Final Results for the year ended 31 December 2025

Summary by AI ^BETAClose X

Likewise Group plc reported a 9% increase in total revenue to £163.1 million for the year ended 31 December 2025, with underlying profit before tax rising 56% to £3.1 million. The company also saw a 0.4% improvement in gross margin to 31.1% and an increase in underlying EBITDA to £10.4 million. Net cash generated from operating activities grew to £8.8 million, and the proposed final dividend is up 10% to 0.275 pence per ordinary share. The company noted strong trading in early 2026, with sales up 15% year-on-year.

Disclaimer*

Likewise Group PLC

28 April 2026

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

28 April 2026

Likewise Group plc

("Likewise", or the "Company")

Final Results for the year ended 31 December 2025

Strong trading performance delivering growth, improved profitability
and a robust balance sheet

Likewise Group plc (AIM:LIKE), the fast growing and progressive Flooring Distributor in the UK, is pleased to announce its audited Final Results for the year ending 31 December 2025 ("FY25").

Financial Highlights

· Total Group revenue increased 9% to £163.1 million (2024: £149.8 million)

· Further Gross Margin improvement of 0.4% to 31.1% (2024: 30.7%)

· Underlying EBITDA increased to £10.4 million (2024: £8.8 million)

· Underlying Profit Before Tax rose by 56% to £3.1 million (2024: £2.0 million)

· Net cash generated from operating activities increased to £8.8 million (2024: £7.2 million)

· Proposed final dividend increased by 10% to 0.275 pence per Ordinary Share

· Total Dividend increase of 10% to 0.4125 pence per share

· Sales for January to March 2026 increased by 15%, with April maintaining similar momentum

· Strong current balance sheet. £31.6 million in property assets and just £5.1 million of fixed borrowings

Outlook

The Group has made an excellent start to the year with a particularly positive trend in the first four months. Whilst the Global uncertainty make the future months very difficult to predict, with longstanding supplier relationships, experienced supply chain management and a robust Balance Sheet, the Group is in a strong position to continue making significant gains in market share.

The additional Hub in Leeds, combined with the extension in Newport and cutting capacity in Derby provide operational headroom for the Group to achieve its 2026 and 2027 targets.

Therefore in the medium term, the Board is confident in achieving our objectives, which will include further investment to materially increase our operational capabilities combined with strategically enlarging our Sales Teams to take advantage of market opportunities.

Chairman and Chief Executive Statement

Total Group Revenue increased by 9% to £163.1 million (FY24: £149.8 million). Underlying Profit Before Tax increased 56% to £3.1 million (FY24: £2.0 million).

Further significant progress has been made in the first four months of 2026 with Total Group Revenue increasing by 15% as the Group rapidly approaches its original target of £200 million Sales. There are many opportunities in the UK flooring market to now meaningfully exceed this figure and the Board has authorised additional investment in the infrastructure and continues to evaluate other projects.

Key to the Groups development and success is the excellent Management Teams that have been established across the UK in the last six years and all of our staff who contribute to the ongoing development of the Group.

Every Commercial and Sales Manager has served their apprenticeship, learning all aspects of the business including IT, Logistics, Product, Finance and have longstanding Customer and Supplier relationships, which provides a tremendous foundation to continue the growth of the Group.

Operations and Investment Highlights

The Group now has 13 operating locations and with 77 new and replacement trucks being purchased since January '25 to the end of '26, the delivery fleet will total over 160 during this Autumn.

The Distribution Hub in Glasgow continues to improve productivity of Cut Lengths of Carpet and Residential Vinyl. Furthermore, we are now increasing the Pallet capacity with additional Racking and the investment of a VNA Order Picker will also enhance the unit picking process. The business in Scotland had a particularly strong Q4 2025 and this has continued into 2026.

Likewise North East based in Newcastle continues to maximise in both the Residential and Commercial segments.

In Leeds, Likewise North is very much established as the leading distributor of all flooring categories with particular strength throughout the M62 corridor. The new 5 metre wide Cutting Table installed in Leeds during January 2026 underpins an important contribution to the overall cutting capacity of Likewise Floors. To compliment this, A&A in Manchester is now gaining traction and with a settled Sales Team we are optimistic for the year ahead.

The Group has acquired the freehold of a 2nd Distribution Hub in Leeds which will streamline our supply chain management of Palletised goods from the Far East and Europe. This will allow the planning of incoming containers to be far more efficient and also release capacity at our other Centres.

Likewise Midlands in Birmingham continues to expand with a very experienced Sales Team and also providing a vital logistics link as the centre of the Likewise Floors Network. Creating more capacity across the Group will allow Midlands additional opportunities to further expand their market presence.

The extension in Newport is on schedule to be operational as planned in July 2026. This really transforms the operations and opportunity for Likewise Wales, also creating the 4th Distribution Hub for Likewise Floors. The additional cutting will provide Likewise Floors with 30% more capacity and will allow the Group to push towards £250 million Sales Revenue.

Likewise South West is now becoming established from its Plymouth Logistics Centre. With further investment planned, this will allow this business to be a prominent player in Devon and Cornwall.

Likewise South in Newbury has made excellent progress and the benefits created by the Newport investment will also enable further growth for South.

In London and the South East both businesses based in Sidcup and Sudbury are continuing to take market share. With ongoing investment in their Sales Teams we would expect to be the leading distributor in this important geographical area.

The outlook for Likewise Matting & Rugs continues to improve with key customers in DIY, Garden Centres, Hardware Stores and Independent Retailers. The realigned Sales Team from the beginning of 2026 is performing well, providing the business with an enhanced performance.

Valley Wholesale Carpets ("Valley") based in Erith, Derby, Newport and Plymouth has a great opportunity to expand its market position in Carpet, Residential Vinyl, Underlay, Laminate, Artificial Grass and Luxury Vinyl Tile to its extensive retail customer base. With increased cutting capacity now established in Derby, plus the extension in Newport, Valley is also expanding its Point of Sale options to increase market presence. Valley has over 30% additional operational capacity to significantly enlarge its business.

Delta Carpets and H&V Carpets continue to make positive progress with foundations created in 2025 to push the businesses forward in 2026. Our Premium Carpet Brand, Floors by Lewis Abbott has recently launched six new products to enlarge the Collection to fourteen. With the dedicated Sales Team we believe Floors by Lewis Abbott can become a significant player in the UK premium carpet sector.

Through the 108 Sales Executives, the Group continues to increase market presence in Flooring Retailers and Contractors. This is achieved by a constant flow of new products featuring the latest colour and texture trends as the UK flooring market continues to evolve. The activity placing a comprehensive collection of attractive Point of Sale ensures our customers are at the forefront of product innovation.

Due to the current global uncertainties there is inevitably pricing pressure on various raw materials and finished products. We are in discussions with our suppliers and will implement price increases from 1^st May. With our longstanding supplier relationships and experience in supply chain management, we are confident of navigating the coming months.

The Likewise Floors Business to Business Website continues to absorb an increasing proportion of our daily Orders. Trade Customers can check stock and place orders at anytime 24 / 7 with the orders going immediately into our Picking and Cutting Queues. Furthermore, this increases the efficiency of our customers as they have complete transparency of our stock as they arrange installation with the ultimate end user.

Likewise Floors has recently launched a Product Information Website which allows people interested in Product through seeing PLC , PR, Social Media, Delivery Trucks to be guided to their local Retailer who has Displays of the particular Product they are interested in.

Notwithstanding the overall uncertainty, the Group has made a particularly strong start to 2026 and is optimistic regarding the medium-term outlook.

The Board is considering a number of Freehold investments to materially enlarge the Group's operational capability which would provide the capacity to create a significantly larger business than we have today.

The additional Pallet Distribution Hub in Leeds is operational. The Group has agreed non-binding Heads of Terms to purchase the Freehold of a new 60,000 square feet High Bay Distribution Hub in the East Midlands. Intended to be operational in six months, this location is ideally positioned between Leeds, Birmingham and Sudbury to maximise our delivery capability.

The Group has support from our principal bankers to make these Freehold investments, further demonstrating the confidence the Board and all stakeholders have in the significant growth potential in Sales and subsequent Profitability.

Dividend

The Directors recommend a final dividend increase of 10% to 0.275 pence per ordinary share be paid. The final dividend will be paid, subject to shareholders' approval at the Annual General Meeting on 17^th June 2026. The total dividend will increase 10% to 0.4125 pence per ordinary share. This dividend has not been included as a liability in these financial statements.

The final dividend will be paid on Friday, 10^th July 2026 to shareholders on the register at the close of business on Friday, 29^th May 2026, the ex-dividend date being Thursday, 28^th May 2026.

The last day for investors to elect for the Dividend Re-Investment Plan (DRIP) will be 19^th June 2026.

Outlook

The additional Hub in Leeds, combined with the extension in Newport and cutting capacity in Derby provide operational headroom for the Group to achieve it's 2026 and 2027 targets.

Tony Brewer, Chief Executive of Likewise, said:

"We have really impressive Management and Teams of people in our Operating Centres across the UK. We are confident in continuing to outperform the market and improve our operating margins as the Group benefits from greater scale.

We very much appreciate the contribution from all of our staff and thank them along with our suppliers, customers, shareholders and all stakeholders for their continued support as we accelerate our pace along this exciting journey."

Details and Videos of Glasgow, Leeds and Newport developments are on our website www.likewiseplc.com plus the Product Information Website www.likewisefloors.com

For further information, please contact:

Likewise Group plc

Tony Brewer, Chief Executive

Tel: +44 (0) 121 817 2900

Zeus (Nominated Adviser and Joint Broker)

Jordan Warburton / David Foreman / James Edis (Investment Banking)

Dominic King / Fraser Marshall (Corporate Broking)

Tel: +44 (0) 20 3829 5000

CAUTIONARY STATEMENT

Certain statements included or incorporated by reference within this announcement may constitute "forward-looking statements" in respect of the Group's operations, performance, prospects and/or financial condition. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words and words of similar meaning as "anticipates", "aims", "due", "could", "may", "will", "should", "expects", "believes", "intends", "plans", "potential", "targets", "goal" or "estimates". By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions and actual results or events may differ materially from those expressed or implied by those statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No responsibility or obligation is accepted to update or revise any forward-looking statement resulting from new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast. This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares or other securities in the Group, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares or other securities of the Group. Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser. Statements in this announcement reflect the knowledge and information available at the time of its preparation.

STRATEGIC REPORT

Introduction

The directors present their Strategic Report and the audited financial statements of the Group for the financial year ended 31 December 2025.

Business Overview

Likewise Group plc is a leading wholesale distributor of floor-coverings, rugs and matting products serving customers throughout the UK. Having established the business in 2018 and floated on AIM in August 2021, the Group has continued its growth strategy through accretive acquisitions of regional wholesale distribution businesses as well as establishing new distribution centres and hubs throughout the UK.

With a management team that has significant experience and knowledge of the sector, the Group has been able to successfully develop an extensive distribution network and leverage the trade brand name to rapidly grow the business over the past number of years.

