ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 00427594

RAYMOND (EUROPE) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

RAYMOND (EUROPE) LIMITED

COMPANY INFORMATION

Directors	G. H. Singhania
	M. Mishra


Company secretary	M. Mishra


Registered number	00427594


Registered office	Barratt House
	341-349 Oxford Street
	London
	United Kingdom
	W1C 2JE


Independent auditors	Sumer Auditco Limited
	Chartered Accountants & Statutory Auditors
	14th Floor
	33 Cavendish Square
	London
	W1G 0PW

RAYMOND (EUROPE) LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 9
Statement of comprehensive income	10
Balance sheet	11 - 12
Statement of changes in equity	12
Notes to the financial statements	13 - 22

RAYMOND (EUROPE) LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their Annual Report, together with the financial statements and auditor's report of Raymond (Europe) Limited, (the "Company") for the year ended 31 December 2025.

Business review

During the year the Company sought to position itself for future growth opportunities for longer term value for the shareholders.

Long term relationships with major customers remain strong and this allied to further enhancements should help the Company achieve its desired returns.

The directors consider that the results for the year and the state of the Company's affairs at the year end, as shown in the financial statements, to be satisfactory.

Principal risks and uncertainties

Foreign exchange risk
Foreign currency risk exposures arises primarily from trade receivables, trade payables and intercompany loans denominated in Euros and US Dollars.

Trade receivables
Trade receivables are managed in respect of credit and cash flow risk by regular review of customers' credit rating, continual communication with customers and regular monitoring of amounts outstanding and the age of debt.

Trade payables
Trade payables liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Inflation
High inflation in the economy puts a pressure on demand for our goods and our colleagues' economic security. We are mitigating this risk by monitoring customer demand closely and adapting our buying and marketing strategies accordingly.

Financial risks
The company’s financial instruments comprise bank balances, trade creditors and trade debtors.

Liquidity risk is managed by maintaining sufficient cash balances.

Credit risk is managed by closely monitoring customers’ outstanding amounts.

Interest rate risk is managed by holding minimal debt relative to the company’s turnover and profit.

Page 1

RAYMOND (EUROPE) LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial key performance indicators

The directors use a number of key performance indicators to assess business performance. Principal amongst these are turnover, gross profit margin, operating profit and net assets which are reported in the audited financial statements.

The key performance indicators of the company are turnover and gross profit margin. A brief analysis of these is shown below:

2025 2024 Variance
£ £ %
Turnover 19,205,713 19,346,794 (0.7)
Gross profit margin 11.8% 12.6% (0.8)

The gross profit margin has increased due to lower demand from lower margin customers compared to demand from higher margin customers.

This report was approved by the board and signed on its behalf.

................................................

M. Mishra

Director

Date: 30 June 2026

Page 2

RAYMOND (EUROPE) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.

Principal activity

The principal activity of the company was sale of wholesale clothing.

Results and dividends

The profit for the year, after taxation, amounted to £31,867 (2024 - £42,637).

There were no dividends distributed in the current or prior year.

Directors

The directors who served during the year were:

G. H. Singhania

M. Mishra

Page 3

RAYMOND (EUROPE) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

M. Mishra

Director

Date: 30 June 2026

Page 4

RAYMOND (EUROPE) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYMOND (EUROPE) LIMITED

Qualified opinion

We have audited the financial statements of Raymond (Europe) Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

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

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

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

Basis for qualified opinion

We were unable to obtain sufficient appropriate audit evidence regarding the existence of inventory held by a
third party as at 31 December 2024 and 31 December 2025, which is stated in the financial statements at £760,145 and £700,145, respectively. The inventory was supplied with incorrect labels, and as a result, we were unable to perform adequate physical verification procedures. Alternative audit procedures to confirm the existence of this inventory were not possible due to the nature of the issue. Consequently we were unable to determine whether any adjustments to these amounts at 31 December 2024 and 31 December 2025 was necessary or whether there was any consequential effect on the cost of sales.

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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 qualified 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.

Page 5

RAYMOND (EUROPE) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYMOND (EUROPE) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

As described in the basis for qualified opinion section of our report, we were unable to obtain sufficient
appropriate audit evidence regarding the existence of inventory held by a third party as at 31 December 2024 and 31 December 2025.

