital reserve represents capital equity contributions from the parent company.

The movement in each reserve are set out within the statement of changes in equity.

The company, under a group VAT registration, is jointly and severally liable for Value Added Tax due by Southdown Kitchen Furniture Limited. At 31 December 2025 there was no liability (2024: £nil).

The company can be subject to claims and potential claims from customers and other third parties from time to time. Liabilities for which a cash outflow is considered probable are provided for in the company's financial statements. Liabilities for which a cash outflow is considered possible are disclosed as a contingent liability in the company's financial statements. There are no further matters for which provisions have not been made that require additional disclosure in these financial statements.

During the year being reported discussions were held with the parent company and the pension providers to remove a charge over the property. On 3 April 2025 the company signed the deed of release for a £3 million charge that was held over the property following a payment of £1 million being made.

The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

The company's immediate parent company is Southdown Kitchen Furniture Limited.

Southdown Kitchen Furniture Limited is a wholly owned subsidiary of Ballingslov International AB incorporated in Sweden, whose principal place of business is Jungmansgatan 12, 211 19 Malmo, Sweden.

The ultimate parent company of the group is Stena AB incorporated in Sweden, whose principal place of business is Box 7123, 402 33 Gothenburg, Sweden.

Stena AB is the smallest and largest group to consolidate these financial statements. The consolidated financial statements of Stena AB are available to the public and can be obtained from the above address or from Stena.com.

The ultimate controlling party is Dan Sten Olsson.