The directors present the strategic report for the year ended 31 May 2025.

The group is committed to its core values and enjoys an enviable market position given the current retail and economic climate.

The group is investing globally in its brands and structure to accelerate its international market share and has continued to see increased demand for its products.

The group continues to invest in people and has assembled a world-class Senior Management team to drive future growth with the world’s leading retailers.

Reflecting the strength of the Fuzzy Duck brand, the group has continued to invest in the business venture.

We have experienced significant volatility in raw material prices, and continued uncertainty within the freight market.

During the year, the Group saw an increase in sales to overseas markets, which has decreased the Group's exposure to exchange rate fluctuations. The main foreign currencies in which the Group operate are the US Dollar and Euro. The company utilises forward contracts to hedge exchange rate fluctuations.

Considering the uncertainty within the freight market, the group has increased the number of suppliers it uses to secure additional vessel space. Given the volumes shipped, the group also enjoy “named account” status with its freight suppliers.

Due to the implementation of the government led “Extended Producer Responsibility” scheme, the company continues to review all product packaging as part of its ongoing sustainability drive.

The group made a pre-tax profit of £9,378,586 (2024: £7,113,669) for the year on a turnover of £72,513,155 (2024: £67,973,137).

As of 31st May 2025, the group had net assets of £20,466,628 (2024: £20,561,645).

The Company’s main objectives in 2024/2025 were to protect profitability in the context of rising costs and increased competition.

Profitability was maintained through the constant review of expenses incurred by the company and the active use of hedging arrangements to lessen the impact of currency fluctuations.

Employees

The Company provides a positive, inclusive environment and an open, supportive management style. Employees are encouraged to contribute ideas and get involved in all areas of the business. There is regular communication to all employees, and a weekly staff newsletter is issued.

The company provides an employee assistance program to all employees.

Suppliers and Customers

The directors seek to promote strong mutually beneficial relationships with suppliers, customers, the regulators and authorities. Such general principles are critical in the delivery of the company’s strategy, and we will continue to develop our engagement with partners and customers in the financial year 2025/2026.

Communities

We are committed to creating sustainable, long-term opportunities in our communities. In addition to aiming to become an employer of choice in our communities.

Environment

A key objective is to minimise our environmental footprint. During the year, the company continued its drive to remove all single use plastics from our gifting products. The company continues to manufacture its products containing a minimum of 30% PCR plastics. Our engagement will continue to this end during the financial year 2026.

The company provides Electric vehicle charging points at its head office for the use of its customers and employees.

Shareholders

The directors aim to act fairly between the company’s members when delivering the company’s strategy and engage with and feedback to senior management daily.

Carbon and Energy Reporting

In 2025, the group had emissions of 140 (2024 - 152) tonnes of carbon dioxide equivalents (“tCO2e”) from activities for which the group is responsible. This was made up of 78tCO2e (2024 - 75) from the purchase of electricity, 41tCO2e (2024 - 53) from the consumption of fuel for the purpose of transport and 22tCO2e (2024 - 24) from the purchase of gas.

The group consumed 344,280 kWh (2024 - 333,596) from the purchase of electricity, 225,686kWh (2024 - 256,821) from the consumption of fuel for the purpose of transport and 119,790 kWh (2024- 130,602) from the purchase of gas.

The intensity ratio (tCO2e / £m Turnover) was 1.94 for the year (2024 - 2.24). The footprint is calculated in accordance with the Greenhouse Gas Protocol and Environmental Reporting Guidelines: including streamlined energy and carbon reporting guidance.

In recent years, significant investment has been made into energy efficiency with the company installing an Ansell lighting system with Octo ecosystem and smart PIR sensors into our warehouse. Electric charging points were installed within the facilities at the company to help promote eco-friendly behaviour.

The Directors confirm that they have acted in good faith in the way they consider what would be most likely to promote the success of the Company for the benefit of its members. In doing so they have considered among other matters, those set out in section 172(1) (a) to (f) of the Companies Act 2006: the likely consequences of any decision long term; the interests of the Company’s employees; the need to foster the Company’s business relationships with suppliers, customers and others; the impact of Company’s operations on the community and the environment; the desirability of the Company maintaining a reputation for high standards of business conduct; and the need to act fairly as between members of the Company. This statement applies equally to the Directors individually and when acting collectively as the board.

The Directors understand the business and both the evolving and challenging environment in which we operate. They have considered S172 (1) (a) and continue to make their decisions in good faith relating to the Baylis & Harding strategy having regard to the long-term sustainable success of the Company.

The Company culture is based on its commitments to strong values and its Code of Conduct. Company culture promotes integrity and transparency, gives confidence to stakeholders and makes itself a desirable company to work with and for. The Board directly, and through its Senior Leadership Team, has responsibility for the Company’s adherence to its values, policies and procedures relating to business conduct, and has several standing agenda items to ensure it reviews policies for continued relevance.

In discharging their duties in relation to section 172(1), careful consideration is given to matters set out above.