From one site in 2018, the Group now operates from 13* locations servicing the entire UK Flooring market. For more information with regards the Group's trading locations, please visit www.likewiseplc.com

· 108 experienced Sales Representatives and Management (2024: 96)

· 159 Commercial Vehicles offering a next day service (2024: 144)

· Dedicated B2B websites offering 24/7 ordering

· Continued Investment in Point of Sale to drive future growth

Group strategy

The Group continues to focus on its strategic plan to realise value creation for suppliers, customers and shareholders by creating a National Supplier and Distributor of Floor-covering products in the UK. As the Group continues to near its plan to realise a £200m turnover business, the Board is looking ahead to outline its strategic objectives to achieve a £250m business in the medium term:

Organic Growth	Geographical Expansion	Targeted Acquisitions
Continued growth of existing channels via experienced sales teams and fostering long-standing relationships with customers	Further investment in new distribution centres and sales teams creates opportunities to increase market share in these regions	Accretive acquisition opportunities will always be considered where they offer the potential to increase operational gearing through combined synergies

Whilst acquisitions helped realise meaningful growth opportunities for the Group in the formative investment phase, the Board has focused more recently on organic growth of existing businesses and expanding the geographic footprint of the Group via new start-up locations.

Benefitting from the wider logistics network, leveraging the Group trade brand names and investing in experienced, knowledgeable sales personnel have all contributed to the Group's ability to rapidly grow meaningful businesses in these new territories. Following the purchase of a Freehold Distribution Centre in February 2025 near Plymouth, the Group has succeeded in establishing its initial footprint and has enhanced its reach across the UK floor-covering market.

In the year, the Board focused on improving the Group's operational gearing and continues to consider opportunities where they are accretive to the Group, achieving synergistic savings by delivering the incremental turnover via the Group's current infrastructure.

The Board is committed to realising benefits for shareholders and does not believe significant payments for goodwill are in the interest of the Group, nor its investors. As such, future acquisitions will be considered where they introduce new products or markets, deliver operational synergies for the Group, or, where they can be effectively integrated into the Group's existing network.

Following the relocation of the A&A distribution centre in the prior year, 2025 was the first year where all current operations were in newly built or refurbished sites leading to both operational and logistical efficiencies. A significant phase of capital investment has been completed, positioning the business with a solid standing to benefit from improved profitability, enhanced operational gearing and the ability to pursue future opportunities which may arise.

Key performance indicators

The Board consider the following as financial key performance indicators (KPIs) for the Group: revenue, adjusted profit before tax and operating cash flow. These are the key metrics used by the Board to assess the Group's performance and to ensure realisation of the Group strategic objectives.

Underlying PBT

Revenue £m

Operating Cash Flow

2025: £3,124,430

(2024: £2,006,853)

2021: £60m

2022: £124m

2023: £140m

2024: £150m

2025: £163m

Milestone: £200m

2025: £8,787,093

(2024: £7,216,861)

OUR PURPOSE AND BUSINESS MODEL

Product development, market presence and efficient service

Our purpose is to provide quality flooring to independent retailers and contractors, supported by an extensive business model of providing quality service to our customers, underpinned by product development, first class flooring marketing and professional distribution, as well as, sales excellence, by building and developing long-term relationships.

Underlying Results
For the year ended 31 December 2025

	Underlying performance (adjusted)	Loss from new operation/ acquisi-tion related costs	Invest-ment in point of sale	Strategic restruct-uring cost	Amort'n of intangibles	Share related costs/ (credit)	Except-ional investmentcosts	Reported
	£	£	£	£	£	£	£	£
Revenue	163,095,329	-	-	-	-	-	-	163,095,329
Cost of sales	(112,361,004)	-	-	-	-	-	-	(112,361,004)
Gross profit	50,734,325	-	-	-	-	-	-	50,734,325
Distribution costs	(21,416,795)	-	-	-	-	-	(108,000)	(21,524,795)
Admin costs	(24,426,857)	(358,521)	(286,136)	(378,772)	(497,092)	(182,462)	(216,155)	(26,345,995)
Profit/(loss) from operations	4,890,673	(358,521)	(286,136)	(378,772)	(497,092)	(182,462)	(324,155)	2,863,535
Finance income	58,910	-	-	-	-	-	-	58,910
Finance costs	(1,825,153)	-	-	-	-	-	-	(1,825,153)
Loss on revaluation	-	-	-	-	-	-	-	-
Profit/(loss) before tax	3,124,430	(358,521)	(286,136)	(378,772)	(497,092)	(182,462)	(324,155)	1,097,292

Underlying Results
For the year ended 31 December 2024

	Underlying performance (adjusted)	Loss from new operation/ acquisi-tion related costs	Invest-ment in point of sale	Strategic relocation & restructuring cost	Amort'n of intangibles	Share related costs/ (credit)	Exceptional bad debt and customers exit costs	Reported
	£	£	£	£	£	£	£	£
Revenue	149,793,661							149,793,661
Cost of sales	(103,777,804)							(103,777,804)
Gross profit	46,015,857							46,015,857
Distribution costs	(19,054,217)			(57,812)				(19,112,029)
Admin costs	(23,173,462)	(133,993)	(349,050)	(716,246)	(464,121)	26,034	(223,054)	(25,033,892)
Profit/(loss) from operations	3,788,178	(133,993)	(349,050)	(774,058)	(464,121)	26,034	(223,054)	1,869,936
Finance income	24,027							24,027
Finance costs	(1,805,352)			(44,259)				(1,849,611)
Loss on revaluation	-	(18,885)						(18,885)
Profit/(loss) before tax	2,006,853	(152,878)	(349,050)	(818,317)	(464,121)	26,034	(223,054)	25,467

Adjusted Results

The adjusted results summary, presents a detailed comparison between underlying and non-underlying profit, highlighting exceptional items that management has identified as non-recurring costs. These items are separated to provide a clearer understanding of the company's financial performance, excluding these exceptional expenses that do not reflect the ongoing operational efficiency of the business that should be used as the basis for expected future performance. This approach ensures a more accurate representation of the company's underlying profitability and more importantly, its potential in the future.

These costs include:

Loss from New Operations & Acquisition Related Costs

2025 marked the completion of the Group's planned national UK infrastructure with the acquisition of the freehold distribution centre in Plymouth in February. Although modest in scale, the site represents a significant strategic milestone, enabling Likewise and Valley to service the South West of England, namely Devon and Cornwall, and thereby completing the Group's nationwide logistics network. These regions had not previously been served by the Group.

As with any new greenfield operation, there is an initial period of substantial investment, particularly in the site itself and in building a capable sales team. Such investments require time to mature before delivering the anticipated returns. Consequently, while these operations are expected to be accretive to Group profitability over the longer term, they are loss-making during the early stages. Given the absence of any prior presence in the region for either Valley or Likewise, it was anticipated that losses would be incurred during the first 24 months of operation.

In the prior year, the Group also incurred acquisition-related costs associated with the final contingent consideration payment relating to the 2022 acquisition of Delta Carpets Holdings Limited. This payment was made in April 2024, and all contingent and deferred consideration obligations were fully settled in that year.

Exceptional Investment in Point of Sale

These costs relate to expenses incurred in increasing the Group's market presence by providing heavily discounted in-store retail displays to retailers to accelerate the Group's growth in market share. This amount relates to specific strategic stand placements over and above what is incurred in the ordinary course of business recognised in the Consolidated Statement of Profit or Loss. These display units are used for sales and marketing purposes. Accordingly, the Board has adopted a prudent approach by recognising the cost as an expense in the profit or loss statement, rather than capitalising these displays as assets and incurring depreciation charges in future periods.

Strategic Relocation & Restructuring Costs

Strategic relocation and restructuring costs incurred during the year reflect the Group's ongoing investment in reorganising and developing the Likewise Matting business, alongside the continued restructuring of A&A Carpets in Manchester, to better align both operations with the Group's broader strategic objectives.

Following the implementation of these changes, both businesses have begun to see positive outcomes. The Matting sales and administrative team has been streamlined, and new management at A&A has had a beneficial impact on the wider team, contributing to improved performance in both businesses in the early part of 2026.

The prior year costs included the initial phase of restructuring expenditure at A&A in advance of the site's relocation to a new facility in Manchester, together with dual running costs at the Scotland Distribution Hub following its move to purpose-built premises. This investment supported the continued growth of the Scotland business and the Group's broader long-term capacity requirements.

Exceptional Investment & Bad debts

Following the 2023 relocation to purpose-built premises, which established Scotland as the third large-scale Distribution Hub within Likewise Floors' network, additional investment was made to introduce a second cutting shift in response to forecast capacity demands.

This required significant upfront recruitment and training of a skilled cutting team, while enhancing utilisation of existing equipment across both shifts. As this investment precedes the realisation of demand, given the time needed to reach full operating efficiency, it has been classified as a non-underlying cost in 2025, with benefits expected to support demand in FY26 and beyond.

In addition, the Group has successfully developed the premium flooring range under Floors by Lewis Abbott in recent years. However, the Board recognises a significant opportunity to expand its presence in the premium segment, an area that has not been a primary focus during Likewise's development to date.

With a strong core range now established across Carpets, Luxury Vinyl Tile (LVT) and Engineered Wood, targeted investment has now been made in developing a dedicated sales team to realise further opportunities for this trade brand. This initiative is intended to strengthen engagement with current customers with in-store displays, drive new stand placements, and drive incremental revenue growth of this segment.

The prior year disclosure relates to a significant bad debt on a major customer within the Rugs and Matting division, together with the strategic withdrawal of a retailer from the floor-covering market. The resulting administration led to an exceptional bad debt write-off, while the market exit reduced trading-particularly in the second half-limiting the Group's ability to mitigate the financial impact.

Exceptional Investment & Bad debts

Amortisation costs and Share Based Payment Charges relate to non-cash reporting adjustments incurred during the year and further details can be found in notes 15 and 31 respectively.

Non-financial KPIs

The Board additionally monitors the square footage of available warehouse space as a non-financial KPI. The warehouse capacity as at 31 December 2025 was 490,806 square feet (2024: 474,995).

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 December 2025

		2025	2024
	Note	£	£

Revenue	3	163,095,329	149,793,661
Cost of sales		(112,361,004)	(103,777,804)
Gross profit		50,734,325	46,015,857
Distribution costs		(21,524,795)	(19,112,029)
Administrative expenses		(26,345,995)	(25,033,892)
Operating profit	5	2,863,535	1,869,936
Interest income	8	58,910	24,027
Finance costs	10	(1,825,153)	(1,849,611)
Revaluation of deferred consideration	11	-	(18,885)
Profit before taxation		1,097,292	25,467
Income tax (charge)/credit	9	(208,485)	749,135
Profit for the year	35	888,807	774,602
Other comprehensive income:
Items that will not be reclassified to profit or loss Revaluation of property, plant and equipment	16	5,477,837	308,659
Actuarial gain on defined benefit pension scheme	26	70,000	450,000
Tax relating to items not reclassified	9	(1,362,385)	(220,924)
Total items that will not be reclassified to profit or loss		4,185,452	537,735
Items that may be reclassified to profit or loss - Exchange (losses)/gains arising on translation of foreign operations		14,846	(11,936)
Total items that may be reclassified to profit or loss		14,846	(11,936)
Total other comprehensive income for the year		4,200,298	525,799
Total comprehensive income for the year		5,089,105	1,300,401

Profit for the financial year is all attributable to the owners of the parent company.

Total comprehensive income for the year is all attributable to the owners of the parent company.

