REGISTERED NUMBER: 08268785 (England and Wales)

History & Heraldry Holdings Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements For The Year Ended 31 December 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

M C Ogg

Miss D Clothier

REGISTERED OFFICE:

2 Denby Way

Hellaby Industrial Estate

Rotherham

South Yorkshire

S66 8HR

REGISTERED NUMBER:

08268785 (England and Wales)

AUDITORS:

Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

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

REVIEW OF BUSINESS

H&H Holdings and its subsidiaries received revenue in 2025 of £32.6m, reflecting a fall of 12% from £37.2m in 2024. However, the group remains profitable and continues to be in a strong position within its core market with continued investment in both its customers and new product development.

PRINCIPAL RISKS AND UNCERTAINTIES

H&H worldwide partners, subsidiaries and distributors are all subject to market fluctuations brought on by geopolitical tensions in the Middle East, Ukraine and major shipping routes near Yemen. We remain confident that our core business is robust and able to withstand the inevitable market shocks arising from such tensions.

SECTION 172(1) STATEMENT

The directors of the group are mindful of their responsibilities under section 172 of the Companies Act 2006 to promote the success of the business through operating in accordance with good corporate practice and with considered engagement with the group's stakeholders.

100% of the group's shareholders are also directors of the group, and are therefore actively involved in all decision making.

The board of directors regularly review and identify other principal stakeholders of the business, and decisions in respect of the group's activities are made only after reviewing, and discussing, the potential impact on those stakeholders.

The directors continue to foster open and constructive engagement with the employees of the business in order to fairly represent the views of the workforce in matters affecting their interests.

Furthermore, in terms of engagement with the group's suppliers, the directors continue to actively monitor ethical standards, employment conditions and environmental issues to ensure the wider business is compliant with global standards.

KEY PERFORMANCE INDICATORS

The directors consider that an analysis using key financial performance indicators would not provide any meaningful information to users of the accounts.

ON BEHALF OF THE BOARD:

M C Ogg - Director

21 September 2026

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

DIVIDENDS

History and Heraldry Holdings Limited paid interim dividends of £2.2m (2024: £1.8m). The directors do not recommend a final dividend.

FUTURE DEVELOPMENTS

Over the next few years, the group is looking to achieve sustainable and upwardly growth to drive success for all stakeholders of the group.

DIRECTORS

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

M C Ogg

Miss D Clothier

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The group's ethos is to foster good working relationships with all stakeholders including suppliers, customers and others.

STREAMLINED ENERGY AND CARBON REPORTING

In the year ended 31 December 2025, the company is classified as a low energy user as its total energy usage for the year to 31 December 2025 is below 40,000kWh. None of the company's subsidiaries are required to report on their energy carbon usage under the legislation. Therefore the company is exempt from providing an energy and carbon report under The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 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 and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

M C Ogg - Director

21 September 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company 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 Auditors' 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 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 group's and 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 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 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 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.

Responsibilities of directors

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

Auditors' responsibilities for the audit of the financial statements

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

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

-

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

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry.

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and employment, product safety requirements, trademark and copyright laws and health and safety legislation

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

-

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

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

-

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

-

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

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

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

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

-

agreeing financial statement disclosures to underlying supporting documentation; and

-

enquiring of management as to actual and potential litigation and claims.

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 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.

Mark Garrison BCom FCA DChA (Senior Statutory Auditor)

for and on behalf of Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

21 September 2026

TURNOVER

4

32,626,740

37,197,645

Cost of sales

18,865,435

21,093,010

GROSS PROFIT

13,761,305

16,104,635

Distribution costs

2,944,946

2,779,641

Administrative expenses

6,949,639

7,350,405

9,894,585

10,130,046

3,866,720

5,974,589

Other operating income

316,484

30,369

GROUP OPERATING PROFIT

7

4,183,204

6,004,958

Share of operating profit in

Associates

117,946

474,755

Interest receivable and similar income

669,836

497,732

4,970,986

6,977,445

Interest payable and similar expenses

9

91,484

44,125

PROFIT BEFORE TAXATION

4,879,502

6,933,320

Tax on profit

10

634,628

1,861,680

PROFIT FOR THE FINANCIAL YEAR

4,244,874

5,071,640

OTHER COMPREHENSIVE INCOME

Exchange loss on foreign net investment

719,713

(1,228,134

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

719,713

(1,228,134

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,964,587

3,843,506

Profit attributable to:

Owners of the parent

4,244,874

5,071,640

Total comprehensive income attributable to:

Owners of the parent

4,964,587

3,843,506

FIXED ASSETS

Intangible assets

13

426,724

491,520

Tangible assets

14

11,143,618

10,878,926

Investments

15

Interest in associates

2,013,974

2,230,523

Other investments

100

100

Biological assets

16

448,312

395,220

14,032,728

13,996,289

CURRENT ASSETS

Stocks

17

5,136,460

5,066,551

Debtors

18

6,666,891

7,305,917

Investments

19

4,181,706

-

Cash at bank and in hand

26,091,171

25,410,897

42,076,228

37,783,365

CREDITORS

Amounts falling due within one year

20

4,411,386

2,930,492

NET CURRENT ASSETS

37,664,842

34,852,873

TOTAL ASSETS LESS CURRENT LIABILITIES

51,697,570

48,849,162

CREDITORS

Amounts falling due after more than one year

21

(520,914

)

(457,877

)

PROVISIONS FOR LIABILITIES

23

(20,784

)

-

NET ASSETS

51,155,872

48,391,285

CAPITAL AND RESERVES

Called up share capital

24

9,989

9,989

Other reserves

25

3,999

3,999

Retained earnings

25

51,141,884

48,377,297

SHAREHOLDERS' FUNDS

51,155,872

48,391,285

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2026 and were signed on its behalf by:

M C Ogg - Director

FIXED ASSETS

Intangible assets

13

-

-

Tangible assets

14

-

-

Investments

15

7,221,636

7,221,636

Biological assets

16

-

-

7,221,636

7,221,636

CURRENT ASSETS

Debtors

18

1,139,904

-

Cash at bank

5,458,104

5,713,673

6,598,008

5,713,673

CREDITORS

Amounts falling due within one year

20

4,151,893

2,844,361

NET CURRENT ASSETS

2,446,115

2,869,312

TOTAL ASSETS LESS CURRENT LIABILITIES

9,667,751

10,090,948

CAPITAL AND RESERVES

Called up share capital

24

9,989

9,989

Retained earnings

25

9,657,762

10,080,959

SHAREHOLDERS' FUNDS

9,667,751

10,090,948

Company's profit for the financial year

1,776,803

7,354,595

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2026 and were signed on its behalf by:

M C Ogg - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2024

9,989

46,333,791

3,999

46,347,779

Changes in equity

Dividends

-

(1,800,000

)

-

(1,800,000

)

Total comprehensive income

-

3,843,506

-

3,843,506

Balance at 31 December 2024

9,989

48,377,297

3,999

48,391,285

Changes in equity

Dividends

-

(2,200,000

)

-

(2,200,000

)

Total comprehensive income

-

4,964,587

-

4,964,587

Balance at 31 December 2025

9,989

51,141,884

3,999

51,155,872

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

9,989

4,526,364

4,536,353

Changes in equity

Dividends

-

(1,800,000

)

(1,800,000

)

Total comprehensive income

-

7,354,595

7,354,595

Balance at 31 December 2024

9,989

10,080,959

10,090,948

Changes in equity

Dividends

-

(2,200,000

)

(2,200,000

)

Total comprehensive income

-

1,776,803

1,776,803

Balance at 31 December 2025

9,989

9,657,762

9,667,751

Cash flows from operating activities

Cash generated from operations

1

4,601,949

6,447,787

Interest paid

(91,484

)

(44,125

)

Non-cash mvt in share option expense

96,914

95,100

Tax paid

(507,134

)

(1,662,732

)

Net cash from operating activities

4,100,245

4,836,030

Cash flows from investing activities

Purchase of intangible fixed assets

(56,319

)

(2,280

)

Purchase of tangible fixed assets

(249,049

)

(3,629,597

)

Purchase of short term investments

(4,181,706

)

-

Purchase of biological asset

(49,395

)

(9,852

)

Sale of intangible fixed assets

-

16,778

Sale of tangible fixed assets

58,962

33,484

Dividends from associates

437,482

222,592

Interest received

669,836

497,732

Loan repayments in year

(235,947

)

641,436

Net cash from investing activities

(3,606,136

)

(2,229,707

)

Increase in cash and cash equivalents

494,109

2,606,323

Cash and cash equivalents at beginning of year

2

25,410,897

23,314,564

Effect of foreign exchange rate changes

186,165

(509,990

)

Cash and cash equivalents at end of year

2

26,091,171

25,410,897

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

2025

2024

£

£

Profit before taxation

4,879,502

6,933,320

Depreciation charges

488,839

464,595

Loss/(profit) on disposal of fixed assets

3,243

(14,579

)

Change in value of derivatives

148,136

(103,417

)

Share of associates

(117,946

)

(474,755

)

Fair value adjustment of forest

-

262,818

Exchange differences

167,942

(117,226

)

Finance costs

91,484

44,125

Finance income

(669,836

)

(497,732

)

4,991,364

6,497,149

(Increase)/decrease in stocks

(129,608

)

1,399,119

Decrease/(increase) in trade and other debtors

467,618

(21,556

)

Decrease in trade and other creditors

(727,425

)

(1,426,925

)

Cash generated from operations

4,601,949

6,447,787

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

26,091,171

25,410,897

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

25,410,897

23,314,564

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

25,410,897

680,274

26,091,171

25,410,897

680,274

26,091,171

Liquid resources

Current asset investments

-

4,181,706

4,181,706

-

4,181,706

4,181,706

Total

25,410,897

4,861,980

30,272,877

1.	PRINCIPAL ACTIVITY

The group's principal activity is the design, sourcing and distribution of impulse buy gift products.

