COMPANY REGISTRATION NUMBER:
07120391
|
FILLETED FINANCIAL STATEMENTS |
|
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2025
|
31 Dec 25 |
31 Aug 24 |
|
|
(restated) |
|
Note |
£ |
£ |
|
|
|
Current assets
|
Debtors |
5 |
6,783,280 |
7,194,498 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
116,902) |
– |
|
------------ |
------------ |
|
Net current assets |
6,666,378 |
7,194,498 |
|
------------ |
------------ |
|
Total assets less current liabilities |
6,666,378 |
7,194,498 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
|
Called up share capital |
2 |
2 |
|
Profit and loss account |
6,666,376 |
7,194,496 |
|
------------ |
------------ |
|
Shareholder funds |
6,666,378 |
7,194,498 |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
21 October 2026
, and are signed on behalf of the board by:
Company registration number:
07120391
|
NOTES TO THE FINANCIAL STATEMENTS |
|
PERIOD FROM 1 SEPTEMBER 2024 TO 31 DECEMBER 2025
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Old Great North Road, Sutton-on-Trent, Newark, Notts, NG23 6QN, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Directors have prepared the company's financial statements on a going concern basis. In making this assessment, the Directors have considered the company's cash flow forecasts and financial position for the period to 31 December 2027, together with the company's five-year forecast and the actions being taken to improve revenue, gross margin and operating costs. The company's forecast assumes continued growth in revenue, supported by the expansion of its B2C activities, development of new customer channels, extension of its product range, improvements in website conversion and digital marketing performance, and the introduction of additional chargeable delivery services. A number of these initiatives are already underway and have generated early evidence of commercial traction. The Directors are also implementing a number of measures to improve gross margins and reduce operating costs. These include supply-chain initiatives, redesign of products, increased use of artificial intelligence in customer service and planning, strengthened logistics management and improved reporting and control over digital marketing expenditure. The Directors have identified material potential savings from these initiatives, although certain benefits remain subject to implementation and further operational evidence. The Directors have considered the company's forecast liquidity and headroom throughout the assessment period, including the sensitivity of the forecasts to changes in trading performance, gross margins and operating costs. The Directors consider that the actions already taken, together with the company's forecast trading performance and the continuous financial support of its ultimate shareholder, James Owen, provide a reasonable basis for concluding that the Group will be able to meet its liabilities as they fall due for the foreseeable future. Accordingly, the Directors consider it appropriate to prepare the company's financial statements on a going concern basis. In making this assessment, the Directors have received a formal commitment from James Owen confirming that he will continue to provide necessary working capital funding for a period of at least 12 months from the date of approval of these financial statements. The Directors recognise that the achievement of the forecast results is dependent on the successful delivery of the operational and commercial initiatives described above and therefore continue to monitor the company's trading performance, cash position and forecast headroom closely.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. No significant judgements or estimates have been made by management in the process of applying the entity's accounting policies that would have a significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts, volume rebates and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
2
(2024:
2
).
5.
Debtors
|
31 Dec 25 |
31 Aug 24 |
|
|
(restated) |
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
6,503,932 |
7,058,716 |
|
Other debtors |
279,348 |
135,782 |
|
------------ |
------------ |
|
6,783,280 |
7,194,498 |
|
------------ |
------------ |
|
|
|
6.
Creditors:
amounts falling due within one year
|
31 Dec 25 |
31 Aug 24 |
|
|
(restated) |
|
£ |
£ |
|
Trade creditors |
116,902 |
– |
|
--------- |
---- |
|
|
|
7.
Prior period errors
The directors identified that certain items included within administrative expenses, cost of sales and distribution costs were misclassified. The adjustments affect only the classification of expenses within the statement of comprehensive income and has no impact on profit before taxation, profit after taxation, net assets or reserves. The comparative figures in these financial statements have been restated accordingly. The effect of the restatement was to decrease cost of sales by £219,419, increase distribution costs by £788,888 and decrease administrative expenses by £788,888.
8.
Summary audit opinion
The auditor's report dated
21 October 2026
was
unqualified
.
The senior statutory auditor was
Mark Bradshaw
, for and on behalf of
Streets Audit LLP
.
9.
Controlling party
The immediate parent company is Rosimian Limited and the ultimate parent company was The Garden Buildings Group Limited until 14 March 2025 when it was acquired in full by Friars 938 Limited. Friars 938 Limited remains the ultimate parent undertaking, and the smallest and largest group to consolidate these financial statements. Copies of the Friars 938 Limited consolidated financial statements can be obtained from the Company Secretary at the Registered Office. The ultimate controlling party is J Owen, a Director of this company.