		2025	2024
	Note	Pence per share	Pence per share

Earnings per share	13
Basic		0.36	0.32
Diluted		0.34	0.31

The notes on 55 to 88 form part of these group financial statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2025

		2025	2024
	Note	£	£

Non-current assets Goodwill	15	5,624,284	5,624,284
Intangible assets	15	3,384,684	3,776,896
Property, plant and equipment	16	55,035,645	48,601,857
Retirement benefit surplus	26	520,000	450,000
		64,564,613	58,453,037
Current assets Inventories	19	22,670,460	20,042,078
Trade and other receivables	20	21,260,288	19,235,903
Cash and cash equivalents		3,969,812	2,199,078
		47,900,560	41,477,059
Current liabilities Trade and other payables	23	31,279,698	26,773,525
Current tax liabilities	9	-	15,107
Borrowings	22	9,669,420	7,108,326
Lease liabilities	24	4,411,891	4,642,269
		45,361,009	38,539,227
Net current assets		2,539,551	2,937,832
Non-current liabilities Borrowings	22	2,115,356	2,235,997
Lease liabilities	24	17,075,068	18,140,677
Deferred tax liabilities	25	2,923,155	1,337,048
		22,113,579	21,713,722
Net assets		44,990,585	39,677,147
Equity Called up share capital	27	2,529,835	2,474,835
Share premium account	28	18,989,870	17,677,390
Revaluation reserve	29	6,860,085	2,777,172
EBT reserve	30	(314,017)	(375,060)
Treasury shares	31	(461,038)	(58,584)
Share option reserve	32	777,140	610,698
Warrant reserve	33	128,170	128,170
Foreign exchange reserve	34	(44,592)	(59,438)
Retained earnings	35	16,525,132	16,501,964
Total equity		44,990,585	39,677,147

The notes on pages 55 to 88 form part of these consolidated financial statements.

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

..............................................

A J Brewer
Chief Executive

Company registration number 08010067 (England and Wales)

COMPANY STATEMENT OF FINANCIAL POSITION

As at 31 December 2025

		2025	2024
	Note	£	£

Non-current assets
Intangible assets	15	354,401	353,746
Property, plant and equipment	16	4,532,415	4,894,020
Investments	17	42,387,282	42,240,552
		47,274,098	47,488,318
Current assets
Trade and other receivables	20	2,388,638	4,436,932
Cash and cash equivalents		1,565,973	131,676
		3,954,611	4,568,608
Current liabilities Trade and other payables	23	10,886,046	10,576,604
Borrowings	22	119,440	105,816
Lease liabilities	24	550,250	500,193
		11,555,736	11,182,613
Net current assets		(7,601,125)	(6,614,005)
Non-current liabilities Borrowings	22	2,115,356	2,235,997
Lease liabilities	24	4,741,070	5,034,804
		6,856,426	7,270,801
Net assets		32,816,547	33,603,512
Equity Called up share capital	27	2,529,835	2,474,835
Share premium account	28	18,989,870	17,707,900
Treasury shares	31	(461,038)	(58,584)
Share option reserve	32	777,140	610,698
Warrant reserve	33	128,170	128,170
Foreign exchange reserve	34	(32,726)	(78,224)
Retained earnings	35	10,885,296	12,818,717
Total equity		32,816,547	33,603,512

The notes on pages 55 to 88 form part of these parent financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company's loss for the year was £996,796 (2024: £1,767,354 profit).

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

..............................................

A J Brewer
Chief Executive

Company registration number 08010067 (England and Wales)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2025

		Share capital	Share premium account	Re- valuation reserve	EBT reserve	Treasury shares	Share option reserve	Warrant reserve	Foreign exchange reserve	Retained earnings	Total attributable to equity holders of parent
	Note	£	£	£	£	£	£	£	£	£	£

Balance at 1 January 2025		2,474,835	17,677,390	2,777,172	(375,060)	(58,584)	610,698	128,170	(59,438)	16,501,964	39,677,147

Year ended 31 December 2025
Profit for the year		-	-	-	-	-	-	-	-	888,807	888,807
Other comprehensive income for the year:
Revaluation of property, plant and equipment	16	-	-	5,477,837	-	-	-	-	-	-	5,477,837
Actuarial gains on pensions scheme	26	-	-	-	-	-	-	-	-	70,000	70,000
Currency translation differences		-	-	-	-	-	-	-	14,846	-	14,846
Tax relating to other comprehensive income	9	-	-	(1,344,885)	-	-	-	-	-	(17,500)	(1,362,385)

Total comprehensive income for the year		-	-	4,132,952	-	-	-	-	14,846	941,307	5,089,105
Dividends	12	-	-	-	-	-	-	-	-	(952,645)	(952,645)
Issue of share capital	27	55,000	1,281,970	-	-	-	-	-	-	-	1,336,970
Transfer to retained earnings		-	30,510	(50,039)	1,043	-	(16,020)		-	34,506	-
Share options issued	32	-	-	-	-	-	182,462	-	-	-	182,462
Settlement of SAYE shares	32	-	-	-	60,000	-	-	-	-	-	60,000
Purchase of own shares	31	-	-	-	-	(402,454)	-	-	-	-	(402,454)
Total contributions by and distributions to owners		55,000	1,312,480	(50,039)	61,043	(402,454)	166,442	-	-	(918,139)	224,333
Balance as at 31 December 2025		2,529,835	18,989,870	6,860,085	(314,017)	(461,038)	777,140	128,170	(44,592)	16,525,132	44,990,585

The notes on pages 55 to 88 form part of these group financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2024

		Share capital	Share premium account	Re-valuation reserve	EBT reserve	Treasury shares	Share option reserve	Warrant reserve	Foreign ex-change reserve	Retained earnings	Total attributable to equity holders of parent
	Note	£	£	£	£	£	£	£	£	£	£
Balance at 1 January 2024		2,439,645	17,396,190	2,626,976	-	-	903,295	128,170	(47,502)	16,075,807	39,522,581

Year ended 31 December 2024
Profit for the year		-	-	-	-	-	-	-	-	774,602	774,602
Other comprehensive income for the year:
Revaluation of property, plant and equipment	16	-	-	308,659	-	-	-	-	-	-	308,659
Actuarial gains on pensions scheme	26	-	-	-	-	-	-	-	-	450,000	450,000
Currency translation differences		-	-	-	-	-	-	-	(11,936)	-	(11,936)
Tax relating to other comprehensive income	9	-	-	(108,424)	-	-	-	-	-	(112,500)	(220,924)

Total comprehensive income for the year		-	-	200,235	-	-	-	-	(11,936)	1,112,102	1,300,401
Dividends	12	-	-	-	-	-	-	-	-	(916,688)	(916,688)
Share options exercised	27	35,190	311,710	-	-	-	-	-	-	-	346,900
Transfer to retained earnings		-	-	(50,039)	-	-	(180,704)	-	-	230,743	-
Share options issued	32	-	-	-	-	-	(26,035)	-	-	-	(26,035)
Cash settlement in lieu of share exercise		-	-	-	-	-	(85,858)	-	-	-	(85,858)
Purchase of own shares	31	-	(30,510)	-	(375,060)	(58,584)	-	-	-	-	(464,154)
Total contributions by and distributions to owners		35,190	281,200	(50,039)	(375,060)	(58,584)	(292,597)	-	-	(685,945)	(1,145,835)
Balance as at 31 December 2024		2,474,835	17,677,390	2,777,172	(375,060)	(58,584)	610,698	128,170	(59,438)	16,501,964	39,677,147

The notes on pages 55 to 88 form part of these group financial statements.

COMPANY STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2025

		Share capital	Share premium account	Treasury shares	Share option reserve	Warrant reserve	Foreign exchange reserve	Retained earnings	Total equity
	Note	£	£	£	£	£	£	£	£
Balance at 1 January 2025		2,474,835	17,707,900	(58,584)	610,698	128,170	(78,224)	12,818,717	33,603,512
Year ended 31 December 2025
Loss for the year		-	-	-	-	-	-	(996,796)	(996,796)
Translation in relation to foreign subsidiary		-	-	-	-	-	45,498	-	45,498
Total comprehensive income for the year							45,498	(996,796)	(951,298)
Transactions with owners:
Issue of share capital	27	55,000	1,281,970	-	-	-	-	-	1,336,970
Dividends	12	-	-	-	-	-	-	(952,645)	(952,645)
Share options issued	32	-	-	-	182,462	-	-	-	182,462
Purchase of own shares	31	-	-	(402,454)	-	-	-	-	(402,454)
Transfer to retained earnings	32	-	-	-	(16,020)	-	-	16,020	-

Balance as at 31 December 2025		2,529,835	18,989,870	(461,038)	777,140	128,170	(32,726)	10,885,296	32,816,547

The notes on pages 55 to 88 form part of these group financial statements.

COMPANY STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2024

		Share capital	Share premium account	Treasury shares	Share option reserve	Warrant reserve	Foreign exchange reserve	Retained earnings	Total Equity
	Note	£	£	£	£	£	£	£	£
Balance at 1 January 2024		2,439,645	17,396,190	-	903,295	128,170	(38,124)	11,818,688	32,647,864
Year ended 31 December 2024
Profit for the year		-	-	-	-	-	-	1,767,354	1,767,354
Other comprehensive income for the year
Translation in relation to foreign subsidiary		-	-	-	-	-	(40,100)	-	(40,100)
Total comprehensive income for the year		-	-	-	-	-	(40,100)	1,767,354	1,727,254
Transactions with owners:
Share options exercised	27	35,190	311,710	-	-	-	-	-	346,900
Dividends	12	-	-	-	-	-	-	(916,689)	(916,689)
Share options issued	32	-	-	-	(26,035)	-	-	-	(26,035)
Cash settlement in lieu of share exercise	32	-	-	-	(85,858)	-	-	-	(85,858)
Own shares acquired	31	-	-	(58,584)	-	-	-	-	(58,584)
Released to retained earnings*	32	-	-	-	(180,704)	-	-	149,364	(31,340)
Balance as at 31 December 2024		2,474,835	17,707,900	(58,584)	610,698	128,170	(78,224)	12,818,717	33,603,512

The notes on pages 55 to 88 form part of these group financial statements.

Share option charges transferred to retained earnings represent the cumulative charges recognised up to the relevant option holders vesting period that have subsequently lapsed, been exercised or have since expired. Once crystallised the balance held within the share-based payment reserve has been transferred to retained earnings with no impact on equity reserves. An amount of £nil (2024: £31,340) was released from the share-based payment reserve during the period, in respect of options in the Company's shares held by employees of subsidiary companies. These options have been exercised by these employees and as such released from the Share Based Payment Reserve. The corresponding reduction is recognised within investment in subsidiaries.

