REGISTERED NUMBER: 01874025 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

FOR

FRIDAY MEDIA GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

21

DIRECTORS:

S L Kidger

J B Kidger

K K Kidger

H Shafi

REGISTERED OFFICE:

80 East Street

Brighton

East Sussex

BN1 1NF

REGISTERED NUMBER:

01874025 (England and Wales)

AUDITORS:

Watson Associates (Audit Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

The directors present their strategic report of the company and the group for the year ended 31 January 2026.

REVIEW OF BUSINESS

Group turnover increased by 11.4% to £8,471,546 (2025: £7,603,079). The increase reflects the first full year of trading of Sussex Christmas Trees Limited, acquired at the end of the previous financial year, which contributed turnover of £1,480,074. Excluding Sussex Christmas Trees, turnover from the group's existing businesses was £6,991,472, a decrease of 8.0%, mainly due to lower classified advertising revenue in Friday-Ad Limited. Retail now accounts for 49% of group turnover (2025: 36%).

The change in mix lowered the gross margin to 52.3% (2025: 60.1%), as our retail businesses operate at lower margins than our digital businesses. Administrative expenses were broadly unchanged at £5.3 million despite including Sussex Christmas Trees for the first time; excluding it, the overheads of our existing businesses were reduced by approximately £0.37 million.

EBITDA was £126,268 (2025: £259,957). After non-cash depreciation and amortisation, the group reported a loss before tax of £428,030 (2025: £242,297). The prior year result included a gain of £140,120 on the revaluation of investment property, which did not recur. Interest costs fell to £8,343 (2025: £135,805) following the repayment of the group's bank overdraft, and at the year end the group had no bank borrowings and cash balances of £759,483.

During the year the group also simplified its structure, dissolving thirteen subsidiaries that were dormant or no longer required, and transferring its US business to be held directly by Friday Media Group Limited. Our commitment remains to evolve and continuously innovate to connect people and businesses through technology, while building a balanced portfolio of digital and retail businesses.

DIVISIONAL OVERVIEW

Since the year end the directors have agreed a restructure of the group's digital businesses. It is built around one core customer, the dealer, and one core product type, software subscriptions, with the aim of a simpler business that is easier to run and easier to grow. For several years the digital businesses were run as separate divisions by company and customer type. That brought successes and setbacks, and left us supporting many different customers and products. Under the new structure, the dealer-facing work in Marketplaces (sales, account management and product) is being brought together with Spidersnet, so that one set of teams serves dealers in every niche. Marketplaces continues as a leaner, largely automated consumer classifieds business, and as a route for bringing new dealers to Spidersnet. The result is two clearer engines, one commercial and one community-led, alongside Recruitment and Retail.

Spidersnet: SaaS automotive technology. We continued to invest in the platform during the year. Spidersnet is now the group's dealer software business, built on recurring subscriptions, and we have started extending it to other dealer markets, beginning with a trial in caravans.

Marketplaces: Classified and business services for SMEs. Revenue was lower as advertising volumes softened, and the cost base was reduced.Its focus is now community, traffic and automation, and it acts as an entry point for dealers to Spidersnet's services.

Recruitment: Online job boards and recruitment services.

Retail: Garden centres and Christmas trees retail. Upcountry's turnover was broadly unchanged at £2.7 million and its loss reduced, helped by lower interest costs. Sussex Christmas Trees completed its first full season within the group and began developing year-round activities at its farm site.

PRINCIPAL RISKS AND UNCERTAINTIES

Operating in a highly competitive landscape, the risks of rapid market change, including the growing use of artificial intelligence in search and advertising, are significant, yet they also present opportunities for growth and expansion. We actively focus on adaptability to mitigate these risks. Significant revenue is generated from advertising, which is inherently cyclical. We manage this risk by diversifying our business portfolio across different consumer-focused domains and, increasingly, by moving towards subscription revenue.

To reduce our reliance on one-off advertising, we are moving the digital businesses towards software subscriptions and the services around them. By simplifying our product range and customer types, and investing in service rather than one-off advertising, we aim to build steadier and more predictable growth in monthly recurring revenue. Subscription revenue is generally more stable, and harder for customers to cancel, than one-off advertising revenue. Our marketplaces already reach a large number of dealers, which gives us a ready route to offer these services without having to enter a cold market.

