ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 01744021

RABART DECORATORS MERCHANTS LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND
CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

RABART DECORATORS MERCHANTS LIMITED

COMPANY INFORMATION

Directors	Mr A Bush (deceased)
	Mr A J Bush
	Mr M S Bush
	Mr R A Bush
	Mr S Bush


Company secretary	Mr S Bush


Registered number	01744021


Registered office	Pontsarn Road
	Pant Industrial Estate
	Dowlais
	Merthyr Tydfil
	CF48 2SR


Independent auditor	MHA
	MHA House
	Charter Court
	Swansea Enterprise Park
	Swansea
	SA7 9FS

RABART DECORATORS MERCHANTS LIMITED

CONTENTS

	Page
Group strategic report	3
Directors' report	4 - 5
Independent auditor's report	6 - 9
Consolidated statement of comprehensive income	10
Consolidated balance sheet	11 - 12
Company balance sheet	13 - 14
Consolidated statement of changes in equity	15
Company statement of changes in equity	16
Consolidated statement of cash flows	17 - 18
Consolidated analysis of net debt	19
Notes to the financial statements	20 - 40

RABART DECORATORS MERCHANTS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

Business review

The group uses the following key performance indicators :

	2025	2024
Turnover	£18,661,939	£18,543,887
Gross profit	31.6%	31.7%
Profit before tax	0.85%	-0.01%

Principal risks and uncertainties

As the group operates in an environment with changing demand patterns, there is always the threat of loss of sales through not moving with the times. This however is being managed by the group by constantly being in touch with suppliers regarding new products.

Financial risk management objectives and policies

The group operates a number of risk management policies designed to minimise its exposure to financial risk, including key financial controls which are reviewed regularly to ensure that risk is mitigated and opportunities fully explored.

Developments and performance

The market continues to be challenging and price increases continue to put pressure on margins.

The group continues to have a strong Balance Sheet and its cash position remains strong.

The group remains committed to achieving a return to profitability growth going forward.

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

Mr M S Bush

Director

Date: 14 September 2026

Page 3

RABART DECORATORS MERCHANTS 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the group and the company in the year under review was that of trade and retail sale of decorating materials.

Results and dividends

The profit for the year, after taxation, amounted to £80,627 (2024 - loss £261,955).

The total distribution of dividends for the year ended 31 December 2025 will be £220,000.

Directors

The directors who served during the year were:

Mr A Bush

Mr A J Bush

Mr M S Bush

Mr R A Bush

Mr S Bush

Matters covered in the Group strategic report

Included in the group's strategic report is a review of the business and a description of the principal risks and uncertainties facing the group.

Page 4

RABART DECORATORS MERCHANTS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditor

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 and the Group's auditor is 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 and the Group's auditor is aware of that information.

Auditor

The auditor, MHA, 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.

Mr M S Bush

Director

Date: 14 September 2026

Page 5

RABART DECORATORS MERCHANTS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RABART DECORATORS MERCHANTS LIMITED

Opinion

We have audited the financial statements of Rabart Decorators Merchants Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's 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 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 Group 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 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 Group's or the Parent 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 6

RABART DECORATORS MERCHANTS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RABART DECORATORS MERCHANTS LIMITED (CONTINUED)

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.

Opinion 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 Group 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 Group 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

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company 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.

Page 7

RABART DECORATORS MERCHANTS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RABART DECORATORS MERCHANTS LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 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 Group 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:

- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud.
- Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred.
- Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations.
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias
- Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditor's report.

Page 8

RABART DECORATORS MERCHANTS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RABART DECORATORS MERCHANTS LIMITED (CONTINUED)

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.

Brian Garland BA ACA (Senior statutory auditor)

for and on behalf of

MHA

Statutory Auditor

Swansea, United Kingdom

14 September 2026

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

Page 9

RABART DECORATORS MERCHANTS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	18,661,939	18,543,887
Cost of sales		(12,761,722)	(12,667,297)
Gross profit		5,900,217	5,876,590
Distribution costs		(27,173)	(66,433)
Administrative expenses		(5,729,327)	(5,737,608)
Other operating income	5	141,011	95,077
Operating profit	6	284,728	167,626
Interest receivable and similar income	10	1	398
Interest payable and similar expenses	11	(125,781)	(385,833)
Profit/(loss) before taxation		158,948	(217,809)
Tax on profit/(loss)	12	(78,321)	(44,146)
Profit/(loss) for the financial year		80,627	(261,955)


Total comprehensive income for the year		80,627	(261,955)

Profit/(loss) for the year attributable to:
Owners of the Parent Company	80,627	(261,955)
	80,627	(261,955)

The notes on pages 20 to 40 form part of these financial statements.