2.	STATUTORY INFORMATION

History & Heraldry Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

3.	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.

Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company History & Heraldry Holdings Limited, together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Control is presumed to exist when the parent owns 50% or more of the voting power of an entity or controls that entity by virtue of an agreement with other investors which give control of the financial and operating policies of the entity. When these conditions are met the group accounts for that entity as a subsidiary. Where consideration for a subsidiary is an exchange of shares and certain condition per FRS 102 section 19 paragraph 27 are met, merger accounting has been used.

Turnover

Turnover represents sales of goods excluding value added tax and is recognised when risks and rewards of ownership pass to the customer, usually on despatch but under concession operations with certain retailers not until the customer has sold the goods.

Turnover also includes royalties earned from customers allowed to sell the group's products; this income is recognised when entitlement arises from the related sale by the customer.

Goodwill

Goodwill arising from the acquisition of a subsidiary in 2015 is being written off over its estimated useful economic life of ten years.

Goodwill arising from the acquisition of an Estonian subsidiary in 2019 is being written off over its estimated useful economic life of ten years.

Trademarks

Trademarks are valued at cost less accumulated amortisation.

Amortisation is calculated to write off the cost in equal instalments over their estimated useful life of seven years.

Customer database

Purchased customer databases are valued at cost less accumulated amortisation.

Amortisation is calculated to write off the cost in equal instalments over their estimated useful life of three years.

Computer software

Software is valued at cost less amortisation.

Amortisation is calculated to write-off the cost in equal instalments over its estimated useful life of three years.

Tangible fixed assets

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

Plant and machinery - 25% on reducing balance, and between 20% and 33% straight line

Fixtures and fittings - 25% on reducing balance, and between 25% and 33% straight line

Motor vehicles - 25% on reducing balance, and between 20% and 33% straight line

Computer equipment - 33% on cost and 20% on cost

Investments in associates

The group's investments in its associates are recorded using the equity method. The group's share of the net assets is included on the group balance sheet within fixed asset investments and the share of the profit or loss is included in the group profit and loss account after operating profit.

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure.

Current asset investments

Current asset investments are initially recorded at their acquisition cost when they are initially charged to account; the acquisition cost is the fair value of the consideration paid for the financial asset. Following initial recording, publicly traded financial investments, including fund units and securities, are recorded at fair value. Gains and losses arising from changes in fair value are recorded in the income statement for the reporting period. A financial investment is taken off the balance sheet when the company loses its right to the cash flow arising from the financial asset or transfers the risks and rewards associated with the financial asset.

Financial instruments

Debtors and creditors are measured at the amounts expected to be received/paid less any charges relating to future periods, and less any provision for impairment.

Forward exchange contracts are valued at fair value as routinely reported by the company's bankers.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Government grants

The group has adopted the accrual model so grants are recognised in the same period as the expenditure they are intended to contribute to.

Foreign currencies

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Monetary assets denominated in foreign currency are translated at the rate of exchange on the balance sheet date and gains or losses compared to previous values are included in the profit and loss account in operating profit for trading items and interest for loan items.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The group operates a number of defined contribution pension arrangements. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions payable are charged to the profit and loss account in the period to which they relate.

Biological assets

Forest is recorded at fair value less estimated sales costs. Changes in fair value are assessed on each balance sheet date.

Vineyards and olive groves are recognised at their acquisition cost. Depreciation is charged on a straight line basis over their estimated useful economic life of 25-50 years. It is impossible to determine a fair value.

Derivative financial instruments

Derivatives are measured at fair value and included within current assets or current liabilities. Changes in fair value are recognised within administrative expenses in the statement of comprehensive income.

Investments

Unlisted investments are recorded at cost less impairment.

Critical accounting judgements and key sources of estimation uncertainty

Stock provisioning

The carrying value of stock, at the lower of cost and net realisable value, is dependent on key judgements and estimates that are made by management. The judgements relating to stock include an estimation of future expected average sales prices and disposal costs. These judgements also include consideration of specific factors and the developments in the market that have been identified throughout the year and subsequent to the year end. Actual outcomes could be different to the assumptions used in determining the estimates.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

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

2025

2024

£

£

Gift products

31,787,904

36,427,337

Digital marketing services

22

48

Agricultural tourism

603,594

598,481

Agricultural products

235,220

171,779

32,626,740

37,197,645