REGISTERED NUMBER: 01004573 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 November 2024

for

Henbrandt Ltd

Page

Company Information

1

Group Strategic Report

2

to

4

Report of the Directors

5

to

6

Report of the Independent Auditors

7

to

10

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

to

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

20

to

32

DIRECTORS:

Mr G M Brandt

Mr J M Starns

Mr L J Gannon

Mr G S Pearce

SECRETARY:

Mr L J Gannon

REGISTERED OFFICE:

5 Wentworth Road

Ransomes Europark

Ipswich

Suffolk

IP3 9SW

REGISTERED NUMBER:

01004573 (England and Wales)

AUDITORS:

BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

The directors present their strategic report of the company and the group for the year ended 30 November 2024.

BUSINESS MODEL

The company is owned and controlled directly or indirectly by the directors.

REVIEW OF BUSINESS

The directors monitor the performance of the company by reference to key performance indicators including turnover, gross profit and margin, operating profit and key areas influencing working capital. These are discussed in more detail below.

Some disruption is expected within the toy and novelty sector in 2024 as a result of the ongoing cost-of-living pressures. However, the directors anticipate this impact to be minimal, as any effect on operating costs from a reduction in market volumes is expected to be mitigated by internal efficiency measures and strategic actions. This approach has already proven effective during the current year, in which the Company successfully increased its market share despite similar challenges.

The profit for the year after taxation amounted to £692,298 (2023 : £1,654,857)

The company retains a positive combined bank balance of £4,168,741 (2023 : £3,857,074)

The director is satisfied with the results in the year under review in a progressively competitive industry with tough trading conditions.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group's principal financial instruments comprise cash, short term deposits and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to fund the company's operation as well as to manage working capital, liquidity and invest surplus funds.

The business is subject to a number of risks and uncertainties - including changes in global legislation and other input costs, exchange rates, competition and innovation and changes in the customer base. Legislation, input costs and exchange rates are monitored with reference to external markets and the company will consider adjusting its pricing to reflect increases or decreases in costs. The group is pro-active in its marketing and product introductions in order to compete in the market.

The director continues to assess the risks facing the company, both the securing of new business and maintaining existing relationship are key to the company's success.

Other ongoing challenges are overhead cost control which is kept under regular review by the director. The director of the Group reviews on a regular basis the company's risk exposure and risk appetite.

The key risks broadly fall into the following categories:

MARKET

The group monitors the general economic and political changes in the wholesale and distribution sector. The directors pay attention to these changes and tailor their services and agreement in order to maintain the level of income and profitability.

COMPETITIVE

The main competitive risks to the group arise from changing customer requirements based on market demand. The group continues to monitor changes and has developed effective procedures to satisfy their current and future needs.

LEGISLATIVE RISK

On a regular basis the directors review the company legislative risk exposure and ensure that all applicable directions are observed.

FINANCIAL INSTRUMENT RISK

The group has established a risk and financial management framework whose primary objectives are to protect the group from events that hinder the achievements of its performance objectives. The objectives aim to limit undue counterpart exposure, ensure efficient working capital exists and monitor the management of risk at a business unit level.

KEY PERFORMANCE INDICATORS

The directors have considered the use of the key performance indicators. The continuous measurement and monitoring of the business performance is a critical element of the management process. In order to provide consistent and comprehensive information the Company use a number of key performance indicators (KPI's) to provide a timely and well-balanced review of the financial performance against predefined targets. These include the levels of turnover, gross and net profit margins and profitability ratios.

2024

2023

2022

£'000

£'000

£'000

Turnover

11,284

13,738

18,514

Gross Profit

3,860

4,519

7,790

Gross Profit Margin

34%

33%

42%

Operating Profit / (Loss)

787

2,040

5,337

Profit / (Loss) for the year

692

1,655

4,391

Other key KPI's that demonstrate the level of performance in different parts of the business include:

- Average salary levels

- EBITDA

- Performance against budget and prior year.

The directors are satisfied with the KPI's delivered in the year and is confident that expected performance levels can be maintained for the foreseeable future.