Page 10

RABART DECORATORS MERCHANTS LIMITED

REGISTERED NUMBER: 01744021

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	15		229,310		282,860
Tangible assets	16		3,824,243		3,957,463
			4,053,553		4,240,323
Current assets
Stocks	18	3,110,842		3,080,769
Debtors: amounts falling due within one year	19	2,116,476		2,010,657
Current asset investments	20	14,000		14,000
Cash at bank and in hand	21	170,264		414,480
		5,411,582		5,519,906
Creditors: amounts falling due within one year	22	(2,849,935)		(2,788,133)
Net current assets			2,561,647		2,731,773
Total assets less current liabilities			6,615,200		6,972,096
Creditors: amounts falling due after more than one year	23		(2,217,210)		(2,381,040)
Provisions for liabilities
Deferred taxation	26	(48,961)		(102,654)
			(48,961)		(102,654)
Net assets			4,349,029		4,488,402

Capital and reserves
Called up share capital	27	2,400	2,400
Profit and loss account	28	4,346,629	4,486,002
Equity attributable to owners of the Parent Company		4,349,029	4,488,402
		4,349,029	4,488,402

Page 11

RABART DECORATORS MERCHANTS LIMITED

REGISTERED NUMBER: 01744021

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

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

Mr M S Bush

Director

Date: 14 September 2026

The notes on pages 20 to 40 form part of these financial statements.

Page 12

RABART DECORATORS MERCHANTS LIMITED

REGISTERED NUMBER: 01744021

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	15		-		3,000
Tangible assets	16		3,708,563		3,808,891
Investments	17		1,243,729		1,243,729
			4,952,292		5,055,620
Current assets
Stocks	18	2,708,247		2,492,629
Debtors: amounts falling due within one year	19	2,140,762		1,776,255
Current asset investments	20	14,000		14,000
Cash at bank and in hand	21	130,491		226,313
		4,993,500		4,509,197
Creditors: amounts falling due within one year	22	(3,435,002)		(2,910,778)
Net current assets			1,558,498		1,598,419
Total assets less current liabilities			6,510,790		6,654,039

Creditors: amounts falling due after more than one year	23		(2,217,210)		(2,381,040)
Provisions for liabilities
Deferred taxation	26	(42,071)		(70,329)
			(42,071)		(70,329)
Net assets			4,251,509		4,202,670

Capital and reserves
Called up share capital	27		2,400		2,400
Profit and loss account brought forward		4,200,270		4,667,416
Profit/(loss) for the year		268,839		(247,146)
Other changes in the profit and loss account		(220,000)		(220,000)
Profit and loss account carried forward			4,249,109		4,200,270
			4,251,509		4,202,670

Page 13

RABART DECORATORS MERCHANTS LIMITED

REGISTERED NUMBER: 01744021

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

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

Mr M S Bush

Director

Date: 14 September 2026

The notes on pages 20 to 40 form part of these financial statements.

Page 14


		RABART DECORATORS MERCHANTS LIMITED

CONSOLIDATED 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	2,400	4,967,957	4,970,357
Comprehensive income for the year
Loss for the year	-	(261,955)	(261,955)
Dividends paid	-	(220,000)	(220,000)

At 1 January 2025	2,400	4,486,002	4,488,402
Comprehensive income for the year
Profit for the year	-	80,627	80,627
Dividends paid	-	(220,000)	(220,000)
At 31 December 2025	2,400	4,346,629	4,349,029

The notes on pages 20 to 40 form part of these financial statements.

Page 15


		RABART DECORATORS MERCHANTS LIMITED

COMPANY 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	2,400	4,667,416	4,669,816
Comprehensive income for the year
Loss for the year	-	(247,146)	(247,146)
Dividends paid	-	(220,000)	(220,000)

At 1 January 2025	2,400	4,200,270	4,202,670
Comprehensive income for the year
Profit for the year	-	268,839	268,839
Dividends paid	-	(220,000)	(220,000)
At 31 December 2025	2,400	4,249,109	4,251,509

The notes on pages 20 to 40 form part of these financial statements.

