ACCOUNTS - Final Accounts

OPERATING PROFIT

The operating profit is stated after charging:

Registered number: 00148700

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

COMPANY INFORMATION

REGISTERED NUMBER	00148700


CHAIRMAN	D M Noyes


DIRECTORS	N D J Gray
	R W Gray
	P D Gray FCMA
	J C Gray ACA
	N J Gray
	D M Noyes


COMPANY SECRETARY	P D Gray FCMA


REGISTERED OFFICE	Station Road
	Robertsbridge
	East Sussex
	TN32 5DH


INDEPENDENT AUDITORS	Price Bailey LLP
	Chartered Accountants & Statutory Auditors
	Causeway House
	1 Dane Street
	Bishop's Stortford
	Hertfordshire
	CM23 3BT

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

CONTENTS

	Page
Group Strategic Report	1
Directors' Report	2 - 3
Independent Auditors' Report	4 - 7
Consolidated Statement of Comprehensive Income	8
Consolidated Balance Sheet	9 - 10
Company Balance Sheet	11
Consolidated Statement of Changes in Equity	12 - 13
Company Statement of Changes in Equity	14 - 15
Consolidated Statement of Cash Flows	16
Notes to the Financial Statements	17 - 37

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

INTRODUCTION

The Company is engaged in the business of developing quality branded sports goods for rugby union, cricket, hockey, netball, rackets and real tennis, and, distributing them wherever in the world those sports are played.

BUSINESS REVIEW

2025 has been a good year for the Group.

The Company has a long history of sustainability and innovation, it aspires to globally apply these philosophies to develop great products, offer reliable service, reduce its environmental impact, promote equal opportunities, ensure fair working conditions and support the communities it engages with.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company is reliant on its global sourcing and distribution network and is therefore exposed to risks of foreign exchange movement, producer inflation and supply chain disruption.

The Company continues to invest in digital services and is therefore increasingly reliant on robust data resilience and security.

The Company manages its product innovation program to develop market appealing products and mitigate the risk of product obsolescence due to technological advances.

FINANCIAL KEY PERFORMANCE INDICATORS

The principal long term financial goals of the business are to be profitable, achieve sustainable growth over a 4 year cycle whilst maintaining a conservative balance sheet.

The Group's turnover was £38.1m (2024 - £34.5m).

The Group's profit for the year after tax was £2.9m (2024 - £3.1m).

The Group's cash net of borrowings at year end was £4.3m (2024 - £7.3m).

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

P D Gray FCMA

Director

Date: 25 September 2026

Page 1

GRAYS OF CAMBRIDGE (INTERNATIONAL) 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.

PRINCIPAL ACTIVITY

The principal activities of the Group are the manufacture and distribution of quality branded sports goods.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £2,929,435 (2024 - £3,104,160).

The Directors consider the state of the Group's affairs during the year and the financial position at the end of the year to be satisfactory.

DIRECTORS

The Directors who served during the year were:

N D J Gray

R W Gray

P D Gray FCMA

J C Gray ACA

N J Gray

D M Noyes

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Group since the year end.

FUTURE DEVELOPMENTS

The Directors anticipate no significant changes in the company's activities in the foreseeable future.

AUDITORS

Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

DISCLOSURE OF INFORMATION TO AUDITORS

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

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

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

Page 2

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

DIRECTORS' REPORT (CONTINUED)

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.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

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

P D Gray FCMA

Director

Date: 25 September 2026

Page 3

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

OPINION

We have audited the financial statements of Grays of Cambridge (International) 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 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 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 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 4

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the 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.

Page 5

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 around actual and potential litigation and claims, and any known instances of
   non-compliance;
- Reviewing minutes of meetings of those charged with governance;
- 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; and
- Reviewing our work throughout the audit file for evidence of non-compliance.

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 Auditors' Report.