This shift brings risks of its own. We need to keep and look after our dealer customers through the changes, retain the key staff and platform knowledge that the new structure depends on, and deliver the product development needed for each new dealer market. Moving customers and their data between group companies carries legal and data protection requirements, which we manage with external advice. Dealers also have growing access to technology of their own, and competing software could win them away. We respond by using the same technology to grow faster, and by making our services so specific to each market, and so useful, that we are the easiest and safest choice for dealers who want a secure system and online presence.

Our retail businesses are seasonal and weather-dependent, with Christmas tree sales concentrated in a few weeks of the year, and are exposed to rising costs, including the increases in employer National Insurance contributions and the National Living Wage from April 2025. We manage these risks through careful stock and staffing planning and by developing activities that trade throughout the year.

FINANCIAL INSTRUMENTS AND RISKS

Our financial instruments consist of cash, receivables, and payables that arise directly from our operations. The main risks include liquidity, cash flow interest rate risk, and credit risk, which are managed through established policies reviewed and agreed upon by the directors. Following the repayment of the bank overdraft, the group's exposure to interest rate risk is low, and liquidity is supported by long-term loans from the directors of £1,727,000. Credit risk is managed through credit checks and payment in advance where appropriate; older customer balances that are not expected to be recovered have been written off during the year.

OUTLOOK

The directors' priority for the coming year is to return the group to profitability. In our digital businesses we will continue to modernise our products, including further development of the Spidersnet platform, and we are introducing artificial intelligence tools across the group to improve efficiency and the products we offer to customers. In retail, we are focused on improving margins and cash generation at Upcountry, and on building on Sussex Christmas Trees' first full year, including extending its activities beyond the Christmas season.

The restructure described in the divisional overview is central to this. We expect it to support steadier growth in recurring revenue, with the organisational changes made now and new dealer markets introduced in stages as the product is ready.

With no bank borrowings, a substantial property base and the continued support of the directors, we believe the group is well placed to deliver this, and we remain optimistic about Friday Media Group's future growth and resilience.

ACKNOWLEDGEMENTS

We thank our staff for their hard work and our customers for their ongoing support.

PERFORMANCE OF THE BUSINESS

Key performance indicators

2026

2025

2024

2023

Turnover

£8,471,546

£7,603,079

£7,708,279

£7,673,577

Turnover growth/(decline)

11.4%

(1.36%)

0.45%

(27.2%)

EBITDA

£126,268

£259,957

£301,399

£685,999

EBITDA growth/(decline)

(51.4%)

(13.8%)

(56.1%)

164.7%

Profit/(loss) before tax

(£428,030)

(£242,297)

(£154,646)

£103,743

Profit growth/(decline)

(76.7%)

(56.7%)

(249.1%)

427.3%

Employee numbers

171

165

159

164

ON BEHALF OF THE BOARD:

S L Kidger - Director

28 October 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2026.

DIVIDENDS

No dividends will be distributed for the year ended 31 January 2026.

DIRECTORS

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

S L Kidger

J B Kidger

K K Kidger

H Shafi

Other changes in directors holding office are as follows:

C J Kidger - resigned 13 June 2025

E D Kidger - resigned 13 June 2025

N Bending - resigned 12 March 2025

POLITICAL DONATIONS AND EXPENDITURE

During the year the company made charitable donations of £1,474 (2024: £3,984). No donations in the year were over £2,000.

POLICY FOR DISABLED PERSONS

The group has a policy of equal opportunities to all employees and potential employees. People with disabilities are, wherever possible, given the same opportunities for employment, training and development as other employees taking into account their individual abilities and qualifications.

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with s.414C(11) of the Companies Act 2006, information on financial and other risks required by Schedule 7 to be contained in the Directors Report, are set out in the Strategic Report.

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), 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 and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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.

AUDITORS

The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S L Kidger - Director

28 October 2026

Opinion

We have audited the financial statements of Friday Media Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2026 which comprise the Consolidated Income Statement, Consolidated Other 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 January 2026 and of the group's loss 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 five, 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.