Page 16

RABART DECORATORS MERCHANTS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit/(loss) for the financial year	80,627	(261,955)
Adjustments for:
Amortisation of intangible assets	53,550	56,550
Depreciation of tangible assets	207,171	320,734
Loss on disposal of tangible assets	(880)	4,638
Interest paid	125,781	385,833
Interest received	(1)	(398)
Taxation charge	78,321	43,040
(Increase)/decrease in stocks	(30,073)	720,507
(Increase) in debtors	(29,692)	(175,019)
(Decrease) in creditors	(3,747)	(255,779)
Increase in provisions	-	45,259
Corporation tax (paid)	(97,669)	(133,689)
Net cash generated from operating activities	383,388	749,721

Cash flows from investing activities
Purchase of tangible fixed assets	(108,918)	(1,355,779)
Sale of tangible fixed assets	28,245	27,000
Interest received	1	398
HP interest paid	-	(593)
Net cash from investing activities	(80,672)	(1,328,974)
Cash flows from financing activities
New secured loans	-	1,297,700
Repayment of loans	(173,109)	(104,014)
Repayment of finance leases	(28,042)	(154,122)
New finance leases	-	86,225
Dividends paid	(220,000)	(220,000)
Interest paid	(125,781)	(385,240)
Net cash used in financing activities	(546,932)	520,549
Net (decrease) in cash and cash equivalents	(244,216)	(58,704)
Cash and cash equivalents at beginning of year	414,480	473,184
Cash and cash equivalents at the end of year	170,264	414,480

Cash and cash equivalents at the end of year comprise:

Page 17

RABART DECORATORS MERCHANTS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

		2025	2024
		£	£

Cash at bank and in hand	170,264	414,480
	170,264	414,480

The notes on pages 20 to 40 form part of these financial statements.

Page 18

RABART DECORATORS MERCHANTS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	Other non-cash changes	At 31 December 2025
£	£	£	£

Cash at bank and in hand	414,480	(244,216)	-	170,264
Debt due after 1 year	(2,349,979)	-	163,733	(2,186,246)
Debt due within 1 year	(254,928)	36,075	(163,733)	(382,586)
Finance leases	(84,125)	28,042	-	(56,083)
	(2,274,552)	(180,099)	-	(2,454,651)

The notes on pages 20 to 40 form part of these financial statements.

Page 19

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Rabart Decorators Merchants 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 below:

	Registered office	01744021

	Registered office address	Pontsarn Road, Pant Industrial Estate, Dowlais, Merthyr Tydfil CF48 2SR

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 20

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Going concern

In preparing the financial statements, the directors have considered the current financial position of the group and likely future cashflows. The group has reported a loss in the current financial year, however has net assets at the balance sheet date.

The directors have assessed the risks facing the business from the current economic uncertainty and implemented measures to address these risks. The directors believe that the group is well placed to manage its business risks successfully, despite the uncertain economic outlook.

Therefore after making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.

2.4

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

2.5

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 21

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group 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 Group 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.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

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.

2.9

Borrowing costs

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

2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 22

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 and the Group operate and generate 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 23

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2%	on cost on straight line basis
Short-term leasehold property	-		over the term of the lease
Plant and machinery	-	20%	on cost and 15% on cost on straight line basis
Motor vehicles	-	25%	on cost on straight line basis
Fixtures and fittings	-	15%	on reducing balance
Other fixed assets	-

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.15

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.

2.16

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 24

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.17

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.18

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.

2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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

In the application of the group's accounting policies, the directors are required to make
judgements, estimates and assumptions about the carrying amounts 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 which 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 if the revision only
effects that period or in the period of the revision and future periods if the revision affects both current
and future periods.

Page 25

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Turnover

An analysis of turnover by class of business is as follows:
	2025	2024
	£	£

Sale of decorating materials	18,661,939	18,543,887
	18,661,939	18,543,887

All turnover arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

Other operating income	1,698	-
Net rents receivable	139,313	95,077
	141,011	95,077

Exchange differences	13	47
Other operating lease rentals	3,060	8,120
Depreciation - plant and machinery	207,171	320,734
Amortisation - intangible fixed assets	53,550	56,550
Profit/loss on sale of tangible assets	(880)	4,638

Fees payable to the Company's auditor for the audit of the consolidated and Parent Company's financial statements