Page 6

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAYS OF CAMBRIDGE (INTERNATIONAL) 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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Booth (Senior Statutory Auditor)

for and on behalf of

Price Bailey LLP

Chartered Accountants

Statutory Auditors

Causeway House

1 Dane Street

Bishop's Stortford

Hertfordshire

CM23 3BT

Date: 25 September 2026

Page 7

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	38,103,742	34,518,511
Change in stocks of finished goods and work in progress		(481,581)	1,303,991
Other operating income	5	626,335	536,227
Raw materials and consumables		(1,652,855)	(1,731,620)
Other external charges		(17,434,179)	(16,614,685)
Staff costs		(8,400,870)	(7,244,723)
Depreciation and amortisation		(205,773)	(176,816)
Other operating expenses		(6,975,395)	(6,896,497)
OPERATING PROFIT	6	3,579,424	3,694,388
Income from other fixed asset investments		105,800	73,106
Interest receivable and similar income	11	101,423	164,170
Interest payable and similar expenses	12	(91,721)	(55,175)
PROFIT BEFORE TAX		3,694,926	3,876,489
Tax on profit	13	(765,491)	(772,329)
PROFIT FOR THE FINANCIAL YEAR		2,929,435	3,104,160


Other comprehensive income	19,534	(6,042)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	2,948,969	3,098,118

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
Owners of the parent Company		2,929,435	3,104,160

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 37 form part of these financial statements.

Page 8

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

REGISTERED NUMBER: 00148700

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

FIXED ASSETS
Tangible assets	16		1,335,560		1,186,212
Investments	17		100,000		100,000
			1,435,560		1,286,212
CURRENT ASSETS
Stocks	18	10,446,784		10,876,083
Debtors: amounts falling due after more than one year	19	10,112,733		6,355,502
Debtors: amounts falling due within one year	19	4,139,173		3,902,775
Cash at bank and in hand	20	4,319,724		7,323,994
		29,018,414		28,458,354
Creditors: amounts falling due within one year	21	(6,415,767)		(6,912,559)
NET CURRENT ASSETS			22,602,647		21,545,795
TOTAL ASSETS LESS CURRENT LIABILITIES			24,038,207		22,832,007
PROVISIONS FOR LIABILITIES
Other provisions	24	(10,547,733)		(6,790,502)
			(10,547,733)		(6,790,502)
NET ASSETS			13,490,474		16,041,505

Page 9

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

REGISTERED NUMBER: 00148700

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

CAPITAL AND RESERVES
Called up share capital	25	27,060	27,060
Revaluation reserve		27,574	27,911
Capital redemption reserve		16,028	16,028
Foreign exchange reserve		29,896	10,362
Other reserves		83	83
Profit and loss account		13,389,833	15,960,061
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY		13,490,474	16,041,505

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

P D Gray FCMA	N D J Gray
Director	Director

Date: 25 September 2026

The notes on pages 17 to 37 form part of these financial statements.

Page 10

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

REGISTERED NUMBER: 00148700

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

FIXED ASSETS
Tangible assets	16		1,313,770		1,183,587
Investments	17		170,423		170,423
			1,484,193		1,354,010
CURRENT ASSETS
Stocks	18	10,446,784		10,876,083
Debtors: amounts falling due after more than one year	19	3,590,797		3,747,167
Debtors: amounts falling due within one year	19	4,081,362		3,828,379
Cash at bank and in hand	20	3,930,550		6,912,355
		22,049,493		25,363,984
Creditors: amounts falling due within one year	21	(6,367,689)		(6,844,231)
NET CURRENT ASSETS			15,681,804		18,519,753
TOTAL ASSETS LESS CURRENT LIABILITIES			17,165,997		19,873,763

PROVISIONS FOR LIABILITIES
Other provisions	24	(4,025,797)		(4,182,167)
			(4,025,797)		(4,182,167)
NET ASSETS			13,140,200		15,691,596

CAPITAL AND RESERVES
Called up share capital	25	27,060	27,060
Revaluation reserve		27,574	27,911
Capital redemption reserve		16,028	16,028
Profit and loss account carried forward		13,069,538	15,620,597
		13,140,200	15,691,596

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

P D Gray FCMA	N D J Gray
Director	Director

Date: 25 September 2026

The notes on pages 17 to 37 form part of these financial statements.

