REGISTERED NUMBER: 00301933 (England and Wales)

BRADSHAW TAYLOR LTD.

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Strategic Report

2

to

5

Report of the Directors

6

to

7

Report of the Independent Auditors

8

to

10

Income Statement

11

Other Comprehensive Income

12

Statement of Financial Position

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

to

26

DIRECTORS:

C E B Cavell-Taylor

S Prior

N J Vance

J Hewetson

J S McEuen

M L Janssen

W Fowler

S Del Zotto

K S Webb

REGISTERED OFFICE:

16 Mill Street

Oakham

Rutland

LE15 6EA

REGISTERED NUMBER:

00301933 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

Strategic Management

The company's strategy is to develop individual apparel and footwear brands within the United Kingdom, Europe and North America.

Business Environment

Trading remains constrained by the competitive environment in wholesale and retail sectors due to the on-going challenges faced by the economy with higher inflation, interest rates, the wars in Ukraine and the Gulf and still uncertainty with international tariffs.

Business Performance

The board consider that the key performance indicators for the company are those that communicate the financial performance and strength of the company as a whole. The key financial highlights are as follows:

2025

2024

Change

£m

£m

%

Revenue

26.2

24.8

5.8%

Gross Profit

12.5

11.4

9.9%

Gross Margin %

47.8%

46.1%

3.8%

EBITDA before exceptional items

1.9

1.5

30.5%

Profit/(loss) on ordinary items before taxation

0.9

0.1

810.4%

The business's revenue increased 5.8% for the year and the gross profit increased 9.9%, with gross margin increasing by 1.7% points. The improvement was driven by the growth in the Direct to Consumer (D2C) channel. The D2C channel revenues increased 26.1% to £10.4m (2024: £8.3m) accounting for 42% of product sales (2024: 36%).

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks arising from the company's activities are liquidity risk, currency risk, interest rate risk and credit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.

Liquidity risk

Liquidity risk is the risk that the company is unable to meet its payment obligations associated with its liabilities as they fall due. The company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the company's reputation. The company determines its liquidity requirements by the use of cash flow forecasts. On at least an annual basis, the board reviews and approves any funding requirements of the company which they continue to monitor and review on an ongoing basis.

Currency risk

Currency risk is managed by appropriate use of forward currency contracts.

Interest rate risk

Interest rate risk is managed by regular review of fixed and variable rate facilities available from the company's bankers.

Credit risk

Credit risk is managed by constant monitoring of the creditworthiness of customers and by identifying and addressing any credit issues in a timely manner.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) STATEMENT

Full details of our ESG performance, commitments and progress against targets are expected to be set out in our first ESG Impact Report, currently planned for Autumn 2026. This report is expected to include our first materiality assessment and ESG risk review.

We are working in partnership with Litmus Sustainability to pursue independent external certification of our environmental, social and governance performance and we intend to submit for assessment during 2026, subject to completing the required evidence, governance and performance work. The certification we are pursuing is awarded by an internationally recognised body and independently verified against defined standards spanning environmental performance, worker wellbeing, community impact, customer stewardship and governance. Beyond the certification itself, the process gives us a practical framework for strengthening accountability, improving our management systems and embedding continuous improvement across the business.

Environmental

We actively monitor our operational environmental impacts, including energy consumption, business travel, employee commuting and fleet emissions. This data informs our ongoing efforts to reduce our direct footprint and feeds into our annual carbon footprint assessment.

Our greenhouse gas emissions data has been prepared in accordance with the GHG Protocol Corporate Standard. Scope 2 emissions are reported using the location-based method. Our carbon footprint includes Scope 1, Scope 2 and selected Scope 3 emissions categories relevant to our operations and value chain. The assessment uses available activity data, supplier information and recognised emissions factors, including UK Government conversion factors where applicable.

During 2024, we completed our first full corporate carbon footprint assessment, produced in partnership with Litmus Sustainability and aligned with the GHG Protocol Corporate Standard.

This footprint covers the full company's material impacts. The assessment covers Scope 1 (direct emissions), Scope 2 (energy indirect emissions), and Scope 3 (value chain emissions).

The 2024 carbon footprint has not been externally assured. We will continue to improve data quality, supplier engagement and methodology transparency as our reporting process matures.