35,000

Page 26

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	2,980,586	3,039,217	2,657,271	2,410,670
Social security costs	358,280	310,437	320,869	257,727
Cost of defined contribution scheme	174,814	119,293	160,292	98,938
	3,513,680	3,468,947	3,138,432	2,767,335

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

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Employees	111	112	97	87

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	181,496	258,075
Group contributions to defined contribution pension schemes	34,213	37,158
	215,709	295,233

10.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	1	398
		1	398

Page 27

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	124,661	94,469
Finance leases and hire purchase contracts	-	593
HMRC interest and charges	1,120	290,771
	125,781	385,833

Corporation tax
Current tax on profits for the year	48,407	33,169
Adjustments in respect of previous periods	55,349	39,589
	103,756	72,758

Total current tax	103,756	72,758

Deferred tax
Origination and reversal of timing differences	(25,435)	(28,612)
Total deferred tax	(25,435)	(28,612)


	Tax on profit/(loss)	78,321	44,146

Page 28

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Taxation (continued)

Profit/(loss) on ordinary activities before tax

158,948

(260,847)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	39,737	(65,212)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	4,366	6,939
Capital allowances for year in excess of depreciation	(15,130)	24,991
Adjustments to tax charge in respect of prior periods	55,349	-
Other timing differences leading to an increase (decrease) in taxation	12,889	77,428
Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge	(26,617)	-
Unrelieved tax losses carried forward	7,727	-
Total tax charge for the year	78,321	44,146

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Individual Income Statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company
is not presented as part of these financial statements.

14.	Dividends
		2025	2024
		£	£

	Dividends	220,000	220,000
		220,000	220,000

Page 29

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Intangible assets
	Group

		Goodwill
		£

	At 1 January 2025	662,627
	At 31 December 2025	662,627

	At 1 January 2025	379,767
	Charge for the year on owned assets	53,550
	At 31 December 2025	433,317
	Net book value
	At 31 December 2025	229,310

	Company

		Goodwill
		£

	At 1 January 2025	217,130
	At 31 December 2025	217,130

	At 1 January 2025	214,130
	Charge for the year	3,000
	At 31 December 2025	217,130
	Net book value
	At 31 December 2025	-

Page 30

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Tangible fixed assets
	Group

	Freehold property	Leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings
	£	£	£	£	£
Cost or valuation
At 1 January 2025	3,248,523	124,869	2,401,603	696,306	153,992
Additions	12,499	-	25,444	68,295	2,680
Disposals	-	-	-	(133,768)	-
At 31 December 2025	3,261,022	124,869	2,427,047	630,833	156,672
Depreciation
At 1 January 2025	322,852	118,361	1,838,025	436,030	112,562
Charge for the year on owned assets	(16,664)	1,041	116,941	105,295	8,160
Disposals	-	-	-	(106,403)	-
At 31 December 2025	306,188	119,402	1,954,966	434,922	120,722
Net book value
At 31 December 2025	2,954,834	5,467	472,081	195,911	35,950
At 31 December 2024	2,925,671	6,508	563,578	260,276	41,430

Page 31

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.Tangible fixed assets (continued)

	Investment property	Total
	£	£
Cost or valuation
At 1 January 2025	160,000	6,785,293
Additions	-	108,918
Disposals	-	(133,768)
At 31 December 2025	160,000	6,760,443
Depreciation
At 1 January 2025	-	2,827,830
Charge for the year on owned assets	-	214,773
Disposals	-	(106,403)
At 31 December 2025	-	2,936,200
Net book value
At 31 December 2025	160,000	3,824,243
At 31 December 2024	160,000	3,957,463

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Freehold	2,954,835	2,925,671
Short leasehold	5,467	6,508
	2,960,302	2,932,179

Page 32

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.Tangible fixed assets (continued)

	Company

	Freehold property	Leasehold property	Plant and machinery	Motor vehicles	Investment property
	£	£	£	£	£
Cost or valuation
At 1 January 2025	3,248,523	114,458	1,965,372	603,458	160,000
Additions	12,499	-	25,444	68,295	-
Disposals	-	-	-	(118,878)	-
At 31 December 2025	3,261,022	114,458	1,990,816	552,875	160,000
Depreciation
At 1 January 2025	322,852	114,457	1,470,406	375,205	-
Charge for the year on owned assets	(16,664)	-	99,787	97,693	-
Disposals	-	-	-	(93,128)	-
At 31 December 2025	306,188	114,457	1,570,193	379,770	-
Net book value
At 31 December 2025	2,954,834	1	420,623	173,105	160,000
At 31 December 2024	2,925,671	1	494,966	228,253	160,000