We have concluded that where the other information refers to the inventory balance or related balances such as
cost of sales, it may be materially misstated for the same reason.

Opinion on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the 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.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, 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.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

∙we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

∙we were unable to determine whether adequate accounting records have been kept.

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:

∙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.

Page 6

RAYMOND (EUROPE) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYMOND (EUROPE) LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.

Page 7

RAYMOND (EUROPE) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYMOND (EUROPE) LIMITED (CONTINUED)

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 an Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:

• the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
• the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls); and
• the industry and environment in which it operates.

We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.

Based on this understanding we identified the following matters as being of significance to the entity:

• laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation and distributable profits legislation;
• the timing of the recognition of commercial income;
• compliance with legislation relating to health and safety and local employment law.
• management bias in selecting accounting policies and determining estimates;
• inappropriate journal entries;
• recoverability of debtors; and
• the requirement to impair stock and the amount of any such impairment.

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:

• enquiries of management and those charged with governance as to whether the entity complies
with such laws and regulations;
• enquiries with the same concerning any actual or potential litigation or claims;
• discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;
• assessment of matters reported to management and the result of the subsequent investigation;
• obtaining an understanding of the relevant controls during the period;
• identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash
• accessing the recovery of debtors in the period since the balance sheet date and challenging

Page 8

RAYMOND (EUROPE) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYMOND (EUROPE) LIMITED (CONTINUED)

assumptions made by management regarding the recovery of balances which remain outstanding;
• reviewing the financial statements for compliance with the relevant disclosure requirements;
• performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;and
• evaluating the underlying business reasons for any unusual transactions.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 Auditors' 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 Auditors' 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.

Atulya Mehta FCCA (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited

Chartered Accountants

Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW

30 June 2026

Page 9

RAYMOND (EUROPE) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	19,205,713	19,346,794
Cost of sales		(16,933,735)	(16,913,262)
Gross profit		2,271,978	2,433,532
Distribution costs		(793,728)	(1,195,677)
Administrative expenses		(1,310,989)	(1,074,943)
Operating profit	5	167,261	162,912
Interest receivable and similar income		736	76
Interest payable and similar expenses		(123,606)	(106,138)
Profit before tax		44,391	56,850
Tax on profit	9	(12,524)	(14,213)
Profit for the year		31,867	42,637

There was no other comprehensive income for 2025 (2024:£NIL).

Page 10

RAYMOND (EUROPE) LIMITED

REGISTERED NUMBER: 00427594

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£


Current assets
Stocks	11	2,686,185		3,333,903
Debtors: amounts falling due after more than one year	12	31,105		34,373
Debtors: amounts falling due within one year	12	7,315,933		6,740,528
Cash at bank and in hand	13	657,257		647,263
		10,690,480		10,756,067
Creditors: amounts falling due within one year	14	(8,551,415)		(9,206,196)
Net current assets			2,139,065		1,549,871
Total assets less current liabilities			2,139,065		1,549,871
Creditors: amounts falling due after more than one year	15		(1,438,000)		(880,673)

Net assets			701,065		669,198

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	700,065	668,198
	701,065	669,198

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

M. Mishra

Director

Date: 30 June 2026

Page 11

RAYMOND (EUROPE) LIMITED

REGISTERED NUMBER: 00427594

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	1,000	625,561	626,561

Profit for the year	-	42,637	42,637

At 1 January 2025	1,000	668,198	669,198

Profit for the year	-	31,867	31,867
At 31 December 2025	1,000	700,065	701,065

The notes on pages 13 to 22 form part of these financial statements.

Page 12

RAYMOND (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Raymond (Europe) Limited is a private company limited by share capital, incorporated in England and Wales, registered number 00427594. The address of the registered office is Barratt House, 341-349 Oxford Street, London, W1C 2JE.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and 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:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Raymond Lifestyle Limited as at 31 March 2025 and these financial statements may be obtained from Plot No. 156, No. 2, Village Zadagon, Ratnagiri 415612, (Maharashtra), India.