Our 2024 baseline results are as follows:

Scope

Description

tCO2e

Scope 1

Direct emissions

164.18

Scope 2

Energy indirect (location-based)

51.85

Scope 3

Value chain emissions

21,947.21

As a wholesale distributor of outdoor and lifestyle apparel, the substantial majority of our emissions are embedded in the products we source and distribute rather than in our own operations. The Scope 3 figure reflects the carbon intensity of the global apparel supply chain and is consistent with the profile of businesses operating in this sector. Establishing this baseline is the essential first step in setting meaningful reduction targets and engaging supply chain partners on their own emissions performance.

We will continue to improve the accuracy of this data as supplier-specific information becomes more available.

Our 2025 carbon footprint assessment is currently underway and results are expected to be published in Autumn 2026. Following completion of the 2025 assessment, we will review appropriate emissions-reduction targets and set science-based targets in line with the Science Based Targets initiative (SBTi) framework

We continue to direct our sourcing towards manufacturing partners who share our values on responsible production. Our Vendor Compliance Manual sets minimum environmental and ethical standards across our supply base. We are progressively moving product ranges towards natural fibres certified for responsible, sustainable sourcing and reducing the use of virgin synthetic materials where credible alternatives are available.

We recognise that the products we distribute have an environmental footprint that extends beyond the point of sale. We are developing our understanding of end-of-life pathways for the categories we distribute, including repair, reuse and recovery options, as well as other circular economy opportunities. This work will inform future decisions on product design, packaging, returns, durability and waste reduction.

Human Rights and Responsible Sourcing

We are committed to respecting human rights across our own operations and throughout our supply chain. We expect our manufacturing partners to uphold workers' rights at every tier of production, including fair treatment, safe working conditions, freedom of association and freedom from forced labour, child labour, harassment, discrimination and exploitation.

Our Vendor Compliance Manual formalises these expectations and includes requirements for factory auditing. Supplier compliance is reviewed through our onboarding, documentation and audit processes. Where issues are identified, we expect suppliers to take corrective action within agreed timeframes.

We are continuing to develop our human rights due diligence approach in line with internationally recognised standards. This includes strengthening our approach to supplier risk assessments, audit follow-up, corrective action tracking and implementation and escalation where supplier performance does not meet our expectations.

We are committed to addressing modern slavery and regularly update our Modern Slavery Statement, which outlines our ongoing commitment to safe working practices across our business and supply chain where we've identified material risks.

Social

We invest in our people. We are conducting a review of our rewards, benefits and employment practices to ensure we offer the right support to our workforce, including parental leave, career development, fair pay, training and well-being. The findings of this review are expected to inform a people action plan during 2026, to be outlined in our forthcoming ESG Report.

We run a regular employee engagement survey to measure workplace culture and gather feedback from our people. We are currently expanding this to include ESG-specific questions, ensuring that our workforce can contribute directly to our sustainability agenda and that their views inform our approach.

We are also reviewing the policies and processes that support fair work, inclusion, health and safety, employee voice, grievance handling and professional development. This work will help ensure that our people practices are consistent, transparent and aligned with our responsible business ambitions.

During the year, we supported a number of charitable and community causes. These included Room to Read, The Game and Wildlife Conservation Trust, Atlantic Salmon Trust and other local charities.

We will continue to strengthen the way we measure community impact, including charitable giving, employee involvement, in-kind support and partnerships that align with our values and business activities.

Governance

ESG is reviewed regularly at the board level, ensuring that environmental and social considerations inform strategic decision-making and that progress against our commitments is actively monitored. We are developing a clearer ESG reporting cadence, including defined priorities, owners, evidence requirements and progress indicators.

We are reviewing all internal policies and creating new ones where required, to ensure that ESG is embedded across the business. This includes reviewing our policy framework in areas such as anti-bribery and corruption, conflicts of interest, modern slavery, supplier compliance, whistleblowing, health and safety, data protection, responsible marketing, tax and public policy.

We are active members of the Outdoor Industries Association of Great Britain (OIA) and the European Outdoor Company (EOG). The EOG is an industry association that represents the outdoor industry across Europe. Through these memberships which we participate in collective industry efforts to raise standards on sustainability, responsible sourcing and climate action.

We are committed to responsible and transparent tax practices, paying the right amount of tax in the jurisdictions in which we operate and in accordance with both the letter and spirit of applicable tax law. We do not engage in artificial tax arrangements designed to avoid tax obligations, and we will set out our approach to tax in full in our ESG Impact Report.