Page 11


		GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Capital redemption reserve	Revaluation reserve	Foreign exchange reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£	£
At 1 January 2025	27,060	16,028	27,911	10,362	83	15,960,061	16,041,505
COMPREHENSIVE INCOME FOR THE YEAR
Profit for the year	-	-	-	-	-	2,929,435	2,929,435
Movement on foreign exchange	-	-	-	19,534	-	-	19,534
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-	-	19,534	-	-	19,534
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	-	-	-	19,534	-	2,929,435	2,948,969
CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS
Dividends: Equity capital	-	-	-	-	-	(5,500,000)	(5,500,000)
Transfer to/from profit and loss account	-	-	(337)	-	-	337	-
TOTAL TRANSACTIONS WITH OWNERS	-	-	(337)	-	-	(5,499,663)	(5,500,000)
AT 31 DECEMBER 2025	27,060	16,028	27,574	29,896	83	13,389,833	13,490,474

The notes on pages 17 to 37 form part of these financial statements.

Page 12


		GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Revaluation reserve	Foreign exchange reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£	£
At 1 January 2024 (as previously stated)	27,060	16,028	28,520	16,404	83	15,730,470	15,818,565
Prior year adjustment - correction of error	-	-	-	-	-	624,822	624,822
At 1 January 2024 (as restated)	27,060	16,028	28,520	16,404	83	16,355,292	16,443,387
COMPREHENSIVE INCOME FOR THE YEAR
Profit for the year	-	-	-	-	-	3,104,160	3,104,160
Movement on foreign exchange	-	-	-	(6,042)	-	-	(6,042)
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-	-	(6,042)	-	-	(6,042)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	-	-	-	(6,042)	-	3,104,160	3,098,118
CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS
Dividends: Equity capital	-	-	-	-	-	(3,500,000)	(3,500,000)
Transfer to/from profit and loss account	-	-	(609)	-	-	609	-
TOTAL TRANSACTIONS WITH OWNERS	-	-	(609)	-	-	(3,499,391)	(3,500,000)
AT 31 DECEMBER 2024	27,060	16,028	27,911	10,362	83	15,960,061	16,041,505

The notes on pages 17 to 37 form part of these financial statements.

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GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Capital redemption reserve	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2025	27,060	16,028	27,911	15,620,597	15,691,596
COMPREHENSIVE INCOME FOR THE YEAR
Profit for the year	-	-	-	2,948,604	2,948,604
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	-	-	-	2,948,604	2,948,604
CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS
Dividends: Equity capital	-	-	-	(5,500,000)	(5,500,000)
Transfer to/from profit and loss account	-	-	(337)	337	-
TOTAL TRANSACTIONS WITH OWNERS	-	-	(337)	(5,499,663)	(5,500,000)
AT 31 DECEMBER 2025	27,060	16,028	27,574	13,069,538	13,140,200

The notes on pages 17 to 37 form part of these financial statements.

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GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2024 (as previously stated)	27,060	16,028	28,520	15,221,821	15,293,429
Prior year adjustment - correction of error	-	-	-	624,822	624,822
At 1 January 2024 (as restated)	27,060	16,028	28,520	15,846,643	15,918,251
COMPREHENSIVE INCOME FOR THE YEAR
Profit for the year	-	-	-	3,273,345	3,273,345
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	-	-	-	3,273,345	3,273,345
CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS
Dividends: Equity capital	-	-	-	(3,500,000)	(3,500,000)
Transfer to/from profit and loss account	-	-	(609)	609	-
TOTAL TRANSACTIONS WITH OWNERS	-	-	(609)	(3,499,391)	(3,500,000)
AT 31 DECEMBER 2024	27,060	16,028	27,911	15,620,597	15,691,596

The notes on pages 17 to 37 form part of these financial statements.

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GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year	2,929,435	3,104,160
ADJUSTMENTS FOR:
Depreciation of tangible assets	216,666	172,321
Loss on disposal of tangible assets	(7,941)	4,497
Interest paid	91,721	55,175
Interest received	(101,423)	(164,170)
Taxation charge	765,491	772,329
Decrease/(increase) in stocks	429,299	(808,664)
(Increase) in debtors	(4,018,477)	(1,032,845)
(Decrease) in creditors	(101,178)	(30,653)
Increase in provisions	3,757,231	1,140,078
Corporation tax (paid)	(1,136,257)	(1,229,258)
Income from investments	(105,800)	(73,106)
NET CASH GENERATED FROM OPERATING ACTIVITIES	2,718,767	1,909,864