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 December 2025

	2025		2024
Note	£	£	£	£

Profit for the year before taxation			1,097,292		25,467
Adjustments for: Finance costs	10	1,825,153		1,849,611
Finance income	8	(58,910)		(24,027)
Gain on disposal of property, plant and equipment	5	(77,019)		(20,634)
Amortisation and impairment of intangible assets	15	497,092		464,121
Depreciation and impairment of property, plant and equipment	16	5,462,740		5,050,181
Foreign exchange gains on cash equivalents	5	4,877		10,522
Revaluation of consideration	11	-		18,885
Equity settled share based payment expense/(credit)	32	182,462		(26,034)
Decrease in provisions		-		(45,103)
Movements in working capital: (Increase)/decrease in inventories	19	(2,628,382)		211,721
Increase in trade and other receivables	20	(2,024,385)		(1,555,918)
Increase in trade and other payables	23	4,506,173		1,258,069
Cash generated from operations			8,787,093		7,216,861
Income taxes refunded			658		13,416
Net cash inflow from operating activities			8,787,751		7,230,277
Investing activities
Purchase of intangible assets	15	(104,880)		(302,520)
Purchase of property, plant and equipment	16	(3,256,180)		(1,392,423)
Proceeds from disposal of property, plant and equipment		73,135		117,898
Interest received	8	58,910		24,027
Cash settlement in lieu of share exercise	32	-		(85,858)
Deferred consideration paid		-		(4,269,400)
Net cash used in investing activities			(3,229,015)		(5,908,276)
Financing activities
Net proceeds from issue of shares	27	1,336,970		346,900
Purchase of treasury shares	31	(402,454)		(58,584)
Proceeds from transfer of shares from EBT	30	60,000		(405,570)
Increase in invoice discounting	22	1,785,013		1,847,378
Trade loan received	22	762,457		-
Repayment of bank loans	22	(107,017)		(118,577)
Payment of lease liabilities	24	(5,484,527)		(4,718,625)
Interest paid	10	(795,240)		(785,928)
Dividends paid to equity shareholders	12	(952,645)		(916,688)
Net cash used in financing activities			(3,797,443)		(4,809,694)
Net increase/(decrease) in cash and cash equivalents			1,761,293		(3,487,693)

		2025		2024
	Note	£	£	£	£
Cash and cash equivalents at beginning of year			2,199,078			5,709,229
Effect of foreign exchange rates			9,441			(22,458)
Cash and cash equivalents at end of year			3,969,812			2,199,078

The notes on pages 55 to 88 form part of these group financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the year ended 31 December 2025

1 Accounting policies

1.9 Impairment of tangible and intangible assets

At each reporting end date, the group reviews the carrying amounts of its tangible and intangible 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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10 Inventories

Inventories are valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, inventories are assessed for impairment. If inventories are impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of profit or loss.

1.11 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12 Financial assets

Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Trade and other receivables are recorded initially at transaction price and subsequently measured at amortised cost. This results in their recognition at nominal value less an allowance for any doubtful debts. This allowance for expected credit losses (ECL) may be established where evidence of credit deterioration is observed. In order to assess credit deterioration, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on its historical experience and informed credit assessment, that includes forward-looking information. An additional reserve is established, where required, when a loss is both probable and the amount is known.

ECLs are a probability-weighted estimate of lifetime credit losses. Under the ECL model, the Group calculates the allowance for credit losses by considering on a discounted basis the cash shortfalls it would incur in various default scenarios for prescribed future periods and multiplying the shortfalls by the probability of each scenario occurring. The allowance is the sum of these probability weighted outcomes. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that Group expects to receive) with a discount factor applied to such overdue amounts.

The discount matrix ("ECL Matrix") below is applied to derive an ECL for overdue amounts:

31 - 60 days overdue 0% discount

61 - 90 days overdue 0% discount

91 - 120 days overdue 5% discount

Over 120 days overdue 50% discount

The Group reserves the right to exercise its discretion in the application of discounts outside of the ECL Matrix based on extenuating circumstances that may apply from time to time to the Company's trade debtors. An example of such an extenuating circumstance may occur when an overdue amount has been collected post a reporting or measurement date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.13 Financial liabilities

The group recognises financial debt when the group becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the group's obligations are discharged, cancelled, or they expire.

1.14 Equity instruments

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

1.15 Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable 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 Statement of Profit or Loss except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity and recognised through the Statement of Comprehensive Income. Deferred tax assets and liabilities are offset when the group has 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.

1.16 Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event and it is probable that the group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

1.17 Employee benefits

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 inventories or non-current 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 group is demonstrably committed to terminate the employment of an employee or to provide termination benefits

1.18 Retirement benefits

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

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.19 Share-based payments

The fair value of equity instruments granted to employees is charged to the Statement of Profit or Loss, with a corresponding increase in equity. The fair value of share options is measured at grant date using the Black-Scholes pricing model and spread over the period during which the employee becomes unconditionally entitled to the award. The charge is adjusted to reflect the number of shares or options that vest.

When the share-based payment awards vest, the Company issues new equity instruments to employees in settlement of the granted awards. The amount equal to the employees fair value of share options vested and issued is released to retained earnings.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.20 Leases

At inception, the group assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

1.20 Leases (continued)

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the group is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the group's estimate of the amount expected to be payable under a residual value guarantee; or the group's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.21 Invoice discounting

The Group has an invoice discounting arrangement. The amount owed by customers to the Group are included within trade receivables and the amount owed to the invoice discounting company is included within borrowings. The amount owed to the invoice discounting company represents the difference between the amounts advanced by the invoice discounting company and the invoices discounted. The interest element of the invoice discounting charges and other related costs are recognised as they accrue and are included in the Statement of Profit or Loss with other finance costs.

2 Critical accounting estimates and judgements

In the application of the company'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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Deferred Tax

The recognition of deferred tax assets, particularly those arising from unused tax losses, requires significant management judgement. Deferred tax assets are only recognised to the extent that it is probable that future taxable profits will be available against which the losses can be utilised. This assessment involves evaluating both the timing and the likelihood of future profitability, taking into account factors such as historical performance, forecasted earnings, industry trends, and the impact of any planned strategic initiatives.

In making this judgement, the Group has prudently only considered it's two-year financial forecasts, the nature and timing of expected income streams, and any expiry limitations associated with the tax losses. A deferred tax asset will be recognised up to the total of the forecast taxable profits for the two-year period of assessment as well as any deferred tax liabilities that these losses could be offset against at the balance sheet date. Changes in these assumptions or in the tax environment may result in adjustments to the amount of deferred tax assets recognised. At the reporting date, deferred tax assets have been recognised only where the Group considers it probable that sufficient taxable profits will arise to allow the benefit of the losses to be utilised.

Intangible assets

The Group recognises identifiable intangible assets, such as brands and customer relationships, at fair value on acquisition of the relevant subsidiaries. Any excess paid over the value of net assets acquired is recognised as Goodwill in the Consolidated Statement of Financial Position and is allocated to the appropriate business.

The annual amortisation charge and useful life is based on the period over which management expects to benefit from the intangible assets, based on past experience and knowledge of the business acquired.

Goodwill

Goodwill is recognised on acquisition of subsidiaries. This value is the excess paid over the net assets acquired which cannot be separately identified as an intangible asset. Goodwill is not amortised but is subject to an annual impairment review.

The impairment assessment compares the carrying value of Goodwill with its recoverable amount. The recoverable amount is determined by performing a discounted cash flow (DCF) analysis of the Cash Generating Unit (CGU) with reference to divisional budgets prepared by management. To prepare the DCF, management are required to use estimates and judgement for the parameters applied to the model of growth and termination growth rate percentages along with the discount factor. The percentages used to calculate the growth rates are based on prior performance along with budgets for the coming year. The discount factor is based on the proportion of the company's cost of capital weighted between the use of debt and equity finance.

Inventory valuation

Inventories are stated at the lower of cost and the estimated selling price less costs to complete and sell.

Inventory provisions are recognised to provide for short length stock dependent on its length and using the directors judgement of likely future sale to calculate it's likely realisable value. In addition, a provision is recognised for any aged stock, on an increasing basis, once it's been held in inventory for at least one year.

A significant shift in consumer market or customer demand may result in the directors inclusion of an additional specific provision based on their assessment of likely future sale.

Valuation of land and buildings

The Group measures its freehold and long leasehold land and buildings using the revaluation model, carrying them at fair value less subsequent accumulated depreciation and impairment losses. Fair value is typically determined with reference to market value.

Independent external valuation specialists are engaged to perform valuations on a rolling three-year basis. In the intervening periods, management assesses fair value by considering relevant market data and comparing it to the most recent external valuation. Where material changes are identified, properties are revalued or impaired accordingly.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity. However, where a revaluation loss exceeds previously recognised gains, or reflects a clear consumption of economic benefits, the excess is recognised in the income statement.

The valuation of the Group's property portfolio is sensitive to movements in the commercial property market, and significant changes in market conditions may impact reported values. Further details are provided in Note 16.

3 Revenue

Revenue is derived from the wholesale and distribution of floor-coverings and related products. The Group operates as a single, reportable segment, under IFRS 8 Operating Segments. Therefore, no segmental analysis is presented. No individual customer accounted for more than 10% of total revenue. An analysis of revenue from continuing operations is set out below.

	2025 £	2024 £
Revenue analysed by class of business
Sale of goods	163,095,329	149,793,661
	2025 £	2024 £
Revenue analysed by geographical market
United Kingdom	162,997,744	149,671,433
Rest of Europe	97,585	122,228
	163,095,329	149,793,661

4 Auditor's remuneration

	2025	2024
	£	£
Fees payable to the company's auditor and associates:

For audit services
Audit of the financial statements of the group and company	163,500	150,000

No non-audit services were provided by the company's auditor in the year ended 31 December 2025 (2024: nil).

5 Operating profit

	2025	2024
	£	£
Operating profit for the year is stated after charging/(crediting):
Exchange losses	4,877	10,522
Depreciation of property, plant and equipment	5,462,740	5,050,181
Profit on disposal of property, plant and equipment	(77,019)	(20,634)
Amortisation of intangible assets (included within administrative expenses)	497,092	464,121
Cost of inventories recognised as an expense	112,361,004	103,777,804
Share-based payments	182,462	(26,034)
Loss from new operations and acquisition-related costs	358,521	133,993
Exceptional investment in point of sale	286,136	349,050
Strategic relocation and restructuring costs	378,772	686,090
Exceptional investment costs	324,155	-
Exceptional bad debt and customer exit costs	-	223,054

The below summarises exceptional costs incurred within the table above:

Loss from New Operations & Acquisition Related Costs

2025 marked the completion of the Group's planned national UK infrastructure with the acquisition of the freehold distribution centre in Plymouth in February, completing the Group's nationwide distribution network.

The initial period of investment, including the site as well as the development of a capable sales team will require time to mature before delivering the anticipated returns. Consequently, whilst expected to be accretive to Group profitability over the longer term, it is anticipated to be a loss-making entity during the first 24 months of operation.

Loss from New Operations & Acquisition Related Costs (continued)

Exceptional Investment in Point of Sale

Expenses incurred by increasing the Group's market presence by providing heavily discounted in-store retail displays to retailers to accelerate the Group's growth in market share via a high volume of strategic stand placements and recognised in the Consolidated Statement of Profit or Loss. The Board has adopted a prudent approach by recognising the cost as an expense in the profit or loss statement, rather than capitalising these displays as assets and incurring depreciation charges in future periods.

Strategic Relocation & Restructuring Costs

Strategic relocation and restructuring costs incurred during the year reflect the Group's ongoing investment in reorganising and developing the Likewise Matting business, alongside the development of A&A Carpets in Manchester, in alignment with the Group's broader strategic objectives.

Early positive signs follow the streamlined sales and admin teams in Matting, and the benefits of new management at A&A, both contributing to improved performance in Q1 2026.

Prior year costs included the initial phase of restructuring expenditure at A&A ahead of relocation to a new transhipping facility in Manchester, and dual running costs at the Scotland Distribution Hub (after a move to purpose-built premises), to support the broader growth of the Group's long-term capacity requirements.

Exceptional Investment & Bad debts

Relocation of Likewise Scotland in 2023, established it as the third large-scale Distribution Hub within the Group network, additional investment into a second cutting shift was made due to forecast capacity demands.

Significant upfront recruitment and training of a skilled cutting team and enhanced utilisation of existing equipment was required. The investment precedes the realisation of demand and due to the time needed to reach full operating efficiency, it was classified as a non-underlying cost in 2025, with benefits realised in FY26 and beyond.

In addition, to the successful development of the premium flooring range, Floors by Lewis Abbott, the Board recognises a significant opportunity to expand its fledgling presence in the premium segment.

The strong core range established across Carpets, Luxury Vinyl Tile (LVT) and Engineered Wood, is supported by targeted investment in its dedicated sales team to realise further opportunities for this trade brand. This initiative strengths our engagement with current customers with in-store displays, drive new stand placements, and drive incremental revenue growth of this segment.

