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REGISTERED NUMBER: NI633517 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

88 RETAIL LIMITED

88 RETAIL LIMITED (REGISTERED NUMBER: NI633517)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


88 RETAIL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: A Davis
G Johnston





SECRETARY: Mrs E Johnston





REGISTERED OFFICE: Unit 1, Enler Centre Craigleith Drive
Ballybeen
Belfast
United Kingdom
BT16 2QP





REGISTERED NUMBER: NI633517 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Belfast
BT1 3BG

88 RETAIL LIMITED (REGISTERED NUMBER: NI633517)

BALANCE SHEET
30 NOVEMBER 2024

30.11.24 30.11.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 174,892 224,892
Tangible assets 5 450,712 541,580
625,604 766,472

CURRENT ASSETS
Stocks 118,468 110,307
Debtors 6 737,967 412,866
Cash at bank and in hand 141,180 220,163
997,615 743,336
CREDITORS
Amounts falling due within one year 7 803,283 657,491
NET CURRENT ASSETS 194,332 85,845
TOTAL ASSETS LESS CURRENT
LIABILITIES

819,936

852,317

CREDITORS
Amounts falling due after more than one
year

8

(88,954

)

(168,301

)

PROVISIONS FOR LIABILITIES (90,576 ) (108,441 )
NET ASSETS 640,406 575,575

CAPITAL AND RESERVES
Called up share capital 500,000 500,000
Retained earnings 140,406 75,575
SHAREHOLDERS' FUNDS 640,406 575,575

88 RETAIL LIMITED (REGISTERED NUMBER: NI633517)

BALANCE SHEET - continued
30 NOVEMBER 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 16 June 2025 and were signed on its behalf by:




G Johnston - Director



A Davis - Director


88 RETAIL LIMITED (REGISTERED NUMBER: NI633517)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024


1. STATUTORY INFORMATION

88 Retail Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements:

Establish whether there are indicators of impairment of goodwill and the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Consider the valuation of stock and the requirement for write down provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, and knowledge of the sector. Stock identified as impaired will be written down in value in the relevant period.

The directors also consider the amortisation and depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Intangible assets
Intangible assets, other than goodwill, are initially measured at cost. After initial recognition, they are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licenses are not subject to systematic write down but will be reviewed annually for indicators of impairment.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on cost

88 RETAIL LIMITED (REGISTERED NUMBER: NI633517)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

88 RETAIL LIMITED (REGISTERED NUMBER: NI633517)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 38 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 December 2023
and 30 November 2024 500,000 124,892 624,892
AMORTISATION
At 1 December 2023 400,000 - 400,000
Amortisation for year 50,000 - 50,000
At 30 November 2024 450,000 - 450,000
NET BOOK VALUE
At 30 November 2024 50,000 124,892 174,892
At 30 November 2023 100,000 124,892 224,892

88 RETAIL LIMITED (REGISTERED NUMBER: NI633517)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 December 2023 953,538 294,225 1,247,763
Additions 37,469 - 37,469
At 30 November 2024 991,007 294,225 1,285,232
DEPRECIATION
At 1 December 2023 629,826 76,357 706,183
Charge for year 69,492 58,845 128,337
At 30 November 2024 699,318 135,202 834,520
NET BOOK VALUE
At 30 November 2024 291,689 159,023 450,712
At 30 November 2023 323,712 217,868 541,580

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2023
and 30 November 2024 294,225
DEPRECIATION
At 1 December 2023 76,357
Charge for year 58,845
At 30 November 2024 135,202
NET BOOK VALUE
At 30 November 2024 159,023
At 30 November 2023 217,868

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 38,552 14,073
Amounts owed by group undertakings 643,138 337,903
Other debtors 56,277 60,890
737,967 412,866

88 RETAIL LIMITED (REGISTERED NUMBER: NI633517)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans and overdrafts 16,565 38,993
Hire purchase contracts 53,897 50,348
Trade creditors 185,615 121,229
Amounts owed to group undertakings 309,243 269,123
Taxation and social security 131,504 79,476
Other creditors 106,459 98,322
803,283 657,491

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.24 30.11.23
£    £   
Bank loans - 15,137
Hire purchase contracts 88,954 142,851
Other creditors - 10,313
88,954 168,301

9. SECURED DEBTS

The following secured debts are included within creditors:

30.11.24 30.11.23
£    £   
Hire purchase contracts 142,851 193,199

Henderson Wholesale Limited contains a fixed and floating charge over all property or undertaking of the company.

Danske Bank contains a fixed charge on all estates or interests in any freehold or leasehold property and all intellectual property rights of 88 Retail Limited.

Hire Purchase agreements are secured on the asset to which they relate.

10. CONTROLLING PARTY

The company is a wholly owned subsidiary of its immediate parent undertaking 88 Retail Holdings Limited, a company registered in Northern Ireland.