Page 13

RAYMOND (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

2.4

Turnover

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.

Commission income is recognised only when the customer has paid for the goods supplied and the cash is received.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 14

RAYMOND (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.8

Pensions

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.

2.9

Taxation

Tax is recognised in profit or loss 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.

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 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 15

RAYMOND (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historic experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances.

Clothing wholesale	17,661,693	18,185,758
Commissions receivable	1,544,020	1,161,036
	19,205,713	19,346,794

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	12,561,787	15,106,432
Rest of Europe	3,092,439	1,721,026
Rest of the world	3,551,487	2,519,336
	19,205,713	19,346,794

Page 16

RAYMOND (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

	Exchange differences	140,147	(51,879)
	Other operating lease rentals	165,263	163,088

Fees payable to the Company's auditors for the audit of the Company's financial statements

11,528

18,900

Wages and salaries	345,900	331,317
Social security costs	30,324	36,935
Cost of defined contribution scheme	43,899	4,131
	420,123	372,383

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Management	1	1
Marketing	1	1
Administrative	6	6

	8	8

Page 17

RAYMOND (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	Directors' remuneration
		2025	2024
		£	£

	Directors' emoluments	150,000	135,417

The highest paid director received remuneration of £150,000 (2024 - £135,417).

Corporation tax
Current tax on profits for the year	12,524	14,213

	Deferred tax
	Total deferred tax	-	-

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	9,899	14,213
Effects of:
Expenses adjustment	2,625	-
Total tax charge for the year	12,524	14,213

Page 18

RAYMOND (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.	Tangible fixed assets

		Fixtures, fittings & equipment
		£
	Cost or valuation
	At 1 January 2025	98,176
	At 31 December 2025	98,176
	Depreciation
	At 1 January 2025	98,176
	At 31 December 2025	98,176
	Net book value
	At 31 December 2025	-
	At 31 December 2024	-

11.	Stocks
		2025	2024
		£	£

Raw materials and consumables	140,691	125,100
Finished goods and goods for resale	2,545,494	3,208,803
	2,686,185	3,333,903

Page 19

RAYMOND (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	Debtors
		2025	2024
		£	£

Due after more than one year
Trade debtors	6,393	9,661
Other debtors	24,712	24,712
	31,105	34,373

					2025	2024
					£	£

Due within one year
Trade debtors	5,070,644	6,634,310
Other debtors	2,219,752	1,281
Prepayments and accrued income	25,537	104,937
	7,315,933	6,740,528

13.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	657,257	647,263
Less: bank overdrafts	(1,009,480)	(710,859)
	(352,223)	(63,596)

Page 20

RAYMOND (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	1,009,480	710,859
Trade creditors	6,041,543	6,329,053
Amounts owed to group undertakings	236,541	187,952
Corporation tax	12,561	14,249
Other taxation and social security	381,346	272,180
Other creditors	168,145	206,160
Accruals and deferred income	701,799	1,485,743
	8,551,415	9,206,196

The bank overdraft of £1,009,480 (2024: £710,859) is secured by way of floating charge over the assets of the Company.

15.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

	Amounts owed to group undertakings	1,438,000	880,673

16.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,399 (2024 - £4,131). Contributions totalling £nil (2024 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year	108,150	108,150
Later than 1 year and not later than 5 years	432,600	432,600
Later than 5 years	36,050	144,200
	576,800	684,950

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RAYMOND (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.

Related party transactions

The company has taken advantage of the exemptions available in Financial Reporting Standard 102, whereby it has not disclosed transactions with the immediate parent company or any wholly owned subsidiary undertaking of the group.

Included in other debtors there is the amount of £1,064 (2024: £1,064) which directors owe to the company.

During the year rent of £19,200 (2024: £19,200) was paid to a director of the company.

19.	Controlling party

The company regards Raymond Lifestyle Limited, a company incorporated in India, as its immediate and ultimate parent undertaking for the current and preceding year. The financial statement in which the results of the company are consolidated are available to the public at the following address:

Plot G-35&36
MIDC, Waluj
Taluka Gangapur
Chhatrapati Sambhajinagar
(Aurangabad)
431136
Maharashtra
India

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