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

Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and we considered the extent to which non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

-

enquiries with management, including consideration of known or suspected instances of fraud and non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these;

-

reading key correspondence with regulatory authorities in relation to compliance with certain employment laws;

-

understanding and evaluating the design and implementation of management’s controls designed to prevent and detect irregularities;

-

challenging assumptions and judgements made by management in their significant accounting estimates, inparticular in relation to valuation of investment property, impairment of investments in subsidiaries and the measurement and classification of exceptional items;

-

identifying and testing journal entries, in particular any journal entries posted with unusual account combinationsand postings by unusual users.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk.

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.

Stephen James Moore (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

29 October 2026

TURNOVER

4

8,471,546

7,603,079

Cost of sales

(4,037,059

)

(3,033,724

)

GROSS PROFIT

4,434,487

4,569,355

Administrative expenses

(5,367,706

)

(5,278,505

)

(933,219

)

(709,150

)

Other operating income

513,532

462,538

OPERATING LOSS

6

(419,687

)

(246,612

)

Gain/loss on revaluation of investment property

-

140,120

(419,687

)

(106,492

)

Interest payable and similar expenses

7

(8,343

)

(135,805

)

LOSS BEFORE TAXATION

(428,030

)

(242,297

)

Tax on loss

8

38,345

98,734

LOSS FOR THE FINANCIAL YEAR

(389,685

)

(143,563

)

Loss attributable to:

Owners of the parent

(408,107

)

(224,978

)

Non-controlling interests

18,422

81,415

(389,685

)

(143,563

)

LOSS FOR THE YEAR

(389,685

)

(143,563

)

OTHER COMPREHENSIVE INCOME/(LOSS)

Exchange movement on consolidation

29,053

(17,100

)

Exchange movement on investments

Income tax relating to other comprehensive income/(loss)

-

-

OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF INCOME TAX

29,053

(17,100

)

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(360,632

)

(160,663

)

Total comprehensive loss attributable to:

Owners of the parent

(379,054

)

(242,078

)

Non-controlling interests

18,422

81,415

(360,632

)

(160,663

)

FIXED ASSETS

Intangible assets

10

1,092,342

1,428,487

Tangible assets

11

6,929,668

6,741,966

Investments

12

-

-

Investment property

13

7,115,284

7,115,284

15,137,294

15,285,737

CURRENT ASSETS

Stocks

14

669,004

834,633

Debtors

15

1,733,578

1,661,186

Cash at bank and in hand

759,483

2,035,728

3,162,065

4,531,547

CREDITORS

Amounts falling due within one year

16

(780,089

)

(1,788,617

)

NET CURRENT ASSETS

2,381,976

2,742,930

TOTAL ASSETS LESS CURRENT LIABILITIES

17,519,270

18,028,667

CREDITORS

Amounts falling due after more than one year

17

(1,727,000

)

(1,875,765

)

NET ASSETS

15,792,270

16,152,902

CAPITAL AND RESERVES

Called up share capital

22

480,002

480,002

Foreign exchange reserves

23

139,078

110,025

Non distributable reserves

23

2,069,558

2,069,558

Retained earnings

23

13,285,987

13,694,094

SHAREHOLDERS' FUNDS

15,974,625

16,353,679

NON-CONTROLLING INTERESTS

24

(182,355

)

(200,777

)

TOTAL EQUITY

15,792,270

16,152,902

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2026 and were signed on its behalf by:

S L Kidger - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

4,574,791

4,574,791

Investments

12

7,766,091

7,766,096

Investment property

13

4,615,286

4,615,286

16,956,168

16,956,173

CURRENT ASSETS

Debtors

15

1,156,421

1,169,360

Cash at bank

51,834

14,461

1,208,255

1,183,821

CREDITORS

Amounts falling due within one year

16

(3,248,609

)

(3,091,732

)

NET CURRENT LIABILITIES

(2,040,354

)

(1,907,911

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,915,814

15,048,262

CREDITORS

Amounts falling due after more than one year

17

(1,727,000

)

(1,871,000

)