The stakeholders we consider in this regard are primarily employees, suppliers and customers, the communities we operate in, the wider world and environment.

On behalf of the board

The directors present their report and financial statements for the year ended 31 May 2025.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the information on the statement of engagement with suppliers, customers and other stakeholders in the directors’ report, Streamlined energy carbon reporting and disclosure relating to the use of financial instruments.

The principal activity of the group continues to be that of selling toiletries, gift sets and operating a boutique hotel and restaurant.

The results for the year are set out on Page 9.

Ordinary dividends were paid amounting to £7,000,000. The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The auditor, HW Fisher Audit, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

The directors are responsible for preparing the Annual Report 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 FRS 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;

• prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Baylis & Harding plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 May 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

• The information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the 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.

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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 auditor's 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 financial statements.

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

As part of our planning process:

• We enquired of management the systems and controls the group and company has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group and company did not inform us of any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the group and company. We determined that the following were most relevant: FRS 102 and Companies Act 2006, Regulation 2009/1223 and the Cosmetic Products Enforcement Regulations 2013: Great Britain, Modern Slavery Act 2015.

• We considered the incentives and opportunities that exist in the group and company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the group and company, together with the discussions held with the group and company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the stock provision, investment in subsidiary and fixed asset investment.

• Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

• Testing key revenue lines, in particular cut-off, for evidence of management bias.

• Performing a physical verification of key assets and stock items, including testing of the stock system.

• Obtaining third-party confirmation of material bank balances.

• Documenting and verifying all significant related party balances and transactions.

• Testing all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 auditor's 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £7,082,532 (2024 - £5,449,319).

Baylis & Harding plc (“the company”) is a public company limited by shares, registered in England and Wales. The registered office is Nash Road, Park Farm, Redditch, B98 7AS.

The group consists of Baylis & Harding plc and its subsidiary.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

The consolidated financial statements incorporate those of Baylis & Harding plc and its subsidiary (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

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

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

The company has net assets of £22,560,065 as at 31 May 2025 (2024: £22,477,533) and the group has net assets of £20,466,628 (2024 - £20,561,645).

In assessing the going concern basis for preparation, the directors have prepared profit and cash flow forecasts which indicate that the group will be able to operate within its current arrangements for the foreseeable future. Consequently, the directors are confident the group will have sufficient funds to meet its liabilities as they fall due.

Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents the invoiced value of goods sold net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

In the group and parent company financial statements, motor vehicles are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. Loans to subsidiaries and investments in subsidiaries are initially measured at transaction price including transaction costs and are subsequently carried at cost less impairment.

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stocks are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculations of these provisions require judgements to be made, which include forecasting consumer demand, competitive and economic environment and inventory loss trends.

Investments in the subsidiary held within the Baylis & Harding PLC company are held at cost. Loans to the subsidiary held within investments in Baylis & Harding is measured at transaction cost less impairment. Impairment includes, where necessary provisions for the impairment of the carrying value of the investment. A judgement has been made regarding the recoverable amount from the subsidiary, including judgements surrounding the valuation of the property within the subsidiary.

Motor Vehicles shown within fixed asset investments are held at cost less impairment. In the opinion of the directors, due to the unique nature of the vehicles which are also rarely available in the market, the fair value cannot be measured reliably. The directors are of the opinion that these vehicles are not impaired.

An analysis of the group's turnover is as follows:

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Details of the company's subsidiaries at 31 May 2025 are as follows:

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The remuneration of key management personnel is as follows.

During the year, the company rented its business premises from the pension scheme, for which the directors are beneficiaries, for £694,000 (2024: £448,000).

At the year end, the company owed £144,006 (2024: £155,759) to one director of the company and the company owed £125,589 (2024: £218,152) to the other director of the company.

One of the directors withdrew £3,005,201 (2024: £2,971,560) during the year and repaid £3,034,426 (2024: £3,990,234). Interest on the overdrawn balance of £40,978 was charged. The maximum balance outstanding during the year was £3,421,296 (2024: £2,042,442). The transactions mainly relate to personal expenses paid by the company on the director's behalf and cash withdrawals by the director. The amount owed to the director is unsecured, interest free and repayable on demand.

One of the directors withdrew £3,147,371 (2024: £3,233,297) during the year and repaid £3,094,446 (2024: £3,622,346). Interest on the overdrawn balance of £36,638 was charged. The maximum balance outstanding during the year was £3,503,688 (2024: £1,854,931). The transactions mainly relate to personal expenses paid by the company on the director's behalf and cash withdrawals by the director. The amount owed to the director is unsecured, interest free and repayable on demand.

The company paid dividends in the year of £7,000,000 (2024: £4,700,000) to the directors.

At the year end, the company owed £296,474 (2024: £256,679) to a company under common control. During the year, commission payable of £813,003 (2024: £631,531) was charged to Baylis & Harding Plc and £773,209 (2024: £558,334) was recharged by Baylis & Harding Plc. Corporation tax of £nil (2024: £nil) was paid by Baylis & Harding Plc.

In the opinion of the directors, there is no single ultimate controlling party.