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets	(365,292)	(98,407)
Sale of tangible fixed assets	7,219	16,064
Interest received	101,423	164,170
Income from investments	105,800	73,106
NET CASH FROM INVESTING ACTIVITIES	(150,850)	154,933
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(5,500,000)	(3,500,000)
Interest paid	(91,721)	(55,175)
NET CASH USED IN FINANCING ACTIVITIES	(5,591,721)	(3,555,175)
(DECREASE) IN CASH AND CASH EQUIVALENTS	(3,023,804)	(1,490,378)
Cash and cash equivalents at beginning of year	7,323,994	8,820,414
Foreign exchange gains and losses	19,534	(6,042)
CASH AND CASH EQUIVALENTS AT THE END OF YEAR	4,319,724	7,323,994

CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:
Cash at bank and in hand	4,319,724	7,323,994

The notes on pages 17 to 37 form part of these financial statements.

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GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	GENERAL INFORMATION

The company is a private company limited by shares incorporated in England and Wales. The address of its registered office is Station Road, Robertsbridge, East Sussex, TN32 5DH.

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.

2.3

GOING CONCERN

The financial statements have been prepared on the going concern basis. In assessing the appropriateness of the going concern basis, the Directors have taken account of all relevant information covering a period of at least twelve months from the date of approval of the financial statements. The Directors consider it appropriate to continue to use the going concern assumption on the basis that the Company will have sufficient resources to enable it to meet its liabilities as they fall due.

Having regard to the above, the Directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Page 17

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.4

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.

Page 18

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)


	2.5	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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line/reducing balance method.

Depreciation is provided on the following bases:

Freehold property 2% straight line
Freehold land Nil
Leasehold improvements over the remaining life of the lease
Plant & machinery 15% - 25% on the reducing balance or the straight line basis
Motor vehicles 33% reducing balance
Fixtures & fittings 15% - 25% reducing balance
Biological assets 20% straight line

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 within 'other operating expenses' in the Consolidated Statement of Comprehensive Income.

Freehold land and buildings are included at deemed cost following the adoption of FRS 102. Deemed cost is the valuation as at the date of transition to FRS 102.

2.6

OPERATING LEASES: THE GROUP AS LESSEE

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

Page 19

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)


	2.7	VALUATION OF INVESTMENTS

Investments in subsidiaries are valued at cost less provision for impairment.

Investments in associates are stated at the amount of the Company's share of net assets. The Consolidated Statement of Comprehensive Income includes the Company's share of the associated companies' profits after taxation using the equity accounting basis.

Investments held as fixed assets are shown at fair value.

Loans receivable are measured initially at fair value, net of transaction costs and, where material, are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

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 weighted average basis. Work in progress and manufactured 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 the Consolidated Statement of Comprehensive Income.

2.9

DEBTORS

Short term debtors are measured at transaction price, less any impairment. The impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

2.10

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.

The Company has taken advantage of the exemption from preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the Company's cash flows.

2.11

FINANCIAL INSTRUMENTS

The Group enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Page 20

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.12

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.

2.13

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The company's functional and presentational currency is Pounds Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using an average rate.

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 the Statement of Comprehensive Income.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other external charges'.

On consolidation, the results of overseas operations are translated into sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.14

FINANCE COSTS

Finance costs are charged to the Consolidated Statement of Comprehensive Income 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.

2.15

DIVIDENDS

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

Page 21

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.16

PENSIONS

Defined contribution pension plan

The Group operates defined contribution plans 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 payments obligations.

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income 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.

2.17

INTEREST INCOME

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

2.18

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 22

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.19

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 corporation 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.

2.20

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.

2.21

SPONSORSHIP AGREEMENTS

The Company sponsors various sporting bodies, individuals and events. Payments are matched to the relevant season or events' related income.

3.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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

The Directors make estimates and assumptions concerning the future based on their knowledge of the business and the markets it operates in. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

The Directors consider the key accounting estimate to be regarding stock provisions.

Page 23

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

TURNOVER

In the opinion of the Directors the disclosure of turnover by geographical segment would be seriously prejudicial in the interests of the company and therefore this information has not been disclosed.