The prior year disclosure relates to a significant bad debt on a major customer within the Rugs and Matting division, together with the strategic withdrawal of a retailer from the floor-covering market. The resulting administration led to an exceptional bad debt write-off, while the market-exit reduced trading - particularly in the second half - limiting the Group's ability to mitigate the financial impact.

Other Exceptional Items

Amortisation costs and Share Based Payment Charges relate to non-cash reporting adjustments incurred during the year and further details can be found in notes 15 and 31 respectively.

6. Employees

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

	2025 Number	2024 Number
Directors	4	4
Other employees	557	503
Total	561	507
Their aggregate remuneration comprised:	2025 £	2024 £
Wages and salaries	22,026,868	20,581,935
Social security costs	2,716,104	2,156,661
Pension costs	582,440	567,015
Share based payments	182,462	(26,034)
	25,507,874	23,279,577

The average monthly number of persons (including directors) employed by the company during the year was 14 (2024: 11).

7	Directors' remuneration	2025 £	2024 £
	Remuneration for qualifying services	529,336	521,644
	Social security costs	70,504	63,329
	Company pension contributions to defined contribution schemes	-	6,400
	Share based payments	4,602	9,406
		604,442	600,779

Remuneration disclosed above includes the following amounts paid to the highest paid director:

2025

2024

Remuneration for qualifying services

336,374

304,974

There were no additional fees paid to non-executive directors in the current or preceding year.

The number of directors accruing benefits under money purchase pension schemes during the year amounts to nil (2024: nil).

Interest income

2025

2024

Financial instruments measured at amortised cost:

Bank deposits

58,910

24,027

9	Income tax expense	2025 £	2024 £
	Current tax
	UK corporation tax on profits for the current period Adjustments in respect of prior periods	- (15,237)	9,377 (7,686)
	Total UK current tax	(15,237)	1,691
	Deferred tax Origination and reversal of temporary differences Adjustments in respect of prior periods	170,178 53,544	(750,826) -
		223,722	(750,826)
	Total tax charge/(credit)	208,485	(749,135)

The charge for the year can be reconciled to the profit per the income statement as follows:

	2025 £	2024 £
Profit before taxation	1,097,292	25,467

Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)	274,323	6,367
Effect of expenses not deductible in determining taxable profit	1,398,741	40,534
Movement in deferred tax not recognised	(67,298)	(678,509)
Adjustment in respect of prior years	(10,233)	(7,686)
Deferred tax adjustment in respect of prior years	(21,504)	-
Fixed asset differences	57,835	53,188
Deferred tax (charged)/credited directly to OCI	(1,344,885)	(108,424)
Other tax adjustments, reliefs and transfers	(6,187)	(54,605)
Temporary differences in respect of business combinations	(71,857)	-
Taxation charge/(credit) for the year	208,485	(749,135)

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

	2025 £	2024 £
Deferred tax liability arising on:
Revaluation of property	1,344,885	108,424
Actuarial gain on defined benefit pension scheme	17,500	112,500
	1,362,385	220,924

As at 31 December 2025, the Group has tax losses of £15,406,715 (31 December 2024: tax losses of £13,893,692) which are available for offset against future taxable profits.

10	Finance costs	2025 £	2024 £
	Interest on bank overdrafts and loans	194,593	184,466
	Interest on lease liabilities	1,177,419	1,201,163
	Interest on invoice discount facilities	453,141	463,982
	Total interest expense	1,825,153	1,849,611

Interest paid during the financial year, as reported in the consolidated statement of cash flows, comprised £194,593 (2024: £184,466) in respect of bank overdrafts and loans, £147,506 (2024: £137,480) relating to assets acquired under finance leases, and £453,141 (2024: £463,982) in respect of invoice discounting facilities.

Included within interest on lease liabilities is £1,029,913 (2024: £1,063,683) of operating lease interest recognised under IFRS 16

11	Revaluation of deferred consideration	2025 £	2024 £
	Loss on revaluation of deferred consideration	-	(18,885)

12 Dividends Amounts recognised as distributions:		2025 per share Pence	2024 per share Pence	2025 Total £	2024 Total £
Final dividend paid		0.2500	0.2500	609,942	610,720
	Interim dividend paid	0.1375	0.1250	342,703	305,969
		0.3875	0.3750	952,645	916,689

13	Earnings per share	2025	2024
	Number of shares	Number	Number

	Weighted average number of ordinary shares for basic earnings per share	249,623,206	245,580,592
	Effect of dilutive potential ordinary shares:
	- Weighted average number outstanding share options	5,890,470	4,034,800
	- Warrants	2,800,000	2,800,000
	Weighted average number of ordinary shares for diluted earnings per share	258,313,676	252,415,392
		2025	2024
	Earnings	£	£
	Continuing operations
	Profit for the period from continued operations	888,807	774,602
		2025	2024
		Pence per share	Pence per share
	Earnings per share for continuing operations
	Basic earnings per share	0.36	0.32
	Diluted earnings per share	0.34	0.31

The diluted profit per share attributable to the ordinary equity holders of the Company has been presented to two decimal places in the current and prior year (formally presented to one decimal place).

14 Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025

2024

In respect of:

Financial assets -Trade and other receivables recognised in administrative expenses

244,044

393,128

Goodwill and other intangible assets

	Goodwill	Software modifications	Likewise Floors Brandname	Likewise Floors Customer base	Delta Carpets Brandname	Delta Carpets Customer base	Total
	£	£	£	£	£	£	£
Cost
At 1 January 2024	5,624,284	133,983	2,189,075	2,122,349	540,710	513,684	11,124,085
Additions	-	302,520	-	-	-	-	302,520
At 31 December 2024	5,624,284	436,503	2,189,075	2,122,349	540,710	513,684	11,426,605
Additions	-	104,880	-	-	-	-	104,880
At 31 December 2025	5,624,284	541,383	2,189,075	2,122,349	540,710	513,684	11,531,485
Amortisation and impairment
At 1 January 2024	-	11,503	693,206	672,077	94,624	89,894	1,561,304
Amortisation charge for the year	-	71,254	145,938	141,490	54,071	51,368	464,121
At 31 December 2024	-	82,757	839,144	813,567	148,695	141,262	2,025,425
Amortisation charge for the year	-	104,225	145,938	141,490	54,071	51,368	497,092
At 31 December 2025	-	186,982	985,082	955,057	202,766	192,630	2,522,517
Carrying amount
At 31 December 2025	5,624,284	354,401	1,203,993	1,167,292	337,944	321,054	9,008,968
At 31 December 2024	5,624,284	353,746	1,349,931	1,308,782	392,015	372,422	9,401,180
At 1 January 2024	5,624,284	122,480	1,495,869	1,450,272	446,086	423,790	9,562,781

Impairment tests for cash generating units

Goodwill is tested annually for impairment. It is allocated to cash generating units as follows:

	2025	2024
	£	£
Likewise Floors Limited	3,253,210	3,253,210
Lewis Abbott Limited	467,847	467,847
H&V Carpets BVBA	307,230	307,230
A. & A. Carpets Limited	188,441	188,441
Valley Wholesale Carpets Limited	234,864	234,864
Delta Carpets Limited	1,172,692	1,172,692
	5,624,284	5,624,284

The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired.

The goodwill is a reflection of the benefit the acquisitions of subsidiaries will have on the Group by offering greater geographic coverage and providing the opportunity to expand this further than is currently the case. The acquisitions will benefit from the collective marketing and the enhanced product range available to all Group companies. Ultimately this will enable the acquired businesses and the existing Group members to provide an improved customer service, across a wider geographic area, with a greater product portfolio designed to help the Group to continue its development.

The Group has conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions used in the supporting five year forecasts being a pre-taxation discount rate of 8% (2024: 10%) and growth rates ranging from 1%-3% (2024: 1%-5%) dependent on the specific CGU.

Likewise Floors Limited

The break-even point of goodwill for Likewise Floors Limited is at a growth level of -233% with terminal growth factor of 2%.

Lewis Abbott Limited

The break-even point of goodwill for Lewis Abbott Limited is at a growth level of -39% with terminal growth factor of 2%.

H&V Carpets BVBA

The break even point of goodwill for H&V Carpets BVBA is at a growth level of -44% with terminal growth factor of 1%.

A. & A. Carpets Limited

The break even point of goodwill for A. & A. Carpets Limited is at a growth level of -21% with terminal growth factor of 1%.

Valley Wholesale Carpets Limited

The break even point of goodwill for Valley Wholesale Carpets Limited is at a growth level of -7% with terminal growth factor of 1%.

Delta Carpets Limited

The break even point of goodwill for Delta Carpets Limited is at a growth level of -10% with terminal growth factor of 1%.

15 Intangible assets (continued) - Company

		Computer software
		£
Cost
At 31 December 2024		436,503
Additions		104,880
At 31 December 2025		541,383

Amortisation and impairment
At 31 December 2024		82,757
Charge for the year		104,225
At 31 December 2025		186,982
Carrying amount
At 31 December 2025		354,401
At 31 December 2024		353,746

16 Property, plant and equipment

	Freehold land and buildings	Long leasehold land and buildings	Leasehold improve-ments	Plant and equipment	Fixtures, fittings and computer equipment	Motor vehicles	Right of use assets Leasehold property	Right of use assets - other	Total
	£	£	£	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	11,023,231	11,101,598	305,690	4,873,942	2,635,650	2,392,022	16,390,030	8,701,680	57,423,843
Additions	25,466	25,845	-	181,438	499,371	660,303	1,759,354	1,922,459	5,074,236
Disposals	-	-	-	(160,059)	(130,000)	(228,920)	-	(268,594)	(787,573)
At 31 December 2024	11,048,697	11,127,443	305,690	4,895,321	3,005,021	2,823,405	18,149,384	10,355,545	61,710,506
Additions	1,434,160	-	-	587,486	201,680	3,830,296	-	618,252	6,671,874
Disposals	-	-	-	(5,261)	(44,036)	(147,151)	(224,357)	(2,371,688)	(2,792,493)
Revaluation increase	5,048,043	-	-	-	-	-	-	-	5,048,043
At 31 December 2025	17,530,900	11,127,443	305,690	5,477,546	3,162,665	6,506,550	17,925,027	8,602,109	70,637,930
Accumulated depreciation and impairment
At 1 January 2024	101,957	-	81,315	949,477	862,330	895,047	2,713,416	3,434,612	9,038,154
Depreciation charge for the year	163,059	145,600	30,569	505,428	352,992	498,463	1,274,222	2,079,848	5,050,181
Eliminated on disposal	-	-	-	(140,646)	(89,145)	(190,531)	-	(250,705)	(671,027)
Eliminated on revaluation	(163,059)	(145,600)	-	-	-	-	-	-	(308,659)
At 31 December 2024	101,957	-	111,884	1,314,259	1,126,177	1,202,979	3,987,638	5,263,755	13,108,649
Depreciation charge for the year	182,183	145,654	30,348	518,359	333,032	789,758	1,318,203	2,145,203	5,462,740
Eliminated on disposal	-	-	-	(5,261)	(44,061)	(119,208)	(224,357)	(2,146,423)	(2,539,310)
Eliminated on revaluation	(284,140)	(145,654)	-	-	-	-	-	-	(429,794)
At 31 December 2025	-	-	142,232	1,827,357	1,415,148	1,873,529	5,081,484	5,262,535	15,602,285
	Freehold land and buildings	Long leasehold land and buildings	Leasehold improve-ments	Plant and equipment	Fixtures, fittings and computer equipment	Motor vehicles	Right of use assets Leasehold property	Right of use assets - other	Total
	£	£	£	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	11,023,231	11,101,598	305,690	4,873,942	2,635,650	2,392,022	16,390,030	8,701,680	57,423,843
Additions	25,466	25,845	-	181,438	499,371	660,303	1,759,354	1,922,459	5,074,236
Disposals	-	-	-	(160,059)	(130,000)	(228,920)	-	(268,594)	(787,573)
At 31 December 2024	11,048,697	11,127,443	305,690	4,895,321	3,005,021	2,823,405	18,149,384	10,355,545	61,710,506
Additions	1,434,160	-	-	587,486	201,680	3,830,296	-	618,252	6,671,874
Disposals	-	-	-	(5,261)	(44,036)	(147,151)	(224,357)	(2,371,688)	(2,792,493)
Revaluation increase	5,048,043	-	-	-	-	-	-	-	5,048,043
At 31 December 2025	17,530,900	11,127,443	305,690	5,477,546	3,162,665	6,506,550	17,925,027	8,602,109	70,637,930
Accumulated depreciation and impairment
At 1 January 2024	101,957	-	81,315	949,477	862,330	895,047	2,713,416	3,434,612	9,038,154
Depreciation charge for the year	163,059	145,600	30,569	505,428	352,992	498,463	1,274,222	2,079,848	5,050,181
Eliminated on disposal	-	-	-	(140,646)	(89,145)	(190,531)	-	(250,705)	(671,027)
Eliminated on revaluation	(163,059)	(145,600)	-	-	-	-	-	-	(308,659)
At 31 December 2024	101,957	-	111,884	1,314,259	1,126,177	1,202,979	3,987,638	5,263,755	13,108,649
Depreciation charge for the year	182,183	145,654	30,348	518,359	333,032	789,758	1,318,203	2,145,203	5,462,740
Eliminated on disposal	-	-	-	(5,261)	(44,061)	(119,208)	(224,357)	(2,146,423)	(2,539,310)
Eliminated on revaluation	(284,140)	(145,654)	-	-	-	-	-	-	(429,794)
At 31 December 2025	-	-	142,232	1,827,357	1,415,148	1,873,529	5,081,484	5,262,535	15,602,285

