REGISTERED NUMBER: 04298108 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

DURAVIT UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTOR:

M C Carroll

REGISTERED OFFICE:

Unit 7 Stratus Park

Brudenell Drive, Brinklow

Milton Keynes

Buckinghamshire

MK10 0DE

REGISTERED NUMBER:

04298108 (England and Wales)

AUDITORS:

RFM Audit Services LLP, Statutory Auditor

Unit 1, Guest House Farm

Runshaw Lane

Euxton

Chorley

Lancashire

PR7 6HD

The director presents his strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The company aims to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is constant with the size and non-complex nature of the business within its market sector of bathroom and sanitary ware.

As the importer of the Duravit brand into UK and Ireland, the company's activities are the distribution of existing and new product to wholesalers and the provision of parts to service customer requirements.

PRINCIPAL RISKS AND UNCERTAINTIES

The market outlook for 2026 will continue to be challenging with the market forecast to stabilise, however importing remains a concern and challenges the service levels of the business.

Cost control and actively managing customer credit are areas that remain a strong focus for the business.

Employee retention and acquisition is a continuing uncertainty as the pool of employees with the right skill levels are decreasing. Sales development through actively developing our established and stable customer base is a priority, whilst developing new areas of business both in product and channel offer a real opportunity for sales growth.

The Bathroom Manufacturers association estimate market growth to remain static to 2% growth in 2026.

FUTURE DEVELOPMENT AND PERFORMANCE DURING THE YEAR

The Strategic aims of the company: strong brand development, cost control, sales development and gross profit enhancement remain in place and are a key focus for driving the business.

The company continues investment in new and innovative products, strong marketing activities, which included long term brand building and channel development. The Duravit design centre based in the heart of the London A&D community continued to perform well with its aims at securing long term partnerships with key developers, interior Design practices and Architects.

The business has continued to manage debt through active credit control.

KEY PERFORMANCE INDICATORS

Key financial performance indicators are those that communicate our position and success in the UK and Ireland markets, these being sales turnover and gross margin.

Sales have decreased by 13% from £23.7m to £20.6m. Gross profit margin has increased from 16.2% to 20.3% due to a decrease in purchase costs from Germany. Due to decreased administrative costs, the company generated an operating loss of £674,255 (2024: £1,131,200).

FINANCIAL POSITION AT THE REPORTING DATE

Shareholder's Funds as of 31 December 2025 were £35,900 (2024: £848,582). Stock holding was £2,279,834 (2024: £2,169,863) and the trade balance with Duravit AG was a creditor of £4,823,418 (2024: £4,097,778).

ON BEHALF OF THE BOARD:

M C Carroll - Director

27 February 2026

The director presents his report with the financial statements of the company for the year ended 31 December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTOR

M C Carroll held office during the whole of the period from 1 January 2025 to the date of this report.

FINANCIAL INSTRUMENTS

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are conducted in sterling and foreign currency for which company minimise exposure to exchange rate volatility through its internal management processes. The company does not enter into any formally designated hedging arrangements.

GOING CONCERN

The directors have reviewed the company's objective, risk and management polices along with the market positioning in respect of all business risks. The directors continue to review and assess the current forecast and projections for the company. As a result, the directors have concluded that the company has adequate and sufficient resources to continue to adopt a going concern basis in preparing the financial statements.

EVENTS AFTER THE BALANCE SHEET DATE

There are no matters to report as post balance sheet events.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with the Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, RFM Audit Services LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M C Carroll - Director

27 February 2026

Opinion

We have audited the financial statements of Duravit UK Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the 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 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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

-	adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, is detailed below.

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with the directors and other management, and from our commercial knowledge and experience of the bathroom and sanitary ware sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making

enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and

regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Flynn FCA (Senior Statutory Auditor)

for and on behalf of RFM Audit Services LLP, Statutory Auditor

Unit 1, Guest House Farm

Runshaw Lane

Euxton

Chorley

Lancashire

PR7 6HD

27 February 2026

TURNOVER

3

20,569,397

23,764,435

Cost of sales

16,395,167

19,925,608

GROSS PROFIT

4,174,230

3,838,827

Distribution costs

1,382,592

1,436,768

Administrative expenses

3,465,893

3,533,259

4,848,485

4,970,027

OPERATING LOSS

5

(674,255

)

(1,131,200

)

Interest receivable and similar income

-

2,477

(674,255

)

(1,128,723

)

Interest payable and similar expenses

6

131,335

85,592

LOSS BEFORE TAXATION

(805,590

)

(1,214,315

)

Tax on loss

7

7,092

(372

)

LOSS FOR THE FINANCIAL YEAR

(812,682

)

(1,213,943

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(812,682

)

(1,213,943

)

FIXED ASSETS

Intangible assets

8

3,243

-

Tangible assets

9

134,420

59,450

137,663

59,450

CURRENT ASSETS

Stocks

10

2,279,834

2,169,863

Debtors

11

2,389,455

2,594,035

Cash at bank

949,431

1,089,505

5,618,720

5,853,403

CREDITORS

Amounts falling due within one year

12

5,709,860

5,060,740

NET CURRENT (LIABILITIES)/ASSETS

(91,140

)

792,663

TOTAL ASSETS LESS CURRENT LIABILITIES

46,523

852,113

PROVISIONS FOR LIABILITIES

14

10,623

3,531

NET ASSETS

35,900

848,582

CAPITAL AND RESERVES

Called up share capital

15

12,000

12,000

Retained earnings

16

23,900

836,582

SHAREHOLDERS' FUNDS

35,900

848,582

The financial statements were approved by the director and authorised for issue on 27 February 2026 and were signed by:

M C Carroll - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

12,000

2,050,525

2,062,525

Changes in equity

Total comprehensive income

-

(1,213,943

)

(1,213,943

)

Balance at 31 December 2024

12,000

836,582

848,582

Changes in equity

Total comprehensive income

-

(812,682

)

(812,682

)

Balance at 31 December 2025

12,000

23,900

35,900

Cash flows from operating activities

Cash generated from operations

1

91,356

(221,805

)

Interest paid

(131,335

)

(85,592

)

Net cash from operating activities

(39,979

)

(307,397

)

Cash flows from investing activities

Purchase of intangible fixed assets

(3,336

)

-

Purchase of tangible fixed assets

(96,760

)

(9,320

)

Sale of tangible fixed assets

1

-

Interest received

-

2,477

Net cash from investing activities

(100,095

)

(6,843

)

Decrease in cash and cash equivalents

(140,074

)

(314,240

)

Cash and cash equivalents at beginning of year

2

1,089,505

1,403,745

Cash and cash equivalents at end of year

2

949,431

1,089,505

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Loss before taxation

(805,590

)

(1,214,315

)

Depreciation charges

21,881

22,612

Loss on disposal of fixed assets

-

22

Finance costs

131,335

85,592

Finance income

-

(2,477

)

(652,374

)

(1,108,566

)

Increase in stocks

(109,971

)

(305,155

)

Decrease in trade and other debtors

204,581

843,796

Increase in trade and other creditors

649,120

348,120

Cash generated from operations

91,356

(221,805

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

949,431

1,089,505

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

1,089,505

1,403,745

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank

1,089,505

(140,074

)

949,431

1,089,505

(140,074

)

949,431

Total

1,089,505

(140,074

)

949,431

1.	STATUTORY INFORMATION

Duravit UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

RELATED PARTY EXEMPTION

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

In the application of the company's accounting policies, the director is 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 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.

Significant judgements and estimates made by the director in preparing these financial statements which also have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

- Depreciation rates and the useful lives of tangible fixed assets.

- Provisions for showroom stock.

- Value of the dilapidations provision.

TURNOVER

Revenue is the amount derived from ordinary activities and is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT. Revenue from the sale of kitchen and bathroom products as specified in the strategic report is recognised when all the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- 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 economic benefits associated with the transaction will flow to the company;

and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

TANGIBLE FIXED ASSETS

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Short Leasehold Properties straight line 10-25%

Plant and Machinery straight line 12.5-33%

STOCKS

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments. 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

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.

Impairment of financial assets

Financial assets 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.

Derecognition of financial assets

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. Derecognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

TAXATION

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

FOREIGN CURRENCIES

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GOING CONCERN

The financial statements have been prepared on a going concern basis as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The company also has continued support from its parent company, Duravit AG.

Given the above, the directors consider it appropriate to adopt a going concern basis in preparing the financial statements.

LEASING COMMITMENTS

Rentals Payable and receivable under operating leases are charged to the profit and loss on a straight line basis over the period of the lease.

Incentives received to enter into the lease agreement are recogonised in the profit and loss account over the shorter of the lease term and the period to the next lease review.

3.

TURNOVER

The turnover and pre-tax result is attributable to Sales of Bathroom and Kitchen Products.

2025

2024

£

£

Sales

20,569,397

23,764,435

20,569,397

23,764,435

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,499,370

1,569,873

Social security costs

195,498

185,214

Other pension costs

96,030

100,077

1,790,898

1,855,164

The average number of employees during the year was as follows:

2025

2024

Management and administration

5

5

Production and sales

27

28

32

33

Information regarding the highest paid director for the year ended 31 December 2025 is as follows:

2025

£

Emoluments etc

199,745

Pension contributions to money purchase schemes

29,904

5.	OPERATING LOSS

The operating loss is stated after charging:

2025

2024

£

£

Depreciation - owned assets

21,789

22,612

Loss on disposal of fixed assets

-

22

Computer software amortisation

93

-

Loss on disposal of fixed assets

-

22

Auditors fees

12,500

12,500

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Interest charged by holding

company

131,335

85,592

131,335

85,592

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the loss for the year was as follows:

2025

2024

£

£

Deferred tax:

Origination and reversal of

timing differences

7,092

(372

)

Tax on loss

7,092

(372

)

RECONCILIATION OF TOTAL TAX CHARGE/(CREDIT) INCLUDED IN PROFIT AND LOSS

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Loss before tax

(805,590

)

(1,214,315

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

(201,398

)

(303,579

)

Effects of:

Expenses not deductible for tax purposes

2,834

4,323

Unrecognised deferred tax asset

205,656

298,884

Total tax charge/(credit)

7,092

(372

)

8.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

Additions

3,336

At 31 December 2025

3,336

AMORTISATION

Amortisation for year

93

At 31 December 2025

93

NET BOOK VALUE

At 31 December 2025

3,243

9.	TANGIBLE FIXED ASSETS

Short

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 1 January 2025

368,359

397,049

765,408

Additions

24,191

72,569

96,760

Disposals

(23,624

)

(35,018

)

(58,642

)

At 31 December 2025

368,926

434,600

803,526

DEPRECIATION

At 1 January 2025

317,289

388,669

705,958

Charge for year

17,114

4,675

21,789

Eliminated on disposal

(23,623

)

(35,018

)

(58,641

)

At 31 December 2025

310,780

358,326

669,106

NET BOOK VALUE

At 31 December 2025

58,146

76,274

134,420

At 31 December 2024

51,070

8,380

59,450

10.

STOCKS

2025

2024

£

£

Finished goods

2,279,834

2,169,863