NET ASSETS

13,188,814

13,177,262

CAPITAL AND RESERVES

Called up share capital

22

480,002

480,002

Foreign exchange reserves

23

127,838

127,838

Non distributable reserves

23

933,060

933,060

Retained earnings

23

11,647,914

11,636,362

SHAREHOLDERS' FUNDS

13,188,814

13,177,262

Company's profit for the financial year

11,552

325,907

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2026 and were signed on its behalf by:

S L Kidger - Director

Called up

Foreign

share

Retained

exchange

capital

earnings

reserves

£

£

£

Balance at 1 February 2024

480,002

14,059,192

127,124

Changes in equity

Total comprehensive loss

-

(365,098

)

(17,099

)

Balance at 31 January 2025

480,002

13,694,094

110,025

Changes in equity

Total comprehensive loss

-

(408,107

)

29,053

Balance at 31 January 2026

480,002

13,285,987

139,078

Non

distributable

Non-controlling

Total

reserves

Total

interests

equity

£

£

£

£

Balance at 1 February 2024

1,929,439

16,595,757

(282,192

)

16,313,565

Changes in equity

Total comprehensive loss

140,119

(242,078

)

81,415

(160,663

)

Balance at 31 January 2025

2,069,558

16,353,679

(200,777

)

16,152,902

Changes in equity

Total comprehensive loss

-

(379,054

)

18,422

(360,632

)

Balance at 31 January 2026

2,069,558

15,974,625

(182,355

)

15,792,270

Called up

Foreign

Non

share

Retained

exchange

distributable

Total

capital

earnings

reserves

reserves

equity

£

£

£

£

£

Balance at 1 February 2024

480,002

11,310,455

127,838

933,060

12,851,355

Changes in equity

Total comprehensive income

-

325,907

-

-

325,907

Balance at 31 January 2025

480,002

11,636,362

127,838

933,060

13,177,262

Changes in equity

Total comprehensive income

-

11,552

-

-

11,552

Balance at 31 January 2026

480,002

11,647,914

127,838

933,060

13,188,814

Cash flows from operating activities

Cash generated from operations

1

125,451

(289,890

)

Interest paid

(8,343

)

(135,805

)

Tax paid

2,995

-

R&D credit

42,863

-

Net cash from operating activities

162,966

(425,695

)

Cash flows from investing activities

Purchase of intangible fixed assets

(25,117

)

(2,348

)

Purchase of tangible fixed assets

(374,862

)

(82,470

)

Purchase of investment property

-

(2,042,250

)

Sale of tangible fixed assets

-

20,667

Sale of investment property

-

3,450,000

Payments to acquire subsidiary

-

(840,482

)

Cash acquired on investment

-

776,290

Net cash from investing activities

(399,979

)

1,279,407

Cash flows from financing activities

Loan repayments in year

-

(1,326,354

)

Capital repayments in year

(10,503

)

(9,922

)

Amount introduced by directors

3,977

2,272,459

Amount withdrawn by directors

(135,318

)

(94,263

)

Net cash from financing activities

(141,844

)

841,920

(Decrease)/increase in cash and cash equivalents

(378,857

)

1,695,632

Cash and cash equivalents at beginning of year

2

1,138,340

(239,833

)

Cash and cash equivalents at end of year

2

759,483

1,138,340

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

2026

2025

£

£

Loss before taxation

(428,030

)

(242,297

)

Depreciation charges

554,446

553,801

Profit on disposal of fixed assets

-

(20,667

)

Gain on revaluation of fixed assets

-

(140,120

)

Foreign exchange reserve movement

23,028

(20,072

)

Finance costs

8,343

135,805

157,787

266,450

Decrease in stocks

165,629

61,160

Increase in trade and other debtors

(85,234

)

(71,063

)

Decrease in trade and other creditors

(112,731

)

(546,437

)

Cash generated from operations

125,451

(289,890

)

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 January 2026

31.1.26

1.2.25

£

£

Cash and cash equivalents

759,483

2,035,728

Bank overdrafts

-

(897,388

)

759,483

1,138,340

Year ended 31 January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

2,035,728

1,483,673

Bank overdrafts

(897,388

)

(1,723,506

)

1,138,340

(239,833

)