	Freehold land and buildings	Long leasehold land and buildings	Leasehold improve-ments	Plant and equipment	Fixtures, fittings and computer equipment	Motor vehicles	Right of use assets Leasehold property	Right of use assets - other	Total
	£	£	£	£	£	£	£	£	£
Carrying amount
At 31 December 2025	17,530,900	11,127,443	163,458	3,650,189	1,747,517	4,633,021	12,843,543	3,339,574	55,035,645
At 31 December 2024	10,946,740	11,127,443	193,806	3,581,062	1,878,844	1,620,426	14,161,746	5,091,790	48,601,857
At 31 January 2024	10,921,274	11,101,598	224,375	3,924,465	1,773,320	1,496,975	13,676,614	5,267,068	48,385,689

16. Property, plant and equipment (continued)
Property, plant and equipment includes right of use assets, as follows:
Right-of-use assets	2025 £	2024 £
Net values at the year end
Right of use assets - Leasehold property	12,843,543	14,161,746
Right of use assets - Other	3,339,574	5,091,790
	16,183,117	19,253,536
Total additions in the year	618,252	3,681,813
Depreciation charge for the year
Right of use assets - Leasehold property	1,318,203	1,274,222
Right of use assets - Other	2,145,203	2,079,848
	3,463,406	3,354,070

Assets pledged as security

There is a floating charge against the assets of the subsidiary Likewise Floors Limited, from NatWest Bank PLC.

There is a fixed charge over the freehold land and buildings held by the Group in respect of bank loans in place for the Group.

Fair Value Measurement

Included within land and buildings is land with a cost of £6,441,357 (2024: £6,254,057), which is not depreciated.

The Group's freehold and long leasehold land and buildings are stated at revalued amounts, being fair value at the date of revaluation, less subsequent accumulated depreciation and impairment losses.

During the financial year, the Group acquired a new freehold property in Plymouth, further strengthening the geographical footprint of the Group. Prior to completion, the property was independently valued by Chartered Surveyors Cooke & Arkwright. Based on the valuation report, together with an uplift derived from available market data and consideration of improvements made to the property during the year, the directors believe that the net book value of the property as at the balance sheet date is reflective of its market value.

The Group engage independent experts to obtain market valuations on a three-yearly cycle with management assessments in intervening years to identify any material movement to current book values recognised.

The freehold investment property in Sudbury was most recently valued at £10,650,000 on 11 March 2026 by BNP Paribas Real Estate on behalf of NatWest Group plc, the mortgage holder. The valuation was prepared using the market (comparative) method, applying a capital value per square foot to the size of the building. In determining this value, the valuer considered observable evidence from recent comparable sales, taking into account location, condition and size, and also had regard to market rental data for similar properties.

The directors have reviewed this valuation and having considered current market conditions, recent comparable transactions and credentials of the expert, BNP Paribas, conclude that this provides more timely and robust evidence for the fair value of the property as at 31 December 2025. Accordingly, a revaluation adjustment has been recognised.

Management has also assessed the carrying values of the long leasehold property and the remaining freehold properties. Based on prior independent valuations and current external market data, management believes that their fair values do not materially differ from the amounts recognised in the financial statements.

Previous valuations have been carried out by Cooke & Arkwright, BNP Paribas Real Estate and Gerald Eve LLP, all of whom are independent chartered surveyors with appropriate qualifications and recent experience in valuing properties in the relevant markets.

Fair Value Measurement (continued)

All valuation reports have been prepared in accordance with the Royal Institution of Chartered Surveyors ("RICS") Valuation - Global Standards (incorporating the IVSC International Valuation Standards) issued in November 2021 and effective from 31 January 2022, together with the UK National Supplement effective from 14 January 2019 (the "Red Book").

Property valuations are complex, require a degree of judgement and are based on data that may or may not be publicly available. Valuation of investment property and the respective inputs have been classified as level 3 inputs as defined by IFRS Fair Value Measurement. Level 3 means that the valuation model cannot rely on inputs that are directly available from an active market; however, there are related inputs from recent property sales that can be used as a basis.

The revaluation gain on land and buildings for 2025 of £5,477,837 (2024 - gain of £308,659) has been recognised within Other Comprehensive Income. The revaluation surplus is disclosed in note 28.

Assets purchased through finance arrangements

During the year ended 31 December 2025, the directors approved the purchase of £2,797,442 of assets through asset finance arrangements (2024: £nil). Following a review of existing operating lease arrangements in respect of commercial vehicles, the Board determined that acquisition through asset finance represented a more cost-effective and efficient approach to managing the Group's fleet.

These acquisitions replaced previously leased assets and included additional vehicles to support the Group's continued geographic expansion, increasing market share and growth. The assets have been capitalised within the motor vehicles category in the fixed asset register.

The Board will continue to assess the Group's fleet strategy as existing leases expire, with future investments funded through a combination of cash reserves and asset finance, as appropriate. Decisions will be guided by operational effectiveness and the best interests of shareholders.

Property, Plant and Equipment - Company

	Fixtures and fittings	Motor vehicles	Right of use assets - leasehold property	Right of use assets - other	Total
	£	£	£	£	£
Cost
At 1 January 2024	65,281	96,995	5,513,875	39,248	5,715,399
Additions	11,068	-	-	-	11,068
At 31 December 2024	76,349	96,995	5,513,875	39,248	5,726,467
Disposals	(4,665)	-	-	(39,248)	(43,913)
At 31 December 2025	71,684	96,995	5,513,875	-	5,682,554

Accumulated depreciation and impairment
At 1 January 2024	34,670	6,466	409,931	15,269	466,336
Charge for the year	14,229	19,399	319,400	13,083	366,111
At 31 December 2024	48,899	25,865	729,331	28,352	832,447
Charge for the year	11,910	19,399	319,400	10,896	361,605
Eliminated on disposal	(4,665)	-	-	(39,248)	(43,913)
At 31 December 2025	56,144	45,264	1,048,731	-	1,150,139
Carrying amount
At 31 December 2025	15,540	51,731	4,465,144	-	4,532,415
At 31 December 2024	27,450	71,130	4,784,544	10,896	4,894,020
At 1 January 2024	30,611	90,529	5,103,944	23,979	5,249,063

17 Investments - Company

Non-current

2025

2024

Investments in subsidiaries

42,387,282

42,240,552

Fair value of financial assets carried at amortised cost

The directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

18 Subsidiaries
Details of the company's subsidiaries at 31 December 2025 are as follows:
Name of undertaking Address Principal activities			Class of	% Held
			shares held	Direct Indirect
Likewise Floors Limited	1	Wholesale distribution of floor-coverings and associated products	Ordinary	100.00	-
Valley Wholesale Carpets Limited (100% subsidiary of Valley Wholesale Carpets (2004) Limited)	1	Wholesale distribution of floor-coverings and associated products	Ordinary	-	100.00
Likewise Holdings Limited	1	Holding company	Ordinary	100.00	-
H&V Carpets BVBA	2	Wholesale distribution of floor-coverings and associated products	Ordinary	100.00	-
Likewise Trading Limited	1	Holding company	Ordinary	100.00	-
Valley Wholesale Carpets (2004) Limited	1	Holding company	Ordinary	100.00	-
Delta Carpets (Holdings) Limited (100% subsidiary of Likewise Floors Limited)	1	Holding company	Ordinary	-	100.00
Delta Carpets Limited (100% subsidiary of Delta Carpets (Holdings) Limited)	1	Dormant company	Ordinary	-	100.00
William Armes Limited (100% subsidiary of Likewise Holdings Limited)	1	Dormant company	Ordinary	-	100.00
A. & A. Carpets Limited	1	Dormant company	Ordinary	100.00	-
Likewise Limited	1	Dormant company	Ordinary	100.00	-
Lewis Abbott Limited (100% subsidiary of Likewise Trading Limited)	1	Dormant company	Ordinary	-	100.00
Factory Flooring Outlet Ltd (100% subsidiary of Likewise Floors Limited)	1	Dormant company	Ordinary	-	100.00

Registered office addresses:

1.Unit 4 Radial Park, Radial Way, Birmingham Business Park, Solihull, England, B37 7WN

2.Nijverheidsstraat 26, 8760 Meulebeke, Belgium

19 Inventories

2025

2024

Finished goods

22,670,460

20,042,078

The amount of inventories impaired during the year was as follows:

1,074,886

970,085

20 Trade and other receivables - Group

	2025	2024
	£	£
Trade receivables	15,710,062	14,518,173
Provision for impairment of trade receivables	(433,343)	(403,392)
	15,276,719	14,114,781
Other receivables	4,146,371	3,421,565
Prepayments	1,837,198	1,699,557
	21,260,288	19,235,903

Fair value of trade receivables

The directors consider the carrying value of Group trade and other receivables is approximate to its fair value, after incorporating an impairment provision of £433,343 (2024: £403,392).

Trade receivables comprise amounts due from customers for goods sold. The Group's normal trade credit terms range from 30 to 60 days and therefore all are classified as current. There are a limited number of customers who are granted extended credit terms but these are not considered material to the financial statements. Trade receivables are recognised initially at the amount of consideration that is unconditional. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost.

The Group's credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Statement of Financial Position are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The Group has no significant concentration of credit risk, with exposure spread over a large number of customers.