ON BEHALF OF THE BOARD:

Mr G M Brandt - Director

2 October 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of importing and distributing.

DIVIDENDS

The total distribution of dividends for the year ended 30 November 2024 will be £ 325,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

Mr G M Brandt

Mr J M Starns

Mr L J Gannon

Mr G S Pearce

FINANCIAL INSTRUMENTS

Treasury operations and financial instruments

The directors have established a risk and financial management framework whose primary objective is to protect the company from events that hinder the achievement of performance objective. The objective aim to limit the undue counterparty exposure, ensure sufficient working capital and monitor risk at a business unit level.

The group principal financial instruments during the year comprised of a significant liquid cash holding at bank. The main purpose of these financial instruments is to provide funding for company's operations.

Liquidity risk

The company manages its cash requirements in order to maximise interest income and minimise expenses, whilst ensuring the company has sufficient liquid resources to meet the operation needs of the business.

Interest rate risk

Currently the company's exposure to interest rate risk is minimal.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedure. Trade debtors will be monitored on an ongoing basis and provision may b made for doubtful debts where necessary.

POLITICAL DONATIONS AND EXPENDITURE

The Company made neither political donations nor incurred any political expenditure during the year. The charitable donations made during the year was for £1,100.

GOING CONCERN

In light of the current environment, the directors have considered the company's objective, risk management policies, liquidity risk, credit risk, capital management policies and procedures, the nature of its market positioning and its expenditure and cash flow projections. As a result of this review the directors have conducted that the group has adequate and reliable resources to continue to adopt a going concern basis in preparing these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

-	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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, BBK Partnership, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr G M Brandt - Director

2 October 2025

Opinion

We have audited the financial statements of Henbrandt Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 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 30 November 2024 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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

- we identified the laws and regulations applicable to the company through discussions with directors and other

management, and from our commercial knowledge and experience of the company's operating sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements other operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

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

management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit.

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of

actual, suspected and alleged fraud; and

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

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in the financial statements were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions

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

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the

company's legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those

leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Alan Kaye FCA (Senior Statutory Auditor)

for and on behalf of BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

2 October 2025

TURNOVER

11,283,621

13,737,774

Cost of sales

(7,423,503

)

(9,218,814

)

GROSS PROFIT

3,860,118

4,518,960

Distribution costs

(254,255

)

(142,199

)

Administrative expenses

(2,857,655

)

(2,389,969

)

748,208

1,986,792

Other operating income

38,540

53,380

OPERATING PROFIT

4

786,748

2,040,172

Interest receivable and similar income

142,311

74,263

929,059

2,114,435

Interest payable and similar expenses

5

-

(921

)

PROFIT BEFORE TAXATION

929,059

2,113,514

Tax on profit

6

(236,761

)

(458,657

)

PROFIT FOR THE FINANCIAL YEAR

692,298

1,654,857

Profit attributable to:

Owners of the parent

692,298

1,654,857

PROFIT FOR THE YEAR

692,298

1,654,857

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

692,298

1,654,857

Total comprehensive income attributable to:

Owners of the parent

692,298

1,654,857

FIXED ASSETS

Tangible assets

9

706,929

700,357

Investments

10

-

-

Investment property

11

671,558

665,123

1,378,487

1,365,480

CURRENT ASSETS

Stocks

12

4,578,532

5,805,883

Debtors

13

9,663,181

9,127,218

Cash at bank and in hand

4,168,741

3,857,074

18,410,454

18,790,175

CREDITORS

Amounts falling due within one year

14

(929,622

)

(1,665,537

)

NET CURRENT ASSETS

17,480,832

17,124,638

TOTAL ASSETS LESS CURRENT LIABILITIES

18,859,319

18,490,118

CREDITORS

Amounts falling due after more than one year

15

(12,630

)

(10,727

)

NET ASSETS

18,846,689

18,479,391

CAPITAL AND RESERVES

Called up share capital

16

30,200

30,200

Retained earnings

17

18,816,489

18,449,191

SHAREHOLDERS' FUNDS

18,846,689

18,479,391

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2025 and were signed on its behalf by:

Mr G M Brandt - Director

FIXED ASSETS

Tangible assets

9

706,351

699,723

Investments

10

87

87

Investment property

11

671,558

665,123

1,377,996

1,364,933

CURRENT ASSETS

Stocks

12

4,553,286

5,788,357

Debtors

13

9,558,926

9,200,757

Cash at bank and in hand

3,864,971

3,395,958

17,977,183

18,385,072

CREDITORS

Amounts falling due within one year

14

(878,014

)

(1,392,957

)

NET CURRENT ASSETS

17,099,169

16,992,115

TOTAL ASSETS LESS CURRENT LIABILITIES

18,477,165

18,357,048

CREDITORS

Amounts falling due after more than one year

15

(12,630

)

(10,727

)

NET ASSETS

18,464,535

18,346,321

CAPITAL AND RESERVES

Called up share capital

16

30,200

30,200

Retained earnings

17

18,434,335

18,316,121

SHAREHOLDERS' FUNDS

18,464,535

18,346,321

Company's profit for the financial year

443,214

1,753,565

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2025 and were signed on its behalf by:

Mr G M Brandt - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2022

30,200

18,016,579

18,046,779

Changes in equity

Dividends

-

(1,222,245

)

(1,222,245

)

Total comprehensive income

-

1,654,857

1,654,857

Balance at 30 November 2023

30,200

18,449,191

18,479,391

Changes in equity

Dividends

-

(325,000

)

(325,000

)

Total comprehensive income

-

692,298

692,298

Balance at 30 November 2024

30,200

18,816,489

18,846,689

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2022

30,200

17,672,297

17,702,497

Changes in equity

Dividends

-

(1,109,741

)

(1,109,741

)

Total comprehensive income

-

1,753,565

1,753,565

Balance at 30 November 2023

30,200

18,316,121

18,346,321

Changes in equity

Dividends

-

(325,000

)

(325,000

)

Total comprehensive income

-

443,214

443,214

Balance at 30 November 2024

30,200

18,434,335

18,464,535

Cash flows from operating activities

Cash generated from operations

1

1,019,557

3,960,550

Interest paid

13,139

(921

)

Tax paid

(485,369

)

(713,534

)

Net cash from operating activities

547,327

3,246,095

Cash flows from investing activities

Purchase of tangible fixed assets

(46,536

)

(137,587

)

Purchase of investment property

(6,435

)

(128,932

)

Sale of fixed asset investments

-

26,313

Interest received

142,311

74,263

Net cash from investing activities

89,340

(165,943

)

Cash flows from financing activities

Equity dividends paid

(325,000

)

(1,222,245

)

Net cash from financing activities

(325,000

)

(1,222,245

)

Increase in cash and cash equivalents

311,667

1,857,907

Cash and cash equivalents at beginning of year

2

3,857,074

1,999,167

Cash and cash equivalents at end of year

2

4,168,741

3,857,074

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

30.11.24

30.11.23

£

£

Profit before taxation

929,059

2,113,514

Depreciation charges

37,480

31,703

Loss/(profit) on disposal of fixed assets

2,484

(21,887

)

Finance costs

-

921

Finance income

(142,311

)

(74,263

)

826,712

2,049,988

Decrease in stocks

1,227,351

1,046,817

(Increase)/decrease in trade and other debtors

(535,963

)

1,102,797

Decrease in trade and other creditors

(498,543

)

(239,052

)

Cash generated from operations

1,019,557

3,960,550

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 30 November 2024

30/11/24

1/12/23

£

£

Cash and cash equivalents

4,168,741

3,857,074

Year ended 30 November 2023

30/11/23

1/12/22

£

£

Cash and cash equivalents

3,857,074

1,999,167

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/12/23

Cash flow

At 30/11/24

£

£

£

Net cash

Cash at bank and in hand

3,857,074

311,667

4,168,741

3,857,074

311,667

4,168,741

Total

3,857,074

311,667

4,168,741

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.