We do not engage in political lobbying or make political donations. We have a formal policy governing our approach to government affairs and public policy, which will be formalised and made available on our website later in 2026. We are committed to providing all stakeholders, including employees, suppliers and members of the wider community with accessible and safe mechanisms to raise concerns, report misconduct and seek remedies. A formal grievance and whistleblowing framework is currently in development and is expected to be in place by Autumn 2026, subject to board approval and implementation planning. Once finalised, details will be made available to relevant stakeholders.

ON BEHALF OF THE BOARD:

C E B Cavell-Taylor - Director

18 September 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of the sale of specialist clothing and footwear and group strategy and admin.

DIVIDENDS

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

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

C E B Cavell-Taylor

S Prior

N J Vance

J Hewetson

J S McEuen

M L Janssen

W Fowler

S Del Zotto

Other changes in directors holding office are as follows:

K S Webb - appointed 1 September 2025

M E Taylor , A M Taylor and N J Toothill ceased to be directors after 31 December 2025 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise cash, bank term borrowings, bank import loans and overdraft, trade debtors and trade creditors.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

C E B Cavell-Taylor - Director

18 September 2026

Opinion

We have audited the financial statements of Bradshaw Taylor Ltd. (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 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 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors 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 Directors.

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 directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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.

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.

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

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, reperforming the calculation and reviewing the outcome of current year estimates since the financial reporting date.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and safety regulations, consumer rights and employment law.

Our work included a review of relevant correspondence within the year for any evidence of non-compliance and reading minutes of meetings of those charged with governance. In addition, an assessment of the company's legal expenses and possible contingencies was performed. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Alistair Main BFP FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

18 September 2026

REVENUE

3

26,235,536

24,789,128

Cost of sales

13,686,980

13,366,029

GROSS PROFIT

12,548,556

11,423,099

Distribution costs

1,268,359

1,012,605

Administrative expenses

10,187,253

9,986,412

11,455,612

10,999,017

1,092,944

424,082

Other operating income

4

479,510

477,835

OPERATING PROFIT

6

1,572,454

901,917

Exceptional income

7

1,204,142

-

Exceptional costs

7

(1,298,112

)

(21,790

)

1,478,484

880,127

Interest receivable and similar income

183,174

253,688

1,661,658

1,133,815

Interest payable and similar expenses

8

735,530

1,032,092

PROFIT BEFORE TAXATION

926,128

101,723

Tax on profit

9

272,554

37,032

PROFIT FOR THE FINANCIAL YEAR

653,574

64,691

PROFIT FOR THE YEAR

653,574

64,691

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

653,574

64,691

FIXED ASSETS

Intangible assets

10

269,293

315,505

Property, plant and equipment

11

2,900,787

3,142,266

Investments

12

2,917,519

2,917,519

Investment property

13

620,000

620,000

6,707,599

6,995,290

CURRENT ASSETS

Inventories

14

7,354,495

6,514,370

Debtors

15

10,726,978

14,072,356

Cash at bank

5,203,334

1,521,943

23,284,807

22,108,669

CREDITORS

Amounts falling due within one year

16

20,768,679

18,868,075

NET CURRENT ASSETS

2,516,128

3,240,594

TOTAL ASSETS LESS CURRENT LIABILITIES

9,223,727

10,235,884

CREDITORS

Amounts falling due after more than one year

17

(2,004,436

)

(3,618,766

)

PROVISIONS FOR LIABILITIES

22

(137,834

)

(189,235

)

NET ASSETS

7,081,457

6,427,883

CAPITAL AND RESERVES

Called up share capital

23

6,183

6,183

Revaluation reserve

24

1,968,530

1,968,530

Capital redemption reserve

24

20,821

20,821

Retained earnings

24

5,085,923

4,432,349

SHAREHOLDERS' FUNDS

7,081,457

6,427,883

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2026 and were signed on its behalf by:

C E B Cavell-Taylor - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

6,183

4,367,658

1,968,530

20,821

6,363,192

Changes in equity

Total comprehensive income

-

64,691

-

-

64,691

Balance at 31 December 2024

6,183

4,432,349

1,968,530

20,821

6,427,883

Changes in equity

Total comprehensive income

-

653,574

-

-

653,574

Balance at 31 December 2025

6,183

5,085,923

1,968,530

20,821

7,081,457

1.	STATUTORY INFORMATION

Bradshaw Taylor Ltd. 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows.