The carrying amounts of the trade receivables include receivables which are subject to a factoring agreement. Under this arrangement, the subsidiary trading companies have transferred the relevant receivables to the factor in exchange for cash and are prevented from selling or pledging the receivables. However, the subsidiaries retain the late payment and credit risk. The Group therefore continues to recognise the transferred assets in their entirety in its Consolidated Statement of Financial Position. The amount repayable under the factoring agreement is presented as secured borrowing. The Group considers the held to collect business model to remain appropriate for these receivables and hence continues measuring them at amortised cost.

The relevant carrying amounts are:

	2025	2024
	£	£
Factored receivables	11,716,697	9,336,680
Associated secured borrowing	(8,787,523)	(7,002,510)

Trade and other receivables - Company

	2025	2024
	£	£
Amount owed by fellow group undertaking	1,526,477	3,690,288
Other receivables	348,646	409,664
Prepayments	513,515	336,980
	2,388,638	4,436,932

The £1,526,477 (2024: £3,690,288) included within amounts owed by group undertakings are balances that are unsecured, interest‑free and have no fixed date of repayment. These amounts are repayable on demand; however, repayment is considered unlikely to occur within the next twelve months.

21 Allowances for doubtful debts

Expected credit loss assessment:

		2025			2024
Trade receivables	Balance £	Rate %	Loss allowance £	Balance £	Rate %	Loss allowance £
Not more than 30 days	9,157,448	-	-	8,097,393	-	-
More than 30 days but not more than 60 days	4,622,933	-	-	4,386,456	-	-
More than 60 days but not more than 90 days	871,147	-	-	916,716	-	-
More than 90 days but not more than 120 days	129,500	5	6,475	262,879	5	13,144
More than 120 days	929,034	50	464,517	854,729	50	427,365
Adjustments	-	-	(37,649)		-	(37,117)
	15,710,062		433,343	14,518,173		403,392

The below ECL calculation table has been adjusted to exclude debtors where there are specific payment plans in place:

	2025	ECL
Adjusted ECL calculation:	£
More than 90 days but not more than 120 days - 5%	129,500	6,475
More than 120 days - 50% (adjusted)	415,088	207,544
Additional specific loss allowance		219,324
	544,588	433,343

Movement in the allowance for doubtful debts

	2025	2024
	£	£
Balance at 1 January 2025	403,392	369,399
Additional allowance recognised	29,951	33,993
Balance at 31 December 2025	433,343	403,392

22 Borrowings

	Current		Non-current
	2025 £	2024 £	2025 £	2024 £
Borrowings held at amortised cost
Bank loans	881,897	105,816	2,115,356	2,235,997
Invoice discounting	8,787,523	7,002,510	-	-
	9,669,420	7,108,326	2,115,356	2,235,997

The directors consider that the carrying amount of the invoice discounting facility and bank loan approximates their fair value.

The invoice discounting facility is secured against the related trade receivable balances and by a floating charge over the assets of the Group. The invoice discounting facility is denominated in Sterling.

The invoice discounting facility is held by Likewise Floors Limited and has a fixed service charge of £18,000 per annum.

The Group has a bank loan with an original principal of £2,495,000, drawn down in July 2023. Repayments commenced in September 2023 and are scheduled to continue until July 2038. The loan is secured by a fixed and floating charge over the Group's assets and carries interest at a floating rate based on the Bank of England base rate plus a margin of 2.35%.

As the loan bears interest at a floating rate, the Group is exposed to interest rate risk.

On 7 June 2024, the subsidiary company, Valley Wholesale Carpets Limited, renewed a trade loan facility with Barclays Bank PLC. The facility provides borrowing of up to £1,750,000.

As at 31 December 2025, £762,457 had been drawn down on this trade loan facility (31 December 2024: £nil). Drawdowns bear interest at a floating rate based on the Bank of England base rate plus a margin of 2.2%. The facility also incurs a quarterly fixed management arrangement fee.

Borrowings - Company

	Current		Non-current
	2025 £	2024 £	2025 £	2024 £
Borrowings held at amortised cost
Bank loans	119,440	105,816	2,115,356	2,235,997

There is a fixed charge over the freehold land and buildings held by the Group in respect of the bank loan.

23	Trade and other payables	2025 £	2024 £
	Trade payables	27,267,713	23,080,542
	Accruals	1,473,941	1,517,149
	Social security and other taxation	2,063,940	1,819,793
	Other payables	474,104	356,041
		31,279,698	26,773,525

Trade payables and accruals principally comprise amounts outstanding in relation to trade purchases and ongoing costs. Trade payables are unsecured and the Group has financial risk management procedures in place to ensure that all payables are paid within pre-agreed credit terms.

The directors consider the carrying value of trade and other payables is approximate to its fair value due to their short-term nature.

Trade and other payables - Company	2025 £	2024 £
Trade payables	426,635	288,114
Amounts owed to fellow group undertakings	10,173,863	10,026,317
Accruals	146,653	168,567
Social security and other taxation	133,295	88,406
Other payables	5,600	5,200
	10,886,046	10,576,604

The £10,173,863 (2024: £10,026,317) included within amounts owed to group undertakings are balances that are unsecured, interest-free and have no fixed date of repayment. These amounts are repayable on demand, however, repayment is considered unlikely to occur within the next twelve months.

24	Lease liabilities
		2025	2024
		£	£
	Maturity analysis Within one year	4,723,784	5,099,219
	In two to five years	11,974,348	11,902,627
	In over five years	10,434,021	12,408,443
	Total undiscounted liabilities	27,132,153	29,410,289
	Future finance charges	(5,645,194)	(6,627,343)
	Lease liabilities in the financial statements	21,486,959	22,782,946

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

	2025 £	2024 £
Current liabilities	4,411,891	4,642,269
Non-current liabilities	17,075,068	18,140,677
	21,486,959	22,782,946

	2025 £	2024 £
Amounts recognised in profit or loss include the following: Interest on lease liabilities	1,177,419	1,201,163
Depreciation on right of use assets	3,463,406	3,354,070
Profit on termination of lease liabilities	(31,802)	(1,393)
Expense relating to short-term leases	226,279	426,942
	4,835,302	4,980,782

Lease liabilities - Company
	2025	2024
	£	£
Maturity analysis Within one year	570,863	582,645
In two to five years	2,283,452	2,283,452
In over five years	5,492,318	6,139,034
Total undiscounted liabilities	8,346,633	9,005,131
Future finance charges	(3,055,313)	(3,470,134)
Lease liabilities in the financial statements	5,291,320	5,534,997

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

	2025 £	2024 £
Current liabilities	550,250	500,193
Non-current liabilities	4,741,070	5,034,804
	5,291,320	5,534,997

25 Deferred taxation

2025

2024

Deferred tax balances

2,923,155

1,337,048

The following are the major deferred tax liabilities and assets recognised by the group and movements thereon during the current and prior reporting period.

	Fixed asset timing difference	Arising from business combination	Capital gains	Short term timing differences	Losses and other deduction	Total
	£	£	£	£	£	£
Asset/(Liability) at 1 January 2024	(1,571,298)	(954,004)	(1,550,446)	38,335	2,170,463	(1,866,950)
Deferred tax movements in prior year Charge/(credit) to profit or loss	(92,396)	98,217	52,592	(27,096)	719,509	750,826
Credit to other comprehensive income	-	-	(108,424)	(112,500)	-	(220,924)
Asset/(Liability) at 1 January 2025	(1,663,694)	(855,787)	(1,606,278)	(101,261)	2,889,972	(1,337,048)

Deferred tax movements in current year
Charge/(credit) to profit or loss	(748,414)	98,216	57,385	4,710	364,381	(223,722)
Charge/(credit) to other comprehensive income	-	-	(1,344,885)	(17,500)	-	(1,362,385)
Asset/(Liability) at 31 December 2025	(2,412,108)	(757,571)	(2,893,778)	(114,051)	3,254,353	(2,923,155)

Deferred taxation - Company

	Liabilities		Assets
	2025	2024	2025	2024
	£	£	£	£
Deferred tax balances	-	-	-	-

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

	Fixed asset timing difference	Short term timing differences	Losses and other deduction	Total
	£	£	£	£
Asset at 1 January 2024	(35,902)	3,735	935,283	903,116
Deferred tax movements in prior year
Charge/(credit) to profit or loss	(53,677)	(1,774)	(847,665)	(903,116)
Asset at 1 January 2025	(89,579)-	1,961	87,618	-

Deferred tax movements in current year

Charge/(credit) to profit or loss	6,253	2,466	(8,719)	-
Asset at 31 December 2025	(83,326)	4,427	78,899	-

26 Retirement benefit schemes
		2025	2024
	Defined contribution schemes	£	£
	Charge to profit or loss in respect of defined contribution schemes	582,441	567,015

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

Contributions made by the Group to the scheme are disclosed above.

The amount outstanding at the reported date in respect of contributions to the scheme were £98,138 (2024: £78,003).

Defined benefit scheme

Likewise Floors Limited, a subsidiary of the Group, operates a pension scheme providing benefits based on final pensionable pay. The Scheme is closed to new members and is closed to future accrual. For pensions earned after 5 April 1997 and for Guaranteed Minimum Pensions earned between 6 April 1998 and 5 April 1997, increases in payment will be in line with CPI rather than RPI. Revaluations of pensions in deferment are linked to RPI.

The assets of the Scheme are held separately from those of the Group in trustee-administered funds. The level of contributions is determined by a qualified actuary on the basis of triennial valuations. The liabilities have been rolled forward based on data at 31 December 2023.

The contributions paid for the current and preceding financial year amounted to £Nil. The Group expects to contribute £nil to the scheme in the coming financial year.

Given that the defined benefit pension scheme is in surplus at 31 December 2025, there is expected to be no material impact on the Group's future cash flows.

Reconciliation of defined benefit obligation and fair value of scheme assets

	2025	2024
Key assumptions	%	%
Discount rate:	5.60	5.50
Salary growth rate	2.40	2.50
Mortality rates - for male/female aged 65 now	1.00	1.00
Inflation assumption (RPI)	2.90	3.10
Mortality assumptions Assumed life expectations on retirement at age 65:
Retiring today: - Males	85.7	85.6
- Females	88.2	88.1
Aged 45 now: - Males	86.7	86.6
- Females	89.3	89.3

The amounts included in the statement of financial position arising from the group's obligations in respect of defined benefit plans are as follows:

	2025 £	2024 £
Present value of defined benefit obligations	1,095,000	1,151,000
Fair value of plan assets	(1,615,000)	(1,601,000)
Surplus in scheme	(520,000)	(450,000)
Asset recognised in statement of financial position	(520,000)	(450,000)

The retirement benefit obligation recognised in the consolidated statement of financial position represents the surplus in the defined benefit scheme. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

The Trust Deed provides Likewise Floors Limited, the subsidiary whom operates the scheme, with an unconditional right to a refund of surplus assets assuming the full settlement of plan liabilities in the event of a plan wind-up. Furthermore, in the ordinary course of business the Trustee has no rights to unilaterally wind up, or otherwise augment the benefits due to members of, the plan. Based on these rights, any material net surplus in the plan is recognised in full.