5.	OTHER OPERATING INCOME
		2025	2024
		£	£

Other operating income	600,747	536,227
Sundry income	25,588	-
	626,335	536,227

Depreciation of tangible fixed assets	216,666	172,321
Exchange differences	(23,570)	508,787
OPERATING LEASE PAYMENTS
- property leases	194,400	194,400
- other operating leases	15,015	10,946

Fees payable to the Group's auditor and its associate for the audit of the Group's annual financial statements	6,800	6,400

Fees payable to the company's auditor and its associates for the audit of the company's accounts	49,650	46,600

Page 24

GRAYS OF CAMBRIDGE (INTERNATIONAL) 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	7,285,930	6,312,205	7,040,298	6,086,205
Social security costs	885,077	711,508	801,586	622,533
Cost of defined contribution scheme	250,452	241,434	245,753	236,666
	8,421,459	7,265,147	8,087,637	6,945,404

Key management compensation

Key management personnel are not different from the Directors and their compensation is detailed in Note 9.

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.

Operations	71	71	71	71
Sales / commercial	60	58	60	58
Administration	26	26	22	22

	157	155	153	151

9.	DIRECTORS' REMUNERATION
		2025	2024
		£	£

	Directors' emoluments	622,244	615,698

The highest paid Director received remuneration of £204,577 (2024 - £200,288).

10.	INCOME FROM INVESTMENTS
		2025	2024
		£	£

	Income from fixed asset investments	105,800	73,106

Page 25

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.	INTEREST RECEIVABLE
		2025	2024
		£	£

Other interest receivable

101,423

164,170

12.	INTEREST PAYABLE AND SIMILAR EXPENSES
		2025	2024
		£	£

Bank interest payable	228	242
Other interest payable	91,493	54,933
	91,721	55,175

CORPORATION TAX
Current tax on profits for the year	735,428	797,590
Adjustments in respect of previous periods	-	27,089
	735,428	824,679
FOREIGN TAX
Foreign tax on income for the year	6,699	18,328
TOTAL CURRENT TAX	742,127	843,007

	DEFERRED TAX
	Origination and reversal of timing differences	23,364	(70,678)


		765,491	772,329

Page 26

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.TAXATION (CONTINUED)

Profit on ordinary activities before tax

3,694,926

3,876,489

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	923,732	969,122
EFFECTS OF:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	4,956	3,779
Adjustments to tax charge in respect of prior periods	-	27,089
Share of partnership profits	28,668	14,970
Adjustment in research and development and patent box tax credit leading to an increase (decrease) in the tax charge	(123,728)	(194,413)
Double taxation relief	(47,972)	-
Changes in tax rate leading to an increase (decrease) in the tax charge	-	4,417
Other differences leading to an increase (decrease) in the tax charge	(20,165)	(52,635)
TOTAL TAX CHARGE FOR THE YEAR	765,491	772,329

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

14.	DIVIDENDS
		2025	2024
		£	£

Dividends paid on equity capital

5,500,000

3,500,000

15.	PARENT COMPANY PROFIT FOR THE YEAR

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 profit after tax of the parent Company for the year was £2,948,604 (2024 - £3,273,345).

Page 27


		GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

	16.	TANGIBLE FIXED ASSETS
		Group

	Land & buildings	Plant and machinery	Motor vehicles	Fixtures, fittings & equipment	Biological assets	Total
	£	£	£	£	£	£
COST OR VALUATION
At 1 January 2025	1,422,454	1,769,769	317,560	899,724	155,081	4,564,588
Additions	-	232,133	108,916	24,243	-	365,292
Disposals	-	(403,834)	(82,677)	(27,918)	-	(514,429)
At 31 December 2025	1,422,454	1,598,068	343,799	896,049	155,081	4,415,451
DEPRECIATION
At 1 January 2025	719,487	1,589,255	233,095	836,539	-	3,378,376
Charge for the year on owned assets	15,233	125,355	57,401	18,677	-	216,666
Disposals	-	(403,031)	(81,038)	(31,082)	-	(515,151)
At 31 December 2025	734,720	1,311,579	209,458	824,134	-	3,079,891
NET BOOK VALUE
At 31 December 2025	687,734	286,489	134,341	71,915	155,081	1,335,560
At 31 December 2024	702,967	180,514	84,465	63,185	155,081	1,186,212

Page 28

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.TANGIBLE FIXED ASSETS (CONTINUED)

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

	Freehold	687,734	702,967

Freehold land and buildings are included at deemed cost following the adoption of FRS102. Deemed cost is the valuation as at 1 January 2014.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2025	2024
	£	£