The company is a subsidiary of Cavell Taylor Holdings Limited. Consolidated financial statements of Cavell Taylor Holdings Limited can be obtained from:

Companies House

Crown Way

Cardiff

CF14 3UZ

Preparation of consolidated financial statements

The financial statements contain information about Bradshaw Taylor Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Cavell Taylor Holdings Limited, 16 Mill Street, Oakham, Rutland, LE15 6EA.

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, management are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

i) Stock provision:

The company sells outdoor clothing and is subject to changing consumer demands and economic trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management consider the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods.

ii) Bad debt provision

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other receivables, management consider factors including the credit rating of the receivable, the aging profile of receivables and historical experience. The bad debt provision is netted off against the overall trade debtor amount.

iii) Sales return provision

The sales return provision is estimated on the basis of historical return and after date sales analysis. The provision is recorded to allocate the returns to the same period in which the revenue is recorded. A sales return provision has been recognised in accruals.

iv) Property valuations

Properties (within both property, plant and equipment and investment properties) are stated at fair value based on the valuations performed by the directors, utilising externally qualified experts. The valuers used observable market prices adjusted as necessary for any differences in the future, location or condition of the specific asset. The directors are of the opinion that, based on available market evidence, the valuations are materially appropriate.

Revenue

Revenue represents amounts receivable for the supply of goods and services and is net of VAT and trade discounts. Product revenue is recognised on the delivery of products to wholesale customers and on the sale of products to retail customers.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Other intangible assets

Patents and licences are carried at cost and are reviewed for impairment in value at each reporting date.

Brands are held at cost less accumulated amortisation and impairment losses and are to be amortised evenly over their estimated useful life of 10 years.

Property, plant and equipment

The company has adopted a policy of revaluing freehold property. The revalued amounts equate to the fair value at the date of the revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so the carrying amounts do not materially differ from the fair value at the statement of financial position date. Any revaluation surplus on freehold property is recognised through other comprehensive income in the revaluation reserve.

The directors are of the opinion that the residual value of the freehold property is such that depreciation would not be material.

Plant and equipment assets are held at cost less accumulated depreciation and impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold property

- 20% on cost

Improvements to property

- 12.5% on cost

Fixtures and fittings

- at varying rates between 10% and 33% on cost

Motor vehicles

- 20% on cost

Investments

Investments in subsidiary undertakings are recognised at cost less accumulated impairment losses.

Investments in associate undertakings are recognised at cost less accumulated impairment losses in the parent company financial statements and by use of the equity method in the group financial statements.

In the absence of available market data to determine fair value, other unlisted investments are recognised at cost less accumulated impairment losses.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Inventories

Inventories are stated at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving and obsolete items. Cost includes the product cost, import duties and inward carriage costs. Inventories are accounted for on a first-in-first-out basis.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the income statement.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in the income statement, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other creditors, bank loans, loans from related companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

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

Derivative financial instruments

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value through the income statement.

The company uses forward exchange contracts to mitigate the company's exposure to foreign exchange risks. The fair value is determined using valuation techniques that utilise observable inputs. The key assumptions used in valuing the derivatives are the forward exchange rates.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the financial reporting date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 the income statement in the period to which they relate.

3.

REVENUE

The revenue and profit before taxation are attributable to the principal activities of the company.

An analysis of revenue by class of business is given below:

2025

2024

£

£

Product sales

25,137,350

23,191,887

Service contract income

1,098,186

1,597,241

26,235,536

24,789,128

An analysis of revenue by geographical market is given below:

2025

2024

£

£

United Kingdom

25,615,053

24,180,803

Europe

487,824

423,740

Rest of the World

132,659

184,585

26,235,536

24,789,128

4.	OTHER OPERATING INCOME

2025

2024

£

£

Rents received

171,676

172,044

Recharges and sundry receipts

78,288

98,209

Management charges

229,546

207,582

479,510

477,835

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,646,801

3,530,057

Social security costs

414,138

300,662

Other pension costs

177,880

145,176

4,238,819

3,975,895

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

2025

2024

Directors

11

10

Marketing, administration and warehouse

83

82

94

92

2025

2024

£

£

Directors' remuneration

786,477

503,899

Directors' pension contributions to money purchase schemes

123,270

26,178

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

7

7

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

152,830

88,062

Pension contributions to money purchase schemes

1,137

4,312

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

269,943

432,969

Loss on disposal of fixed assets

24,679

85,567

Brands amortisation

46,212

46,211

Auditors' remuneration

57,169

54,392

Foreign exchange differences

285,480

(53,080

)