Movements in the present value of defined benefit obligations:	2025 £	2024 £
At 1 January	1,151,000	1,231,000
Benefits paid	(97,000)	(101,000)
Actuarial gains	(20,000)	(32,000)
Interest cost	61,000	53,000

At 31 December	1,095,000	1,151,000
The defined benefit obligations arise from plans which are wholly unfunded
Movements in the fair value of plan assets
At 1 January	1,601,000	1,555,000
Interest income	61,000	53,000
Return on plan assets (excluding amounts included in net interest)	50,000	94,000
Benefits paid	(97,000)	(101,000)

At 31 December	1,615,000	1,601,000

Amounts recognised in other comprehensive income:

2025
£

2024
£

Amounts recognised in other comprehensive income

Costs/(income):

Actuarial changes related to plan assets

(70,000)

(450,000)

Scheme obligations would have been affected by changes in assumptions as follows:

	2025 %	2024 %
A decrease in the interest rates of 0.05% would - increase	4.4	4.4
A decrease in inflation of 0.05% would - decrease	5.0	5.0
An increase in the long term rate of mortality improvement of 0.5% would - increase	1.5	1.5

27 Share capital

Consolidated and company

2025

Number

2024
Number

2025
£

2024
£

Ordinary share capital Issued and fully paid Ordinary shares of 1p each

252,983,480

247,483,480

2,529,835

2,474,835

The Company has one class of ordinary share which carry no right to fixed income.

On 11 August 2025, the Company allotted 5,500,000 new £0.01 Ordinary Shares for consideration of £0.25 per share, totaling £1,375,000. These shares were issued as an equity subscription for future capital investment.

28 Share premium account

	2025	2024
	£	£
At the beginning of the year	17,677,390	17,396,190
Issue of new shares	1,320,000	311,710
Share issue expenses	(38,030)	-
Revaluation of shares held in Trust	30,510	(30,510)
At the end of the year	18,989,870	17,677,390

This reflects proceeds generated on issue of shares in excess of their nominal value and is a non-distributable reserve.

29 Revaluation reserve

	2025 £	2024 £
At the beginning of the year	2,777,172	2,626,977
Property revaluation	5,477,837	308,659
Deferred tax on property revaluation	(1,344,885)	(108,425)
Transfer to retained earnings	(50,039)	(50,039)
At the end of the year	6,860,085	2,777,172

This is used to record increases in the fair value of fixed assets and decreases to the extent that the decrease relates to a previous increase on the same asset. The revaluation reserve is a non-distributable reserve. The gain will transfer to retained earnings upon crystallisation of the gain upon disposal of the property. The excess depreciation on revalued assets in comparison to historical cost depreciation is transferred from the revaluation reserve to retained earnings.

30 EBT reserve

	2025 £	2024 £
At the beginning of the year	(375,060)	-
Share buyback	-	(375,060)
Settlement of SAYE shares	60,000	-
Other costs	(300)	-
Reserves transfers	1,343	-
At the end of the year	(314,017)	(375,060)

The Group has established an Employee Benefit Trust (EBT) to facilitate the purchase and holding of the Company's shares. The EBT is legally independent from the Group but it is consolidated into the Group's financial statements due to the Group's deemed control over the trust. The shares held by the EBT may be cancelled or used to satisfy employee share option plans in the future.

31 Treasury shares

	2025 £	2024 £
At the beginning of the year	(58,584)	-
Purchase of own shares	(402,454)	(58,584)
At the end of the year	(461,038)	(58,584)

On 16 July 2024, the Group commenced a share buyback programme of £0.01 ordinary shares of the company. Tranche One of the share buyback programme paused on 30^th August 2024 and resulted in the repurchase of 326,352 shares.

On 10 January 2025, the share buyback scheme recommenced with Tranche Two ultimately pausing on 12 March 2025, and resulted in the repurchase of 1,031,214 shares.

On 12 May 2025, the share buyback scheme recommenced with Tranche Three ultimately paused on 10^th June 2025 and resulted in the repurchase of 960,329 shares.

32 Share option reserve

	2025 £	2024 £
At the beginning of the year	610,698	903,295
Share based payment charge / (credit)	182,462	(26,035)
Cash settlement in lieu of share exercise	-	(85,858)
Transfer to retained earnings	(16,020)	(180,704)
At the end of the year	777,140	610,698
This represents the cumulative fair value of options granted.

Equity settled share option plans

The Group operates a number of Savings-Related Share Option Plans ("SAYE") that are available to all employees. In accordance with the terms of the plans, as approved by shareholders, employees may be granted options to purchase ordinary shares. There are no performance conditions attached to SAYE options, and grants are made in line with HMRC rules. Vesting is conditional upon continued employment.

As at 31 December 2024, 10,002,625 SAYE options remained outstanding. During the year, 3,110,144 options were granted, 1,984,334 options lapsed due to employees leaving, and 600,000 options were exercised at a weighted average exercise price of £0.10 per share. Following these movements, the total number of SAYE options outstanding at the year end was 10,528,435. The average remaining contractual life of these options is approximately three years.

As at 31 December 2024, 6,925,000 share options granted to management under the Enterprise Management Incentive ("EMI") scheme remained outstanding. During the year, no new options were granted and 300,000 options lapsed due to employees leaving. The remaining 6,625,000 options are fully vested. Employees participating in the scheme have up to 10 years from the grant date to exercise their options.

As at 31 December 2024, 4,700,000 share options granted under the Company Share Option Plan ("CSOP") remained outstanding. During the year, no new options were granted, 650,000 options lapsed due to employee departures, and no options were exercised. A total of 300,000 options vested during the period. Participants have up to 10 years from the grant date to exercise their options. Following these movements, 4,050,000 options remained outstanding at the year end. The average remaining contractual life of these options is approximately one year.

Share options are valued using the Black-Scholes model. The inputs to the model are the option price and share price at the date of grant, expected volatility (20% / 44% / 45%, dependant on the scheme), expected dividend rate (0 / 1.56% dependant on the scheme) and risk-free rate of return (4%-5%). The model has been adjusted for expected behavioural considerations.

33 Warrant reserve

2025
£

2024
£

At the beginning and end of the year

128,170

This represents the cumulative fair value of warrants granted.

34 Foreign exchange reserve

	2025 £	2024 £
At the beginning of the year	(59,438)	(47,502)
Translation loss arising in the year	14,846	(11,936)
At the end of the year	(44,592)	(59,438)

This reflects the exchange differences on the translation of the foreign subsidiary.

35 Retained earnings

This includes all current and prior period gains and losses.

36 Capital risk management

The Group's capital management objectives are:

· to ensure the Group's ability to continue as a going concern; and

· to provide long term returns to shareholders.

The Group defines and monitors capital on the basis of the carrying amount of equity plus its outstanding borrowings, less cash and cash equivalents as presented on the face of the Consolidated Statement of Financial Position as detailed below:

	2025 £	2024 £
Equity	44,990,585	39,677,147
Borrowings	33,271,735	32,127,269
Cash and cash equivalents	(3,969,812)	(2,199,078)
	74,292,508	69,605,338

The Board of Directors monitors the level of capital as compared to the Group's commitments and adjusts the level of capital as is determined to be necessary by issuing new shares or adjusting the level of debt.

The Group is not subject to any externally imposed capital requirements.

37 Changes in liabilities arising from financing activities

	Cash and cash equivalents	Borrowing due within one year	Borrowing due after one year	Lease liabilities	Total
	£	£	£	£	£
At 1 January 2024	5,709,230	(5,273,300)	(2,342,222)	(22,775,357)	(24,681,649)
Cash flows	(3,487,693)	-	-	-	(3,487,693)
Effect of foreign exchange rates	(22,458)	-	-	-	(22,458)
Repayment of bank loans	-	12,352	106,225	-	118,577
Interest accrued in period	-	-	-	(1,063,683)	(1,063,683)
Increase in invoice discounting facility	-	(1,847,378)	-	-	(1,847,378)
New/amended lease liabilities	-	-	-	(3,662,531)	(3,662,531)
Repayment of lease liabilities	-	-	-	4,718,625	4,718,625
At 31 December 2024	2,199,079	(7,108,326)	(2,235,997)	(22,782,946)	(29,928,190)

Cash flows	1,761,292	-	-	-	1,761,292
Effect of foreign exchange rates	9,441	-	-	-	9,441
New short-term trade loan	-	(762,457)	-	-	(762,457)
Repayment of bank loans	-	(13,624)	120,641	-	107,017
Interest accrued in period	-	-	-	(1,029,913)	(1,029,913)
Increase in invoice discounting facility	-	(1,785,013)	-	-	(1,785,013)
New/amended lease liabilities	-	-	-	(3,158,627)	(3,158,627)
Repayment of lease liabilities	-	-	-	5,484,527	5,484,527
At 31 December 2025	3,969,812	(9,669,420)	(2,115,356)	(21,486,959)	(29,301,923)

38 Events after the reporting date

On 20 April 2026, Likewise Floors Limited completed the acquisition of a freehold property in Leeds for £2.85m, excluding SDLT and associated fees. The property will serve as an additional hub in the region and has been finance through an additional term loan facility provided by its principal banker, NatWest.

This strategic investment represents a significant step in strengthening the Group's logistics infrastructure. The new facility is expected to enhance the efficiency of supply chain operations, particularly in the management of palletised goods, sourced from the Far East and Europe. By enabling more effective planning and coordination of incoming container shipments, the hub will support improved operations and inventory management. In addition, the increased capacity provided by the new Leeds site will alleviate pressure on the Group's existing distribution centres allowing for better utilization of resources across the network and supporting future growth.

39 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

	2025 £	2024 £
Short-term employee benefits	974,332	974,254
Post-employment benefits	33,596	119,290
Share-based payments	14,162	18,105
	1,022,090	1,111,649

As at 31 December 2024, a total of 704,434 share options issued under the Group's Sharesave (SAYE) scheme were outstanding in respect of Key Management Personnel. During the financial year, 300,000 options vested and were exercised, and a further 207,666 options were granted. Following these movements, 612,100 options remained outstanding at the year end.

The figure disclosed for the 2024 financial year omitted 254,838 SAYE options granted to Key Management Personnel during the year. In addition, the brought-forward and carried-forward figures include 149,596 SAYE options held by employees who are now classified as Key Management Personnel.

The average remaining contractual life of these SAYE options is approximately three years.
As at 31 December 2024 and 31 December 2025, 2,200,000 Enterprise Management Incentive (EMI) options were fully vested. Employees are permitted up to 10 years from the date of grant to exercise these EMI options.

The brought-forward and carried-forward figures include 100,000 EMI options held by employees who are now classified as Key Management Personnel.

No further options were granted to Key Management Personnel during the financial year.

Remuneration of key management personnel - Company

The remuneration of key management personnel, including directors for the company, was as follows:

	2025 £	2024 £
Short-term employee benefits	650,063	521,644
Post-employment benefits	5,896	6,400
Share-based payments	8,201	9,406
	664,160	537,450

Other Information

Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

All transactions between the Group were conducted in the ordinary course of business and on normal commercial terms.

No material related party transactions outside the Group occurred during the reporting period.

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END

Companies

Likewise Group (LIKE)

Tuesday, 28th April 2026

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Final Results for the year ended 31 December 2025

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONSOLIDATED STATEMENT OF CASH FLOWS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Company information

1.9 Impairment of tangible and intangible assets

1.10 Inventories

1.11 Cash and cash equivalents

1.12 Financial assets

Financial assets at fair value through profit or loss

Impairment of financial assets

Derecognition of financial assets

1.13 Financial liabilities

Other financial liabilities

Derecognition of financial liabilities

1.14 Equity instruments

1.15 Taxation

Current tax

Deferred tax

1.16 Provisions

1.17 Employee benefits

1.18 Retirement benefits

1.19 Share-based payments

1.20 Leases

1.20 Leases (continued)

1.21 Invoice discounting

2 Critical accounting estimates and judgements

Computer software

Remuneration of key management personnel

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