Interior design firm Osborne & Little made more than £1.4 million in profits over the past two years after notching up annual sales of £34 million, according to the latest company accounts.

The group - a company founded by Chancellor George Osborne's father, Sir Peter Osborne, in the 1960s, which manufactures wallpapers and fabrics - saw profits rise 1.4% to £722,000 in the year to the end of March 2015, up from £712,000 the year before.

Osborne & Little saw UK sales drop 2% to £8 million in 2014/15, although the US - its largest market, accounting for 47% of overall turnover - saw sales rise 7% to £16.1 million, or 11% higher with currency exchange stripped out.

Its results from 2013/14 confirm the firm would be able to offset £599,000 against taxable income in future years, while accounts show Osborne & Little posted losses for four of the past seven years.

They also confirm that the company paid out dividends worth £335,000 to shareholders, which includes the Chancellor, on May 30 2014.

Osborne & Little, which has its head office in London, reported losses of £746,000 for the year to the end of March 2013, which followed on from losses of £268,000 for 2011/12 and £386,000 in 2010/11.

The group reported a profit of £161,000 in 2009/10, though the year before it saw losses of £1.7 million.

But its filings show sales remaining largely static over the past few years, at around £33 million to £34 million.

Sir Peter and his brother-in-law, Anthony Little, founded the company, selling hand-printed wallpaper, in 1968. It currently has 195 employees.