Page 33

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.Tangible fixed assets (continued)

		Total
		£
	Cost or valuation
	At 1 January 2025	6,091,811
	Additions	106,238
	Disposals	(118,878)
	At 31 December 2025	6,079,171
	Depreciation
	At 1 January 2025	2,282,920
	Charge for the year on owned assets	180,816
	Disposals	(93,128)
	At 31 December 2025	2,370,608
	Net book value
	At 31 December 2025	3,708,563
	At 31 December 2024	3,808,891

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Freehold	2,954,835	2,925,671
Short leasehold	1	1
	2,954,836	2,925,672

Page 34

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2025	1,243,729
	At 31 December 2025	1,243,729

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

S.G Bailey (Paints) Limited

15a Griffin Mill Estate, Thrupp, Stroud, Gloucestershire, GL5 2AZ

Ordinary

100%

	The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves £	Profit/(Loss) 3

S.G Bailey (Paints) Limited

1,110,317

(137,662)

18.	Stocks
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Raw materials and consumables	3,110,842	3,080,769	2,708,247	2,492,629
	3,110,842	3,080,769	2,708,247	2,492,629

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 35

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

19.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	758,210	971,371	795,453	791,114
Other debtors	949,171	736,742	949,169	691,819
Prepayments and accrued income	95,763	65,364	82,808	56,142
Staff loans	77,902	77,877	77,902	77,877
Tax recoverable	235,430	159,303	235,430	159,303
	2,116,476	2,010,657	2,140,762	1,776,255

20.	Current asset investments
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Unlisted investments	14,000	14,000	14,000	14,000
	14,000	14,000	14,000	14,000

21.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	170,264	414,480	130,491	226,313
	170,264	414,480	130,491	226,313

Page 36

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	158,572	167,948	158,572	167,948
Trade creditors	1,276,990	1,618,123	1,419,165	1,481,423
Amounts owed to group undertakings	-	-	489,163	343,182
Corporation tax	107,580	25,366	107,580	25,366
Other taxation and social security	342,804	294,025	322,646	233,133
Obligations under finance lease and hire purchase contracts	56,083	53,064	56,083	53,064
Other creditors	564,666	442,209	564,666	442,466
Accruals and deferred income	343,240	187,398	317,127	164,196
	2,849,935	2,788,133	3,435,002	2,910,778

23.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	2,186,246	2,349,979	2,186,246	2,349,979
Net obligations under finance leases and hire purchase contracts	-	31,061	-	31,061
Other creditors	30,964	-	30,964	-
	2,217,210	2,381,040	2,217,210	2,381,040

The following liabilities were secured:
	Group	Group	Company	Company
	2025	2024	2025	2024
	£	£	£	£


Bank loans	2,344,818	2,517,930	2,344,818	2,517,930
Hire purchase	56,083	84,125	56,083	84,125
	2,400,901	2,602,055	2,400,901	2,602,055

Details of security provided:

Bank loans are secured by fixed charges over the mortgaged properties.

Hire purchase contracts are secured on the assets to which they relate.

Page 37

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

24.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Amounts falling due within one year
Bank loans	158,572	167,948	158,572	167,948

Amounts falling due 2-5 years
Bank loans	2,186,246	2,349,979	2,186,246	2,349,979

	2,344,818	2,517,927	2,344,818	2,517,927

25.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Between 1-5 years	56,083	84,125	56,083	84,125
		56,083	84,125	56,083	84,125

26.	Deferred taxation
	Group

		2025
		£

	At beginning of year	102,654
	Charged to profit or loss	(53,693)
	At end of year	48,961

Page 38

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

26.Deferred taxation (continued)

Company

		2025
		£

	At beginning of year	70,329
	Charged to profit or loss	(28,258)
	At end of year	42,071

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

	Accelerated capital allowances	48,961	102,654	42,071	70,329
		48,961	102,654	42,071	70,329

Page 39

RABART DECORATORS MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

27.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

2,400 (2024 - 2,400) Ordinary shares of £1.00 each	2,400	2,400

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

28.

Reserves

Profit and loss account

Retained earnings include all current and prior period profits.

29.	Pension commitments

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The pension cost charge represents contributions payable by the group to the fund amount to £174,814 (2024 - £119,293).

30.	Controlling party

There is no single controlling party.

Page 40