GROUP
Cost	1,352,450	1,352,450
Accumulated depreciation	(698,177)	(683,281)
NET BOOK VALUE	654,273	669,169

Page 29


		GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

16.TANGIBLE FIXED ASSETS (CONTINUED)

		Company

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Biological assets	Total
	£	£	£	£	£	£
COST OR VALUATION
At 1 January 2025	1,422,454	1,769,769	293,062	897,836	155,081	4,538,202
Additions	-	225,297	108,916	22,847	-	357,060
Disposals	-	(403,834)	(81,425)	(26,610)	-	(511,869)
At 31 December 2025	1,422,454	1,591,232	320,553	894,073	155,081	4,383,393
DEPRECIATION
At 1 January 2025	719,487	1,589,255	215,483	830,390	-	3,354,615
Charge for the year on owned assets	15,233	122,402	53,168	18,440	-	209,243
Disposals	-	(403,031)	(64,953)	(26,251)	-	(494,235)
At 31 December 2025	734,720	1,308,626	203,698	822,579	-	3,069,623
NET BOOK VALUE
At 31 December 2025	687,734	282,606	116,855	71,494	155,081	1,313,770
At 31 December 2024	702,967	180,514	77,579	67,446	155,081	1,183,587

Page 30

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.TANGIBLE FIXED ASSETS (CONTINUED)

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

	Freehold	687,734	702,967

Freehold land and buildings are included at deemed cost following the adoption of FRS102. Deemed cost is the valuation as at 1 January 2014.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2025	2024
	£	£

COMPANY
Cost	1,352,450	1,352,450
Accumulated depreciation	(698,177)	(683,281)
NET BOOK VALUE	654,273	669,169

17.	FIXED ASSET INVESTMENTS
	Group

		Other fixed asset investments
		£
	COST OR VALUATION
	At 1 January 2025	100,000
	At 31 December 2025	100,000

Page 31

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

	Company

	Investments in subsidiary companies	Other fixed asset investments	Total
	£	£	£
COST OR VALUATION
At 1 January 2025	70,423	100,000	170,423
At 31 December 2025	70,423	100,000	170,423

SUBSIDIARY UNDERTAKINGS
The following were subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

Grays Sports Limited	United Kingdom	Negotiating, securing and entering sponsorship agreements	Ordinary	100%
Rugby 1823 SARL	France	Sales agency	Ordinary	100%
Hockey 1890 BV	Netherlands	Sales agency	Ordinary	100%
Gray-Nicolls Limited	United Kingdom	Dormant	Ordinary	100%
James Gilbert Limited	United Kingdom	Dormant	Ordinary	100%
Grays of Cambridge Limited	United Kingdom	Dormant	Ordinary	100%
H J Gray & Sons Limited	United Kingdom	Dormant	Ordinary	100%

The registered address of Rugby 1823 SARL is 294 Route de Saint-Omer, 62280 Saint-Martin-Boulogne, France.

The registered address of Hockey 1890 BV is Plesmanstraat 1, 3833 LA Leusden, Netherlands.

The registered address of all other companies is Station Road, Robertsbridge, East Sussex, TN32 5DH.

18.	STOCKS
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Raw materials and consumables	2,118,958	2,066,676	2,118,958	2,066,676
Stocks - finished goods in transit	1,256,741	1,229,240	1,256,741	1,229,240
Finished goods and goods for resale	7,071,085	7,580,167	7,071,085	7,580,167
	10,446,784	10,876,083	10,446,784	10,876,083

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

Page 32

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

19.	DEBTORS
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

DUE AFTER MORE THAN ONE YEAR
Prepayments and accrued income	10,112,733	6,355,502	3,590,797	3,747,167

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

DUE WITHIN ONE YEAR
Trade debtors	3,032,503	2,939,509	3,022,822	2,932,213
Other debtors	32,236	60,249	25,379	52,185
Prepayments and accrued income	1,064,896	870,115	1,023,623	811,079
Deferred taxation	9,538	32,902	9,538	32,902
	4,139,173	3,902,775	4,081,362	3,828,379

20.	CASH AND CASH EQUIVALENTS
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	4,319,724	7,323,994	3,930,550	6,912,355

21.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	2,870,736	2,472,000	2,491,129	2,375,230
Amounts owed to group undertakings	-	-	508,288	149,751
Corporation tax	332,852	728,466	321,275	719,365
Other taxation and social security	439,430	500,376	367,257	475,790
Other creditors	231,106	190,547	176,110	142,262
Accruals and deferred income	2,541,643	3,021,170	2,503,630	2,981,833
	6,415,767	6,912,559	6,367,689	6,844,231

Page 33

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.	FINANCIAL INSTRUMENTS
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

FINANCIAL ASSETS
Financial assets measured at fair value through profit or loss	4,319,724	7,323,994	3,930,550	6,912,355
Financial assets that are debt instruments measured at amortised cost	3,064,739	2,999,758	3,048,201	2,984,398
	7,384,463	10,323,752	6,978,751	9,896,753

	FINANCIAL LIABILITIES
	Financial liabilities measured at amortised cost	(5,643,485)	(5,854,043)	(5,679,157)	(5,649,076)

	Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand, financial instruments and unlisted investments.
	Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors.
	Financial liabilities measured at amortised cost comprise trade and other creditors, accruals and deferred income and amounts owed to group companies.

Page 34

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

23.	DEFERRED TAXATION
	Group

	2025	2024
	£	£

At beginning of year	(32,902)	37,776
Charged to profit or loss	23,364	(70,678)
AT END OF YEAR	(9,538)	(32,902)

Company

	2025	2024
	£	£

At beginning of year	(32,902)	37,776
Charged to profit or loss	23,364	(70,678)
AT END OF YEAR	(9,538)	(32,902)

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

Accelerated capital allowances	57,469	29,548	57,469	29,548
Pension surplus	(18,750)	(12,500)	(18,750)	(12,500)
Other timing differences	(48,257)	(49,950)	(48,257)	(49,950)
	(9,538)	(32,902)	(9,538)	(32,902)

Page 35

GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

24.	PROVISIONS
	Group

	Other provisions	Total
	£	£

At 1 January 2025	6,790,502	6,790,502
Charged to profit or loss	5,210,327	5,210,327
Utilised in year	(1,453,096)	(1,453,096)
AT 31 DECEMBER 2025	10,547,733	10,547,733

Company

	Other provisions	Total
	£	£

At 1 January 2025	4,182,167	4,182,167
Charged to profit or loss	122,096	122,096
Utilised in year	(278,466)	(278,466)
AT 31 DECEMBER 2025	4,025,797	4,025,797

Other provisions relate to liabilities and indemnity payments, dilapidation provisions, sponsorship contracts, estimated costs for defending the group's Intellectual Property rights and asbestos removal works. The timing of these are not known.

25.	SHARE CAPITAL
		2025	2024
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

27,060 (2024 - 27,060) Ordinary shares of £1 each	27,060	27,060

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GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

26.	PENSION COMMITMENTS

Former employees

Pensions are paid on a voluntary basis to some former employees for whom adequate provision has not been made prior to retirement.

The company contributes to personal pension schemes in respect of three directors and other staff. The assets of the schemes are held separately from those of the company in an independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £ 250,452 (2024 - £ 241,434). Contributions totalling £75,000 (2024 - £ 50,000) were payable to the funds at the balance sheet date and are included in creditors.

27.	COMMITMENTS UNDER OPERATING LEASES
	At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Not later than 1 year	194,400	194,400	194,400	194,400
Later than 1 year and not later than 5 years	777,600	777,600	777,600	777,600
Later than 5 years	421,167	615,567	421,167	615,567
	1,393,167	1,587,567	1,393,167	1,587,567

28.

RELATED PARTY TRANSACTIONS

The Group and Company has traded with related parties during the year as follows:

Sales to related parties totalled £ 3,331,000 (2024 - £ 1,803,000).

Purchases from related parties totalled £ 2,375,000 (2024 - £ 1,285,000).

Admin support was provided to related parties totalling £ 7,000 (2024 - £ 9,000).

Amounts owed to related parties at the year end totalled £ 7,000 (2024 - £ 6,000).

Amounts owed from related parties at the year end totalled £1,166,000 (2024 - £739,000)

Rent paid to related parties totalled £ 194,400 (2024 - £ 196,843).

Dividends paid to directors totalled £ 5,500,000 (2024 - £3,500,000).

The Company has taken advantage of the exemption under FRS 102 (Section 33.1A) not to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly-owned by such a member.

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